Robinhood 4.4% APY

[dasari4kntr]

24 minutes ago, anna_gari_maata said:

https://robinhood.com/us/en/support/articles/cash-sweep-program-interest-rate/

 

It's interest on Robinhood cash

 

No, you’ll start earning interest on your first cent. There’s also no maximum brokerage cash sweep balance that you can earn interest on, but cash deposited to these banks will only be covered by FDIC insurance up to a total maximum of $1.5 million (up to $250,000 per program bank, inclusive of deposits you may already hold at the bank in the same ownership capacity).

ok…its like splitting your amount to multiple banks(in this case 6 program banks) which are covered by fdic (per account 250k)…

but this split, you can also do right..? and this 4.4% apy is only for robinhood gold memebers ( monthly subscription)…and some hidden fees…

 

you can split your money in to multiple banks savings accounts…(some banks are still giving good rate…) only thing is little research like are these banks are FDIC insured or not..

 

from bing AI…

The national average yield for savings accounts is **0.23% APY** as of March 22, 2023². However, many online banks have savings rates higher than the national average. Here are some of the best banks for savings accounts with high interest rates as of March 2023 ¹³⁴:
- TotalDirectBank - **5.05% APY**
- UFB Direct - **5.02% APY**
- CFG Bank - **4.80% APY**
- Vio Bank - **4.50% APY**
- First Foundation Bank - **4.50% APY**

I hope this helps! Let me know if you have any other questions.

Source: Conversation with Bing, 3/29/2023(1) What is the average interest rate for savings accounts?. https://www.bankrate.com/banking/savings/average-savings-interest-rates/ Accessed 3/29/2023.
(2) Best Banks for Savings Accounts for March 2023 - Investopedia. https://www.investopedia.com/personal-finance/banks-pay-highest-interest-rates-savings-accounts/ Accessed 3/29/2023.
(3) Best High-Yield Savings Accounts for March 2023 - Investopedia. https://www.investopedia.com/best-high-yield-savings-accounts-4770633 Accessed 3/29/2023.
(4) Best High-Yield Savings Accounts Of March 2023 – Forbes Advisor. https://www.forbes.com/advisor/banking/savings/best-high-yield-savings-accounts/ Accessed 3/29/2023.
(5) Best Savings Accounts for March 2023 | Bankrate. https://www.bankrate.com/banking/savings/rates/ Accessed 3/29/2023.

[Netflixmovieguz]

1 hour ago, dasari4kntr said:

deeni link vunte veyyi…

1.5 million fdic aa? are you sure about it…?

general gaa ee private high yield vi konchem risk vuntayi…

can you share the link…

 

Rh will use 6 banks. Each 250k. Automatically insured 1.5m annaddoo

[dasari4kntr]

1 minute ago, Netflixmovieguz said:

Rh will use 6 banks. Each 250k. Automatically insured 1.5m annaddoo

yup…got it…

but adi maname chesukovachhu kada…vaadiki fee ichhukune badulu…

ami missing something..?

1 minute ago, dasari4kntr said:

ok…its like splitting your amount to multiple banks(in this case 6 program banks) which are covered by fdic (per account 250k)…

but this split, you can also do right..? and this 4.4% apy is only for robinhood gold memebers ( monthly subscription)…and some hidden fees…

 

you can split your money in to multiple banks savings accounts…(some banks are still giving good rate…) only thing is little research like are these banks are FDIC insured or not..

 

from bing AI…

The national average yield for savings accounts is **0.23% APY** as of March 22, 2023². However, many online banks have savings rates higher than the national average. Here are some of the best banks for savings accounts with high interest rates as of March 2023 ¹³⁴:
- TotalDirectBank - **5.05% APY**
- UFB Direct - **5.02% APY**
- CFG Bank - **4.80% APY**
- Vio Bank - **4.50% APY**
- First Foundation Bank - **4.50% APY**

I hope this helps! Let me know if you have any other questions.

Source: Conversation with Bing, 3/29/2023(1) What is the average interest rate for savings accounts?. https://www.bankrate.com/banking/savings/average-savings-interest-rates/ Accessed 3/29/2023.
(2) Best Banks for Savings Accounts for March 2023 - Investopedia. https://www.investopedia.com/personal-finance/banks-pay-highest-interest-rates-savings-accounts/ Accessed 3/29/2023.
(3) Best High-Yield Savings Accounts for March 2023 - Investopedia. https://www.investopedia.com/best-high-yield-savings-accounts-4770633 Accessed 3/29/2023.
(4) Best High-Yield Savings Accounts Of March 2023 – Forbes Advisor. https://www.forbes.com/advisor/banking/savings/best-high-yield-savings-accounts/ Accessed 3/29/2023.
(5) Best Savings Accounts for March 2023 | Bankrate. https://www.bankrate.com/banking/savings/rates/ Accessed 3/29/2023.

 

[Netflixmovieguz]

36 minutes ago, dasari4kntr said:

yup…got it…

but adi maname chesukovachhu kada…vaadiki fee ichhukune badulu…

ami missing something..?

 

Hassle gaa. 6 accounts and 4.4% 

rh 1.5m is legit aneede doubt

[JaiBalayyaaa]

3 hours ago, Epic said:

Koddiga confusing ga undhi gift box concept - I think limit is 10k whatsoever but you are locking the interest rate of the bond.if your wife already reached the limit this year, you can’t gift her the same year, set the deliver to next year and then she can’t buy i bonds next year. Until you deliver, bond will be in your account accruing interest. You can buy unlimited bonds for same person, but can gift them once a year and they should not buy on their own.

