As of March 19th, 2020 the Federal Reserve dropped Federal Funds rate to 0.10% down from 2.43% this time last year.
The move, while necessary given the current circumstances, has had implications across the entire financial services industry.
Following updates to the federal interest rate, we wanted to let you know that we will no longer be offering interest on uninvested cash in Public, effective today March 30th.
Your final interest payment will be automatically paid on April 16 for the time period covering March 16th through March 31st. This will be reflected in your next account statement. You can review past interest payments by navigating to Settings > History > Interest (scroll to the right).
We definitely understand the disappointment in losing a feature like this but we did have to make the tough decision as a business to retire the interest feature given the current climate.
While we're proud of being able to have kept offering the highest rate around for our members for months longer than our peers and long after the Fed started cutting back we know this is disappointing and we appreciate your support.
Moving forward, we’ll continue to invest in the features that support our mission to accelerate all people’s prosperity by making the stock market accessible to everyone. You will see these updates in the coming weeks, and we can’t wait to share them with you. If you have questions, please contact us at firstname.lastname@example.org or message our Support team in the app.