Max is an intelligent cash management solution designed to help you earn more on your cash, no matter where you bank or invest.
Max makes it easy to open new high-yield savings accounts in as little as 60 seconds, so that you can gain access to preferred rates and terms as well as increased FDIC insurance coverage. Max then monitors interest rates daily. As rates change, Max helps you reallocate your cash among your accounts so that you’re always earning the highest yield each month.
With Max, all of your money remains in your own bank accounts, held directly in your own name, so you maintain full and direct access to each account. You can transfer funds between your accounts with one click, and can also contact your banks directly if you need to wire funds out same-day. Unlike other cash solutions, Max never takes custody of your funds; it simply helps you manage cash that you keep in your own bank accounts.
1. Getting Started
Max is designed for those with meaningful levels of cash (but there is no minimum balance requirement.) You can sign up by visiting MaxMyInterest.com or your financial advisor can also help you get started.
Most Max Members open multiple high-yield savings accounts so that their cash can earn the highest rates, even as rates change. If you have more than $250,000 of cash, opening accounts at multiple banks can also help you obtain increased FDIC insurance coverage.
Your cash will flow between your high-yield savings accounts through a free Max Checking account that also opens instantly during enrollment.* Max Checking is designed to link all your accounts together so you can keep your existing bank relationships and link them to Max, making it easy to move money from anywhere to anywhere. Max Checking includes unlimited free domestic wire transfers.
* Learn more at MaxMyInterest.com/MaxChecking
Depending upon where you bank or how you signed up for Max, you may be eligible to link your existing checking account at some of the largest banks in the U.S. directly to your high-yield savings accounts (in place of Max Checking). This way you can maintain a constant checking account balance from month to month.
Note: Max currently supports individual, joint, and revocable trust accounts. For businesses, complex trusts, HOAs, non-profits, and other institutional accounts, visit MaxForBusiness.com.
2. Open High-Yield Savings Accounts
The Max Common Application makes it easy to open multiple high-yield savings accounts in just a few minutes. These accounts open instantly (typically in less than 60 seconds) and automatically link to your Max Checking account.
Many banks supported by the Max Common Application choose to offer preferred rates and/or terms exclusively for Max members, so Max can help you access rates that may not be advertised to the general public.
3. Optimize
Each month, Max will help you optimize the allocation of cash across your accounts by proposing (and then communicating to your banks on your behalf) an optimal set of funds transfers, so you can earn more while keeping all your money FDIC-insured in your own bank accounts. In connection with each optimization, Max will also help you maintain a Target Balance in your Max Checking (or other checking) account.
- If your checking account balance exceeds your chosen Target Balance at the time Max calculates your monthly optimization, Max will propose that your banks move excess cash from your checking account to your higher-yielding online savings accounts, where you can earn more.
- If your checking account balance is lower than your Target Balance, Max will propose that your banks move money from your online savings accounts back to your Max Checking (or other personal checking) account to restore your checking account to your Target Balance.
With Max, you’re in full control. Each month, Max calculates an optimal allocation of cash among your accounts based on the criteria you set, to help you earn the highest rates while keeping all your funds FDIC-insured. You can change your settings or optimization schedule at any time. If you do not modify the proposed monthly optimization, Max will send your funds transfer instructions to your banks on your behalf. Your banks will then execute funds transfers in accordance with your transfer instructions. You may request additional optimizations whenever you like by clicking “Optimize Now” on your Max Dashboard.
Max is not a bank and does not take custody of your funds. All funds remain in your own bank accounts at all times. Max simply helps you manage your accounts in an optimal manner, maximizing yield and FDIC insurance coverage while providing an easy interface to view your balances, instruct Max to send your funds transfer instructions to your banks on your behalf, and obtain year-end tax reports.
If you have questions about setting up your Max account, please consult the Max Setup Guide.
Max Checking is powered by Customers Bank, Member FDIC #34444.