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.

https://www.fastcompany.com/90280442/robinhood-launches-checking-and-savings-with-an-almost-unheard-of-3-interest-rate