NEW YORK, N.Y., Feb. 18, 2015 (GLOBE NEWSWIRE) -- via PRWEB - MaxMyInterest, an intelligent online cash management solution that helps investors automatically maximize the interest they earn on their bank deposits, has added Consolidated Tax Reporting to further enhance the convenience of its platform. With one click, Max members can now receive all of the 1099-INT forms for their linked savings accounts, delivered to their email inbox as a single password-protected PDF file.
MaxMyInterest is the first financial technology solution to provide individual investors and the banks, brokerage firms and registered investment advisors that serve them with an automated 'cash sweep' service that helps maximize both FDIC insurance coverage and yield. MaxMyInterest members link their existing checking account at Bank of America, J.P. Morgan/Chase, Citibank, Wells Fargo or First Republic Bank to higher interest earning online banks such as GE Capital Bank, Barclays, Ally Bank, American Express and Capital One 360. MaxMyInterest then automatically allocates cash among these accounts in an optimal manner, even as interest rates change. The service plans to add support for additional banks and wealth management platforms over the coming months.
MaxMyInterest members are currently earning a weighted average 0.99% on their cash, as compared to the Bankrate.com national savings average of 0.09%, or most money market funds that yield 0.01%. In addition, MaxMyInterest helps its members obtain additional FDIC insurance coverage by managing their cash across multiple FDIC insured banks. Through a combination of individual and joint accounts, couples can obtain up to $5 million of additional FDIC insurance coverage beyond that already provided via their existing brick-and-mortar bank accounts.
"Most of our members are earning more than 1.00% in interest via FDIC-insured savings accounts at leading online banks. That is exponentially higher than the norm for traditional cash accounts," said Gary Zimmerman, Founder and CEO of MaxMyInterest. "With the addition of Consolidated Tax Reporting, preparing for tax season is now as simple as printing one PDF file or forwarding an email to your accountant."
Investors can join MaxMyInterest.com from any web or mobile device. The site contains explanatory videos and an interactive calculator that shows investors how much more they could earn by using Max to automatically optimize their cash.
What is MaxMyInterest?
MaxMyInterest is an online cash management solution that helps individual investors maximize the interest they earn on the cash in their portfolios. High net worth individuals typically keep around 20% of their portfolio in cash. Cash/equivalents held by just the top 1% of U.S. earners exceed $1.5 trillion. MaxMyInterest monitors interest rates daily, and periodically rebalances accounts so that members continue to earn the highest yields, even as interest rates change. By default, Max also helps keep account balances within the FDIC-insurance limits at each bank. Max is not a bank and never takes custody of client funds. Members keep their existing checking accounts, so direct deposit, bill pay, and access to tellers and notaries remain unchanged.
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