Robinhood launches no-fee checking/savings with Mastercard & the most ATMs

techcrunch.com

This week Robinhood launched, to much hype, a no-fee checking/savings account that offered (among other things) 3% interest on deposits. Sounds amazing right? Like most things that seem too good to be true, so was this. Unlike when first advertised, it turned out that these accounts were not going to be SIPC insured, which meant user money wasn't going to be protected in the event the company failed. Big problem. Although was it a stroke of marketing genius? They captured 600,000 signups as of Friday and counting. So the founders had to issue an apology. The launch did what they wanted it to.

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