There the money makes a variable yearly portion yield (APY)that might fluctuate based on market elements like the Fed fund’s rate. Cash Management users can choose from the four debit card designs that are accepted anywhere that takes Mastercard, plus 75,000 ATMs. The larger technique is to get more users on Robinhood in hopes some will subscribe to Robinhood Gold.

To get around the$250,000 FDIC limit per bank, Robinhood is partnering with 6 banks that it will spread out a user’s cash across as required to bundle up to that sum. There the cash earns a variable annual percentage yield (APY)that may change based on market factors like the Fed fund’s rate. Cash Management users can pick from the 4 debit card styles that are accepted anywhere that takes Mastercard, plus 75,000 ATMs. A variety of brand-new Cash Management functions are being included to the Robinhood app. The larger strategy is to get more users on Robinhood in hopes some will subscribe to Robinhood Gold.