Reviews (1)
A Dumpster Fire
Posted by: bankingar | Nov 5, 2019
Beam is trash that has peddled false/misleading promises beginning with their waitlist ads on Facebook.
Once you get off this waitlist that both doesn't move and they lie about how it operates, you get access to a laughably awful banking experience. Their app is broken or programmed by the C team more often than not and their customer service is instructed to lie to your face.
tl;dr Do not waste your time. Assume you're getting the bottom of the APY or a few bps above. You do know you can find savings accounts that offer more than 1.70% APY without deposit limits and stupid games on this very site right?
Health
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User-submitted Promotions & Notices
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
You’Re Off The Waitlist! Earn 1.50—7.0% APY
I don't recall signing up. But here is the email.
Dear Fellow Beam-Liever,
The. Wait. Is. Over. Download Beam open beta for FREE now and start earning 1.50—7.0% APY, all funds FDIC-insured. Takes just 1 minute (really easy) to start, and you do NOT need to switch banks to use it. No minimum balance, unlimited withdrawals, interest earned daily. On your phone, tap on the icons below to download Beam, and—if you're the diligent type—read on as we walk you through how this Beam open beta works.
QUESTIONS? ANSWERED.
1. HOW DOES 1.50—7.0% APY WORK?
? Start with 1.50% minimum rate, already competitive and designed to match the Fed funds rate.
? Instant Interest Boosts = Billies. When you invite friends to subscribe to Beam's no-obligation mailing list (no app download needed!), you're instantly rewarded with short-term interest boosts called "Billies". (Boost rewards are variable. All boosts add up and are capped at 7.0% APY each day. Consider it Beam's version of "loyalty reward point". Oh, and you get freebies daily.)
? Earn 3.00% minimum rate. Beats. Everything. If friends who subscribed ended up funding their Beam, you can unlock higher minimum rates—2.00%, 2.50% and 3.00%. These rates stay! ??Download the app and tap on ? ? "Earn 3.00%" for details. Act while offer lasts! ??
2. WHY INVITE? DO I HAVE TO (NO!)
It's time to "Make America Save Again". ???? Chances are, at least some of your friends are still earning 0.01% on their savings. Help them out a little! It takes 1 minute to use Beam, and you do NOT need to switch banks. All funds are FDIC-insured at all times. Plus, you're only asking friends to give "a new, new thing" (it's an app!) a shot to see if they like it, not recommending them to put their life savings into it.
Even if you don't want to share with friends right now, consider Beam a "free, 3.00% optionality" that you always want to keep in your pocket. You never know which conversation might lead to someone asking YOU for an invite to Beam. And since you aren't going to get 3.00% anywhere else, total bragging right. ??
3. 1.50% TOO LOW?
If you've been following the news lately, Fed cut rates multiple times this year, which led to all banks dropping their rates. But fear not. With Beam you start with a 1.50% minimum rate, still very competitive and on par with the lower bound of Fed funds rate. Beam is committed to pay at least Fed funds rate, now and into the future. We hate bait and switch.
4. 7.0% TOO HIGH?
America needs more savers. For that to happen, Beam believes in rewarding those who contributes to evangelizing the community, and helping others to stop their cash from sitting in the bank earning 0.01% interest. Of course, not everybody gets to earn 7.0% APY on a given day; neither should you expect that. 7.0% simply represents the upper bound for how much Billie boosts can add up for each day.
America is a society that exemplifies meritocracy. Democratizing savings means that every American should have the access to earn a personalized, customized rate based on their own choices and contributions.
5. WHAT ELSE IS NEW?
? Higher deposit maximum. Unlike earlier Beam which sometimes was capped at $400, you can now deposit up to $15,000 (heading towards $50,000 in the future). As always, your interest is paid and compounded daily. Follow our Facebook or Instagram to see some screenshots.
? More, larger banks powering Beam. Unlike the earlier Beam, which worked with one community bank that we decided to transition out of, Beam's open beta is now powered by nearly 200 FDIC-insured banks and credit unions, many of them publicly-traded. This transition was in the planning since January 2019, and we're now happy to say that as Beam grows, you can count on your funds always protected by the safest banks in the country. ??
? Other awesome features. Download the app to discover on your own! From your phone, tap on the above AppStore and Play Store icons to start.
— —
More Questions or Issues?
You know where to reach us! Email us at [email protected] or simply reply to this email. We may be experiencing higher ticket volumes recently so please stay patient as we get back to you as soon as we can, usually within 2 to 3 business days.
