Free stock trading platform Robinhood has launched a new checking and savings service, which offers 3 per cent interest on savings.
Robinhood Checking & Savings will earn account holders 3 per cent interest, making it the highest rate in the market, and is paid out daily. Further to this, it has no fees, provides access to more than 75,000 ATMs, 24/7 customer support and a personalised debit card.
There is no minimum balance requirement for the accounts, and no monthly, overdraft, or foreign transaction fees.
Account holders will each receive a personalised debit card which can be used to withdraw cash at more than 75,000 ATMs in the US.
A new tab on the Robinhood mobile app will enables users to access all of their finances, as well as search for free ATMs, pay bills, deposit or mail checks, and communicate with 24/7 support.
In a blog post from the company co-founders, they said, ?Since 2015, weve focused on making the financial system work for everyone by offering commission-free investing in stocks, ETFs, options, and cryptocurrencies. Today, were furthering our mission to democratize America financial system by introducing Robinhood Checking & Savings.
?Currently, traditional checking and savings accounts cost more for people who make less, are riddled with unfair and hidden fees, and earn you minimal returns on your savings. We believe you should earn more on your money and shouldnt be charged fees to access it.p>
Customers can sign up for early access and choose from one of four debit card designs. Debit cards will be shipping in January 2019.
Earlier in the year, Robinhood was valued at $5.6bn following the close of a $350m funding round. The company received investments from DST Global.
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