SaveBetter Review 2021: An Online Savings Market
Alternative savings platforms
There is no denying that SaveBetter has made it easier for us to choose savings options. But, depending on your savings strategy, this may not be the right tool for you.
If you’re only looking to put your nest egg in one savings account and don’t want to bother with CDs and the like, then it’s easier to stick with the bank where you host your checking account to open a savings account. For those looking for a comparable return, Carillon offers 0.50% APY on savings, only slightly less than 0.51% from SaveBetter.
You can also search our comprehensive list of high interest savings accounts to find the right platform to grow your money.
Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, NA; FDIC members.
On the other hand, maybe you are happy with your current savings account or MMDA, and only want to invest in CDs. Synchrony Bank offers CDs with maturities ranging from three months to five years. Rates range from 0.25% to 0.8% APY, and the bank does not require any minimum deposit to fund.
This 0.8% APY is definitely an advantage, especially when compared to the highest rate offered by the SaveBetter Ponce Bank high yield CD which is 0.65%.
You can search other deposit rate certificates to find the right CD to store your money with our best bank CD rate breakdown.
|Backup platform||Best for|
|Save Better||Ideal for those looking to diversify their savings funds with multiple products without increasing risk.|
|Carillon||Ideal for those looking for a high yield savings account with convenient mobile access.|
|Synchronization bank||Ideal for savers who want to store their money in CDs with no minimum deposit as well as for the most profitable APYs.|
Who is SaveBetter for?
SaveBetter is perfect for the savvy saver who takes price comparison seriously. The focus is on diversifying your investment portfolio, but SaveBetter allows it for those who also want multiple diversified and minimal risk savings methods tied to a single account.
The ease of use under one account makes this platform ideal for new savers who are just diving into the arenas of MMDAs, high yield CDs and CDs without penalty.
What others say
While Ken Tumin of DepositAccounts recognizes the convenience of the savings product market, he has several reservations about the future of the new platform. Specifically, Tumin raises concerns that banks will be reluctant to join SaveBetter later due to regulatory issues.
âDeposit Solutions can have a hard time attracting many banks,â Tumin writes. âThere is a risk that the FDIC will view deposits acquired through SaveBetter as negotiated deposits. This will be negative for many banks, as traded deposits are treated differently by regulators. “
On the other hand, as the Fed continues to cut interest rates in this pandemic economy, Business Insider’s Lea Nonninger sees a market climate conducive to the excellence of a platform like SaveBetter.
âAs it becomes more difficult to find a competitive price, a portal that presents users with more options from a wider range of vendors will be particularly useful. That said, the success of SaveBetter.com depends on the offerings of its partner banks, so Deposit Solutions should now focus on developing its US network.
Our honest recommendation
As someone intrigued by high yield savings products, but also looking for low effort options, I can honestly recommend SaveBetter as a way to boost your savings plan. It’s about low stakes, high security and predictable returns.
When I saw the difference between the MMDA rates offered by Ponce Bank through SaveBetter and compared it to the paltry 0.03% I was making from my money market at Schwab, the financial incentives were clear.
I’m not the type who wants to spend time researching the absolute best interest rates at any given time and opening new accounts at financial institutions so the market format where I can compare offers is definitely a plus for me.
And, I think as more and more banks are integrated, SaveBetter will only become a more beneficial savings portal for depositors. SaveBetter may seem new to American savers, but the brand is owned by Deposit Solutions, which has a strong track record of mediating more than $ 30 billion in deposits in Europe. Due to their familiarity and success in the global fintech space, I have confidence in their ability to innovate in the long term in the U.S. deposits arena.
I have to admit that the lack of an option to manage your account through an app is an annoying surprise. And that may be a perfectly valid reason to steer clear of these savings products and choose a traditional bank that offers mobile access. Maybe it’s because I’m a millennial older, but I can log into my digital account from my laptop to check my savings.
The easiest financial tip is to start saving as much as you can as often as your income allows. But, many of us end up using the savings products offered by the bank where we already host our checking account, just to avoid the hassle of opening multiple accounts with different financial institutions. Unintentionally, this method probably reduces our savings potential.
SaveBetter can revitalize the deposit accounts industry by innovating the way depositors access savings products. The portal can also boost your savings strategy, unlocking previously untapped high yielding interest returns without the risk of investing in the stock market.