In the current landscape of financial markets, the significance of having suitable investment tools cannot be overstated. Fortunately for the public, the proliferation of apps and online platforms has greatly increased the wealth accumulation possibilities for individuals. These digital resources not only help people to stay informed but also enable them to devise more effective investment strategies to navigate market volatility, mitigate risks and seize potential opportunities. With these valuable tools right at their fingertips, investors are better equipped to thrive in the ever-changing financial landscape.
Robinhood stands out against the crowd in many ways when it comes to trading apps. The company has recently made its paid membership, Robinhood Gold, even more enticing to users. Robinhood raised its interest rates in November to 5%. New subscribers now have the opportunity to earn a 5.25% annual percentage yield (APY) on their uninvested brokerage cash with cash sweep. These new subscribers will earn this boosted rate for the first 60 days of their membership and then 5% APY after that. This means that any cash sitting idle in your account will be automatically swept to partner banks where it earns interest. This new rate is 8x higher than the national average savings rate* and 9x the FDIC insurance with coverage up to $2.25 million at partner banks.
With this subscription, users have the ability to make larger instant deposits and gain instant access to up to $50k of their deposited funds. Typically, it takes a few days for deposited funds to become available for investment, but Gold subscribers can bypass this waiting period, allowing them to make opportune investment decisions and seize market opportunities.
Subscribers to Robinhood Gold are also granted access to professional research from Morningstar MORN and Level II market data from the Nasdaq Stock Exchange. Level II data provides investors with a comprehensive view of market activity, including bid and ask prices, market depth and order sizes. This additional information can prove invaluable for investors seeking a deeper understanding of market dynamics to make more informed trading decisions.
Another notable feature of Robinhood Gold is the option for margin investing at a rate of 8%. This feature allows users to leverage borrowed funds, boosting their buying power if eligible. Without a Gold subscription, the margin rate is higher at 12%. As an added bonus, Robinhood Gold subscribers receive a 3% IRA match on eligible contributions to their Robinhood IRA accounts. They simply need to keep Gold for at least one year from the date of the match and keep their funds in their Robinhood IRA for five years.
With a range of advanced tools and benefits, Robinhood Gold enhances an individual's investing knowledge. From higher interest rates on uninvested cash to instant deposits, professional research, access to market data, lower margin rates and the added incentive of a 3% IRA match, Gold subscribers have access to a comprehensive suite of features that cater to a wide gamut of investing needs from short-term investments to long-term retirement planning.
Featured photo by Chris Liverani on Unsplash.
This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.
Disclosures
*As of Nov. 2nd, 2023 via Bankrate.
All investments involve risk and loss of principal is possible. Robinhood Gold is offered through Robinhood Financial LLC and is a subscription offering premium services for a fee. The Brokerage Cash Sweep Program is an added feature to your Robinhood Financial LLC brokerage account. Interest is earned on uninvested cash swept from your brokerage account to program banks. Program banks pay interest on your swept cash, minus any fees paid to Robinhood. As of November 15, 2023, the Annual Percentage Yield (APY) that you will receive is 1.5%, or 5% for Robinhood Gold members. Terms apply. The APY might change at any time at the program banks' discretion. Additionally, any fees Robinhood receives may vary and is subject to change. Neither Robinhood Financial LLC nor any of its affiliates are banks.
Terms apply to the boosted rate promotion. For more information, view our terms and conditions.
Bigger instant deposits are only available if your instant deposit status is in good standing.
Not all users will be eligible to trade on margin. Margin investing involves the risk of greater investment losses. Before using margin, customers must determine whether this type of strategy is right for them given their investment objectives and risk tolerance. For more information please see our Margin Disclosure Statement.
The 3% matching on contributions requires a subscription with Robinhood Gold (fees apply), must be subscribed to Gold for 1 year after your contribution to keep the full 3% match. You must have compensation (wage income) in order to contribute to an IRA. The funds that earned the match must be kept in the account for at least 5 years to avoid a potential Early IRA Match Removal Fee. For more information refer to the IRA Match FAQ.
Funds being contributed into or distributed from retirement accounts may entail tax consequences. Contributions are limited and withdrawals before age 59 1/2 may be subject to a penalty tax. Robinhood does not provide tax advice; please consult with a tax adviser if you have questions.
The Robinhood IRA is available to any U.S. customer with a Robinhood brokerage account in good standing.
Robinhood Financial LLC (member SIPC), is a registered broker dealer. Robinhood Securities, LLC (member SIPC), is a registered broker dealer and provides brokerage clearing services. All are subsidiaries of Robinhood Markets, Inc. (Robinhood).
Close to its many restaurants, food delivery riders are congregating on their bikes.
