Three layers of understanding of Robinhood's 3% checking and saving's move:
- wow, it's amazing, the banks are dying.
- wait. they are not FDIC insured. Only SIPC insured means there is risk under extreme industry conditions.
- Robinhood plans to invest the money pool into short-term bond and they will adjust the rate according to the fed funds rate. Right timing for this rate because of the interest rate rising trend.
Conclusion: A fabulous marketing campaign from Robinhood.
