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SaveBetter is a financial tech company that acts as a storefront where customers can access several banking products from one account. And although SaveBetter doesn’t own these financial products, it powers and manages them on behalf of its partner banks. That means you’re a SaveBetter customer — not a customer of its partner banks.
SaveBetter offers savings accounts and CDs from these banks:
American First Credit Union
- American First Credit Union Money Market account. Jumpstart your account with as little as $1 to earn a 4% APY
- American First Credit Union CDs. Earn top-tier interest rates of 4.5% APY with a 12-month CD, 3.85% APY with an 18-month CD and a 4.65% APY with a 24-month CD.
Lemmata Savings Bank
- Lemmata Savings Bank Money Market account. Get rewarded with a 3.95% APY without needing more than a $1 to open the account.
- Lemmata Savings Bank CD. Earn an excellent 3.5% APY for a 9-month term with a 7-day window for withdrawing your money after the CD renews.
Liberty Savings Bank
- Liberty Savings Bank High-Yield Savings account. Earn 4% APY on deposits as little as $1.
Patriot Bank NA
Ponce Bank
- Ponce Bank High-Yield Money Market Deposit account. Earn 3.25% APY on your balance with this money market account from Ponce Bank, but it doesn’t come with an ATM card.
- Ponce Bank CD through SaveBetter. Deposit as little as $1 to start earning 1.21% APY on an 11-month CD or 1.31% APY on a 13-month or 1.61% APY on a 48-month CD. Yet its most competitive terms are its 1-month CD at 4.5% APY and 6-month term with 4% APY.
Sallie Mae Bank
- Sallie Mae Bank CDs. Open exclusive CD options with a 4.85% APY for 23 months and 5% APY for 27 months. You can also choose from no-penalty CDs with a 4.05% APY for 14 months and 4% APY for 10 months.
The State Exchange Bank
- State Exchange Bank CDs. Deposit $1 to start earning 0.40% APY on a 4-month CD, 3% APY on a 7-month CD, 3.5% APY on a 9-month CD, 1.36% APY on a 24-month CD, 1.51% APY on a 36-month CD or 1.71% APY on a 60-month CD.
See how SaveBetter products compare against each other.
While SaveBetter doesn’t offer checking accounts or online bill pay, its savings accounts and CDs come with some perks and potential drawbacks.
Savings accounts
Pros
- Low opening deposit. Open an account with $1.
- No fees. Even if the partner bank typically charges a fee for that specific banking product outside of the SaveBetter platform, it won’t apply to you as a SaveBetter customer. Also, SaveBetter doesn’t charge any fees.
- Interest compounded daily. You earn interest on your principal and previously earned interest every day.
Cons
- No third-party apps. SaveBetter doesn’t support linking to third-party apps like Mint, even if the bank offering the same savings product allows it outside of the SaveBetter platform.
- No deposits or withdrawals. Your account doesn’t have an account number, routing number or ATM cards like traditional bank accounts. To deposit or withdraw your money, you must initiate transfers to and from your external bank account.
CDs
Pros
- Multiple providers. You can shop high-yield CDs from several different banks in one place, making it easier to compare rates.
- No-penalty CDs. You can make one full withdrawal of your CD within seven days of opening without paying the early termination fee. No-penalty CDs are subject to availability.
- Low opening deposit. While most CDs require $500 or $1,000 to open, CDs through SaveBetter only have a $1 opening deposit.
Cons
- Not all terms available. Partner banks may offer more terms than what’s available on SaveBetter. For example, Ponce Bank offers CD terms as short as one month and as long as 60 months. While the Ponce Bank CDs available through the SaveBetter platform have a lower opening deposit, your CD choices are limited to 5-month, 13-month and 48-month terms.
Overall banking
Pros
- One account. As a SaveBetter customer, you can manage all your banking products from multiple banks in one platform.
- Apply online. Although most of SaveBetter’s partner banks require you to call or stop in a local branch to open an account, you can apply for the same savings product online from the SaveBetter platform.
Cons
- Limited customer service. Since SaveBetter manages your account, you must reach out to SaveBetter if you have questions or concerns, which is only available by phone on weekdays from 9 a.m. to 4 p.m. ET or by email. Live chat is subject to staffing availability and may not always be available.
Contact SaveBetter support in three ways.
- Call 844-944-3276 weekdays from 9 a.m. to 4 p.m. ET.
- Live chat with a representative.
- Email service@savebetter.com.
SaveBetter is a convenient platform that helps you manage several savings products from multiple providers in one place. You get competitive interest rates without the fees that the partner banks may charge outside of the SaveBetter platform. Plus, you can open an account with just $1.
But SaveBetter is best if you don’t need quick access to your cash. And unlike traditional money market accounts from banks, the SaveBetter platform doesn’t support ATM cards, direct deposits or mobile check deposits. The only way to access your cash is through ACH transfers to and from an existing bank account.
