MaxMyInterest provides an online platform that links existing checking and brokerage accounts to higher-yielding FDIC-insured savings accounts, optimizing cash allocation through daily interest rate monitoring and proprietary algorithms. This service enables individual investors to earn up to 4.61% interest on their cash, significantly outperforming traditional banks while ensuring enhanced deposit insurance coverage.
Funding
Funding not disclosed
Founders
Product
Problem
Many individuals and businesses leave excess cash in low-yield checking or brokerage accounts, missing out on opportunities to earn higher interest rates while maintaining liquidity and FDIC insurance coverage. Manually monitoring interest rates across multiple banks and transferring funds to optimize earnings can be time-consuming and complex.
Solution
MaxMyInterest is a cash management platform that automatically optimizes cash allocation across a network of FDIC-insured savings accounts to maximize interest income. The platform links existing checking and brokerage accounts to high-yield online savings accounts and uses a proprietary algorithm to monitor interest rates daily. MaxMyInterest proposes an optimal allocation of funds each month, ensuring balances stay within FDIC insurance limits while pursuing the highest available yields. Users maintain direct access to their funds and can view all account balances and transfer statuses on a single dashboard.
Target Audience
MaxMyInterest targets individual investors, financial advisors, businesses, and banks seeking to optimize cash returns while maintaining liquidity and FDIC insurance coverage.
Features
- Automated cash allocation across multiple FDIC-insured online savings accounts
- Daily monitoring of interest rates to identify the highest-yielding accounts
- Intelligent Funds Transfer to move funds between accounts based on user-defined parameters
- Consolidated dashboard for viewing all account balances and tracking transfers
- Max Common Application for streamlined opening of multiple high-yield savings accounts
- Optional Max Checking account with same-day ACH transfers and free domestic wire transfers
- Consolidated tax reporting, providing a single PDF with all 1099-INT forms