The area is packed with shoppers and workers.
PC Paige Gartlan is approaching with other officers. She’s on the lookout for illegally modified e-bikes – and she knows she’ll find them here.
“You can physically tell by looking at the bike that it’s generally going to be illegal – the battery pack is taped on to the sides and generally the size of the motor that’s on the back wheel,” she explains.
Sky News has been invited on an operation by West Midlands Police to find these bikes and get them off the streets.
PC Gartlan has been hit by one before. She’s had to tackle a rider to the floor after he drove into her.
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Within minutes, she’s spotted a suspicious-looking bike. The rider makes a run for it – followed by plain-clothed officers.
PC Gartlan tests the bike – it’s showing a top speed of 52km/hr on the speedometer – just over 30mph.
Image: PC Paige Gartlan with a seized e-bike
The speed limit for e-bikes in the UK is 15.5mph when using electric power for assistance.
I look up the street and another two riders have been detained. In less than an hour, officers have confiscated four bikes – all were being ridden by fast food delivery drivers.
The commotion is attracting a lot of attention.
“They are dangerous,” Sandra, who has just finished work, tells me.
Image: Demoz had his bike taken by police
She’s stood watching the riders being questioned. She says she’s had near-misses herself and is worried for the safety of the elderly and children.
It’s not just West Midlands police officers here – immigration officials are carrying out checks too. They’re involved in a nationwide operation, which has seen more than 7,000 arrests in the last year – a 50% increase on last year.
Matthew Foster, the immigration enforcement lead officer for the West Midlands, tells me they’ve already found one individual who has entered the UK unlawfully.
“He’s been detained,” he says, “to affect his removal from the UK.”
Further down the street, police are loading illegally modified bikes on to a van – they’re destined to be crushed. One of them had belonged to Demoz.
He’s on his way home, carrying a big box with the logo of one of the main fast food delivery firms on it.
He tells me he used to have an illegal bike, but he thought his new one was legal.
“I make a mistake, I have to say sorry, I will do better for the future,” he says.
I get in touch with the big delivery firms; Deliveroo, Uber Eats, and Just Eat.
Their representatives say they constantly remind workers of their safety obligations, and that they’re all working closely with the government to increase security checks on riders.
As he leaves, Demoz, now bike-free, tells me he’s thinking of changing his job.
Watching pictures of Prince Harry in Angola this week took me back to 2019, when we were there for his first visit following in Princess Diana’s footsteps.
The pictures on Wednesday looked so similar; his effortless interactions with people who face the daily dangers of landmines, and his obvious passion to help a charity that he cares deeply about.
Of course so much has happened in the six years since then, but with other headlines this week, I couldn’t help but feel like we could be looking at the beginning of a reset for Harry.
It started last Saturday night, as the story emerged of a meeting between the King’s communications secretary, Harry’s new London-based head of PR, and Harry’s most senior aide in America.
The pictures of the get-together were being sold for thousands of pounds by the paper that ran them, just one indication of the global fascination about whether father and son may be on the road to reconciliation.
Neither side are willing to go there when you ask what exactly they talked about, although I suspect some of it was much more practical than about trying to mend this fractured relationship.
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Things like trying to avoid unnecessary negative stories, for example, the kind where Harry is accused of snubbing his father because they just happen to be doing jobs on the same day.
Image: Prince Harry meets landmine victim Sandra Tigica in Angola in 2019, who Princess Diana met on her visit to Angola in 1997
It’s tricky for Harry’s camp to avoid such a situation when they don’t have sight of the King’s diary.
There’s also been the chatter about who may, or may not, have leaked the meeting.
There has been speculation around why they were out on a balcony, and who spotted the photographer in the park.
But whether it was a leak, or just a really good spot from a journalist or photographer, it’s not a bad thing for either side that we’re now all talking about whether father and son may be close to patching things up.
It did however raise other questions, about what it means for Prince William and his relationship with his brother.
So far there have been no indications of any meeting between William’s team and that of his brother.
The feelings of William also, you may think, a consideration for the King.
Image: The King and Prince Harry in 2018. Pic: PA
The unexpected headlines around Harry just kept coming, as on Tuesday he popped up in Angola.
His second visit there, this time with no press pack in tow.
So why the surprise visit?
Harry has worked with the Halo Trust for some time, and it’s clearly still a priority for them to highlight the dangers faced by those living with the potential dangers of landmines in Angola.
But it also feels like part of a push to get Harry out on more public engagements.
I’ve been told that since moving away from the UK he has continued to have regular contact with those charities with which he’s maintained ties, but being on the phone or a video call, isn’t the same as physically being there in person.
