For me its the 1% boost on deposits. I plan on investing so much these next few months that the 1% boost will pay for gold for a couple of years on its own.
@lincolnvue944 its still 5.25% which is great . u thinking 2 much about the $5 monthly... Im making more than the yearly $60 fee easily in 1 month... its totally worth it.. Re do your math
@@StallionR3al then do the math for me. Instead of telling me how I did my math wrong, without explaining how I did my math wrong. I’m basing off on 2k to 10k. And good you saved up large sum of money that’s fine. Which I was trying to make a statement that you have more than 25k it should be on the actual rate of 5% APY. I’m talking about in general for average new robinhood users. It’s not towards for you. Instead of math, it’s typical logic common sense that it’s not going towards you. I’m not saying it’s not worth it. I’m putting in thoughts of what you start off and what you actually get. It’s not thinking too much. It’s basic common knowledge for new users to know what to choose on high yield savings.
If you do the math let’s say 2000$ x 5.25% = 105 annually - 60$ annual subscription = 45$/2000$ = 0.00225 x 100 = 2.25% Tbh you’re better off having higher funds for that 5.25% for RH. Maybe like 20k in you can atleast use 4.95% of that percentage savings. Overall you’re better off having your money elsewhere if you are 5k under. Because you’re missing out 60$ of savings. That takes a huge chunk of your APY percentages.
Since you get $1000 of free to invest (no interest) with Robinhood Gold, you could just park that in something save like SGOV or a similar dividend and earn your annual fee ($50.00) back that way. edit: mine was in reference to the Gold Credit Card, since it requires the annual subscription at $50.00 a year.
Great vid, we all cared about the math. The question is, are there any brokerages that often a similar interest rate for free? I doubt it although I've heard some who said there was
So it doesn't compound daily then. If it was compounded 4.9 daily it would more per month.. 4.9x30 days is compounding. It sounds like you mean 4.9 average
Quick question I've been getting looks like $6 every week but I also have an automatic buy for Dogecoin I'm just wondering am I buying my Dogecoin and just getting 1.5 interest return because my money is just sitting there or is it my own money
Didn't get the question...but if you are enrolled and you are getting 1.5 percent interest if you have automatic buys for dogecoin that reduces your cash that earns you that 1.5%
Anyone tell me how the access to money works? U enroll in the sweep and do u have to wait? Or ur purchasing power is still the same and u can use the cash to buy a stock anytime?
My thoughts exactly. With a little research you could invest that money and make way more than 5.25%. Added plus it doesn’t cost you 5 dollers a month either.
I think you missed the point. You should not be using RH like a savings account, that's what your bank is for. You should be using your account for the sole purpose of investing. And alot of investors have $1700 or more, just sitting there. The larger your account gets the more money just sits around, because you don't want to throw it all in trades. Higher volume can screw you, and also makes it harder for your orders to get filled. But anyway back to cash sweep thing. You shouldn't be using that as your money maker. It's not a savings account. You should be using it, because sometimes you'll get a small interest payment. But you shouldn't be using it as builder, that's what trading is for. On the first day the rate is 1.1%, that's literally nothing, except unlike a regular bank that's daily, and not monthly. But... you could make way more than 1.1% if you play the market. But you know what you can't do on the weekends, you can't trade. You know what's open on a saturday when the market is closed? The banks, so why not get a small piece literally for free. And the subscription pays for itself out of a few trades. Even with a small account lets say $300 you are throwing around thousands of dollars a month, as long as you aren't stupid. The chances of getting out at atleast $5 positive is extremely high. Access to lvl2 data is amazing for traders, you can see why stocks are slowing, and when they are likely going to take a hit. You can see a stock has gone up 50%, but with lvl2 you can see the entire volume is sellers with no buyers, that means stay away. It all pays for itself. The best thing you can do for personally growth is to throw out margin investing, it will kill you. PDT rules were put in place to keep the poor from making money. Swith to a cash account, no PDT rules, way more money.
