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 Pro-Crypto Trading App Robinhood Launches Checking & Savings Accounts

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Pro-Crypto Trading App Robinhood Launches Checking & Savings Accounts Vide
PostSubject: Pro-Crypto Trading App Robinhood Launches Checking & Savings Accounts   Pro-Crypto Trading App Robinhood Launches Checking & Savings Accounts Icon_minitimeThu Dec 13, 2018 7:53 pm
Menlo Park-based Robinhood has launched savings and checking accounts for its US customers, according to a company blog post. The new accounts would follow the similar trend that we have become accustomed to: “fee-free, commitment-free and surprise-free” were the words used lavishly on the company’s website. Robinhood, which operates a crypto trading platform in addition to its flagship stock trading service, is also disrupting what customers can expect to earn on their bank deposits. The startup promises to pay 3 percent interest for every deposit made in both checking and savings accounts.
“Currently, traditional checking and savings accounts cost more for people who make less, are riddled with unfair and hidden fees, and earn you minimal returns on your savings. We believe you should earn more on your money, and shouldn’t be charged fees to access it,” the company’s blog reads.
As far back as June, the crypto-friendly Robinhood was rumored to be making moves to offer banking services to its user base, which has swelled to more than 6 million accounts. Bloomberg had quoted anonymous sources who said the startup was in advanced discussions with the US Office of the Comptroller of the Currency (OCC) so it could become a banking service provider. While the firm has yet to receive permission to operate as a bank, it said that it had structured its checking and savings accounts such that they could be offered under its current licenses.

Pro-Crypto Trading App Robinhood Launches Checking & Savings Accounts Robinhood-760x400

https://www.ccn.com/pro-crypto-trading-app-robinhood-launches-checkings-savings-accounts/
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