[For an update on Beam, see this post.]
We’ve talked about Beam before, previously when we talked about it it was either pre release or in private beta. It’s now in a public beta and offers 1.5-7% APY. The base rate is 1.5% and you can increase it to 7% APY, to get the increased rate you need to earn and redeem ‘billies’, these then raise the rate for that day. In addition you can also increase the base rate to up to 2% APY, 2.5% APY or 3% APY. In most cases the only real way to increase the base rate is by referring friends, you can also get one billie each day for logging into your account (that can be used to increase the rate for a single day). My personal opinion is that it’s not worth considering Beam, the only real way to get a rate higher than 1.5% is by inviting friends. You don’t really want to invite your friends though because 1.5% APY is not a competitive savings rate (unless they also refer their friends and so on). For the best current high yield savings accounts click here.
