Robinhood savings account with 3% interest

soirish

Robinhood are starting free checking and savings accounts with 3% interest. While this will most likely be for US customers the waiting list is open to anyone:
https://checking.robinhood.com/


https://www.businessinsider.com/robinhood-launches-checking-savings-accounts-2018-12

https://techcrunch.com/2018/12/13/robinhood-free-checking-and-savings-accounts/

dennyk

Unfortunately this account isn't a bank account, strictly speaking, it's an extension of their financial investment accounts. Only US citizens or US residents (either permanent or on a valid visa from some countries) with a US mailing address are allowed to open an account with Robinhood; they are only licensed to do business in the US and will not allow non-resident foreign citizens to open an account. You might be able to squeak around it and open an account if you're living in the US on a J-1 or something and have a mailing address there, but otherwise it won't be open to Irish citizens.

368100

It wouldnt be covered by the Deposit Guarantee Scheme either

dennyk

368100 wrote: »

It wouldnt be covered by the Deposit Guarantee Scheme either

US bank accounts have their own similar deposit insurance. Proper bank accounts are covered against failure of the bank by the FDIC, but brokerage accounts like Robinhood are usually covered by the SIPC (against loss of cash and securities incurred due to the brokerage firm itself failing or getting into difficulty, not against market losses on your investments themselves). Both the FDIC and the SIPC would cover $250k per account in cash funds (which would include money sitting in that Robinhood "checking account"), and the SIPC also covers an additional $250k in securities (e.g. if you've bought shares of one or more stocks or funds and Robinhood goes tits up and your shares go missing, SIPC will return your shares to you, or their actual value at the time of the loss in cash if they can't obtain the securities themselves).

Henry Ford III

Marginal rate tax plus USC would apply to any interest earned.