safe to keep money in wealthfront & Robinhood cash accounts?
during recession times, is it safe to keep funds in the cash acccounts offereed by those? considering the interest almost zero, i guess no incentive to keep also though vs moving to Bofa, chase..etc
Yes it’s as safe as keeping them in a bank account
If you can get the cash management account on robinhood they’ll pay you 1.3 interest at least. But I honestly wouldn’t even trust fdic insurance, it has the same shortfalls as any other catastrophe type package. If a total meltdown happened and millions needed to get paid out, do you think the government would actually pay?
?? If what you say happens, then cash will just be used for toilet paper. Sitting on a pile won’t mean shit. The Fed literally prints money. But in your situation, that money won’t be worth the fiber it’s printed on
0.30 is the new rate
Robinhood Interest rate is 0.3% now
What do you think is going to happen? Those cash accounts are FDIC backed. If you need cash right away, you don’t have enough credit, and there’s not enough in your primary bank then sure transfer some over to a bank.