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> If you put $250,000 in an SIPC-protected brokerage account, that account holds both cash and securities So I won't buy any securities, just use it as a check
by dmortin 8y ago
> If you put $250,000 in an SIPC-protected brokerage account, that account holds both cash and securities
So I won't buy any securities, just use it as a checking account, keeping the cash sitting there earning the 3% interest.
I wonder if there is a rule of Robinhood which prevents me doing this.
- fokinsean 8y agoIt looks like the checking and savings accounts are brokerage accounts, so if you put money into it then you are buying securities. I just learned that this is how Betterment's "Smart Saver" account is as well. > Is Robinhood a bank? No. Robinhood offers Checking & Savings through a brokerage account and it offers the Robinhood debit card in partnership with Sutton Bank.
- dmortin 8y agoSIPC protects cash in brokerage accounts too.