![]() ![]() With Gold, customers can get up to $50,000 of their deposits instantly so they can invest right away.*** This week’s new rate is on top of Robinhood Gold’s other benefits including: Customers can also instantly transfer funds from their brokerage account into their spending account to make purchases using their Robinhood Cash Card. The interest compounds daily (derived from the 4.65% APY) and is then paid out monthly, with customers able to track how much they’ve earned directly within the app. These banks will pay interest on the swept cash.** On June 1st, this maximum will increase to up to $2 million. The cash deposited to these banks is covered by FDIC insurance up to a total maximum of $1.5 million (up to $250,000 per program bank, inclusive of deposits customers may already hold at the bank in the same ownership capacity). All eligible customers who opt in to brokerage cash sweep have their uninvested brokerage account cash automatically “swept,” or moved, into deposit accounts at a network of program banks. There’s zero cap on earnings and customers can access their money at any time.Īt Robinhood, we want our customers to feel confident and secure when they use our products. It’s our highest rate yet and is 19x more in interest when compared to the national average savings rate,* making it one of the best rates available. ![]() That’s why on Thursday, May 4 we’re raising our Robinhood Gold rate again –this time to 4.65% APY. At Robinhood, we’re always looking for ways to help our customers make their money work for them. The Fed just announced interest rates are going up again. UPDATE: Beginning on July 27, the Gold Cash Sweep rate will be 4.9% APY.
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