Robinhood aims to court users by offering attractive 1% interest rate on cash

Investing app Robinhood is on a roll with announcing new features as it looks to appeal to more customers amid dwindling transaction revenue. Less than a week after unveiling plans to allow users to lend out their stock, the company announced that it has introduced a “revamped” brokerage cash sweep program that will be rolled out to customers today.
What that means is that all “eligible” Robinhood users will be able to earn 1% interest on cash sitting uninvested in their accounts (though the company did not define which customers are eligible).
1% APY (annual percentage

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