Robinhood launches cash management feature a year after bungling its checking account launch
Robinhood today announced Cash Management, a new feature for its investing app that lets users park uninvested cash in a brokerage account where it can earn interest or be spent like cash using a special Robinhood-branded debit card.
The announcement follows Robinhood’s attempt last year to launch no-fee checking and savings accounts and a 3 percent interest rate. The company had to take the feature back to the drawing board after the CEO of the Securities Investor Protection Corporation said he would not insure the accounts Robinhood planned to offer.
In case you were wondering, this time, the accounts will be insured by the federal government. Robinhood says it moves money you put into your Cash Management account to its partner...
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