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By that stage, the federal funds rate could be down by almost half from its recent peak of 5.33%, which means Robinhood's net interest revenue could plunge over the next year.
This is a reasonable approximation if the compounding is daily. Also, a nominal interest rate and its corresponding APY are very nearly equal when they are small. For example (fixing some large N), a nominal interest rate of 100% would have an APY of approximately 171%, whereas 5% corresponds to 5.12%, and 1% corresponds to 1.005%.
Today’s highest savings rates are at FDIC-insured digital banks and online accounts paying out rates of up to 5.05% APY with no minimums at Patriot Bank, EverBank and other trusted providers as ...
Robinhood has been able to thrive in the higher-rate environment as a result of its cost cuts and new product releases. The company reported second quarter revenue grew 40% over last year to $682 ...
It's time to be your own Knight of the Nasdaq.
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The BMO Alto High-Yield Online Savings Account offers an impressive APY of 4.10%, one of the best rates available today. This competitive rate applies to your entire balance, whether it’s $5 or ...
Money market accounts are a type of account offered by banks and credit unions that tend to pay higher interest rates than other types of savings accounts. We’ve seen offers as high as 5.30% APY.