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MaxMyInterest Assessment: Is It Price It?



  • Earn aggressive rates of interest from a number of high-yield financial savings accounts
  • Entry greater FDIC insurance coverage limits
  • Mechanically optimizes high-yield financial savings balances
  • Customizable switch guidelines and steadiness limits
  • No minimal steadiness necessities


  • 0.04% quarterly membership payment ($20 minimal per quarter)
  • Should open a Max Checking account to hyperlink to most financial institution accounts
  • Is a third-party banking app as an alternative of an precise financial institution
  • Can take a number of days for transfers to course of

Incomes the best potential rate of interest in your financial savings can really feel like taking part in a sport of Whac-A-Mole in the event you’re always transferring funds to chase greater yields. However MaxMyInterest might help you discover extra productive methods to spend your time.

The platform companions with a number of on-line banks so you possibly can entry a number of financial savings accounts with the best APYs whereas sustaining FDIC protection. Max appears for the best APYs being provided and might shift your funds month-to-month in your behalf.

Our MaxMyInterest assessment appears at how this on-line banking service works and if the comfort is value the price. 

Desk of Contents
  1. What Is MaxMyInterest?
  2. MaxMyInterest Charges
  3. Who Ought to Use MaxMyInterest?
  4. How MaxMyInterest Works
    1. Max Checking Account
    2. Max Sweep Account
    3. Month-to-month Optimizations
    4. Clever Funds Transfers
    5. FDIC Insurance coverage
  5. MaxMyInterest Professionals and Cons
    1. Professionals
    2. Cons
  6. MaxMyInterest Options
    1. Raisin
    2. MySavingsDirect
    3. Financial institution Account Bonuses
  7. FAQs
  8. The Backside Line on MaxMyInterest

What Is MaxMyInterest?

MaxMyInterest is a fintech platform that particular person traders can use to search out the greatest high-yield financial savings account rates of interest. Every month, MaxMyInterest will offer you the optimum allocation on your financial savings balances that can assist you earn the best APYs. It’ll then robotically ship your switch directions to your banks so you may get the best potential charges. There’s a payment concerned, which we’ll cowl later.

It’s a handy method to benefit from the latest surge in rates of interest, which has enabled traders to earn a beautiful return on short-term investments whereas avoiding the volatility of shares and bonds.

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MaxMyInterest was launched initially by Six Bushes Capital in 2013 as a money administration service for high-net-worth people. It’s now open to most people with out an account minimal. Nonetheless, there’s a minimal $20 service payment per quarter, so it’s greatest to deposit not less than $50,000. 

On the time of this writing, Max members can earn as much as 5.36% APY on deposits, whereas many competing high-yield financial savings accounts yield 4.60% or much less. The yield is considerably greater than the nationwide common financial savings account charge of 0.60%. All numbers are present for January 3, 2023. 

You’ll be able to hyperlink your present banking and brokerage accounts from over 18 monetary establishments. It’s additionally potential to open a Max Checking account to consolidate your balances and acquire simpler entry to your money reserves. 

Be taught Extra About MaxMyInterest

MaxMyInterest Charges

A 0.04% quarterly membership payment applies to all balances, which equates to $40 per $100,000 in belongings. As every account is topic to a $20 minimal payment each three months, your steadiness must be not less than $50,000 to realize 0.04%.

Should you’re prepared to place within the further work, you possibly can earn comparable yields by manually transferring funds between banks that don’t cost month-to-month service charges. However in our opinion, MaxMyInterest’s payment is a small value to pay with rates of interest at their highest ranges in a era and nonetheless earn compound curiosity.

There aren’t any further service charges, though you’ll obtain a 1099-INT tax kind after incomes not less than $10 in annual curiosity. Whereas your funds will seemingly be held at a number of companion banks, you solely obtain one year-end tax kind, which streamlines the tax prep course of.

A 3rd non-obligatory payment is for wire transfers for same-day withdrawals as an alternative of ready a number of enterprise days for the funds to deposit into your linked checking or brokerage account.

Who Ought to Use MaxMyInterest?

