From the New York Times
If you’re setting out to reinvent basic savings and checking accounts, one way to get attention is to create a service that’s truly different.
In the last year or two, companies and services like Kasasa, PerkStreet and SmartyPig have accomplished this, offering interest rates and rewards that leave many bank products in the dust.
The article explains why SmartyPig implemented the $50K cap:
SmartyPig’s only source of revenue is money it earns from retailers (not its partner bank).
The article also reviewed Green Dot which offers reloadable prepaid cards.