💣 U.S. 🇺🇸: Robinhood e-commerce platform plans to enter the banking sector

💣 U.S. 🇺🇸: Robinhood e-commerce platform plans to enter the banking sector

Robinhood Markets Inc., known for its popularity in meme stock trading, has taken a new step by announcing its entry into the banking sector. The California-based platform plans to offer private banking services.

🔣 This year, Robinhood will launch checking and savings accounts for its paid "Gold" subscribers.

🔣 Important note: Robinhood is not insured by the Federal Deposit Insurance Corporation (FDIC), so banking services will be provided through its partner, Coastal Community Bank.

🔣 The high-yield savings account is expected to offer an annual return of around 4%. Additionally, customers will have access to financial planning tools and tax advisory, as well as the option to request same-day cash delivery via the app.

🔣 What's interesting: Robinhood will allow asset management with advice on individual stocks and exchange-traded funds (ETFs), promising to minimize taxable gains. The commission will be 0.25%, and users can subscribe to the service in May, with an annual cost of up to $250.

#news #USA

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