Dynasty Financial shows maximum interest in MaxMyInterest
With short term interest rates perking up, opportunities for savers to make the most of their cash are all the more worth pursuing. This is one way to view the decision by Dynasty Financial Partners to add MaxMyInterest as a cash option for its network of 45+ wealth management companies, reports David Penn at Finovate.
Dynasty Financial Partners director of investments Joseph Dursi explains: “High net worth clients typically hold a relatively large cash position and offering a new higher-rate option through Max gives our independent advisors a solution for cash that will really benefit their clients.”
A service of Six Trees Capital, MaxMyInterest provides cash management via an automated platform. Once the customer’s checking or brokerage account is linked, Max goes to work finding interest rates available and automatically reallocating cash balances. Customers can track their balances, track optimisation status, and access their cash directly as they would from any brick and mortar or online bank.
The solution can be linked to a customer’s primary checking account and used as a cash sweep to take advantage of the higher rates from online banks. MaxMyInterest can also be linked to a brokerage account and managed as a strategic cash reserve. Max members typically earn between 1.50% and 1.70% more on their cash balances than they would at traditional banks, picking up an average 1.78% on cash compared to the national average of 0.09%.
New York-based MaxMyInterest solution works with checking accounts at various banks and brokerage firms in the US, including Bank of America, JP Morgan Chase, Citibank, Charles Schwab, and TD Bank. MaxMyInterest is also compatible with online banks such as Ally Bank and Marcus by Goldman Sachs.