You can deliver only one $10,000 I bond to each recipient per year, and you must make sure the recipient isn’t buying I bonds for themselves, or they will go over the annual limit.

 

Yes, the 9% interest rate was a available for both individual and for gift (following year) You can still lock in 40k at 9% interest rate, gift the following year. 

3 hours ago, Hitman said:

Is this true? Gifting each other? Did you do it?

Yes. You can buy an ibond for yourself, you can buy an ibond to gift to someone else. Both of those start earning interest from the time of purchase. You can buy 10 ibonds to gift - even to the same person - in the same year.

However, you can only gift 10k in a year, OR the person can purchase 10k for themselves in a year.

Let's say I buy 10 ibond gifts for you today at 10k each and you also bought 1 ibond worth 10k for yourself today. The earliest I can gift you 1 of the ibonds would be Jan 1st 2024. You could then not purchase any yourself that year. The earliest I could gift the 2nd would be Jan 1 2025, etc.

[argadorn]

On 3/29/2023 at 6:53 PM, dasari4kntr said:

ok…its like splitting your amount to multiple banks(in this case 6 program banks) which are covered by fdic (per account 250k)…

but this split, you can also do right..? and this 4.4% apy is only for robinhood gold memebers ( monthly subscription)…and some hidden fees…

 

you can split your money in to multiple banks savings accounts…(some banks are still giving good rate…) only thing is little research like are these banks are FDIC insured or not..

 

from bing AI…

The national average yield for savings accounts is **0.23% APY** as of March 22, 2023². However, many online banks have savings rates higher than the national average. Here are some of the best banks for savings accounts with high interest rates as of March 2023 ¹³⁴:
- TotalDirectBank - **5.05% APY**
- UFB Direct - **5.02% APY**
- CFG Bank - **4.80% APY**
- Vio Bank - **4.50% APY**
- First Foundation Bank - **4.50% APY**

I hope this helps! Let me know if you have any other questions.

Source: Conversation with Bing, 3/29/2023(1) What is the average interest rate for savings accounts?. https://www.bankrate.com/banking/savings/average-savings-interest-rates/ Accessed 3/29/2023.
(2) Best Banks for Savings Accounts for March 2023 - Investopedia. https://www.investopedia.com/personal-finance/banks-pay-highest-interest-rates-savings-accounts/ Accessed 3/29/2023.
(3) Best High-Yield Savings Accounts for March 2023 - Investopedia. https://www.investopedia.com/best-high-yield-savings-accounts-4770633 Accessed 3/29/2023.
(4) Best High-Yield Savings Accounts Of March 2023 – Forbes Advisor. https://www.forbes.com/advisor/banking/savings/best-high-yield-savings-accounts/ Accessed 3/29/2023.
(5) Best Savings Accounts for March 2023 | Bankrate. https://www.bankrate.com/banking/savings/rates/ Accessed 3/29/2023.

Uncle ufb bank ela untadhi savings ki 

[dasari4kntr]

6 minutes ago, argadorn said:

Uncle ufb bank ela untadhi savings ki 

online bank…FDIC insured for 250k…

you wont find locations…everything is online…

terms and conditions chaduvu and customer care is very important while it is only online bank…

minimum holding period…and fees..etc

[argadorn]

5 minutes ago, dasari4kntr said:

online bank…FDIC insured for 250k…

you wont find locations…everything is online…

terms and conditions chaduvu and customer care is very important while it is only online bank…

minimum holding period…and fees..etc

Holding  period and fees levu .. overdraft fee undhi antay no funds unapudu transactions ki 

[dgnfiedmn]

I bond consists of two variables: Fixed rate and inflation based rate. The fixed rate is around 1% (give or take) and the inflation based rate changes very 6 months. Just because you bought I bonds when the composite rate is 9% doesn't mean you will get 9% for 30 years. You are only guaranteed the fixed rate plus whatever the inflation rate at that time. I bought mine at 9% and sold when it went down and invested in others and made more.

Also fidelity is giving 5% in their money market right now. So if you have investment account with fidelity, just transfer money to that account and you will get variable APR which is 5% now.

[Konebhar6]

9 hours ago, argadorn said:

Uncle ufb bank ela untadhi savings ki 

As long as its FDIC insured, you should be OK. However established financial institutions like CIT Bank, Fidelity are giving 5% interest.

Robinhood 1.5M insured is incorrect. Its 250K per type of account. You can have a 401k accounts, savings, and Roth IRA accounts with them and each one is 250k FDIC insured.

[beerboy17]

17 hours ago, dgnfiedmn said:

I bond consists of two variables: Fixed rate and inflation based rate. The fixed rate is around 1% (give or take) and the inflation based rate changes very 6 months. Just because you bought I bonds when the composite rate is 9% doesn't mean you will get 9% for 30 years. You are only guaranteed the fixed rate plus whatever the inflation rate at that time. I bought mine at 9% and sold when it went down and invested in others and made more.

Also fidelity is giving 5% in their money market right now. So if you have investment account with fidelity, just transfer money to that account and you will get variable APR which is 5% now.

I bought mine at 9% and sold when it went down and invested in others and made more.

 

when you sold did you lose any interest like last 3 months or do we have to pay any penalty ? also do we need to show the interest earned while filing returns ?

[Konebhar6]

2 hours ago, beerboy17 said:

I bought mine at 9% and sold when it went down and invested in others and made more.

 

when you sold did you lose any interest like last 3 months or do we have to pay any penalty ? also do we need to show the interest earned while filing returns ?

Interest earned above $10, you get a 1099 from Govt. you need to pay tax.