Here are a few key terms that will help make earning more on your cash as simple as possible:


- IRS form that reports taxable interest income. All banks must provide Form 1099-INT for any account that earns at least $10 in interest in a calendar year. 

- Form 1099-INT is available from each bank by January 31 for the preceding tax year, so, for example, your 2019 1099-INT form should be available by January 31, 2020.

Basis Points (bps)

- One one-hundredth of one percent, or 0.01% or 0.0001. Basis points (bps) are often used when referring to interest rates and the cost of your Max membership. For example, $100,000 x 2 basis points = $100,000 x 0.0002 = $20.

Consolidated Tax Report

- Max is designed to make tax time easy. With one click, Max gathers the 1099-INT statements for all your linked online savings accounts, compiles them into a single password-protected PDF file, and delivers them to you by email. You can then print the file, forward it on to your accountant by email, or upload it to your accountant’s secure document portal.

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- The homepage of your Max account, where you can see the balances for all your linked savings accounts and checking account. 

- Tip: You can access your Dashboard at any time by clicking on the “Max” logo at the top of your screen.

External Account

- Your checking, savings, and brokerage accounts that you have linked to your Max Checking account, in order to transfer funds to or from Max Checking. 

- Tip: You may link an unlimited number of checking, savings, and brokerage accounts to Max Checking, making Max Checking your central financial hub.

FDIC Insurance

- FDIC insurance is a government program established by President Franklin D. Roosevelt to ensure that the funds you hold in your bank accounts are protected in case of bank failure. Insurance coverage is provided by the Federal Deposit Insurance Corporation and covers deposits up to $250,000 per depositor, per account type, per bank charter.

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- A checking account that serves as the central account through which your funds flow during your monthly optimization. Max often refers to the connections between your checking and savings accounts as a ‘hub-and-spoke’ system.

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Intelligent Funds Transfer

- Transfers from checking to savings -- or savings to checking -- where Max automatically proposes the best accounts from which to draw the funds, or into which to deposit the funds, so that you continue to earn the highest yield possible on your cash while remaining FDIC-insured.

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Linked account

- Checking or savings accounts that you have linked to Max that enable you to seamlessly transfer funds from bank to bank.

Max Common Application

- Simplified application process that enables you to open multiple bank accounts at once by filling out a single form.

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Max Service Credit

- A credit that offsets Max’s quarterly membership fee. You can earn credits by inviting friends to join Max. If you have a credit balance, you may view it at any time by clicking on Profile > Billing History

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Multi-Factor Authentication (MFA)

- A security method designed to help prevent unauthorized individuals from accessing your Max account. In addition to knowing your username and password, MFA also requires that you have physical access to the phone associated with your account in order to login to Max. Max MFA supports voice call, text call, or app-based authentication (such as Authy).

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- The process by which Max automatically helps you allocate your funds to your highest yielding savings accounts, while helping you ensure your funds remain fully FDIC-insured.

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- 90 day period used for calculating your Max membership fee.

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- The balances in your checking and savings accounts as of a single point in time.


- A high-yield savings account that you have linked to your hub checking account. Max often refers to the connections between your checking and savings accounts as a ‘hub-and-spoke’ system.

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Trial deposits

- Small deposits (typically less than $1 each) sent from your online savings accounts to your checking account, which are used to verify that you own both accounts and to confirm that you wish to be able to move funds between these accounts.

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