This comes up over and over so I thought to write a dedicated post.
There’s a website called Savebetter which is a kind of high yield saving/CD aggregator. They have some nice high yield interest accounts available for signup. You give all personal information to Savebetter and fund the account through the fintech who then has the funds flow to regular financial institutions and banks. They often have better yields than going directly through said banks.
The allure of Savebetter is being able to easily shift your money from one account to another if you find a better rate – no need for an entire new signup process since the main signup is with the Savebetter fintech themselves. Savebetter also runs a referral program so you might be able to get a small bonus ($25-$125 when depositing $5,000-$125,000) if you sign up using a referral link.
I have nothing against Savebetter and they may well be an interesting option to consider, especially for those who like rate chasing.
Readers often ask why we don’t list their rates in our Best High Yield Savings Account list. The reason I’ve never listed them is that with Savebetter you don’t have access to your funds via a traditional routing/account. You have to initiate a transfer request from within Savebetter and they’ll pull the funds out and transfer it to your linked bank.
To avoid confusion, I keep our list with ordinary banks or fintechs that offer direct routing/account number access. Most of the time there are also other comparable rates available on our list from a regular bank, though there might be sometimes that Savebetter does have something slightly better.
If you’ve used Savebetter, feel free to discuss your experiences in the comments below. Do not leave any referral links in the comments.