The app originally gave you the ability to earn up to 6% on your money with no minimum balance requirements.
Then out of the blue, they took away round ups and automated transfers (both very convenient features), capped the interest rate at 4%, and doesn’t provide the security of FDIC insurance.
It’s not a bad rate of return on cash you may have sitting around, but in today’s high interest rate environment, it’s easy to find a high yield savings account that offers even higher rates of return than 4% while also providing FDIC insurance.
At the time of this review, Marcus is currently offering 4.15% APY, while Wealthfront is offering 4.55% APY, and Raisin can match you with partner banks yielding as high as 5.12% APY. All of those offerings are FDIC insured.
And if FDIC insurance isn’t important to you, then you should look into Worthy. Their bond accounts are currently yielding 5.65% APY and money is just as liquid as with Stairs.
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