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12-13-2018, 03:24 PM
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#741
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Thinks s/he gets paid by the post
Join Date: Mar 2012
Posts: 3,925
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Quote:
Originally Posted by Debinnov a
I'm setting up an account and it wants me to log into my regular bank account through their site to fund the new RH account. Is that safe? And I'm 296,000+ in line for the 3% checking/savings. Is it even worth the effort? Lol
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You can choose not to do that - I don't do that for systems that provide that option, and didn't when I created my RH account about 6 weeks ago.
You can skip that step, and then once the account is set up, you can log in and set up the external bank link as you do on most other sites. When you set up the external bank link, they send the small trial deposits which you have to verify. So, doing it that way takes a few days longer than if you use the login procedure. However, I had security concerns similar to you, so didn't care that it took a few days longer.
They must have a ton of interest in the new checking/savings account. When I signed up earlier today I was in the 184,000s
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12-13-2018, 03:31 PM
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#742
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Full time employment: Posting here.
Join Date: Nov 2015
Posts: 685
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Quote:
Originally Posted by Debinnov a
I'm setting up an account and it wants me to log into my regular bank account through their site to fund the new RH account. Is that safe? And I'm 296,000+ in line for the 3% checking/savings. Is it even worth the effort? Lol
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Haha, they must have had a lot of signups today. I was 26,000 when I signed up this morning.
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12-13-2018, 03:35 PM
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#743
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Thinks s/he gets paid by the post
Join Date: Jun 2016
Posts: 1,951
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https://www.barrons.com/articles/rob...ks-51544723146
Quote:
“SIPC protects cash that is deposited with a brokerage firm for one limited purpose...the purpose of purchasing securities,” wrote Stephen P. Harbeck, the president and CEO of SIPC. “Cash deposited for other reasons would not be protected.”
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Where Robinhood makes its money:
https://www.zerohedge.com/news/2018-...-firms-citadel
Quote:
Robinhood app sells user customer data to make a quick buck from the high-frequency trading (HFT) firms on Wall Street," that is what we wrote last month, in one of the first articles that expressed concern over the popular Robinhood investing app for millennials, which has shady ties to HFT firms and undermines its image of an anti-Wall Street ethos. Almost a month after our report, Bloomberg has now confirmed that more than 40% of Robinhood's revenues earlier this year were derived from selling its customers' orders to firms, like Citadel Securities and Two Sigma Securities.
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12-13-2018, 04:29 PM
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#744
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 37,931
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Wow - that's pretty shocking!
__________________
Retired since summer 1999.
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12-14-2018, 09:15 AM
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#745
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Thinks s/he gets paid by the post
Join Date: Aug 2017
Location: Champaign
Posts: 4,677
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Quote:
Originally Posted by njhowie
You can choose not to do that - I don't do that for systems that provide that option, and didn't when I created my RH account about 6 weeks ago.
You can skip that step, and then once the account is set up, you can log in and set up the external bank link as you do on most other sites. When you set up the external bank link, they send the small trial deposits which you have to verify. So, doing it that way takes a few days longer than if you use the login procedure. However, I had security concerns similar to you, so didn't care that it took a few days longer.
They must have a ton of interest in the new checking/savings account. When I signed up earlier today I was in the 184,000s
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As Bob Brinker would say, "shark attack."
__________________
"Do not go where the path may lead, go instead where there is no path and leave a trail."
Ralph Waldo Emerson
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12-14-2018, 11:40 AM
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#746
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 2,599
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Just to change the subject.
Today American Express Savings is paying 2.0% (up from 1.95% last month) on their savings account. That's only 100 basis points away from the Robin Hood brokerage, and you don't have to wait behind 100,000 other people to open an account. Also FDIC insured up to $250k (just a snarky comment here).
__________________
Only got A dimple, would have preferred 2!
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12-14-2018, 11:57 AM
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#747
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Thinks s/he gets paid by the post
Join Date: Aug 2007
Posts: 2,852
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I’ll add that VMMXX is at 2.34%.
__________________
Eat, Drink and Be Merry.
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12-15-2018, 12:01 PM
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#748
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Recycles dryer sheets
Join Date: Mar 2018
Location: CONUS
Posts: 187
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So much for that Robin Hood deal. Some things are too good to be true.
https://www.cnbc.com/amp/2018/12/15/...criticism.html
__________________
W*rking hard, enjoying life.
