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Zero fee stock trading app Robinhood is launching Cash Management, a new feature that earns users 2.05% APR interest on uninvested money in their account with the ability to spend it through a special Mastercard debit card.
The $7.6 billion-valuation startup first attempted something similar in December with Robinhood Checking, promising a stunningly tall 3% interest rate. But the product turned into a PR disaster when the Securities Investor Protection Corporation that was supposed to insure users’ funds declared Robinhood ineligible, with its CEO noting it had never agreed to cover checking accounts. That led Robinhood to shelve the feature, scrub its site of any mention of Checking and apologize.
https://techcrunch.com/2019/10/08/robinhood-cash-management/
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