Robinhood launches savings account

Robinhood has announced a new savings account for its Gold Members, which will offer an interest rate of 4.65%. This move follows the recent Fed interest rate hike and comes just weeks after Apple launched its own savings account offering 4.15%. The Robinhood savings rate is significantly higher than the national average savings rate, and eligible customers will have their uninvested brokerage account cash automatically moved into deposit accounts at a network of program banks, which are covered by FDIC insurance up to $1.5m (increasing to $2m from June 1st). Non-subscriber Robinhood accounts will still earn 1.5% interest on uninvested brokerage cash. Robinhood aims to provide customers with confidence and security when using their products.