Opening Accounts

The Max Common Application makes it easy to open multiple bank accounts with a single application. 

You can open as many or as few accounts as you wish and can re-use the Max Common Application to open additional accounts at a later date. Max will keep a record of your contact information so that you don’t need to re-enter the same data twice. However, particularly sensitive data, such as your social security number and mother’s maiden name, are permanently deleted from Max’s systems as soon as that information is relayed to your banks, so you will need to re-enter those two fields each time you re-use the Max Common Application.

To use the Max Common Application to open one or more accounts:

1. Select one or more online banks where you wish to open new accounts.
2. You’ll be asked for some basic information required by all the banks, including your name and contact information.
3. Read and accept the Terms & Conditions for each bank and authorize Max to send your information to the banks you’ve selected.

Once you've opened at least one online savings account, Max can help you optimally distribute your funds according to current interest rates and FDIC insurance limits, so that you can maximize your earnings while remaining fully FDIC-insured. 

What if my application goes into review?

In most cases, your new accounts will be opened in less than 60 seconds. If any of the banks require additional information, they will reach out to you or your co-applicant directly. Keep an eye on your inbox for any outreach from the banks. 

If you don’t hear from the bank within a few days, you can contact the bank’s support team for assistance. 

What if my application is declined?

Each bank has its own account opening decision-making process, designed to comply with Federal “Know Your Customer” regulations. The Max Common Application helps streamline the application process, but the decision is ultimately made by each bank.

While Max is not privy why an application is declined, there are a few common reasons this can occur:

• Incorrectly entered SSN, DOB, or other identifying information.
• Submission of an Internet/VOIP phone number.
• A recent change of address
• Difficulty matching your name or other identifying information against public records.
• A recent credit freeze (While banks do not conduct a hard credit inquiry to open savings accounts, a credit freeze may hinder their ability to verify your identity against public records.)

If your application is declined, you can re-apply using the Max Common Application. If you do choose to re-apply, please be sure to double-check that all information you have entered is correct and accurate. For example, when you enter your SSN, you can click “show” above the input box so that you can see the numbers you are typing; often applications are declined if the SSN is off by one digit.

There is no downside to applying multiple times, but we recommend waiting at least 24-hours between each attempt.