Max My Interest

Max My Interest is a program that sweeps your excess cash into FDIC insured money markets.

 

Overview

  • Max makes online banking as easy as “checking” and “savings.”
  • Keep your existing checking account and Max sweeps excess cash to online savings each month.
  • If checking falls below your target balance, Max’s monthly optimization will bring money back to checking, automatically.
  • Best for people who keep more than $50,000 in cash.
  • Rates are constantly changing, but at current interest rates, a typical customer can expect to earn an additional 1.40% on deposits every year by using Max_.
    • See Current Rates / Learn More - Scroll down the page and you will see a simple calculator where you can type in how much you want to invest and it will calculate the current FDIC insured rate.
    • Get Started With Max - This link will take you to a portal to get started with opening an account.

 

What it is

  1. Max monitors interest rates daily and as rates change helps your funds move to your higher-yielding accounts via automated monthly optimization.

  2. Max works quietly in the background, keeping an eye out for the best rates and automatically reallocating your cash among your own accounts as rates change.

  3. You can view your balances at any time, track the status of each optimization, and access your cash directly – these are, after all, your own bank accounts.

 

How it works

  1. The leading “brick-and-mortar” banks currently offer between zero and 0.15% annual percentage yield (APY) on deposits.

  2. By contrast, because of their lower overhead costs, the leading online banks currently pay between 0.50% and 1.50% APY on deposits.

  3. Max intelligently optimizes your balances each month in search of the best prevailing rates.

 

Key feature - constant optimization

  • With Max you can establish a target balance in your checking account.

  • You can pick a day of the month

    • If your checking balance is higher, Max will sweep funds out to the highest savings rate in its network.
    • If your checking balance is lower it will sweep funds back so that you are at your target balance.
  • You can change your optimization amount anytime and you can turn this feature on and off.

 

Next steps

 


Rate information subject to change without notice. See website or application for terms, conditions, details and current rates.


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