Beam is a fintech start up that is aiming to offer a 2-4% APY savings account. They have just launched their private beta and people will be added to the program based on their waitlist position. Unfortunately it’s only available to iOS users. I think it’s a bit disingenuous to launch a referral program for Beam but fail to mention that it will be iOS only to begin with. They claim they made this decision because 64% of their community uses an iOS device. I don’t have an issue with that, but a traditional website would allow everybody to access Beam and then you can build out the iOS app when that is already in place. At bare minimum the decision to be iOS only to begin with should have been communicated to people when signing up.
Beam’s promise of a 2% APY base account was a lot more appealing when they first launched their idea, just recently Popular Bank starting offering a 2% APY account with no requirements and there are already other accounts like Insight offering 5% APY. It still isn’t clear what will actually be required to earn the 4% APY rate either. We do now know that they are partnering with Evolve Bank & Trust and Synapse Financial Technologies for the limited featured beta. Color me unimpressed at this stage.
