Robinhood Markets (HOOD) plans to introduce checking and savings accounts for its gold members this year, offering a savings rate of approximately 4% annually, reported Bloomberg News Thursday, citing an interview with Deepak Rao, vice president and general manager of the company.
The company also reportedly revealed a new wealth-management service for gold users, which will limit fees to $250 per year and apply a 0.25% management fee for all customers.
Accounts will not be directly insured by the FDIC but will instead rely on Coastal Community Bank to provide deposit protection, Bloomberg reported, quoting Robinhood's website.
This service will include features such as access to individual stocks, ETFs, estate planning, tax guidance, and same-day cash delivery, the news outlet reported.
The company's shares were up over 1.9% in recent Thursday premarket activity.
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