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The nonprofit corporation that Robinhood Markets Inc. claims is backing its new checking and savings account says it cannot protect cash deposited for anything other than purchasing securities.
In 2019, Robinhood -- a pioneer in the free-trading movement sweeping across Wall Street -- plans to launch a nonbank "checking and savings" account that will provide customers with 3% interest on their deposits. The company has advertised the account as a way for retail investors to circumvent banks' "unfair and hidden fees" while achieving a higher interest rate. On its website, Robinhood says the...