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The rise of consumer finance apps like Cash App and Venmo has made transactions easy, but they may not be the best place to store money. Often, these apps offer negligible interest rates—sometimes even 0%. Hence, it's wise to use these platforms primarily for their transactional benefits rather than as a long-term holding solution.
Be especially cautious with investment apps such as Robinhood that promote subscription plans for enhanced features. If you’re being asked to pay for better service, they might not be the right choice, as many alternatives exist that don’t require fees to access better rates or returns.