Is it safe to keep money in robinhood brokerage ? Or should I keep them in their spend account? The interest is better for their brokerage account. The reason I’m holding it there is in case I want to buy X stocks , the money is ready. It’s takes about 7 days to make funds available in robinhood. #investments #personalfinance
Goldman Sachs Marcus has very competitive rates, I don’t see a reason to keep cash in RH unless you’re trading
Is it better than 4%?
its fdic insured i thik… you can just park in some high yield savings
There is potential that some of your money might be shuffled into banks that you already have money in. So, you aren't actually going to have the full 250k of protection. Simultaneously, the money in the overlapping bank is also not receiving the full 250k of protection.
@Lqwl2010 isn’t the protection in millions range because of that shuffling thing? for robinhood?
Is it FDIC insured like Voyager’s “FDIC insured” ? Lol Now I need to go read the fine prints on my Marcus account
Yeah I'm 50/50 on my trust level of Robinhood. ... And don't go to UFB, that 4.11% doesn't make up for how busted their online banking is. Linking doesn't work, good luck trying to get support. I've had a "secure banking messages" unanswered 9 business days there. Just moved my money back out, going to try SoFi
I have some money in amex savings. Haven’t had any issues withdrawing so far
I think I'm going to use BMO Harris
As long as you don’t get tempted
Tc or gtfo
No.
Love how much you care about my TC. Maybe you should focus on your TC.
Never invest in robbinghood
Safe? Yes. But keep in mind it takes 5 business days for withdrawal so make sure it’s money you are certain you won’t need in a hurry, bank wires are impossible.
How much interest are you getting? If you’re not getting any interest, move it out to a HY savings account like Marcus Goldman or BMO, between 3.3-4 percent