Beanstox announces a free Power Savings account, aiming to help investors beat inflation by earning over 5% on cash invested in T-Bill ETFs*. Income earned on US Government T-Bills is now over 5%, compared to traditional bank savings accounts still paying almost zero.
BOSTON, Dec. 14, 2023 /PRNewswire-PRWeb/ -- Beanstox launches free Power Savings Account that invests in T-Bill ETFs currently paying over 5%.
Kevin O'Leary, Beanstox Chairman/co-owner commented: "People need to get smart with their cash. Here's what happened. Inflation increased, interest rates increased, and banks increased what they charge for mortgage loans and other types of loans. Did banks do much to increase what they pay customers on deposits in traditional bank savings accounts? No. Not much at all. The average US Savings Account rate is still not even 1%. So, I've moved cash into T-Bill ETFs that currently pay me over 5% on invested cash. Someday, when I want that cash, its easy to access, and there are no early withdrawal penalties. At Beanstox, we've made it easy for people to do the same as me with their invested cash. Now clients can get over 5% yield based on current rates. That's more than 10 times what they might be getting on traditional savings accounts. Also, the Beanstox Powers Savings account is free. People should take better care of their cash, and then maybe tell friends how to skip the banks. Get over 5%."
Connor O'Brien, CEO added: "At Beanstox, we help people to be smart with their cash, their savings, and their investing. ETFs that invest in T-Bills are a great low-risk way for people to invest. Why leave cash at the bank paying the customer almost zero, letting the bank get the profits of investing in T-Bills? Why not skip the banks to make the profit for yourself? Investing in T-Bills ETFs is now easier, no longer requiring big money or complicated accounts. People thinking about risk should know that T-Bills have a strong track record, and the US government has never defaulted on a payment of T-Bills. People who wonder about income tax should know that interest income from T-Bills is exempt from state and local taxes, which is a bonus compared to taxable income on bank savings accounts. At Beanstox, we make investing in T-Bill ETFs easy, automated, and free."
Beanstox Power Savings Summary:
- Investment account that invests in T-Bill ETFs currently yielding over 5%
- Price: Free with Beanstox Simple. Included with Beanstox Plus
- Advantages: Easy setup, recurring deposits to automate investing
Download Beanstox and open a Power Savings Account today
About Beanstox.
Beanstox Inc. is an SEC-registered investment adviser designed for people who want automated, seriously simple investing. Brokerage services are provided by DriveWealth LLC., a registered broker-dealer and member of FINRA/SIPC. DriveWealth is not affiliated with Beanstox. Investing in securities involves risks, and there is always the potential of losing money when investing in securities. Before investing, investors should consider investment objectives and risk tolerance levels and Beanstox's charges and expenses. This does not constitute personalized investment advice, recommendations, or solicitations to hold, buy, or sell any investment or security of any kind.
Disclosures:
* Power Savings: As of September 30, 2023, traditional US Savings Account Rate: 0.45% (Y-Charts), over 5% based on the 30-day SEC yield of the Beanstox short-duration bond portfolio ETF constituents. The 30-say SEC yield is a standard metric defined by the U.S. Securities and Exchange Commission (SEC) and reflects the dividends and interest earned during the period after deduction of the ETF's expenses. There are no assurances that this yield will be sustainable in the future. This product invests in one or more ETFs, but results may vary due to expenses and other factors. Not FDIC Insured – No Bank Guarantee – May Lose Value
** Fees/Free: Free with Beanstox Simple. Learn About Pricing. ETF fees apply.
Source for Chart: YCharts. Data as of 9/30/2023. US Savings Account Rate. 3-Month Treasury Bill Rate.
Media Contact
Louise Anne Poirier, Beanstox Inc., 1 617-878-2102, [email protected], https://beanstox.com/
SOURCE Beanstox Inc.
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