— —
Thank you for patiently walking with us as we work to improve Beam's open beta! With ?? from San Francisco,
Beam Team
P.S. Remember to follow Beam Journal for future updates on this release.
Dear Fellow Beam-Liever,
The. Wait. Is. Over. Download Beam open beta for FREE now and start earning 1.50—7.0% APY, all funds FDIC-insured. Takes just 1 minute (really easy) to start, and you do NOT need to switch banks to use it. No minimum balance, unlimited withdrawals, interest earned daily. On your phone, tap on the icons below to download Beam, and—if you're the diligent type—read on as we walk you through how this Beam open beta works.
QUESTIONS? ANSWERED.
1. HOW DOES 1.50—7.0% APY WORK?
? Start with 1.50% minimum rate, already competitive and designed to match the Fed funds rate.
? Instant Interest Boosts = Billies. When you invite friends to subscribe to Beam's no-obligation mailing list (no app download needed!), you're instantly rewarded with short-term interest boosts called "Billies". (Boost rewards are variable. All boosts add up and are capped at 7.0% APY each day. Consider it Beam's version of "loyalty reward point". Oh, and you get freebies daily.)
? Earn 3.00% minimum rate. Beats. Everything. If friends who subscribed ended up funding their Beam, you can unlock higher minimum rates—2.00%, 2.50% and 3.00%. These rates stay! ??Download the app and tap on ? ? "Earn 3.00%" for details. Act while offer lasts! ??
2. WHY INVITE? DO I HAVE TO (NO!)
It's time to "Make America Save Again". ???? Chances are, at least some of your friends are still earning 0.01% on their savings. Help them out a little! It takes 1 minute to use Beam, and you do NOT need to switch banks. All funds are FDIC-insured at all times. Plus, you're only asking friends to give "a new, new thing" (it's an app!) a shot to see if they like it, not recommending them to put their life savings into it.
Even if you don't want to share with friends right now, consider Beam a "free, 3.00% optionality" that you always want to keep in your pocket. You never know which conversation might lead to someone asking YOU for an invite to Beam. And since you aren't going to get 3.00% anywhere else, total bragging right. ??
3. 1.50% TOO LOW?
If you've been following the news lately, Fed cut rates multiple times this year, which led to all banks dropping their rates. But fear not. With Beam you start with a 1.50% minimum rate, still very competitive and on par with the lower bound of Fed funds rate. Beam is committed to pay at least Fed funds rate, now and into the future. We hate bait and switch.
4. 7.0% TOO HIGH?
America needs more savers. For that to happen, Beam believes in rewarding those who contributes to evangelizing the community, and helping others to stop their cash from sitting in the bank earning 0.01% interest. Of course, not everybody gets to earn 7.0% APY on a given day; neither should you expect that. 7.0% simply represents the upper bound for how much Billie boosts can add up for each day.
America is a society that exemplifies meritocracy. Democratizing savings means that every American should have the access to earn a personalized, customized rate based on their own choices and contributions.
5. WHAT ELSE IS NEW?
? Higher deposit maximum. Unlike earlier Beam which sometimes was capped at $400, you can now deposit up to $15,000 (heading towards $50,000 in the future). As always, your interest is paid and compounded daily. Follow our Facebook or Instagram to see some screenshots.
? More, larger banks powering Beam. Unlike the earlier Beam, which worked with one community bank that we decided to transition out of, Beam's open beta is now powered by nearly 200 FDIC-insured banks and credit unions, many of them publicly-traded. This transition was in the planning since January 2019, and we're now happy to say that as Beam grows, you can count on your funds always protected by the safest banks in the country. ??
? Other awesome features. Download the app to discover on your own! From your phone, tap on the above AppStore and Play Store icons to start.
— —
More Questions or Issues?
You know where to reach us! Email us at [email protected] or simply reply to this email. We may be experiencing higher ticket volumes recently so please stay patient as we get back to you as soon as we can, usually within 2 to 3 business days.
— —
Thank you for patiently walking with us as we work to improve Beam's open beta! With ?? from San Francisco,
Beam Team
P.S. Remember to follow Beam Journal for future updates on this release.
Rates
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Always verify rates and promotions with the bank or credit union. We are not Beam; we are a rate comparison website and cannot provide official rates or promotions.
Beam Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.50% | - | $400 | Trial Account |
Locations
Beam is an Internet only bank and does not have branch locations. Its headquarters is located at 1540 Market St, Suite 100 - San Francisco, CA 94102