Bank Rank is creating free tools for optimizing personal finance. Our flagship product will eventually monitor nearly 10,000 banks and credit unions that offer checking, savings, or other deposit accounts in the United States.
Because each bank usually offers multiple tiers of various deposit products, there are over 50,000 distinct products, each with their own features, fees, and interest rates. Banks can change their rates and fees daily, making it impossible for any individual to manage.
Currently, Bank Rank monitors over 700 products and we update our product catalogue daily. We include both for-profit banks and non-profit credit unions in our results.
We make this information freely accessible via our online tool which allows you to personalize your queries based on your specific financial needs.
In addition to expanding our catalogue of deposit products, we are building out an automated notification service so users can receive alerts about products with higher rates, lower fees, or additional features. Eventually, we would like to enable users to change accounts with a single click.
The vast majority of deposits are held by a handful of big banks. These banks offer the lowest interest rates to consumers -- sometimes up to 600 times less than what other institutions offer.
Unfortunately, this is not because they offer a product that is 600 times better. They offer lower rates and charge higher fees to subsidize their billion-dollar advertising budget. Smaller banks and local credit unions that can't afford national marketing compete by offering better rates and lower fees, but this data is not made easily available to consumers.
With Bank Rank, users can maximize their deposit interest, minimize fees, and get comprehensive features that suit their personal financial needs.
Our tools will always be free to use. We do not monetize user data, and no personal or finanical information submitted through our tools is sold, exchanged, traded, or otherwise given to any other company.
Bank Rank will monetize premium features, such as Bank Rank Deposit, for customers who want a more convenient experience managing their financial life.
Deposit, is a fully-managed, premium service for users who want additional performance and convenience managing their deposits.
Deposit continuously monitors thousands of accounts and financial institutions, and automatically moves your funds across accounts to maximize your interest rates and minimize fees.
Deposit funds are pooled together and dispursed across multiple accounts to remain fully insured. There are no additional limitations or requirements to access your funds beyond what the various deposit institutions require, so your funds are just as liquid as they would be at your local bank.
By pooling funds, users are able to access higher account tiers, avoid common fees, and take advantage of incentives typically reserved for high-net-worth customers, maximizing everyone's collective yield.
Regardless of the financial account or institution where your funds are located, you can access your funds through your Bank Rank account. As subsequent deposits or withdrawls are made, Deposit rebalances the funds accordingly to maintain the highest yield.
Bank Rank will charge 5% of your account's net interest earned. Because this fee is only applied to your net interest — and not your entire principal — we only make money when you make money.
There are no costs for signing up, canceling, or transferring money in and out of Deposit accounts. There are no other hidden fees or dark patterns to keep you locked into paying for our service. Your deposits are just as liquid and insured in your Deposit account as they are in any other bank or credit union.
We plan on launching an Alpha version of Deposit to a limited number of users, and we invite you to join the waitlist.
To participate, you must:
Want to get in touch? Send us an email: bankrank.alpha@gmail.com