Robinhood compelled established players in the online brokerage industry to rewrite their rules and abolish commissions. One app representing the symbol of strength and potential, pitched against another with a renegade spirit of helping the less privileged.Ī disruptive ethos with a penchant for going to bat for the little guy is the common thread that runs through the identity of Robinhood and Acorns. Click here for a full list of our partners and an in-depth explanation on how we get paid. Partnerships do not influence what we write, as all opinions are our own. In order to operate, The Tokenist may receive financial compensation from our partners when you purchase products, services, or create accounts through links on our website. Some of the products and services we review are from our partners. You work hard for your money - and we work hard for you. The Tokenist aims to bring you the most accurate, up-to-date, and helpful information when it comes to your finance. We had a Gen Z guest on yesterday that showed those are the folks that are paying attention to crypto and how they need to save for retirement more so than even older generations.Robinhood vs Acorns (2023): Is Spare Change Investing Worth It? Newsletter I think the young demographic tends to be very investment savvy. And so we're going to continue to watch to see exactly where this gives Robinhood even more of that growth opportunity among users, who may be using some of those nickels and dimes from purchases and putting them into some of the roundups that Robinhood will do on a weekly basis, and putting those towards investments, whether they be in equities or cryptocurrencies.ĭAVE BRIGGS: It's a really smart move. You've already got Acorns out there, Stash, unicorn private companies that have more than $1 billion valuations. ![]() And investing is one of the most powerful ways to start to kind of hedge against that.īRAD SMITH: And so with this move, Robinhood really taking aim at some of the existing micro investing category leaders. So how do we make sure that we help you in that moment by giving you more rewards, by giving you more of a cashback or discounts, but at the same time, starting to help you to save for tomorrow because everybody feels the pain of inflation. So people are feeling the pain of having to spend more and more on things that we need. And finally, we're working closely with leading retailers to be able to, again, give more rewards for customers, so doing the right thing where being able to, like, invest in their today, as well as tomorrow.Īnd Brad, one thing to think about here is the macro context here, right? I mean, I just, this morning, filled up gas, $6 per gallon. The second thing is Robinhood itself will give you a weekly bonus to be able to encourage you to invest in, again, like, the assets of choice. ![]() One, of course, as I just talked about, this idea of turning spare change into investing into crypto or stocks, every little bit matters. Now take a listen.ĪPARNA CHENNAPRAGADA: There are three really amazing things about this cash card. ![]() I had the opportunity to speak with Robinhood chief product officer, Aparna Chennapragada, who told Yahoo Finance more about what went into this product launch and the decision to do this. For each transaction, Robinhood cash card customers, they decide whether to round up their change to the nearest dollar when they make purchases, and then they can go choose an investment asset to direct their spare change to.
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