Target: RE at 42 in '28. DW in '30.
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12-15-2018, 12:14 PM
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#749
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Full time employment: Posting here.
Join Date: Dec 2013
Posts: 774
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And the search continues for the elusive free lunch. If its free its me.
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12-15-2018, 12:18 PM
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#750
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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Hmm.... sounds familiar.....
Quote:
Originally Posted by jazz4cash
That’s about as close to TGTBT as it gets. It’ll be interesting to hear how it plays out at RH.
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12-15-2018, 12:29 PM
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#751
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Southern California
Posts: 3,995
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I was wondering myself how a savings or checking account would be covered by SIPC instead of FDIC. Of course the members of this forum picked up on this right away, but I’m sure the general public was oblivious to it. What I don’t understand is how the executives of Robinhood could be so oblivious.
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12-15-2018, 02:20 PM
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#752
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Recycles dryer sheets
Join Date: Mar 2018
Location: CONUS
Posts: 187
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Quote:
Originally Posted by jazz4cash
Hmm.... sounds familiar.....
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Lol I missed that one!
__________________
W*rking hard, enjoying life.
Target: RE at 42 in '28. DW in '30.
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12-15-2018, 06:08 PM
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#753
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Full time employment: Posting here.
Join Date: Sep 2008
Posts: 998
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Back to reality. Should know more next week.
__________________
"I couldn't wait for success, so I went ahead without it." Ret. 2013 @ 51.
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12-17-2018, 04:48 PM
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#754
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,134
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My PenFed 5 year CDs are done, kaput, over. They gave me bragging rights for over Four years and I will miss that.
__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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12-17-2018, 05:39 PM
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#755
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Thinks s/he gets paid by the post
Join Date: Mar 2012
Posts: 3,925
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Quote:
Originally Posted by Chuckanut
My PenFed 5 year CDs are done, kaput, over. They gave me bragging rights for over Four years and I will miss that.
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So where is the money going to now? Jumping in to another 5 year CD might give you bragging rights going forward as well depending how things play out over the next year.
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12-17-2018, 05:58 PM
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#756
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Thinks s/he gets paid by the post
Join Date: Jan 2005
Location: northern Michigan
Posts: 2,213
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Quote:
Originally Posted by Chuckanut
My PenFed 5 year CDs are done, kaput, over. They gave me bragging rights for over Four years and I will miss that.
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Yeah, same here. I have to decide this week where to put the money. It will be going back into CDs, but I am undecided as to what term to use. I know that rates have been rising, which would argue for going with a short-term CD, but I get the feeling that rates are not going any higher from here. So I may go for something a little longer term.........like maybe 2 or 3 years. I don't think I will need the money for at least a few years. Anyone have any thoughts on which way to go?
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12-17-2018, 06:05 PM
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#757
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Southern California
Posts: 3,995
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I just transferred my PenFed money to Ally online savings at 2% while I wait for some promotions.
I just noticed that SunEast FCU is offering a 27 month CD at 3.5%, with nationwide availability. That sounds pretty good actually. I’m going to look at that one a bit further.
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12-17-2018, 06:17 PM
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#758
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Posts: 3,043
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I have some money opening up this week. Thinking of a 1 year CD 2.85%, kick the can down the road a bit.
PenFed 5 years at 3.5%. The EWP is too much for me.
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12-17-2018, 06:45 PM
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#759
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,652
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I would wait till the 19th..... FOMC Meeting ends and Powell Comments.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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12-18-2018, 07:33 PM
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#760
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Location: Upstate
Posts: 2,944
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I follow the deposit accounts web site daily. The number of new long term CD deals (e.g. 3-5 years) has dried up drastically in the last month or so. The move ups have mostly been on savings/mm accounts and other shorter term CD's.
It seems as if banks also sense that rates on the longer side of the CD ladder have peaked, at least temporarily.
I have some Penfed CD's maturing tomorrow. I had intended to keep it in money market funds, but am starting to question whether I should instead grab one of the remaining decent 4 year deals, e.g. 3.2% at Connexus or something like that...at least with part of the money.
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