It was great until it wasn’t…
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.
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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