Author Topic: Beam 4% interest savings account  (Read 1294 times)

doneby35

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Beam 4% interest savings account
« on: March 17, 2018, 10:19:03 AM »
Has anyone signed up for this? it's through referrals currently and the beta launch starting end of march. The idea is to complement your existing checking account with a savings account that offers between 2 to 4% interest. FDIC insured.

I got a referral link if anyone is wanting to check it out and claim a spot on the waiting list.
https://meetbeam.com/?r=CASH-HJev_jEyVW

haflander

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Re: Beam 4% interest savings account
« Reply #1 on: March 19, 2018, 01:28:39 PM »
Okay, several thoughts here...

1. Most importantly...doneby's link is a referral that gives him some Beam cred if you sign up. Same with mine below (I signed up so you're welcome doneby).

2. I'll go ahead and state this again in case it isn't clear in the OP. Beam is not live yet. Basically they're just trying to get the word out before it's launched. Speaking of which, I couldn't confirm the launch date as the end of this month, OP? Where did you see that, in their blog somewhere?

3. I've been looking for something like this. I'm new to FIRE and MMM and have been looking for an account to park my savings to actually earn interest $ for my FU account.

4. I like the Beam site in terms of its style and simplicity as well as their purpose. It could be bs, but oh well.

5. I know next to nothing about banking and accounts and interests as I'm very new to FIRE/MMM. I read everything on the home page trying to find some kind of catch or fine print that would reveal some shady intentions, but I wasn't able to find anything like that. Maybe some more senior mustachians can help me out here? My "too good to be true" alarm is sounding off, but maybe it is for real. Also the fact that you "move up in line" if you get referrals is shady to me. Reminds me of Mars One, where you had better chances of being picked to be an astronaut (moving ahead through the various stages) if you had a bazillion followers or donated a lot to the business.

Doneby, I went ahead and signed up. Interest % that high is enough to make me drink the kool-aid and look out for future developments.

That being said...of course I'm going to leave my referral link. Maybe this can be like some of those other threads where we make a chain of referrals so everyone can join in the fun. I'm guessing that the other users here aren't fans of this though...judging by the fact that I'm the first to reply. Let's bump this and see what happens...

My referral link:

meetbeam.com/?r=CASH-B1-UTwY6KM

neo von retorch

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Re: Beam 4% interest savings account
« Reply #2 on: March 19, 2018, 01:40:38 PM »
It sounds like it's a 2% APY savings account with rewards for engagement activities.

Maybe surveys and things that will somehow benefit the sponsor bank.

Here's my referral code if anyone is interested :)
https://meetbeam.com/?r=CASH-SkWSgMqaKz
« Last Edit: March 19, 2018, 01:44:23 PM by neo von retorch »

haflander

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Re: Beam 4% interest savings account
« Reply #3 on: March 19, 2018, 01:55:33 PM »
Right, neo. I saw that 2% thing but forgot to mention it. Look like you're a senior mustachian; do you have any other thoughts about this? Maybe about 1 of my 5 points?
Also...sorry to be a stickler but I don't think you used my link? No worries, I'll post it again :)

meetbeam.com/?r=CASH-B1-UTwY6KM

neo von retorch

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Re: Beam 4% interest savings account
« Reply #4 on: March 19, 2018, 02:13:02 PM »
Watch your address bar: http://meetbeam.com/?r=CASH-SkWSgMqaKz works just as well as https://meetbeam.com/?r=CASH-SkWSgMqaKz - they better fix that before they start asking for bank account information.

This seems like a startup/experiment, kind of like SmartyPig.com, which did really well for a while, but now it's just another "kind of OK interest rate" account. It definitely sounds like they want to collect information about you to benefit the sponsor bank. No big surprise. Overall my impression is that this might be interesting and have some short-term benefits, but I sincerely doubt this becomes a big, new, trusted place for many people to park their money long-term and make big bucks. I'd watch for changes to terms and conditions - especially if they start putting limits on account sizes or graduated APYs.
« Last Edit: March 19, 2018, 02:41:47 PM by neo von retorch »

doneby35

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Re: Beam 4% interest savings account
« Reply #5 on: March 19, 2018, 04:13:27 PM »
That's interesting to know about the http vs https link. Something to definitely watch out for during the actual sign up process. I doubt that they will not force SSL only encryption though.