Robinhood is launching a new Cash Management feature
This story was delivered to Business Insider Intelligence Fintech Briefing subscribers earlier this morning. To check to see if you already have access to Business Insider Intelligence through your company, click here. The US-based commission-free trading startup has announced its new Cash Management feature, which enables users to earn a monthly interest rate of 2.05% on their money, according to a company blog post. The news comes after the company's botched attempt to launch a similar service at the end of 2018.
With the new feature, users can earn interest on money they're not investing with Robinhood. The company pointed out that the interest rate might fluctuate depending on factors like market conditions. There are no foreign transaction or maintenance fees, and the account has no minimum deposit. Robinhood has now opened the waitlist for the feature.
Here's what we know about the new Cash Management account:See the rest of the story at Business Insider
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