Max supports high-yield savings accounts at many of the largest and most respected online banks. Max plans to add support for additional banks over time. The interest rates currently on offer from these banks are as follows:
As of 5/29/2020:
|UFB Direct, a division of Axos Bank||1.52%*|
|American Express Bank||1.30%|
|Marcus by Goldman Sachs||1.30%|
|Sterling National Bank||0.70%|
* Preferred rate and terms exclusively for Max members
Each of these banks offers savings accounts with no minimum balance (or in some cases, a $1.00 minimum balance), no monthly fees and no transfer fees. These banks were selected due to a combination of their rates, customer service and customer-friendly policies. As Max identifies additional banks with similar characteristics, they will be added, and will automatically appear as options on your Max Dashboard.
By comparison, most checking or savings accounts yield between 0.00% and 0.15%. Review your bank / brokerage account statements to see how much you’re currently earning and learn how big a difference Max could make for you.