Posted by William Charles on December 4, 2019
Savings Accounts

Published on December 4th, 2019 | by William Charles

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Beam Bank Review – High Yield Savings Account Now In Open Beta – Up To 7% APY

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.



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Jags
Jags

It’s like MLM for savings accounts.

JoeHx

that’s exactly what I though when I read “unless they also refer their friends and so on”

I guess the only difference is you won’t lose money?

danny
danny

its a reverse funnel!

Frito Pendejo
Frito Pendejo

Sounds like a mlm

Ferris
Ferris

Welcome to Amway Bank.

Lou
Lou

I took $5 Amazon from them in exchange for a phone call. Didn’t open an account.

Riley
Riley

Can you explain a little more about how you got the $5 amazon from them?

DP
DP

Join the “billie club” — we beat the heck out of the competition. lol

Jorge Ramos
Jorge Ramos

Quick recap on my experience: I was an early sign up to the waitlist, signed up back in August 2017. They launched the app (non-beta) on Oct 25, 2019 and I opened an account and deposited $100 just to try it out.

Not a good interface, but I can tolerate that, no way to turn off a clunking coin sound when you are in the app looking at your balance, no way to change the notifications or not get them, app occasionally logged me out and had to log back in typing both username and password every time.

You had to open the app daily to receive your 2 daily free billies or apply them to your account and when you opened the app you were greeted with a quote of the day about a bible verse about finances or a Warren Buffett quote among others, I thought that was unnecessary.

As mentioned in this article, the interest earned is a ‘daily interest’ and expires the next day so just for a day you are getting an increased APY, I don’t recall exactly my highest APY but it was around 4%. There was a restriction on the amount of ‘billies’ you could redeem per day, 5 maximum if I recall.

I ended up silencing the app and later installing it and after a month reinstalling it to get my $100.07 dlls. And at the moment I could only get the $100 back, leaving the cents in there since I wasn’t allowed to pull the full balance… Just reinstalled the app and I was able to pull the 7 cents, but overall I think this is just a waste of time and I rather have my money somewhere else. If I left the money in SoFi I could have earned .13 cents at the current 1.6%APY doing nothing. I like that much better. Maybe someone else had a better experience?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

I have the exact same experience and was an early user with them. I now use SoFi can keep huge balance and them and not worry about 6 withdrawals or any hoops to jump through.

Royal Green

Yeah, SoFi has been the best one for me overall considering their no-hassle system and excellent customer service.

J2
J2

Thank you for this. Good information.

Jorge
Jorge

Like many, I had the same experience with Beam. Simply not worth the hassle. Take your money elsewhere.

Fat Ted
Fat Ted

Same. Never saw 7%. Not worth the hassles you mentioned.

Bob
Bob

Should also note that it is capped at $15k

Jeremy
Jeremy

They do have a program coming out later on for those that deposit 100K to get a higher rate, though it hasn’t been finalized at this time.

fubag
fubag

what the hell happened to the waitlist signup where I was guaranteed 3-5%? lol

Sam
Sam

the only real way to increase is to refer friends….how is this not a MLM?

M
M

MLM’s generally have a downline, where the person at higher up gets a % of those below. This is not the case with Beam.

They are basically paying you for advertising for them, which is fine by me. I already refer multiple people to different referral programs.

Joe
Joe

So, this is a pyramid scheme?

Chris
Chris

Littered with bugs, constantly logged out, and literally get a max of .05% boost per Billie. Don’t waste your time.

LD
LD

I have had Beam for over a year and finally called it quits. Each new iteration is less valuable and gets worse. 250 billies got me a rate sub 5% for only a few days because they have devalued the billies to about 0.05% on average, Not worth the extra energy and time when you can get a higher base rate without doing anything elsewhere.

Jason
Jason

I tried it for a couple of weeks with a $100 deposit and then pulled the $100 back out when the app decided to keep logging me out. The app was initially clunky and then quickly became borderline unusable.

Shaun
Shaun

Couple things weirded me out in my short time with them.

I only ever had $50 in my account. When I decided to pull it out I was at $50.02. They made me leave the .02 in my account for “security reasons.” How much would they not let me withdraw if I had all my savings in there?

Recently I’ve been closing open accounts that I have around places and Beam was one of them I wanted to close. Before they’d let me close they said that they had to P2P transfer the .02 and if I wanted Venmo or PayPal? Never had a “bank” offer to Venmo me before. The PayPal payment ended up coming from a personal Yahoo account. Kind of gives me the heebee jeebies.

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