All growth. Earn 2—4% a year.$0 fees. Funds insured via an FDIC-insured bank.
Get paid daily,in your sleep.
24/7 access.No minimum.
Free means free.No asterisks.
Bank-level security.Bank funds FDIC-insured.
more cash in pocket (in 2 years)
In technical terms, your Beam funds are held in a Demand Deposit Account (DDA). It is not an investment account. Your money will be placed at a FDIC-insured bank with decades of operating history serving deposit customers just like you. Beam opens FDIC-insured accounts using Synapse Financial Technologies, Inc., a third-party banking software provider and agent of Evolve Bank & Trust, Member FDIC. Beam itself is not a bank nor an FDIC-insured financial institution. Funds are FDIC-insured by Evolve Bank & Trust, subject to any limitations applicable to the account. For further details, please refer to Beam’s Terms of Service.
Traditional banks have many costs — excessive executive bonuses, employee perks, fat billboard advertising budgets, and expenses related to building physical branch locations — just to name a few. Some of the more recognizable online banks save on costs by doing away with physical locations, and they share a bit more of their profits with customers. But their operating costs remain high, limiting how much they can share. Costs aside, banks also often earn a lot more on your money than they pay you: Though they’re only giving you 0.01% a year on average, they often earn up to 4–5% a year. (Can we say greedy, much?) Beam incurs none of the costs of a traditional brick and mortar bank. That, tied to the fact that we don’t like being greedy, means that Beam is able to pass on greater savings and rewards to you, the consumer.
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, it works well with any number of bank accounts you currently have to help you earn more on your money with very little effort. It's way better than just another banking app.
It usually 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 compared to most other banks.
When you deposit money in a bank account, you are essentially loaning them your money in exchange for interest. But did you know that while the big banks earn, on average, 4—5% a year on every dollar you deposit, most US national banks today pay a mere
0.01% a year. How fair is that?
Plus, let’s not forget about inflation. The Federal Reserve has an inflation target of 2%. The current inflation rate for the United States is 2.8% for the 12 months ended May 2018, as published on June 12, 2018 by the U.S. Labor Department. This means that if you deposit money with the bank that offers you anything less than 2.8% a year, you are losing money because of inflation. And that slow bleeding of the purchasing power of your bank account really adds up over time. Beam is proudly here to help you stop the bleeding.
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 “Private Beta" (the first edition) before it can be rolled out to a broader audience. A waiting list helps Beam manage customer demand, and to prioritize Private Beta access to the most active early advocates for Beam. For more details, check out our launch updates here.
When a Beam account is opened, you are effectively opening a bank account.
Beam takes the safety of your money seriously. Your Beam mobile app observes commercially reasonable bank-level security standards
and your account and transaction data is appropriately encrypted to protect against unwanted cybersecurity risks.
Investing in stocks, bonds, and various funds can be a great way to grow your money over time, but all investments carry risk. Stocks and index funds, especially, can move up and down in value frequently. For this reason, it is generally not recommended that you invest any money that you expect to need in the mid- to short-term. Imagine stocks crashing right before you need cash for an emergency! On top of that, many investment services charge management fees, which you pay regardless of performance. With Beam, your funds are fully FDIC-insured through an FDIC-insured bank and is risk-free compared to traditional investments. The value of your money will not fluctuate like a seismograph from day to day: It will grow steadily, worry-free, and with no effort and no fees.
We hate bank fees as much as you do. For that reason, we're committed to keeping Beam completely free to you. Period. No asterisks. And we believe that’s the way it should be. Beam makes money through software subscription service revenues from financial institutions, not from customers like you. Beam just keeps less of those "big banks" profits for ourselves, and shares more of it with you.
You can easily make transfers to and from your primary checking account, subject to industry comparable guidelines. 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.
The base reward for your Beam account is 2% a year, compounded and paid by Beam daily. You can boost the rate up to 4% or more through collecting free “boosts” (a “Billie” in Beam’s lingo) that arrive daily between 6 and 9PM local time. Claiming the reward is free, easy and string-free.
For its initial limited-feature beta release (“Pilot Program”), Beam is working with Synapse Financial Technologies, a third-party banking software provider and agent of Evolve Bank & Trust, Member FDIC. The funds each Beam customer transfers into Beam platform are deposited directly at Evolve Bank & Trust and are FDIC-insured.
During the Pilot Program, the amount of settled funds in your Beam Account is your “Reward Balance”. The reward amount you will earn on your Reward Balance is the “Reward Payout”, paid by Beam. Both the Reward Balance and the Reward Payout sit with your FDIC-insured deposit account at Evolve Bank & Trust, member FDIC, pursuant to your Deposit Agreement.
For more information about the details of the reward payouts paid by Beam, please refer to Beam’s Terms of Service under "Beam Reward".
While Beam does not have a minimum balance, for security and other reasons, presently Beam’s limited-feature Private Beta has a maximum deposit limit of $15,000 per account. This maximum limit will be increased to $50,000 per account by the time of Beam’s Public Beta, and will likely be lifted as Beam’s service matures over time.
We currently do not offer a web or desktop version for Beam, since it's already 2018 and everything is on mobile! Though we’re open to hearing about why you would like web access, and adjust our approach to better service our broader Beam community.
More questions? Ask us here.
Using Beam has truly been a rewarding experience. The app is well-designed, easy to use, innovative, trendy, the functionality is seamless, and the customer service is phenomenal...Having years of experience in banking myself, I know that no other FDIC insured institution comes close to what Beam has to offer. Beam is a game changer!
- Doug P.
I just saw an ad about your program, and it seems legit! I would be very interested to learn more about your product and how it's going to work. I had been thinking in today's low interest environment, there's got to be someone out there who's going to come up with something like this... and sure enough! Very excited to hear more.
- Kelby M.
I cannot tell you how excited I am that you all are doing what you're doing. I have been waiting for a financial product like Beam all my life...I have also been sharing the bits of information you've published with friends and family. We can't wait for Beam to be "live".
- Cody J.
I am definitely thinking about it. It would be a great place to park my money safely. Then I can always transfer it to my bank when I need it and with a better rate than my bank, it seems like a really good idea.
- Jen P.
I'd like to look into this more. Putting money in a bank is basically worthless now, but with a better return, it may be worth looking into. It is giving returns nobody else does in savings.
- Dan Z.
I wanted to check the status of the waitlist and see when Beam would be opening up? I am looking forward to trying out Beam and then sharing the experience with others.
- Michael D.
I really think you have an awesome concept going. I've referred a couple of my friends and family and I'll continue to do so. I can only imagine there must be tremendous hoops to jump through starting up a new financial service like this. Thanks for working hard to get that to the public expeditiously.
- Grenville F.
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