We saw something similar with his trip to China with Travalyst earlier this year, some may argue not the best choice of destination, but another example of wanting to get him physically out on visits to reinforce publicly those connections with causes that matter so much to him.
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Prince Harry follows in Diana’s footsteps
For some months now it’s felt like Meghan has regained an element of control over how she wants to be seen.
Just look at her social media accounts and the success of her “As Ever” brand.
Whether Harry for the first time would step on to the social media scene with his own public account we wait to see, although the idea of his own commercial project is more likely, with suggestions something may be in the pipeline, we wait and see what.
After a constant flow of stories in recent months relating to court cases or his ongoing row with his family, this week has felt different.
A lot has been made about Harry and Meghan establishing a new “court” and what lies behind their decision to hire new people, five years after they stepped away from royal life.
There are of course elements of the recent past that it is impossible to erase, even Harry, in his recent interview talked of how he would “love reconciliation with my family” but added, “Of course, some members of my family will never forgive me for writing a book. Of course, they will never forgive me for… lots of things.”
But it does feel like their new team are tentatively attempting to push the reset button; getting Harry out on more engagements just one way they hope to focus our minds back on to what he has always done best.
On Friday, Paola Paiva waited in a hotel near Caracas airport, nervous but giddy with excitement to be reunited with her brother, finally.
For five months, Arturo Suarez has been detained in a notorious prison in El Salvador.
“I am going to wait for my brother to call me,” she told Sky News, “and after giving him a hug, I want to just listen to him, listen to his voice. Let him talk and tell us his story.”
Suarez was one of the more than 250 Venezuelan migrants who had been living in America but were arrested in immigration raids by the Trump administration and sent to El Salvador, a showpiece act in the president’s promise to deport millions of migrants.
Image: Paola Paiva holds a vigil for brother Arturo Suarez. Pic: Reuters
Most of the men had never even been to El Salvador before. Their detention has been controversial because the White House claims the men are all part of the dangerous Tren de Aragua gang but has provided little evidence to support this assertion.
The only evidence Paola had that Suarez was still alive was a picture of him published on a news website showing the inside of the maximum security CECOT jail.
He is one of dozens of men with their hands and feet cuffed, heads shaved and bodies shackled together.
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Now he is returning to his home country, one of the bargaining chips in a deal that saw the release of ten Americans and US permanent residents who had been seized by the Venezuelan authorities.
Image: Venezuelans arrive back in home country after being detained in El Salvador
Paola had tried to go to the airport to greet her brother as he disembarked a charter plane bringing the men back from El Salvador but authorities told her to wait at a nearby hotel.
“They told us they are taking them all to a hotel to rest,” she said.
“But I managed to get someone to give my phone number on a piece of paper to my brother, so I am expecting his call tomorrow, as soon as he can access a phone.
“We heard they are going to perform some medical exams on them and check their criminal records,” she added. “I’m not afraid; I’m not worried since my brother has a clean record.
“I am so happy. I knew this day would happen, and that it would be unexpected, that no one was going to notify us. I knew it was going to be a total surprise.”
Image: US citizens released from Venezuela. Pic: Reuters
The Trump administration had paid the El Salvador government, led by President Nayib Bukele, millions of dollars to imprison the men.
Homeland security secretary Kristi Noem visited CECOT last month, posing in front of prisoners for a photo opportunity.
But Cristosal, an international human rights group based in El Salvador, says it has “documented systematic physical beatings, torture, intentional denial of access to food, water, clothing, health care,” inside the prison.
A video which was seemingly filmed aboard the charter flight bringing the Venezuelan migrants back to Caracas shows Arturo briefly talking about his experience inside.
He looks physically well but speaks into the camera and says: “We were four months with no communication, no phone calls, kidnapped, we didn’t know what (the) day was, not even the time.
“We were beat up at breakfast, lunch and dinner,” he continues.
Sky News interviewed Arturo Suarez‘s brother Nelson near his home in the US in April, weeks after Arturo – an aspiring singer – had been arrested by immigration and customs enforcement (ICE) agents while filming a music video inside a house.
Nelson said he believed Arturo’s only crime was “being Venezuelan and having tattoos.” He showed me documents that indicate Arturo has no criminal record in Venezuela, Chile, Colombia or the United States, the four countries he has lived in.
Now Nelson is delighted Arturo is being released – but worries for his future.
“The only thing that casts a shadow in such a moment of joy is that bit of anger when I think that all the governments involved are going to use my brother’s story, and the others on that flight, as political gain,” he said.
“Each of them will tell a different story, making themselves the heroes, when the reality is that many innocent people suffered unfairly and unnecessarily, and many families will remain separated after this incident due to politics, immigration and fear.”