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

Re:Robinhood launches 3% checking account by TuringNYC on Thursday December 13, 2018 @03:45PM (#18675909)
No one knows what Robinhood will do, but no bank can promise a perpetual 3% rate. The rate is probably a teaser. Even if it is perpetual, it may be "on the first $10,000, with a minuscule rate on larger sums...something that allows them to advertise 3% but offer much less on larger sums.
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Re:Robinhood launches 3% checking account by sireat on Thursday December 13, 2018 @04:03PM (#18676089)
Kind of funny but I remember 3% rate being kind of normal for a checking account in the early 90s. Of course inflation and Fed was higher back then too.

What I don't understand is those people who willingly park their money in CDs at under 1% and the banks proudly advertising these rates.

This era of seemingly permanent low(or even negative) rates just somehow seem unnatural.

What happened to banker's 6-3-3 rule? "Lend at 6%, borrow at 3% and go golfing at 3:00PM"

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Re:Robinhood launches 3% checking account by buttcoinslol on Thursday December 13, 2018 @06:39PM (#18677161)
> What happened to banker's 6-3-3 rule? "Lend at 6%, borrow at 3% and go golfing at 3:00PM"

The Bretton Woods agreement ended.

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Re:Robinhood launches 3% checking account by jonknee on Thursday December 13, 2018 @06:43PM (#18677187)
> No one knows what Robinhood will do, but no bank can promise a perpetual 3% rate.

It's not too crazy, rates have gone up a ton without most bank accounts adjusting from being near 0%. The 10-year is currently just under 3% with the whole curve being really flat and lots of online banks offer over 2%. I currently get 2.05% with my Marcus account and Goldman Sachs isn't exactly known for giving things away (and with 3 month t-bills paying 2.41% they certainly aren't giving anything away!).

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Re:Robinhood launches 3% checking account by nodesocket on Thursday December 13, 2018 @03:56PM (#18676020)
Their FAQ states no caps, though it can vary depending on what the fed does with rates.

With the current 2 year treasury being 2.76%, they must making money on fees. I am seriously considering moving my savings from a Capital One money market account that earns 2% to this that earns 3%. That extra percent is decently significant.

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Re:Robinhood launches 3% checking account by theartfuldodger on Saturday December 15, 2018 @01:30PM (#18689630)
You should look into their recent problems. Locking option traders out of their accounts ( potentially millions lost)

They have no customer service and a decently easy collection of horror stories related to their lack of customer service.

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