SaveBetter Reviews: Unlock High-Yield Bank Accounts through an Online Marketplace

Blenda Rosen
Blenda Rosen Business
4 Min Read

SaveBetter serves as an online marketplace and connects individuals with high-yield bank accounts. Partnering with various banks and credit unions SaveBetter offers exclusive interest rates to customers who open accounts through their platform instead of directly on the partner banks’ websites. 

Safety and Insurance Coverage

When opening accounts through SaveBetter customers can rest assured that their funds are protected. Banks offer FDIC insurance while credit unions provide NCUA insurance which guarantees up to $250,000 in an individual account and $500,000 in a joint account. Although some partner institutions may be less recognized the insurance coverage ensures the safety of deposited funds.

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Access to Credit Unions and Nationwide Accounts

By using SaveBetter individuals can open accounts with credit unions without geographical restrictions. While credit unions typically require membership based on location or employment opening an account through SaveBetter only necessitates signing a membership agreement without any associated fees. Additionally SaveBetter expands the availability of partner bank accounts which makes them accessible nationwide and offering customers the opportunity to earn higher interest rates .

Aligning Values with Partner Institutions

SaveBetter allows users to filter account options based on the type of institution they prefer . Whether it’s minority-led, family-owned or locally focused customers can find accounts that align with their values and support institutions with specific missions such as community development financial institutions (CDFIs).

Custodial Accounts and Transfer Process

Once funds are deposited into a SaveBetter account they are held in an omnibus custodial account managed by Lewis & Clark Bank. This setup enables SaveBetter to distribute funds across partner banks. However custodial accounts have certain limitations particularly regarding accessing savings. Customers must link their SaveBetter account to an external account and initiate transfers which typically take one to three business days . It is advisable to maintain a separate checking account at another bank to facilitate these transfers.

Benefits of Partner Savings and Money Market Accounts

SaveBetter’s partner savings and money market accounts offer significantly higher interest rates compared to traditional national banks . This allows customers to earn more on their savings while avoiding monthly fees that are often associated with traditional bank accounts. By leaving funds untouched in a SaveBetter account individuals can maximize their earnings and potentially benefit from compound interest .

Fixed-Rate CDs and No-Penalty CDs

SaveBetter offers fixed-rate certificates of deposit (CDs) with additional benefits . These CDs may feature term lengths that are not directly available through partner banks which allows for greater flexibility. Additionally the minimum deposit required to open a CD through SaveBetter is only $1 regardless of the chosen partner bank. This is a significant advantage as traditional CDs often require higher initial deposits . While early withdrawal penalties apply to fixed-rate CDs SaveBetter also provides the option of no-penalty CDs allowing for more flexibility in accessing funds without incurring fees .

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Blenda Rosen
By Blenda Rosen Financial Writer
Hi there! My name is Blenda, and I'm a Personal Finance and Markets Reporter at California/USA Today. I graduated from San Jose State University with degrees in Business Administration and International Business, and I'm a Certified Public Accountant (CPA) in California. My passion is creating personal finance content that resonates with my readers. I know from experience how daunting managing personal finances can be, and I aim to provide actionable advice that people can use to improve their financial situations. Whether it's budgeting, saving, investing, or retirement planning, I'm here to help my readers make informed decisions about their money. As a financial journalist, I'm always seeking to expand my knowledge and skills in the field. I'm particularly interested in areas like venture capital, startups, fintech, payment methods, and international banking. I believe that staying up-to-date on the latest developments in the industry is crucial to providing valuable insights to my readers.
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