Venti is a new fintech that is promising 8% APY. Given that current basic saving rates are 5% APY, there has to be a catch. In this case the catch is that interest is given in the form of points and the points can be used towards travel rewards. Some other information:
Annual fee of $40 (waived first two years if you join the waitlist by January 1, 2024)
1 point = $1 towards travel
20 point sign up bonus after first deposit
This does have FDIC insurance as well. How useful this is really depends on how good the travel platform is, an extra 2.5%-3% APY could make it worth it. A lot of times these products never actually launch or dramatically change before launch so let’s see what happens.