If you're looking for a safe place to park some of your money as stock market returns taper, not all "savings" options are risk-free.
Robinhood announced Thursday it's offering "checking and savings accounts" with a 3 percent return. The company says you'll have access to some 75,000 free ATMs and won't be dinged any maintenance or overdraft fees. However, questions have been raised over how accounts from stock trading app Robinhood are protected.
Since Robinhood is a broker, the accounts are not protected by the Federal Deposit Insurance Corp., a government agency that provides insurance for up to $250,000 per depositor for most banks. Instead, brokerage accounts are insured by the Securities Investor Protection Corporation, an industry-funded organization that says it covers a customer's cash up to $250,000 if the firm fails.