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.
I just got an invite. I read their web site.. something about “Billies” I don’t understand their nonsense.. how can I get 7%?
Just got access to the trial account at 2% base. Limited to $400 transfer limit. Will provide update shortly on the rate increase(s) with the “Billies”
Someone just posted a Beam demo on youtube: https://www.youtube.com/watch?v=zCks2Qx-9ao
It’s been several hours now, I don’t know if my previous attempt at this reply is going to get out of the moderation queue at all at this point, apparently triggered by using the shortened format Youtube link that Youtube provides by default these days… :-S … so I’m just going to go ahead and repost the rest of it now while I still have a copy of it. Sorry for what may end up being a repost, but this is important information I was trying to share sooner rather than later, and some really random stuff has been hitting moderation triggers lately (I had already tried to be cautious by not including more than one link in the original post).
—
This is the important part, a screenshot of the explanation of the current ways to increase your interest rate from the base 2%.
[had a link to jump to 74 seconds into the video here]
From that plus a few text-based reviews elsewhere online (google ‘beam savings billie’ to find them), I learned the following:
Unless they add more ways of boosting your interest rate (the ads/videos/surveys we’d expected), you won’t be getting much above 2% for any sustained period unless you are one of the lucky few who can manage to refer a lot of people on an ongoing basis. You only get one “Billie” a day (pig to click on for a 1-day-only rate boost of a random usually-modest amount, ~0.1-1.0%), without referring people, and you have to claim it in the app within a 1-hour window each day.
The full-fledged beta accounts are capped at $15k balance, and the trial accounts are capped at $400.
Beam told one blogger, “On April 4th, we began on-boarding our waitlisters, beginning with those at the top of the list and we will be adding others on a weekly, rolling basis. Currently, we have been taking approximately 30-75 people off the waitlist each week”
Beam does not have a direct relationship with Evolve Bank, it is through some intermediary company called Synapse Financial Technologies. The money presumably ends up in Evolve Bank as Beam claimed, but bloggers have been unable to get confirmation of this from Evolve Bank.
Got email today
Dear Fellow Beam-Liever,
We are happy to announce that we are rolling out the Beam Trial Account!
Our records indicate that you have made at least one successful referral to the Beam waitlist, which means that you have met the preliminary requirements for opening a Trial Account. Congrats!
To receive an invitation to the Beam Trial Account, please complete this brief Trial Account Pre-Onboarding Questionnaire ​within the next 72 hours. This will verify your mobile device type to ensure eligibility.
The Trial Account will be available on the iOS platform first, followed by Android. If you are an Android user, don’t worry: The Beam Trial Account for Android is scheduled to be released in August. Please also complete this brief Trial Account Pre-Onboarding Questionnaire and you will be notified once it is ready.
Don’t hesitate to reach out to us directly at [email protected] if you have any other questions. We’re listening!
With ♥ from San Francisco,
Beam Team
Just got this email too. Filled out the form. Hopefully we’ll hear back from them soon.
I just received an email linking here: https://blog.meetbeam.com/we-heard-you-announcing-trial-account-rollout-8b85cded2051
Thanks for the update.
Come on, enough with the iOS-only already!
so did beam get release yet ?any news on how much interest
https://itunes.apple.com/us/app/beam-banking/id1259618766?mt=8
Only for those high enough on the waitlist and who have an Apple iOS device.
i am eternally grateful for all the odd little banks i find in small towns…still to this day will never forget visiting family for the holidays and discovering a Bank, not a credit union, would pay me $25 to open a checking account that earns 5.01%APY on up to $5k after only 10 debit transactions, not to mention you can open TWO and get the $25 twice….AND they have a single digit variable interest (yes yes i know INTEREST IS THE DEVIL) credit card with reasonable fees (and the variable rate only updates quarterly, and earns cash back or points)….OK…….and their card works in all mobile wallets….OK…That is $520 a year of free money! OH and its based not on average daily balance, but on the balance the end of the month! Yeah its a tiny bank with under 50 branches but still….I Giggle everytime I see my mom and she tells stories of when CD rates were 15%…..lets just pray that we dont see too much rate jacking and balance chasing to those people that use their credit responsibly…
anyway cheers to a savings account rate that is that high!
what’s the name of this bank? 🙂
I remember going to the bank with my Mom to cash out a CD when it matured. 18%. Local bank, many years ago.
How to check the waitlist position?
http://www.meetbeam.com
Put in your email address and it will tell you where you stand in the queue.
Just referred the SO to move up 75k spots. Lol.
Thanks. Saw 15K above me.
I ended up #4 or something, Chuck was #1. We wanted to give away one of the accounts, still waiting to hear back. The beta doesn’t show you what rate/factors go into it you just get a bonus rate of 7% APY or something ridiculous.
Will you getting an invite to join Beam soon? I mean in the next few days?
I’m not sure because I wanted to give my account away, no idea what’s going on with that at the moment unfortunately.
They just announced the official top-10-referral winners today: https://blog.meetbeam.com/announcing-the-top-10-winners-c8dcb369dcf6
Any DPs on the trial rollout? I assume one of you has an iOS device, yeah?
What’s the maximum balance for the 7%?
You could do a lot of damage.
Looks like it’s going to be at most $50k, maybe less.
I have an Android phone but I also have an iPad. I downloaded it there and now I’m waiting on this waitlist.