Think about using MaxMyInterest while you don’t need to self-manage your financial savings deposits to search out the very best charges. This service makes it simple to earn curiosity from the greatest high-interest financial savings account with out dropping sleep about an underperforming financial savings account.

People and companies can open accounts to spice up their curiosity revenue effortlessly. Nonetheless, you have to be snug utilizing a third-party app that’s not really a financial institution that can assist you get monetary savings. Don’t fear; MaxMyInterest companions with FDIC-insured banks to save lots of your cash and earn curiosity. These charges can be found to most people in lots of conditions.

Whereas there aren’t any minimal steadiness necessities, the 0.04% quarterly service payment and $20 minimal per three months are deterrents for accounts smaller than $50,000. This payment can also be a headache for yield-chasers who’re snug dedicating a number of minutes every month to switch funds to the very best financial savings account rate of interest manually.

Associated Submit: Are banks providing 7% financial savings accounts now?

Be taught Extra About MaxMyInterest

How MaxMyInterest Works

The next MaxMyInterest options might help you begin incomes extra curiosity in your hard-earned cash.

Max Checking Account

First, you’ll hyperlink your primary financial institution accounts and brokerage accounts to calculate your money reserves and provoke a switch. Most individuals are higher off opening a Max Checking account because it hyperlinks to simply about any checking, financial savings, or brokerage account by means of a service hyperlink Plaid. You’ll be able to hyperlink a number of exterior accounts whereas the sweep characteristic solely connects one account.

Max checking accountMax checking account

You’ll be able to create a person or joint account. There aren’t any further charges to open a Max Checking account, which incorporates the next advantages:

This account is FDIC-insured and managed by Clients Financial institution (Member FDIC #34444). 

Should you preserve a minimal $10,000 steadiness, you’ll earn a $25 quarterly rebate (as much as $100 per yr) in your Max membership payment. A steadiness exceeding $20,000 triggers a $50 quarterly rebate (as much as $200 per yr). You’ll be able to crunch the numbers and consider the chance price versus holding this steadiness in a high-yield financial savings account.

Max Sweep Account

It’s additionally potential to hyperlink one exterior account with the Max Sweep characteristic. You might want this selection to keep away from opening one other banking account, though you received’t qualify for the payment rebate.

MaxMyInterest hyperlinks to banking and brokerage accounts from over 18 monetary establishments:

  • Financial institution of America
  • J.P. Morgan/Chase Financial institution
  • Capital One
  • Charles Schwab Financial institution
  • Citibank
  • Metropolis Nationwide Financial institution
  • E*Commerce Financial institution
  • Constancy CMA
  • Fifth Third Financial institution
  • First Republic Financial institution
  • Huntington Financial institution
  • PNC Financial institution
  • TD Financial institution
  • Truist Financial institution
  • USAA Financial institution
  • US Financial institution
  • Wells Fargo
  • Zions Financial institution

As you possibly can see, most nationwide banks make the checklist. This will prevent from organising one other checking account which might require adjusting your direct deposit particulars and different ignored actions.

Month-to-month Optimizations

When you’ve linked your accounts, Max evaluates your present account steadiness and units up a high-interest financial savings technique. You’ll be able to set up a goal steadiness to keep away from having your spending account steadiness dip beneath a certain quantity. 

monthly optimizationsmonthly optimizations

By default, MaxMyInterest evaluates rates of interest as soon as a month and suggests an optimization plan. You get to decide on which day the evaluation happens, set up custom-made guidelines to safeguard your steadiness and select which exterior account to fund your new deposits from.

On this means, MaxMyInterest is just like an funding robo-advisor, but it surely focuses on high-interest FDIC-insured financial savings accounts as an alternative of funding funds.

Clever Funds Transfers

MaxMyInterest’s Clever Funds Switch℠ characteristic helps you to arrange fund transfers in between the scheduled month-to-month optimizations. Max suggests which accounts to tug from to optimize your yield whereas sustaining a wholesome money cushion in your linked accounts. 

