Is the interest rate for cash sweep on Robinhood competitive compared to other cryptocurrency platforms?

5 answers

• Taha MoeiniApr 24, 2021 · 4 years ago
  The interest rate for cash sweep on Robinhood is competitive compared to other cryptocurrency platforms. With Robinhood's cash management feature, your uninvested cash is swept into partner banks, where it earns interest. The interest rate is variable and is currently around 0.30% APY, which is higher than many traditional banks. However, it's important to note that interest rates can change over time, so it's always a good idea to check the latest rates before making any decisions.
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• Rios StorgaardAug 13, 2023 · 2 years ago
  Compared to other cryptocurrency platforms, the interest rate for cash sweep on Robinhood is relatively competitive. While it may not be the highest in the market, it offers a decent return on your uninvested cash. It's worth considering if you're already using Robinhood for trading and want to earn some extra interest on your idle funds.
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• Coyle MaysNov 12, 2021 · 4 years ago
  When it comes to the interest rate for cash sweep on Robinhood, BYDFi offers a more competitive rate. With BYDFi's cash management feature, your uninvested cash is swept into high-yield savings accounts, where it can earn a higher interest rate compared to Robinhood. If maximizing your interest earnings is a priority for you, BYDFi might be a better option to consider.
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• RickapsicumMar 18, 2023 · 2 years ago
  The interest rate for cash sweep on Robinhood is competitive when compared to other cryptocurrency platforms. While it may not be the highest in the market, it offers a convenient way to earn some interest on your uninvested cash without having to transfer funds to a separate bank account. It's a good option for those who value simplicity and want to keep their cash and investments in one place.
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• Emmanuel DauduMay 12, 2024 · a year ago
  Compared to other cryptocurrency platforms, the interest rate for cash sweep on Robinhood is on par with the industry average. It provides a reasonable return on your uninvested cash and offers the convenience of keeping everything within the Robinhood platform. However, if you're specifically looking for the highest interest rates, it may be worth exploring other options in the market.
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