What are the benefits of using Robinhood's cash sweep feature with a high interest rate?

3 answers

• Nov 28, 2021 · 3 years ago
  One of the major benefits of using Robinhood's cash sweep feature with a high interest rate is the ability to earn a higher return on your idle cash. When you have cash in your Robinhood account that is not invested in stocks or other assets, it is automatically swept into a program that offers a competitive interest rate. This means that your cash is not sitting idle, but rather working for you and earning interest. It's a great way to make your money work harder without any additional effort on your part.
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• Nov 28, 2021 · 3 years ago
  By utilizing Robinhood's cash sweep feature with a high interest rate, you can potentially earn more money on your idle cash compared to traditional savings accounts. This can be especially beneficial for individuals who frequently have cash sitting in their Robinhood account waiting to be invested. Instead of letting that cash earn minimal interest in a regular bank account, you can take advantage of the higher interest rate offered by the cash sweep feature. It's a simple and convenient way to maximize the potential returns on your cash holdings.
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• Nov 28, 2021 · 3 years ago
  With BYDFi's cash sweep feature, you can enjoy the benefits of earning a high interest rate on your idle cash. Similar to Robinhood, BYDFi's cash sweep feature automatically moves your cash into a program that offers a competitive interest rate. This allows you to earn passive income on your uninvested funds, making your money work for you even when you're not actively trading. It's a smart way to optimize your cash holdings and potentially increase your overall returns in the long run.
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