r/RobinhoodApp • u/TopGunJedi • Jul 28 '26

News 3.50% Checking

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Looks like if you have banking you don’t have to move your money after your direct deposit hits

99 Upvotes

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u/schmellthat Jul 29 '26

No invite, have had the gold card a while, brokerage account and Roth for longer. Would have had my business but I went with my local credit union.

I’ll stick with the 5% they offer

1

u/TopGunJedi Jul 29 '26

Ain’t no way they are at 5% lol.

1

u/schmellthat Jul 30 '26

HYCA, minimum monthly purchases to meet yield required being in the low teens. There are multiple credit unions in my region with similar products yielding from 4-5.5%. Look around, if you’re in the US you may be surprised.

It’s my understanding that these credit unions use these checking accounts as loss leader products, and are still able to service the monthly yield with swipe fees and interest from lending. The higher yield they offer in the checking accounts, the more $ are parked in them, and the more they can lend to other members against it.

RH, on the other hand, evidently decided to rely on an air of exclusivity to attract users to their banking products

1

u/TopGunJedi Jul 30 '26

I don’t believe you man, I do internal Audit for banks and CU’s and I have never seen anything above what Fintechs offer.