Category: Banking

Robinhood, looking beyond brokerage, seeks bank charter to expand into deposits, credit cards

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Jer123/Shutterstock Robinhood, the free online stock trading outfit, has filed an application to open an FDIC-insured online bank and to offer customers a higher interest rate on deposits and a lower rate on secured credit cards. Robinhood Markets, Inc. filed an Interagency Charter and Federal Deposit Insurance Application.  The application, for Robinhood Bank, N.A., dated April 19, shows that Robinhood wants to focus on offering a deposit account ….  Read More