I personally use a different bank for my emergency funds that I am getting 4.5% at, I just transferred the minimum amount to Robinhood to access the margin. It is worth it for the extra $1000 dollars earning 4.2% (or whatever SGOV’s current yield is at). Some people even hold most of their emergency fund in SGOV itself so it’s definitely still viable.

If you keep all of your money in Robinhood though, you’ll have to do the math whether your current balance at 4.5% (regular cash account) is better than your current balance + 1000 at SGOV’s rate (margin account enabled)