Caveat Emptor!
Been looking at savebetter. They are not a bank but a digital storefront (keyword) for a number of marginal banks (B-rated) that generally have no reviews (Lemmata, Blue Federal C.U.), etc. "Avoid Savebetter.com" really summarizes what you need to know.
Sadly, top tier banks like Salem Five and DollarSavingsDirect with better ratings and top rates seem to have bizarre policies like absurd push/pull limitations, hard credit pulls, 60 day delays in opening a second linked account, lengthy transfer holds and submission of a voided check for verification by slug mail. Ally Bank which is reputable is also not competitive (2.35%) and their current GETPAID promotion forbids you to withdraw a penny until January 15th for eligibility after bringing in new money. What are these people smoking? Local banks (major and minor) still live in a 0.01% universe. Multiply zero by any number and you get a coffee can or mattress. Remember: Objects in the mirror are closer than they appear.
YOU MAY NOT ABLE TO ACCESS YOUR ACCOUNT
mph.bank, Liberty Savings Bank and Ponce Bank are custodial accounts with online access via SaveBetter.com. You do not have direct access to these banks without working through Savebetter.com. The account I used to fund my mph.bank account was closed after I transferred the initial funds. Savebetter will not allow me to link a new account for 60 days. Therefore, I am completely unable to either add or withdraw from this account. Working through a third-party custodian is inefficient, cumbersome and absurd. Avoid Savebetter.com.
Data as of Q1 2025
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 32242 |
| Year Established | 1984 |
| Employees | 88 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.26% |
| Return on Equity - YTD | 4.25% |
| Annual Interest Income | $15.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $1.21B$1.23B |
| Loans | Q1 2025vs Q1 2024 | $827.1MM$865.8MM |
| Deposits | Q1 2025vs Q1 2024 | $1.04B$880.8MM |
| Equity Capital | Q1 2025vs Q1 2024 | $74.8MM$69.6MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $7.7MM$7.2MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $8.7MM$11.4MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $1.8MM$2.1MM |