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As of February 2023, Robinhood’s Brokerage Sweep Program guarantees its users 4.15% APY (for those who pay $5 a month for Robinhood Gold). How can this be profitable for Robinhood?

Robinhood is sweeping the cash to banks. Do those banks offer accounts with interest rates this high? The best savings accounts I can find are below 4% APY. Is this a money market account?

As of February 2023, Robinhood’s Brokerage Sweep Program guarantees its users 4.15% APY (for those who pay $5 a month for Robinhood Gold). How can this be profitable for Robinhood?

Robinhood is sweeping the cash to banks. Do those banks offer accounts with interest rates this high?

As of February 2023, Robinhood’s Brokerage Sweep Program guarantees its users 4.15% APY (for those who pay $5 a month for Robinhood Gold). Robinhood is sweeping the cash to banks. Do those banks offer accounts with interest rates this high? The best savings accounts I can find are below 4% APY. Is this a money market account?

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asb1230
asb1230
  • 253
  • 2
  • 6

How does Robinhood’s cash sweep achieve 4% interest?

As of February 2023, Robinhood’s Brokerage Sweep Program guarantees its users 4.15% APY (for those who pay $5 a month for Robinhood Gold). How can this be profitable for Robinhood?

Robinhood is sweeping the cash to banks. Do those banks offer accounts with interest rates this high?