Author: Liz Bagot // Beam | Date: 28 October 2017
>> 65% of Americans don't know how banks make money.
To conduct the MeetBeam.com Banking Survey, the data scientists at Beam [www.meetbeam.com]—a high-interest FDIC-insured mobile bank account that pays 200x more than traditional bank accounts—surveyed 1,000 Americans about their financial habits.
*** MEETBEAM.COM BANKING SURVEY ***
(survey of 1,000 Americans)
>> ONLY 10% OF AMERICANS UNDERSTAND HOW BANKS MAKE MONEY
33% have no idea, and another 32% only have a vague idea. In reality, traditional bank accounts make 4-5% on every $1 the customer deposits.
>> 1 IN 3 AMERICANS MAKE LESS THAN .04% INTEREST ON THEIR SAVINGS
19% earn 0.02%-0.04%, while 10% earn just 0.01% (41% have no idea). That's compared to the 5% banks make—allowing them to profit off a 500% difference that should be going to the consumer.
>> 39% OF AMERICANS ARE DISSATISFIED WITH THEIR INTEREST RATES
44% of Americans think 0.09% and above would be a fair interest rate—hundreds of times more than what they're currently earning.
>> 36% OF AMERICANS SAY INTEREST ONLY HELPS THEM BREAK EVEN
While 45% make a little money off interest each year, 36% say they break even, while 14% lose money. Only 5% say they actually make a lot of money off interest.
Launching in early 2018, Beam offers 2%-4% interest rates, instead of the 0.01% industry average, by closing the margin and paying you what your money really earns. Consumers can sign up for the waitlist at https://meetbeam.com/.