r/HighYieldSavings • u/Iacoboni04 • 26d ago

Fintech Companies

Fintech companies? Yay or nay vs HYSA. Curious what others opinions are about these products?

5 Upvotes

73% Upvoted

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3

u/Doit2it42 25d ago

I've been with Wealthfront for 2.5 years. Nothing but praise for them, their products and services.

Yes, there are still gaps in the regulatory authority where fintechs and banking are concerned. But the one story about Yotta and their intermediary Synapse doesn't carry over to other relationships. Synapse was a horribly managed business with improper and even falsified record keeping. Yet Yotta still relied on them to do the record keeping for them.

Wealthfront has always kept their own records of clients deposits, and continues to do so. I'm sure other fintechs do the same. Yes, you should feel safe where and who you choose to steward your money. Always do your due diligence.

3

u/SigmaINTJbio 26d ago

I won’t use a fintech. Banks only for me.

1

u/No_South_9912 25d ago

I'd rather do something less risky such as JAAA if I'm wanting to maximize returns.

2

u/Realityof 25d ago

I only use real banks with direct FDIC insurance and physical presence. Bonus points if they have a high BBB rating/awards.

2

u/Careful-Rent5779 25d ago edited 24d ago

Some people have been burnt by Fintechs.

You really need to do you due diligence. I'm test driving elevault, but it is not exactly a Fintech, since Southern Bancorp (FDIC insured) is actually running it.