RobinHood is a company that has been focused in providing free stock trading to millions of people in the U.S. now wants you to create a checking and savings account with them and cut out the banks and all their costly fees. RobinHood is just an Iphone/Android app that allows you to trade stocks straight from your phone.
RobinHood takes high precautions to ensure that your stocks are safe with them and every RobinHood account is insured by the SIPC, up to $500,000($250,000 in cash). RobinHood was originally started by 2 college students that were tired of the old system where paying 5-10% of their entire stock trading portfolios per trade to companies like Scottrade, E-trade, Goldman Sachs, etc. was the norm for the industry.
RobinHood has since provided free stock trading to millions and about 2 years ago they were giving away 1 free stock to anyone who created an account with them. I'm not sure if this offer is still valid.
Robinhood is creating a checking & savings account where you'll be able to earn 3% on all the money in your checking and savings account every year. RobinHood is also going to offer no fees, and no commissions to get rid of all of these ridiculous fees that banks charge each year. They claim on their website that the checking and savings account will have no minimum balance, there will be no monthly fees and no overdraft fees either.
They also mention zero foreign fees. Further, they add that you will be able to access 75,000 free ATMs with the 5 largest banks combined, with the ability to search for the nearest ATM within the app. Lastly, Robinhood promises that you will be able to do all of this within the app to be able to invest, manage your money, deposit checks, and to be able to get 24/7 customer support with the Robinhood app. Downloading the latest version of the app will get you early access to this service.
