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 that aggregates all the best savings accounts with high interest rates? Well there is a solution to this problem, it’s called SaveBetter. We’ll be exploring what this platform is and how it works in this post.
Why Are Savings Accounts Important?
Savings accounts are important for a variety of reasons. Firstly, they help to build a financial safety net. They provide a place to store money in case of an emergency, such as a job loss or medical bills. Secondly, they provide a way to save for the future. This can include saving for retirement, a vacation, a house, a car, or any other long-term goal.
Additionally, they offer security and protection. Money stored in a savings account with a bank is usually FDIC insured, meaning that if the bank fails, the depositor’s money is still safe. Finally, savings accounts help to build good financial habits. By depositing a portion of your income into a savings account, you are teaching yourself to be disciplined with your spending habits and to save for the future.
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. You will find savings accounts with much higher interest rates than the national average. We’ll take a look below to see how much more you could be earning on your savings.
Why Use A Savings Marketplace?
A savings marketplace is a website or app where people can compare and find the best interest rates on savings accounts and other financial products.
The benefit of using them is that it can help people save money by finding the highest interest rates available on their cash. It allows savings accounts from multiple providers to be opened and managed through a single digital banking 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.
Is SaveBetter safe and secure? 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 quality savings providers including community banks and credit unions. This makes it easy to compare products and find the right ones for you and your cash. An ever expanding range of accounts are available with different interest rates and maturity dates.
FDIC & NCUA Insured Savings
All the savings products offered through the SaveBetter platform are either FDIC or NCUA 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.
NCUA insurance is a form of deposit insurance provided by the National Credit Union Administration (NCUA). It is designed to protect members of federally insured credit unions from the loss of their deposits if the credit union fails. NCUA insurance covers the deposits of each member of a federally insured credit union up to $250,000, per account, per institution.
Low Minimum Opening Deposits
Many high interest paying accounts require high initial deposits in order to open the account. However, all the accounts on SaveBetter have low opening deposit requirements of just $1. This makes them accessible for anybody, no matter how much or how little you have to deposit or what your savings goals are.
The platform is free to use for all customers. They do not charge any opening or account management fees. Instead, the company makes money from the banks that pay to appear on the platform.
Free Credit Union Memberships
Many of the providers found on SaveBetter are community focused credit unions. These are run for the benefit of their members and not shareholders, meaning they can give back more through higher savings interest rates. Ordinarily, to open a savings account with a credit union involves becoming a member, for which a membership fee is usually paid. However, credit union membership fees are not required when you open an account through SaveBetter.
What Types of Savings Accounts Are Available?
Currently, they offer access to a range of high yield savings accounts, money market accounts and Certificate of Deposit (CD) accounts.
High Yield & Money Market 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.
Money market accounts are a type of savings account with a bank. They are different to a money market fund, which is a type of low risk investment fund.
High Yield Certificate of Deposit (CD) Accounts
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, although several penalty free options exist. One downside to these types of accounts are that if interest rates rise you will not benefit from this as your rate remains fixed.
Not sure which type of account is right for you? Find more information on the different types of savings accounts.
What SaveBetter Banks & Credit Unions Are Available On The Platform?
The following banks and credit unions are currently available through the SaveBetter savings marketplace, with many more constantly being added;
- Ponce Bank
- MPH Bank
- Continental Bank
- Patriot Bank
- The State Exchange Bank
- Liberty Savings Bank
- Axiom Bank
- Central Bank of Kansas City
- Western Alliance Bank
- Atlantic Federal Credit Union
- American First Credit Union
- Sallie Mae
- Bellco Credit Union
- Blue Federal Credit Union
- Great Lakes Credit Union
- Idabel National Bank
- Lemmata Savings Bank
- Third Coast Bank
- Wex Bank
- SkyOne Federal Credit Union
What Is The Difference Between A Bank And A Credit Union?
The primary difference between a bank and a credit union is that credit unions are not-for-profit organizations that are owned by their members, while banks are for-profit organizations owned by shareholders. Credit unions provide many of the same services as banks, such as checking and savings accounts, debit and credit cards, online and mobile banking, and loans.
One of the biggest benefits that credit unions have over banks is that they typically offer lower interest rates on loans and higher interest rates on savings accounts. Credit unions also typically offer lower fees than banks, as they do not need to make a profit for shareholders. Additionally, credit unions offer personalized customer service and are often more flexible and willing to work with members on loan terms.
How To Use SaveBetter
It is incredibly easy to get started saving through this platform. 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.
How Many Savings Accounts Can You Have?
The number of savings accounts you can have is limited only by your financial resources and needs. Generally, there is no limit to how many savings accounts you can open with a particular bank or credit union. However, some banks may set limits on the number of savings accounts that can be opened by a single customer.
Savings accounts are a great way to save money and earn interest on your funds. You can open multiple savings accounts at different institutions, such as a bank and a credit union, or at the same bank or credit union. You can also have multiple accounts at the same institution, with different account types, such as a traditional savings account, a money market account, or a certificate of deposit (CD).
When opening multiple savings accounts, it’s important to consider various factors, such as the fees associated with each account and the interest rate you’ll receive. You should also consider your current financial situation and goals. For example, if you’re looking for a short-term savings account, you may want to open a money market account with a higher interest rate, rather than a traditional savings account. If you’re looking to save for a long-term goal, such as retirement, you may want to open a CD with a longer term and higher interest rate.
You should also consider how easy the accounts are to use. Some banks offer online banking, which makes it easy to access your accounts and transfer funds. And if you’re opening multiple accounts, make sure you can easily keep track of them. SaveBetter makes it easy to do this.
In short, there is no limit to how many savings accounts you can have. However, you should consider your current financial situation and goals before opening multiple accounts to ensure you’re making the best choice for your individual needs.
Conclusion: Is SaveBetter Safe?
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.
SaveBetter is a leading savings marketplace. Fintech giant Raisin operates this platform, so you can be sure it is secure, robust and high quality.
The banks and credit unions available on SaveBetter 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, NCUA and FDIC insured savings accounts and competitive interest rates available, the SaveBetter savings marketplace 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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