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A comment on Robinhood launches 3% checking account. Parent comment

Re:Robinhood launches 3% checking account by dmortin on Thursday December 13, 2018 @12:10PM (#18673937)
> If you put $250,000 in an SIPC-protected brokerage account, that account holds both cash and securities

So I won't buy any securities, just use it as a checking account, keeping the cash sitting there earning the 3% interest.

I wonder if there is a rule of Robinhood which prevents me doing this.

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Re:Robinhood launches 3% checking account by fokinsean on Thursday December 13, 2018 @03:19PM (#18675676)
It looks like the checking and savings accounts are brokerage accounts, so if you put money into it then you are buying securities.

I just learned that this is how Betterment's "Smart Saver" account is as well.

> Is Robinhood a bank?

No. Robinhood offers Checking & Savings through a brokerage account and it offers the Robinhood debit card in partnership with Sutton Bank.

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Re:Robinhood launches 3% checking account by dmortin on Thursday December 13, 2018 @03:51PM (#18675966)
SIPC protects cash in brokerage accounts too.
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