Ask Us Anything – The Freedom People Members
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Uphold / Atomic Brokerage accounts??
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Uphold / Atomic Brokerage accounts??
Can I ask a question in here? I’m wondering about this “bank” called Uphold. I opened an account a year ago and never used it. They’re wanting me to add money to it to keep it open now. It’s apparently an interesting bearing brokerage account that acts like a regular debit account (at least that’s the idea I have). I have an account with Charles Schwab that is a checking/debit account and is coupled with a brokerage account. It comes with a debit card that I use when I travel overseas because I can it acts just like my debit card at home and it doesn’t have any fees – no exchange rate fees, no atm fees, all merchants overseas accept it readily. And it actually bears interest and also reimburses any atm fees I may have had to pay at the kiosk.
In any case, I say all that because I get the feeling that this Uphold account may be similar… like it’s a debit account attached to a brokerage account… I really don’t know! So, asking for advice if you happen to know about this Uphold / Atomic Brokerage. This is what it says in the fine print in the email which sounds concerning –
*Balances of $10 or more earn 3.75% APY. Balances below $10 earn 2% APY. Rate subject to change. The USD Interest Account is a brokerage account offered through Atomic Brokerage LLC. Neither Atomic Brokerage LLC nor any of its affiliates is a bank.
Uphold is not affiliated with, but has an engagement with, Atomic Brokerage LLC (“Atomic Brokerage”), a registered broker-dealer and member of FINRA and SIPC, to bring you the opportunity to open a brokerage account through Atomic Brokerage (“USD Interest Account”) in which cash is swept into unaffiliated bank deposit accounts opened for you by, and in the name of, Atomic Brokerage as agent and custodian. You should not expect cash in your USD Interest Account to be protected by SIPC or FDIC insurance, and cash is only protected by FDIC insurance (subject to coverage limits and eligibility requirements) once deposited by Atomic in the unaffiliated bank deposit accounts. If you prefer your cash to be invested in a Money Market Fund eligible for SIPC coverage, you must send an email to support-brokerage@atomicvest.com to discuss your options. For full details about the Atomic Cash Sweep Program, see the Terms & Conditions. For more details about Atomic, please see their Form CRS, General Disclosures, Privacy Policy, and BrokerCheck. Neither Atomic nor any of its affiliates is a bank.
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