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Robinhood halts plans for no-fee checking and savings accounts

Robinhood has become an increasingly popular service for trading stocks. A few days ago, the company behind Robinhood announced no-fee checking and savings accounts, with an incredibly-high 3% interest rate. It seemed too good to be true, and sure enough, it was — accounts weren't insured by the SIPC.

"We’re furthering our mission to democratize America’s financial system," Robinhood wrote in a now-deleted blog post, "by introducing Robinhood Checking & Savings.

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Robinhood halts plans for no-fee checking and savings accounts was written by the awesome team at Android Police.

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