I'm going to be frank, this looks incredibly pretentious. That said, I'm a really big fan of these new online only banks popping up and once I read the fine print, I might give it a try.
The page reminded me of Fyre Festival. Probably since the two documentaries about Fyre Festival are being talked about. I'm skeptical they can deliver. I hope to be proven wrong.
"The change also raised more questions about the future of Robinhood’s cash management accounts, which attracted the attention of U.S. senators after it was revealed that Robinhood had not consulted federal regulators about insuring the cash accounts."
I think he was talking about the very beginning of Robin Hood, as in a no-commissions stock trading app, not the recent Robin Hood savings account debacle.
That said, Robin Hood will now forever in my mind be painted as "the company who didn't check with their lawyer before they started a bank."
I'm perfectly happy with my Ally 2.2% savings account+ numerous cash back credit cards but this would be a neat card for someone switching over from Wells Fargo/BoA with their atrocious .1% savings accts.
I have about $5,000 coming into my checking account every month, which I then use to pay rent and several credit cards with % cash back bonuses. Whatever is remaining for that month, I transfer to Ally's 2.2% account.
Unless I'm misunderstanding your point, I don't think I would be better off switching to this card because my checking balance is volatile and is usually close to zero.
If they give 2% rewards and 2% interest on savings, where does their money come from? It this just another VC-subsidized growth-hack that will eventually devolve into 0.01% returns?
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[ 4.8 ms ] story [ 38.8 ms ] threadHowever, I thought the same of Robinhood when it was first announced and that turned out pretty decent.
https://www.marketwatch.com/story/robinhood-quietly-stops-us...
Turns out it was a gimmick.
That said, Robin Hood will now forever in my mind be painted as "the company who didn't check with their lawyer before they started a bank."
2.0% on all debits is a much larger number.
I have about $5,000 coming into my checking account every month, which I then use to pay rent and several credit cards with % cash back bonuses. Whatever is remaining for that month, I transfer to Ally's 2.2% account.
Unless I'm misunderstanding your point, I don't think I would be better off switching to this card because my checking balance is volatile and is usually close to zero.