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In addition to the 3% yield, Robinhood customers will have access to 75k ATMs and around-the-clock customer service.
Meanwhile, these competing startups—many of which started with one standout product—have continued to expand in such a way that they’re starting to look like more traditional banks. PayPal, which started out as a way to make purchases on eBay, is now a company that offers everything from spending and credit accounts to remittances. Customers of Qapital, originally an automated savings app, now have debit card-linked savings accounts and the ability to invest. Likewise, the Robinhood announcement is more than just checking and savings; it’s a step toward becoming a bona fide bank. Robinhood has not yet gone through the process of obtaining a bank charter, but its CEO says that it could in the future.
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