Former unofficial sponsor RobinHood announced today that they are getting into the banking market.  

While I’ve used Robinhood to trade stocks, today’s news shocked me.  Not only is one of my favorite apps for trading getting into the banking space, they are going to be disrupting the whole thing.

When it launches, Robinhood will offer Checking and Savings accounts with 0 fees and 3% interest.  You will get a debit card, and have access to all your money when you need it, so it seems.  There are also no limits on moving money around.  Access to ATM will be free at certain atms, but some of those will be inside popular stores like Target and Kroger.  

According to the information I’ve found, they can afford that high of a rate because they have a small team and will be using machine learning to help with the rest.  Without having a physical location to maintain, they will also be saving money.  

I’m looking forward to using Robinhood for banking, but I’m not going to be switching everything over right away.  I will be trying a wait and see approach to see how fast and flexible it will be. 

Still, if you are interested in it, sign up at the link here and above.  

With all that money you’ll be making on interest, pop over to our gift guide to pick out something for that techie in your life for Christmas.