On Friday December 14, 2018, it was announced that Robinhood, a registered broker/dealer, would offer high yield accounts to customers, but then later retracted such claims after the regulator (SIPC) said they had no idea such a product was being considered and the funds wouldn’t be insured.
Things can’t be good for the stock market in general if the most competitive way to draw in new customers isn’t with the prospect of market risk and potential gains but with “security” and savings, at a broker.