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Robinhood Launches Its Cash Management Service, a Year After Botched Launch

From bnnbloomberg.ca

Robinhood Markets Inc. has finally launched its take on a bank account, albeit a very different version of the service it once hoped to offer. On Wednesday, the online brokerage firm rolled out Cash Management to a subset of users. The product will sweep the money customers don’t currently have in stocks into a separate account with 1.8% interest. The introduction comes after a debacle for the company last year, when Robinhood, known for popularizing free stock trading, announced a product called Checking & Savings that drew swift backlash. The startup has spent much of the past 12 months retooling how it would ... (full story)

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