SaveBetter is a New York-based financial technology company (“Fintech” for short) that provides the digital “storefront” for an online savings marketplace.

With a single account, SaveBetter customers can invest in FDIC-insured savings products across numerous banks with a wide range of maturities and rates.

We are owned by Deposit Solutions, a Fintech based in Hamburg, Germany that has mediated over $21 billion in deposits over a long track record of working with banks and savers across Europe.

Your SaveBetter account gives you access to savings accounts and Certificates of Deposit (CDs) from a variety of banks with the security of FDIC insurance. These products include:

- High-yield Savings & MMDA – an account with a varying rate that allows you to earn interest on your funds with maximum flexibility for withdrawals

- No-penalty CDs – lock in a more competitive rate for a fixed term with the option to make a full withdrawal at any time beginning 7 calendar days after funding

- Fixed Term CDs – a traditional savings vehicle with a fixed term of investment and rate that provides safe, predictable earnings

A money market deposit account (MMDA) is a type of high-yield savings account that generally earns a higher interest rate than a standard savings account. Like a traditional savings account, MMDA’s are also insured by the Federal Deposit Insurance Corp. (FDIC) up to applicable limits if the financial institution is a member of the FDIC such as Ponce Bank. MMDA’s were created to be more competitive with money market mutual funds than a traditional savings account.

Customer funds are transmitted through a custodian bank, Central Bank of Kansas City (CBKC) and held in an account with the bank that is providing your selected savings product. Each bank is FDIC-insured. So, your funds are held at a federally-insured bank at all times.

Central Bank of Kansas City (CBKC), located in the heart of Kansas City, MO, has been family-owned, community bank since opening in 1951. In 2014, CBKC established Central Payments, a wholly-owned payments and technology subsidiary to lead its bank-fintech partnerships with companies like Deposit Solutions.

Our product partner banks are all FDIC-insured institutions that compete to provide you with highly attractive rates for your savings.

Yes! Your savings is FDIC insured up to the maximum amount permitted by law at each product bank, $250,000. Please be aware, however, that any deposits you have at a product bank, whether through the SaveBetter service or outside the service, that you may hold in the same capacity (such as in an individual capacity or joint capacity) count toward the FDIC deposit insurance maximum amount, and any such amounts that you hold in the same capacity at a product bank that exceed the maximum insurance coverage by the FDIC will not be insured.

SaveBetter does not charge our customers any fees.

In return for helping them connect with savers across the United States, we are paid fees by our product partner banks that offer savings products. This allows us to provide these services free of any charge from SaveBetter to our valued customers!

At SaveBetter, cybersecurity is a top priority and we implement a variety of technologies to protect our customer’s data, privacy and transactions.

Access: SaveBetter platform uses Multi-Factor authentication combined with leading authentication technology to protect our client identities.

Encryption: Your information is encrypted in-transit and at-rest using the latest cryptographic security algorithms.

Protection: Cloudflare advanced internet protection technologies are implemented to protect the SaveBetter site from malicious actors, botnets and denial of service attacks (DDOS).

Monitoring: The information security monitoring platform is in place to detect and alert on information security events.

Assessments: Our platform undergoes vigorous security assessments and testing from architecture planning to production phases.

Cloudflare is a registered trademark of Cloudflare, Inc.

SaveBetter is a SOC 2 certified platform.

We actively partner with banks that are willing to offer consumers competitive rates. Ultimately rates are at the discretion of the various banks and are subject to market conditions.

Interest is compounded daily and posted to your account monthly.

We actively seek banking partners that offer competitive rates while meeting our high standards for legal compliance and reputational integrity. Check the Explore Products page to see the product partner banks in our network.

Yes! You can open a savings account or purchase a range of CD products from one of our partner product banks by signing up for a SaveBetter account. Things like checking accounts and online bill pay are not currently a part of the product offerings.

If you would like to see these or other features added to SaveBetter, let us know by emailing us at [email protected]