11.29.19 Credit Karma bank account; Avoid cable modem monthly fees

The Clark Howard Podcast

Clark Howard

Business, Investing, Entrepreneurship

4.6 • 5.2K Ratings

🗓️ 29 November 2019

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

We get many calls about online banks. Last December Clark was talking about stock trading app Robinhood launching a 3% checking account. That was shut down in 2 days by regulators because it was non-compliant with insurance rules. Robinhood has just launched a savings account paying 2%+ with a debit MC - this time with FDIC insurance of 1.25M. They followed the playbook of Seedrs (?) - a private program that allows you spread money over multiple institutions. Robinhood has 5 banks that have joined them in offering FDIC insured saving/spending accounts. Credit Karma has launched their savings account to their 100M members. If you get internet from a cable monopoly, they make you rent your modem from them. That's a ripoff of $10- $12 a month on a modem you can buy for $40- $60. Go to the company to search what modems are compatible with their internet service - and buy your own. Check speed requirements. Docsis 3.0 is an example of what you'll need. Also know if you get TV from a cable monopoly, they my quote you a package price of $59, and not to mention additional $40 junk fees. Look into streaming to save money. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Thanks so much for taking time out of your day to join us here on the Clark Howard Show,
0:11.1	where it's all about you and your wallet.
0:14.1	Hope you learn ideas to me that will help you keep more of what you make.
0:19.0	Coming up later, I got a secret.
0:22.9	There's a way your cable company rips you off that you can stop today.
0:29.6	I'm going to tell you what you need to know and how you can save money instantly.
0:36.2	Swing your saving money.
0:38.5	I think how many calls I get now about online banks, online savings accounts.
0:46.4	And I want to dial back to last December.
0:50.2	I was on the air on radio and TV one day in December of last year, breathlessly talking
0:57.4	about Robin Hood, the stock trading app for your Android or iPhone.
1:04.1	Let's you trade stocks for free.
1:07.3	That Robin Hood was launching a 3% checking account.
1:11.7	Well, the 3% checking account lasted two days because regulators said not so fast Robin
1:21.3	Hood.
1:22.8	This Robin Hood thought that it was offering a fully insured checking account and it didn't
1:32.4	fit the rules.
1:34.3	So Robin Hood has just relaunched not a full fledged checking account, but they have launched
1:46.2	a savings account that pays a little over 2%, no minimums on it.
1:53.7	You just earn 2%.
1:56.0	And you can get a master card that is a spending card against it if you are somebody who has
2:04.8	hankering to use those debit cards that terrify me.
	...

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