Archives for February 29, 2016

MaxMyInterest.com Review: Automated Interest Rate Chasing

“The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone.”

mmi_logoHere is an updated link to the Best Cash Rates for 2019. But with the growing popularity of “robo-advisors” that manage your retirement portfolio using automated software, what if there was a robo-advisor for rate chasing?

That’s the basic idea behind MaxMyInterest.com (Max). You set a Target Value you’d like to keep in your standard “brick-and-mortar” checking account. Max will then sweep any excess funds into whatever online savings bank has the highest yield. If their rates change, Max can move your money again. If your checking account balance gets low, Max will move money back into your checking account for you. The ole’ hub and spoke graphic:

mmi_spoke

If your balance exceeds the FDIC insurance limits of $250,000 per account type, Max will move the rest into the bank with the next-highest yield, and so on. T

What banks does it work with? They officially support checking accounts from the following big banks. Their application suggests that they may support other checking accounts. (The official list has also expanded a bit since their launch.)

  • Bank of America
  • Citibank
  • First Republic Bank
  • JPMorgan/Chase
  • Wells Fargo
  • Charles Schwab Bank
  • US Bank

Max will use one of these five online banks as your spokes (others may be added in the future, but only these work right now):

  • Ally Bank
  • American Express
  • Barclays
  • Capital One 360
  • GE Capital

You can have them open already, or you can only open a few, or you can use their “common application” to apply for all of them at once.

The cost? 0.02% per quarter, or 0.08% per year.

You can get an idea of their target audience from their marketing materials. I didn’t even know Hermes sold ties, let alone that they cost $200 a pop!

mmi_hermes

Recap. I certainly think the idea is a neat one. But considering the cost and restrictions to the specific five online banks, the greatest appeal of MaxMyInterest is probably to people with $250,000+ balances that want the maintain the safety FDIC-insurance without having to juggle multiple accounts on their own. For most people that don’t have that much sitting around in cash, simply picking a single online savings account with a good track record of offering high interest rates should be good enough.



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