The product we are fixing is one that everyone has, but few understand how it really works—your bank account.
When you open a bank account, you are effectively loaning your cash to the bank at negative real interest. Why? Inflation at the time of this writing is near 2%, and your cash is likely sitting at one of the Big Four banks earning 0.01% interest. That compounds significantly over time. This is—in essence—a bad deal that everyone simply accepts without questioning (or until now). It’s a bad deal that everyone takes from cradle to grave.
What’s more, not everyone gets the same deal. America’s wealthiest 1% today gets to earn above-inflation return on their bank cash, while most of the Americans do not, especially the poor and under-educated. That is far from fair.
Beam makes it its mission to change that. Beam leverages software and financial engineering to deliver the best-possible-rate deposit account to consumers nationwide, bringing justice and simplicity back to banking.