Maximize Your Saving's Rate

Maximize Your Saving's Rate with Max My Interest

Worth checking into for your personal finance: WSJ: Raising Your Own Rates Even if the Fed Won’t - The only thing stopping you from earning more from your savings is probably you

https://www.wsj.com/articles/raising-your-own-rates-even-if-the-fed-wont-11549018803

The nearly $8 trillion of cash in savings deposits at commercial banks is earning interest at an average rate of 0.09%.

Meanwhile, savings accounts at online banks and short-term U.S. Treasury securities are yielding 2% to 2.5%.

Savings accounts at Marcus, the online bank operated by Goldman Sachs Group Inc., are paying 2.25%, with no minimum investment required.

…an online service, MaxMyInterest.com, offers several features that could save you time as well as money.

The firm isn’t a bank; it functions like a financial switchboard, automatically rerouting your money among the online banks in its network to get the optimal blend of yield and safety. A common account application grants you streamlined access to two of the six online banks in MaxMyInterest’s network, with more banks to come.

Once a month, MaxMyInterest reallocates your deposits among banks to keep your income as high as possible and all the federal insurance in place. You set a target level for the checking-account balance at your primary bank, and MaxMyInterest will automatically sweep money into or out of that account to keep your balances on target. The firm also consolidates tax reporting from all the banks in its network.

As of this week, MaxMyInterest is offering a top savings-account rate of 2.46%. The firm charges 0.08% in total fees annually. About half of MaxMyInterest’s business is through financial advisers, who use the firm to obtain higher yields on their clients’ cash, says founder and chief executive Gary Zimmerman.