All transfers are finished through ACH to keep away from financial institution nuisance charges, though it might probably take 2-3 days on your funds to grow to be accessible.

FDIC Insurance coverage

People can qualify for as much as $2 million in further FDIC protection, and {couples} can qualify for as much as $8 million. The usual FDIC insurance coverage restrict is $250,000 per financial institution companion, however you may be eligible for extra by spreading your belongings throughout a number of establishments.

The MaxMyInterest-supported on-line financial savings accounts embody:

Rates of interest range for every establishment and might change at any time. The auto-optimization ensures you obtain the very best yield together with your FDIC-insured belongings.

Be taught Extra About MaxMyInterest

MaxMyInterest Professionals and Cons

There are particular execs and cons to utilizing MaxMyInterest to pursue greater financial institution charges. Right here’s the checklist we got here up with:


  • Earn aggressive rates of interest from a number of high-yield financial savings accounts
  • Entry greater FDIC insurance coverage limits
  • Mechanically optimizes your high-yield financial savings balances
  • Customizable switch guidelines and steadiness limits
  • No minimal steadiness necessities


  • 0.04% quarterly membership payment ($20 minimal per quarter)
  • Should open a Max Checking account to hyperlink to most financial institution accounts
  • It’s a third-party fintech app and never an precise financial institution
  • It could actually take a number of days for transfers to course of

MaxMyInterest Options

You’ll be able to earn comparable yields by leveraging a number of MaxMyInterest options. the truth is, the next high-interest financial savings platforms could supply extra interesting account choices or cost fewer charges.


Raisin (previously SaveBetter) companions with federally insured banks and credit score unions to supply high-yield financial savings accounts, time period CDs, and no-penalty CDs

There aren’t any service charges, and the deposits minimal are as little as $1. Much like MaxMyInterest, this can be a third-party app with many financial institution companions, so that you obtain a consolidated 1099-INT tax kind to show your whole curiosity revenue on one piece of paper. Learn our Raisin assessment for extra info.

Be taught Extra About Raisin


MySavingsDirect presents a high-yield curiosity financial savings account, aggressive CD charges, and treasured metals storage. There are zero minimal steadiness necessities for the web financial savings account, and you’ll take pleasure in different perks that brick-and-mortar banks have a tendency to scrimp on.  

Learn our MySavingsDirect assessment for extra.

Be taught Extra About MySavingsDirect

Financial institution Account Bonuses

Because you’re almost certainly shifting cash month-to-month to earn probably the most curiosity, chances are you’ll need to take into account checking account signup bonuses. Simply ensure you meet the supply necessities, which usually embody receiving qualifying direct deposits or sustaining a minimal steadiness of recent cash.

Additionally, take a look at these financial institution bonuses that don’t require a direct deposit.


Is MaxMyInterest protected?

MaxMyInterest is a third-party monetary app that companions with FDIC-insured banks providing a number of the highest financial savings account charges. Working with a go-between provides a layer of complexity, however your accounts hyperlink securely, and the companion banks maintain your belongings. 

There’s a potential threat of financial institution failure, however the app makes it simple to earn probably the most curiosity with a managed portfolio.

What are the MaxMyInterest customer support choices?

On-line and e-mail assist is offered for members. On-demand cellphone assist isn’t obtainable like an enormous financial institution presents, though contacting the holding financial institution for account-specific inquiries is feasible.

Can monetary advisors use MaxMyInterest?

Sure, there’s a devoted platform for monetary advisors to supply MaxMyInterest to their purchasers. Moreover, particular person and joint accounts can add their monetary advisor’s identify and e-mail tackle to their profile web page to grant read-only entry.

Be taught Extra About MaxMyInterest

The Backside Line on MaxMyInterest

MaxMyInterest makes incomes a aggressive high-yield financial savings charge simpler because the platform has many financial institution companions and might optimize your account as soon as a month or extra ceaselessly. Customizable guidelines and banking options make it simple to handle your Max and exterior account balances. Sadly, the quarterly service charges are costly for small account balances and should encourage savers to self-manage their financial savings to earn an identical rate of interest. 

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