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By Faith Ashmore, Benzinga
The 21st century has witnessed a dramatic shift when it comes to trading and investing. Gone are the days of only the wealthy investing through management firms and funds that are largely inaccessible. Today, the world of trading has opened up thanks to the advent of modern technology. Then the global pandemic hit and retail trading has only skyrocketed. During the pandemic, interest in the stock market soared, and meme stocks garnered national attention. Retail investors are taking the world by storm.
But this evolution begs the question that if everyone can invest in the market now, what differentiates a good trader from an average or uninformed one? The answer includes many factors, but one is undeniably critical – credible research and data analysis. Luckily for investors, there are tools like Morningstar that provide unbiased research and ratings on various investment products like stocks and ETFs. The popular trading app Robinhood provides access to NASDAQ Level 2 data and Morningstar with its Robinhood Gold subscription platform. Not to mention Robinhood Gold is less than $10/month with all associated subscription fees; in comparison, if you were to only get a Morningstar subscription, it is typically $249/year.
In addition to access to valuable insights with Morningstar and NASDAQ Level 2 data, Robinhood Gold subscribers have the opportunity to earn a 5% annual percentage yield (APY) on uninvested brokerage cash with the cash sweep program. This means that any cash sitting idle in your brokerage account will be automatically swept into a program that earns you interest. This new rate is 8x higher than the national average savings rate – based on data from Bankrate as of March 1, 2024. In other words, you can earn money while you sleep.
Robinhood Gold also offers margin investing at a lower rate of 8% with the first $1,000 of margin borrowing being interest-free, which allows eligible users to borrow funds and increase their potential returns on investments. Non-subscribers pay a higher margin rate of 12%. Additionally, Robinhood Gold subscribers can even receive a 3% IRA match on eligible contributions to their Robinhood IRA accounts.
Apart from margin investing, Robinhood Gold provides a range of advanced tools and benefits that enhance an individual's investing experience. These include higher interest rates on uninvested cash, instant deposits, access to professional research and market data and a suite of features catering to both short-term investments and long-term retirement planning. For people who want a holistic experience on all things trading, Robinhood Gold seems to have a full suite of resources readily available.
Robinhood Gold is also releasing a Robinhood Gold credit card that is exclusive to Gold subscribers with 3% cash back across the board. To join the waitlist, click here.
Featured photo by Inside Creative House on Shutterstock.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice. All investments involve risk and loss of principal is possible. Returns are not guaranteed. Robinhood Gold is offered through Robinhood Financial LLC and is a membership offering premium services available 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 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. Bigger instant deposits are only available if your instant deposit status is in good standing. 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 margin enabled customers, to earn interest through the cash sweep program, a cash balance is needed. If you have a margin balance, there is no cash balance to earn interest. Limitations apply to the retirement match and terms apply to IRAs. 3% match requires Robinhood Gold for 1 year from the date of first 3% match. Must keep Robinhood IRA for 5 years. The Robinhood IRA is available to any U.S. customer with a Robinhood brokerage account in good standing. Interest does not apply to IRAs. Robinhood does not provide tax advice. For specific questions, you should consult a tax professional. Robinhood Gold Card is offered by Robinhood Credit, Inc. (RCT) and is issued by Coastal Community Bank, pursuant to a license from Visa U.S.A. Inc. RCT is a financial technology company, not a bank. The Gold Card requires an annual Robinhood Gold subscription and does not include a 30 day free trial. RHF (member SIPC) is a registered broker dealer. Robinhood Securities, LLC (member SIPC), is a registered broker dealer and provides brokerage clearing services. RCT, RHS, and RHF are subsidiaries of Robinhood Markets, Inc. (‘Robinhood’).
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