[dontparticipate]

So what happens when the value of those treasuries fluctuates? Does the value of these "checking accounts" fall according to changes in the underlying asset? They aren't really cash accounts then. Treasures may be the safest investments, but are not perfectly safe and value still fluctuates based on changes in interest rates. That's a pretty key part of if they should be treated like a retail checking account or a money market account. Also, do these account provide some kind of certainty that they only invest in treasuries? What happens when "Robinhood Home Loans, get yours in 60 seconds or less!" opens up a year from now?

These accounts remind me a lot of the accounts offered by Washington Mutual right before there was no longer a Washington Mutual. Except back then, their bold rate offering was only something like 1.5%. A lot of young dumb people are going to lose their shirts on this one.