Comments on Robinhood's 3% checking and saving account

Three layers of understanding of Robinhood's 3% checking and saving's move:

1. wow, it's amazing, the banks are dying.
2. wait. they are not FDIC insured. Only SIPC insured means there is risk under extreme industry conditions.
3. Robinhood plans to invest the money pool into short-term bond and they will adjust the rate according to the fed funds rate. Right timing for this rate because of the interest rate rising trend.
   Conclusion: A fabulous marketing campaign from Robinhood.