BANK ACCOUNT THAT PAYS 200x MORE

All growth. Earn 2—4% a year.
$0 fees. Funds insured via an FDIC-insured bank.

Private Beta and Trial Account by invitation only. Get regular updates on Beam’s phased rollout here.

Questions?

What exactly is Beam? Is Beam a bank account or an investment account? Is my money FDIC-insured?

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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.

Most banks I've heard of pay a measly 0.01% a year. How is Beam able to pay so much more?

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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.

Do I need to switch banks to use Beam? That would be painful.

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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.

Another account? I already have multiple bank accounts and want to keep things simple. How simple is it to use Beam?

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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.

I like my bank. Why should I care about making a 2—4% a year as opposed to 0.01% a year?

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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.

Why would Beam have a waiting list? How long do I have to wait once I claim a spot?

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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.

Where is my cash invested? Is my money safe? And how secure is my information?

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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.

Why should I use Beam if I can trade stocks and funds? Aren't those better options?

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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.

How much does it cost to use Beam? Any upfront costs or hidden fees? How does Beam make money?

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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.

How easy is it to access my money if I need to withdraw? Any minimum balance?

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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.

Can you clarify how the 2%—4% will work?

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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. Given the nature of the limited-period Pilot Program, Evolve Bank & Trust does not pay interest on the deposit accounts. All rewards are provided by Beam. Evolve Bank & Trust does not contribute to or have responsibility for any rewards described and is not affiliated with the rewards program.

For more information about the details of the reward payouts paid by Beam, please refer to Beam’s Terms of Service under "Beam Reward".

Are there any balance limitations for Beam?

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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.

Do you have a web version?

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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.

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