Branchless bank Green Dot is launching highest yielding bank account in the industry.
a checking and savings product last week with a 2.69% APY following Wealthfront, which offers 2.57%. SoFi offers 2.25%. Chime, which has a .01% annual yield, meanwhile has ushered in 4 million customers by offering advances on paychecks, which Green Dot also plans to offer with its new account.
Green Dot's offer is also above the Fed Funds rate, or the rate at which banks lend money to each other. That is likely to drop this week after a widelyby the Federal Reserve. In June, Goldman Sachs' consumer arm Marcus cut interest rates on its high-yield accounts from 2.25% to 2.15% ahead of the central bank's move. Ally Bank also lowered rates to 2.1% from 2.2% ahead of the Fed decision.
Streit started Green Dot in 1999 with prepaid debit cards geared towards internet users who wanted to shop online. The company went public on the New York Stock Exchange in 2010 and a year later, got into the banking business byUtah-based Bonneville Bank for $15.7 million. In the years since, it has partnered with Uber, which uses Green Dot checking accounts for its drivers, and powers Apple's Pay and Intuit's TurboTax.
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