Beam App Review

Wanted to give a review of Beam the new checking account that offers between 2-4% Interest. It’s available in Beta for iPhone users.

The accounts are FDIC Insured by Evolve Bank and Trust and linked to Beam through Synapse Technologies. Not really sure who either of them are, but didn’t bother me.

Sign up process was easy as all you need to do is provide basic information and take a picture of your license. Then you link your other bank account to deposit funds.

Everyone automatically gets 2% interest (one of the top interest rates around) but can earn additional interest by collecting Billies. Billies are something Beam makes you login to get at 6PM everyday to boost your interest. The only other way to earn Billies is to refer people to the app (my link)

Savings Account Competition

Banks are starting to pay more money in interest on savings accounts.

PurePoint (an affiliate of Union Bank/MUFG) is paying 1.90% on balances over $10K

A new startup Beam (link to join waitlist) is offering 2%+ on Savings Accounts (that are supposedly insured by Evolve Bank). –> Review to come in a separate post.

Meanwhile, ~50% of US Households have a relationship with Chase (Source: Chase 2016 Annual Report) who is currently paying 0.01%

If you invested $10K with Chase, at the end of the year you would have $1 in interest, if you invested in a high yield savings account you could have $190+

Saving on Car Rentals

Reader Sean asked about a car rental and figured I would post some tips for getting a good price. On his 3 day rental he saved over $50

Go to

Enter in rental details and then click discount codes

Try a couple of codes in this link to see which ones offer the best price

Hit select my car

The price per day should be around $32

Best Card for people with no or little credit

Before opening any card make sure you will be able to pay off any card you open. The moment you miss payments, is the moment where none of these rewards are worth it. Next, look for a card with no annual fee and make a couple small purchases a month and pay it off, this will help you build positive credit history.

If your out of college and employed or an adult with pretty good Credit, check out the Chase Freedom (my link)

Highlights: No annual fee, 5X points in rotating categories, $150 if you spend $500 in the first 3 months

If your in school still the Citi Thank You Preferred for College Students (Link) and the Discover It Chrome Card (Link) are nice options.

Citi Highlights: No annual fee, 2X points on dining and entertainment

Discover Highlights: No annual fee, 2% cash back on restaurants and gas, $20 credit each year for gpa over a 3.0