The average interest rate offered by traditional banks in the US for savings and money market accounts is currently around 0.11%** However, a number of online banks – that have much lower operating costs – often pay their clients significantly more for cash deposits, indeed up to 9x more at around 0.99%**
The problem, of course, is that you generally cannot access these higher rates with an account at a "brick and mortar" bank. Also the market is dynamic; banks change their rates all the time and this month's attractive rate provider can be next month's dud.
Now Anglia Advisors clients subscribing to our Anglia Black premium service can access Max My Interest®, an algorithmic, intelligent, automated cash management service that scans prevailing interest rates on a daily basis and periodically shifts your cash balances to different providers to take advantage of the highest available interest rates, thereby optimizing your return.
Watch these short videos for an explanation of the features of Max:
Max® is not a bank, is not affiliated with any bank and never takes custody of your funds. Max® simply helps clients earn more interest using their existing bank accounts and one or more online savings accounts that they may choose to open. The Max® Common Application makes it easy to open multiple online accounts by filling out a single electronic form.
You maintain your relationship with your existing bank, there are no changes to features like bill pay, direct deposit etc. and you can access your money any time, just as you do now.
You simply specify how much cash you wish to keep in checking, and the remainder is automatically swept to higher-yielding online savings accounts. Max® then works quietly behind the scenes, keeping an eye out for the best rates and automatically reallocates your cash among the best paying online accounts as rates change. You just set it up once with the assistance of your Anglia Advisors professional and it goes to work in the background.
Another compelling feature of the Max automated service is that it can ensure that none of your online savings account balances ever exceed the $250,000 FDIC insurance limit, spreading large cash holdings across multiple accounts, each below the limit, effectively significantly increasing your total level of insurance coverage.
Max has no minimum balance requirement.
Max generally helps clients earn an extra 0.70%-0.90% every year** for an annual membership fee of 0.08% of the amount of cash held in high-yielding savings accounts, payable quarterly to Max (not to Anglia Advisors).
There is no fee payable to Anglia Advisors for this service, and Anglia Advisors receives no compensation from Max either. This service is offered simply as a part of our mission to make the very best financial tools available to our clients.
Anglia Advisors has signed up as a Max Cash Optimization Partner with Max and can help set up accounts and monitor the cash balances. While this assistance and monitoring is only available to clients who are on a retainer service or have their portfolio managed by Anglia Advisors, the funds covered by the Max service remain in client bank accounts and are not in investment accounts managed by Anglia Advisors.
If you are an Anglia Black subscriber, just let Simon know you are interested in this service and we can help you set up quickly and easily.