Partnership another milestone in digitization journey.
WEST READING, Pa. & NEW YORK--(BUSINESS WIRE)-- Customers Bank (NYSE: CUBI), a digital-first, fintech-forward financial institution with a growing national presence, today announced its nationwide collaboration with MaxMyInterest (Max)*, an intelligent cash management platform for individual clients and financial advisors.
"Customers Bank has demonstrated a commitment to innovation, and we are proud to welcome them to the Max platform," said MaxMyInterest Founder and CEO Gary Zimmerman. "As a result of this collaboration, which leverages our patented Max Common Application, Max members can now earn an even higher yield on their cash in just a few clicks – without switching banks – while remaining confident their cash is FDIC-insured and same-day liquid."
In an age when high net worth clients expect to bank when, where, and how they like, the clear winners are digital platforms that offer convenience, speed, security and access to the best financial products. Max represents an attractive way for individual clients to earn a higher yield on their cash. By utilizing industry-leading rapid account-opening technology, this integration allows Max members to open and begin funding an FDIC-insured Customers Bank high-yield savings account in less than one minute.
"We are pleased to be among a select group of partner banks on the Max platform. The collaboration with Max is the next step in our strategy to partner with market-leading fintech service providers to pioneer innovative financial products and services,” commented Customers Bank Vice Chairman & Chief Operating Officer Sam Sidhu. “The CB Max Savings account is one of our newest accounts designed to help our clients achieve their short- and long-term financial goals.”
Max helps depositors seamlessly and automatically distribute cash balances among multiple bank accounts, automatically seeking the highest yields, even as rates change. With Max, clients can earn more on their deposits through highly competitive yields while simultaneously benefitting from greater aggregate FDIC insurance coverage, one-click funds transfers, and consolidated tax reporting.
This year, Customers Bank partnered with several fintechs to participate in more than 108,000 SBA Paycheck Protection Program Loans nationwide with an aggregate value of more than $5.2 billion. In 2015, Customers Bank launched BankMobile to provide a compliant, mobile-first banking experience that is simple, affordable, and consumer-friendly. Named “Most Innovative Bank” by LendIt in 2019, BankMobile has a disruptive, multi-partner distribution model, known as “Banking-as-a-Service” (BaaS). BankMobile has partnered with T-Mobile Money and Google Money. “The Max partnership is another milestone in our digitization journey,” said Sidhu.
For more information or to open an account, visit MaxMyInterest.com.
* MaxMyInterest and Max are trademarks of Six Trees Capital LLC.
About Customers Bank
Customers Bank, a subsidiary of Customers Bancorp, Inc. a bank holding company, is a full-service super-community bank with assets of approximately $18.8 billion at September 30, 2020. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals and families. Services and products are available wherever permitted by law through digital-first apps, online portals, and a network of offices and branches. Customers Bancorp, Inc.’s voting common shares are listed on the New York Stock Exchange under the symbol CUBI. Additional information can be found on the company’s website, www.customersbank.com.
MaxMyInterest ("Max"), a service of Six Trees Capital LLC, offers a suite of tools for individuals and financial advisors that enable individual investors to earn dramatically higher yields on cash. Max automatically works to help ensure deposits earn the highest yield possible while remaining FDIC-insured. Today, Max members can earn up to 0.85% on FDIC-insured cash, compared to the national savings average of 0.05%. Learn more about Max's solutions for self-directed investors at MaxMyInterest.com, for financial advisors at MaxForAdvisors.com, or for banks at MaxForBanks.com.
David W. Patti
Director of Communications & Marketing
Source: Customers Bank