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Maximizing Cash Returns With MaxMyInterest

August 19, 2017

Halloran of MaxMyInterest describes their cash allocation platform.

As interest rates rise, banks change their rates frequently. Investors can get tired of scanning the newspapers for the best interest rates on savings accounts. It’s frustrating when you open an account at one bank, only to discover a short time later that a different bank now has the highest rate.

This is the problem that MaxMyInterest solves. Max is a software platform that allocates cash among high-yielding, FDIC-insured savings accounts to keep cash earning as much as possible while keeping it fully FDIC-insured.

According to the 2015 Capgemini World Wealth Report, high-net-worth American households have 23.7% of their assets in cash. They hold on to a surplus of cash for a variety of reasons: They’re conservative, they hope to capitalize on buying opportunities when the stock market falls or they are setting money aside for a major purchase like a second home.

Because Americans tend to be under-insured, with cash held above the FDIC limits at traditional brick-and-mortar banks, they are also overwhelmingly under-earning. The national average yield on savings accounts is a paltry 0.09%, while the average earned by Max members is 1.21%, with some members earning as much as 1.31%.

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