If you hold savings accounts with multiple providers you know what a hassle it can be in managing them all. Trying to juggle multiple accounts, keeping track of your balances and maturity dates etc. Not to mention how difficult it can be to compare the best savings account interest rates. Wouldn’t it be so much easier if you could do all this from just the one single platform? Well there is a solution to this problem, called SaveBetter. We’ll be exploring what this platform is and how it works in this post.
What Is SaveBetter?
SaveBetter is a digital savings marketplace operated by the Fintech company Raisin. A savings marketplace is a platform that gives customers access to a wide variety of the best savings accounts products. It allows savings accounts from multiple providers to be opened and managed through a single digital platform. This offers greater product choice and more convenience compared to traditional banks.
What Are The Benefits Of SaveBetter?
There are lots of benefits to using a savings platform such as SaveBetter.
You only require the one account is to manage all of your different savings products. You can view and manage all of your accounts from one single, secure dashboard.
You don’t need to sign up with separate log ins at each different provider. This offers better security as you do not need to share your personal data with different banks. You also don’t have to remember multiple passwords.
View a range of savings account types from a variety of different banking providers. This makes it easy to compare products and find the right ones for you and your cash.
FDIC Insured Savings
All the banks and savings accounts offered through SaveBetter are FDIC insured. FDIC (Federal Deposit Insurance Corporation) insurance means your cash is secure in case the bank should fail. There is usually a cap of $250,000 per deposit, per bank.
Low Minimum Opening Deposits
Many high interest paying accounts require high initial deposits in order to open the account. The accounts on SaveBetter have low opening deposit requirements of just $1.
SaveBetter is a free to use platform for all customers. They do not charge any opening or account management fees. Instead SaveBetter makes money from the banks that pay to appear on the platform.
What Types of Accounts Are Available Through SaveBetter?
Currently, SaveBetter offers access to high yield savings accounts, money market accounts and Certificate of Deposit (CD) accounts.
High Yield and money market accounts are like a standard savings account but with much higher yields. These are most often only available at digital banks. They often have fewer restrictions or withdrawal limits. Although the interest rates are variable so could change at any time.
A Certificate of Deposit or CD account tend to offer among the highest yields. This is because they are fixed term savings products. In return for agreeing to lock away your cash for a set period, the provider pay a higher rate of interest. Terms can range in length from 1 month to over 5 years. These are a good choice if you know you won’t require access to your cash in the short term. It is common for penalties to apply if you access before the maturity date.
Find more information on the different types of savings accounts.
What Banking Providers Are Available?
The following banks are currently available through the SaveBetter savings marketplace;
- Ponce Bank
- MPH Bank
- Continental Bank
- Patriot Bank
- The State Exchange Bank
- Liberty Savings Bank
Take a look at the range of products on offer at SaveBetter.
How To Use SaveBetter
Simply view the savings products available and select the one you wish to open. You can then register for a free account at SaveBetter by completing the account application. Proof of identity may be required.
After successful account verification you can link a current bank account and deposit funds. You will begin to earn interest as soon as the bank receives your funds. Interest compounds daily and pays monthly.
It is that simple – you do not need to register separately at the bank. Handy when you wish to open several accounts.
Everything can then be managed from your dashboard, including deposits and withdrawals. These can each take around 1-3 business days to effect. Any statements and year end tax statements can be downloaded from the dashboard.
A savings marketplace is a digital platform providing a single account for managing all of your savings products. This offers customers more benefits than opening accounts with each individual bank. This includes greater convenience, easier to compare products and better security.
One of the top savings marketplaces is SaveBetter. Fintech giant Raisin operates this platform, so you can be sure it is secure, robust and high quality.
The banks available on this platform pay competitively high interest rates across a range of different types of savings account. There is a good choice of fixed and variable rate accounts. Currently this includes money market accounts, high yield accounts and certificate of deposit accounts.
With low opening deposits of just $1, no fees, FDIC insured accounts and competitive interest rates available, the SaveBetter platform is a smart choice for savers looking to make more of their money. We highly recommend you check out the platform.
View more personal finance posts on our blog. More essential reading;
- Why it’s important to switch savings account
- What are the different types of savings account
- Best online savings account interest rates
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