What is Robinhood Gold?
Robinhood Gold is a premium subscription service Robinhood offers that enables users to take advantage of certain benefits for a monthly fee of $5.
This post is about what is Robinhood Gold.
Let’s dive into the top 3 points about what is Robinhood Gold.
1. Interest on Uninvested Cash
Members who subscribe to Robinhood Gold are eligible to earn up to 4.9% interest on their uninvested cash. What is classified as uninvested cash? You can think of an investment/brokerage account as a bank account; however, in investment accounts, you’ll have one more step after depositing cash into the account. You must put that money into investments in order for it to grow. Therefore, Robinhood Gold is allowing you to grow any money you’ve deposited into your account but haven’t invested.
2. Bigger Instant Deposits
Bigger Instant Deposits means that you will be provided access to $1,000 after you initiate a deposit. Why this is different is because many brokerages will take, for example, 1-5 business days until your cash is available to invest. However, by providing instant access, it means the cash you initiate a deposit with will be immediately available for you to invest. Additionally, by subscribing, you will be eligible for even bigger Instant Deposits. This limit is up to $50,000. Which means, you can invest up to $50,000 instantly, if you choose to.
3. Professional Research from Morningstar
Professional Research from Morningstar means that subscribers will have access from Morningstar’s research and insights. This aims to be similar to that of Fidelity. Fidelity is known for the massive amount of research and financial analysis it provides to its users. By partnering with Morningstar, Robinhood users would also have access to Morningstar’s research. Some of this research includes Mutual Fund research, rating systems, and in-depth analysis.
To reiterate, the top 3 points about what is Robinhood Gold are:
- Interest on Uninvested Cash
- Bigger Instant Deposits
- Professional Research from Morningstar
There you have it! Interested in learning more about low risk investing? Check this post out for the best HSYA (high yield savings accounts).
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