Beam Review – High Interest Savings Account

If you’re looking for one of the best rates, this might be that calling. Beam is offering their users rates between 2% up to 4% APY on their funds. Beam is a mobile account that serves as a new high interest deposit account that is FDIC-insured that incurs no fees whatsoever. Beam believes that you should earn more on the funds that you deposit. Beam states that banks could “earn 4 – 5% APY of interest on your dollars” and a good portion of these financial institutions only offer you as little as 0.01% APY. With Beam, you’ll earn 200x more than those rates that offers high interest of 2-4% APY guaranteed with zero fees and funds being FDIC-insured.

Beam Bank Summary

Application Link

Beam Account: If you're interested in this offer, claim your spot today!

Beam Frequently Asked Questions

• What exactly is Beam? Is Beam a bank account or an investment account? Is my money FDIC-insured?
  • Your money will be held at a FDIC-insured bank with decades of operating history serving deposit customers just like you. It is an interest-paying bank account, or Demand Deposit Account (DDA) in technical terms. It is not an investment account. Your funds at the bank would be FDIC-insured.
• Most banks I've heard of pay a measly 0.01% interest. Even the online banks (Ally etc.) pay only 1%. How is Beam able to offer such a high interest?
  • Traditional banks have many costs—costs to build expensive branch locations, excessive executive bonuses, employee perks, fat billboard advertising budgets, to name a few. Costs aside, banks also do make an exorbitant amount more than you do (a bit too greedy?). This is why you’ve been getting only 0.01% APY, while banks could earn 4 - 5% APY of interest on your dollars. Some of the online banks save on the cost of physical locations, yet their operating costs remain very high. Without these costs and with a commitment to being less greedy, Beam is able to offer greater savings and even rewards to you.
• Do I need to switch banks to use Beam? That would be painful.
  • You do NOT need to switch banks to use Beam! Beam is designed to be a higher-earning, supplementary bank account that you can use alongside your primary bank account. It isn’t meant to replace the relationship you already have with your primary bank. While Beam does not offer checks or debit cards, Beam works well with any number of bank accounts you have to help you earn more on your money with very little effort. It's way better than just another banking app.
• Another account? I already have multiple bank accounts and want to keep things simple. How simple is it to use Beam?
  • It takes less than 60 seconds to apply for an account with Beam through our mobile app. Beam invests heavily in quality customer service and related technologies (like real-time access and text alerts), so that you can save time and energy when it comes to tracking your account. When we keep things simple, it really isn't that complicated to maintain another account, especially when it can boost the growth rate of your cash by 200 times any other bank.
• I like my bank. Why should I care about making a 2 - 4% interest as opposed to 0.01%?
  • Did you know that US banks today can earn on average 4 - 5% a year on every dollar you deposit in your bank account? And how much of that is passed back to you, who are loaning them your money? Top 4 US banks today pay a mere 0.01% APY. Federal Reserve targets inflation of 2%. This means that if you deposit money with the bank that offers you less than 2%, you are losing money with respect to inflation. And that "slow bleeding" in the purchasing power of your bank account can really add up over time. Why not considering fixing it, since we make it so easy to fix? Beam is proudly here to help you stop the bleeding.
• Why would Beam have a waiting list? How long do I have to wait once I claim a spot?
  • In the banking world, Beam is a young and growing service. To ensure a quality experience and to provide Beam with an opportunity to improve its customer service, Beam can initially only accommodate a certain number of customers for its "beta" (the first public edition) before it can be rolled out to a broader audience. A waiting list helps Beam manage customer demand, and to prioritize "beta" access to the most active early advocates for Beam.
  • As you may expect, creating a new banking product requires a lot of hard work, patience, and rigorous internal and external vetting processes to ensure that the service Beam delivers to you is safe and sound. We are working hard to get Beam to you sooner, so kindly stay tuned with our Beam Journal, share about Beam with your friends, and look for our launch updates!
• What does 2 - 4% APY mean?
  • APY, or Annual Percentage Yield, is the annual growth rate for your money. Every approved Beam users will receive a 2% APY base rate, and the Beam app has a number of daily engagement features (e.g. bonuses and rewards that arrive daily) that users can use to boost your rate up to 4%. They're free to use and we'll share more details about those features closer to launch. Rest assured, Beam does not discriminate interest rewards based on account balances.
• Where is my cash invested? Is my money safe? And how secure is my information?
  • Your money stays in an FDIC-insured deposit account provided by Beam's bank sponsor. Your funds are insured up to $250,000 per depositor. Beam takes the safety of your money seriously.
  • Your Beam mobile app observes strict bank-level security standards and all your data is appropriately encrypted to protect against unwanted cybersecurity risks.
• Why should I use Beam if I can trade stocks and funds? Aren't those better options?
  • Possibly, but you are gambling. Keep in mind that stocks and funds can be risky investments that go up and down frequently. On top of that, many investment services charge management fees, which you pay regardless of performance. Putting money into Beam is not gambling and your money does not fluctuate up and down like a seismograph. Your money grows steadily, worry-free, with no effort and NO FEES.
• How much does it cost? Any upfront costs or hidden fees? How do you make money?
  • We hate bank fees as much as you do. Therefore, we are committed to make Beam completely free to you. Period. No asterisks. And we believe that’s the way it should be.
  • Beam makes money by providing value-added services to our partnering bank and other financial service partners in the banking ecosystem.
• How easy is it to access my money if I need to withdraw? Any minimum balance?
  • You can easily make unlimited transfers to and from your primary checking account. The transfers can take 1 - 2 business days. We do not charge fees on money transfers, and there is absolutely no minimum balance for using Beam.

Author's Verdict

This is quite interesting. Rates are becoming more and more competitive by the day and Beam will definitely step up and have that competitive edge especially with the 2% APY return guaranteed. If you're interested in this account, be sure to compare these rates with the Best Banks Rates or the Best Money Market Account Rates. Let us know about your thoughts and experience with this bank in the comment section below! Be sure to check back on BankDealGuy for more bank deals! Interested in applying for a credit card but not sure which one to apply for? See our Best Credit Card Categories!