Skip to main content

Meet Beam: a high-interest bank account for millennials

Publish date: 25 September 2019
Author: Beam

Beam, the first mobile high-interest bank account (HIBA) designed for the “99%,” many of whom are millennials and hard-working middle class citizens, is excited to announce its nationwide public launch.

Beam aims to eliminate the “invisible tax” big banks charge Americans using software and financial engineering to offer 1.7—7% interest rates on FDIC-insured bank accounts with unlimited withdrawals. In the last year, over 140,000 people have joined Beam’s beta waitlist to gain access to accounts that finally pay interest rates historically reserved for high-net worth individuals.

“It’s time for the ‘99%’ to get their fair share from banking. The current model does not benefit hard-working Americans. For too long, too many established banks have taken the average American citizens’ bank account for granted. At Beam, we have the hearts, minds, and technological savvy to close the ‘invisible tax’ between the 1% and the rest of us,” said Aaron Du, CEO and Co-Founder of Beam. “We believe individuals should have the opportunity to choose what interest rate they earn on their FDIC-insured cash, and have fun doing so. The ability to earn above-inflation interest on your cash should be a birthright for every American citizen.”

U.S. banks earned approximately $260 billion dollars in profit last year, the majority of that coming from its. Traditional banks earn 4—8% on customer deposits, while depositors at those institutions only earn approximately 0.01%. Beam reverses this “tax” by cultivating millennial saving habits and rewarding them with a top-of-market 1.7—7% Annual Percentage Yield. Presently, there are not many options for a mobile HIBA account with an interactive interface. Beam’s platform increases cash liquidity for the average American, grows money in your sleep, and provide a seamless experience for people of all financial levels to take charge of their money.

“At Beam, the customer decides what interest rate you earn, not the big banks. The question is,” asked Aaron Du, “Can you make this savings product accessible and consumable to the majority of Americans?” Unlike many popular high-interest savings or cash accounts, Beam does not require a minimum initial deposit, monthly recurring deposit, debit card usage, or the opening of a brokerage account. Beam was designed with the singular goal of offering hard-working families and individuals the opportunity to save money like the one percent. According to internal research, three quarters of Americans would like access to a high-interest bank account, but only about a quarter currently do.

Beam Product Features:
- Free mobile app available on iOS and Android, delivered in a fun, easy-to-use, unique interface
- All funds insured through a network of U.S. FDIC-insured banks; insured up to $500,000 per Beam user
- Market-leading 1.7% APY minimum rate to start, with the opportunity to earn the “best possible rate”
- Ability to increase minimum guaranteed rates to 2.00%, 2.50%, or 3.00% if friends who join mailing list end up funding a Beam account
- Savers can boost APY beyond minimum guaranteed rate by collecting and using “Billies” (daily interest rewards) and inviting friends to join Beam’s no-obligation mailing list)
- Free, in-app choices that can help you earn an interest rate as high as 7% APY daily
- Funds accessible 24/7 with zero monthly withdrawal limits
- Takes approximately 1 minute to open an account
- Zero fees

Beam’s vision is to make high-interest bank accounts accessible and customizable for all Americans. It’s relatively unknown to most people that banks earn such significant amounts of money from small savers. Savings and cash management are topics that many people steer clear of out of fear and confusion for what goes on “behind the teller.” However, Beam is the first mobile-only high-interest bank account that provides access to anyone regardless of their wealth status, account balance, or whether they’d be eligible for cross-selling other financial products. There are so many benefits Americans can take advantage of by utilizing a Beam account. It is time to habitualize saving behavior and raise awareness around the “invisible tax” to finally earn back some of the interest that should and could belong to us.