![]() ![]() What Happened: Robinhood raised its “Robinhood Gold” interest rate to 4.15% APY, while the national average interest rate on savings accounts stands at 0.33%. interest rates for cash sweep and margin investing can change at any time.Robinhood Markets Inc HOOD is offering interest rates on uninvested cash at 18 times the national savings rate. ![]() If you have a margin balance, there is no cash balance to earn interest. **To earn interest, a cash balance is needed. Customers using margin would not earn the 3.75% cash sweep interest rate. Margin investing involves the risk of greater investment losses and is subject to eligibility requirements. The Annual Percentage Yield (APY) paid by program banks is subject to change at any time at the program banks' discretion. Neither Robinhood Financial LLC nor any of its affiliates are banks. Cash Sweep is an additional feature offered as part of your Robinhood Financial LLC brokerage account. This content is for informational purposes only and is not intended to be investing advice.Īll investments involve risk and loss of principal is possible. This post contains sponsored advertising content. After that, your brokerage account will be charged the $5 monthly fee every 30 days at the beginning of each billing cycle. You can try Gold free for the first 30 days. Keep in mind that you will be receiving our top interest rate of 3.75% on your cash thanks to being a Gold member.Īfter that, look for the Robinhood Gold badge to get the most out of your new membership! This will take you to sign up for the cash sweep program, which will allow you to start earning interest on your uninvested cash. Margin, however, is subject to eligibility requirements and is not suitable for all investor.įinally, to ensure that you’ll start earning interest on your cash, click on the gold card that appears on the “Welcome to Robinhood Gold” confirmation screen. Once you decide whether you want to opt into Margin, which can be changed at any time, you’ll be prompted to read the Robinhood Gold agreement and sign. Keep in mind, in a failing market, this could lead to amplified losses. ![]() Let’s say you don’t have enough money in your account to invest in an opportunity you see in the market that is time sensitive on margin, you’d be able to invest right away without needing to make a deposit from your bank. This gives you additional buying power based on the value of certain securities in your brokerage account. The margin investing feature allows you to borrow money from Robinhood to purchase securities. You will then have an option to opt into Margin. Click on that.įrom there, you will be prompted to learn more about Robinhood Gold. Once you are in your settings tab, under the Account heading you will see a Robinhood Gold option. In settings, you can change your notifications, upgrade your account and see your security settings. If you’re an existing Robinhood Member, first navigate to your account icon to upgrade to Gold.įrom your account page, you will want to navigate to the settings tab. If you don’t already have a Robinhood account, you can sign up at /signup. Upgrading to Robinhood Gold is a simple and seamless process. You can subscribe to Robinhood Gold for only $5 per month to unlock all of the above perks and investment opportunities. Without the Gold membership margin investing is at 10.5%. MORN, Level II market data from the Nasdaq Stock Exchange, access to margin investing at 6.5%** and bigger instant deposits. Gold members have access to professional research from Morningstar Inc. ![]() In addition to access to the cash sweep, Robinhood Gold boasts a suite of powerful tools, data and investment features. The interest is compounded daily and then paid out monthly by the program banks. The partnered banks are Goldman Sachs Bank USA, HSBC Bank USA, Wells Fargo Bank, Citibank, Bank of Baroda and U.S. Gold members will have their uninvested brokerage account cash automatically swept into deposit accounts at a network of six program banks. The program works much like other cash sweep accounts. There’s no cap, and you can invest or withdraw anytime. Robinhood Gold members will have access to 3.75% interest on brokerage cash sweeps, which is more than 23 times in interest * than the national average for a traditional savings account. Robinhood recently introduced a new interest rate for Robinhood Gold members enrolled in the brokerage cash sweep program. ![]()
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