Not only does Max help clients earn higher yield on cash, but Max also helps spread funds across multiple banks, to maximize FDIC insurance coverage. Highly compensated individuals with variable incomes – those who receive large bonuses or commissions, or who receive partnership distributions – tend to be good candidates for Max. In addition to earning higher yields and obtaining more FDIC coverage, they also benefit from Max’s automatic cash sweep feature. Clients can use Max with a set amount of funds or set a target checking account balance, and Max helps move excess funds to savings or replenishes checking accounts to this target level as part of its monthly optimization.
Max offers an advisor-centric way for clients to take advantage of high yields from online banks. Max gives clients a set-it-and-forget-it option that automatically reallocates their cash as rates change so that it’s always earning the highest yield.
Other clients may respond to how Max helps keep cash safe, via broader FDIC insurance coverage. The Max dashboard enables clients to view real-time balances at all of the banks they have linked to the Max platform. It also enables clients to transfer funds from checking to savings, or savings to checking with the click of a button. At tax time, you can receive an email with a password protected PDF that contains your 1099-INT statement for all linked accounts.
The greatest impediment to clients earning higher returns on cash has been the perceived time and effort involved in opening new accounts. So we set out to eliminate that friction to make it easier for your clients to start earning more. With Max, it’s now possible to open and begin funding a new high-yield savings account in as little as 60 seconds. rebel Financial offers an integration with Max to allow our clients to set up their Max accounts right from this page. Or contact Max Member Services for help getting started.