Member Exclusive, New banks

To stay relevant in the long run, banks may need to get greener

  • The public is taking greater interest in becoming more environmentally friendly.
  • Banks are picking up on this shift and are taking steps to become greener.
Rivka Abramson | December 07, 2020
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To stay relevant in the long run, banks may need to get greener

With more interest from the public, green banking may be making its way into the mainstream. 39% of U.S. voters would switch banks to avoid having their deposits used to fund oil and gas, according to a poll by challenger bank Aspiration.

We’re also seeing a change in investors’ mindset when it comes to investing in fossil fuels versus renewable energy. There’s more weight being put on ESG, or Environmental, Social, and Corporate Governance – factors that help measure sustainability and the societal impact of an investment. NetEra Energy, one of the largest investors in renewable energy in the U.S. has seen its shares double in the last two years. Meanwhile, Exxon and Peabody Energy shares are down 52% and 95% respectively.

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Robinhood is an online stock brokerage that offers its customers commission free trading and investing. Robinhood users can invest and trade in stocks, exchange traded funds, options, and cryptocurrency. Customers can invest in over 5,000 stocks with Robinhood, including most U.S. equities and ETFs listed on U.S. exchanges.

Robinhood Financial, LLC and Robinhood Crypto, LLC are wholly-owned subsidiaries of Robinhood Markets, Inc. All cryptocurrency holdings are held in Robinhood Crypto as opposed to Robinhood Financial.

The company was founded in 2013 by Stanford roommates Baiju Bhatt and Vladimir Tenev. It has its headquarters in Menlo Park California and offices in the U.S and the UK.

Account Types

Robinhood’s products are accessible through its three different accounts: Robinhood Instant, Robinhood Gold and Robinhood Cash.

Robinhood Instant

Robinhood Instant is the default Robinhood account which is a margin account that has access to extended hours trading and instant deposits. Robinhood Instant account users do not have to wait for funds to process while selling stocks or depositing up to $1000.

Robinhood Gold

Robinhood Gold comprises a range of investing tools and premium products such as greater instant deposits starting at $5000 to a max of $50k, research from Morningstar on 1700 stocks, Level II Market Data from Nasdaq and more access to trading on margin. It has greater buying power and larger instant deposits as compared to the Robinhood Instant account.

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