Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
0.5% - 4%(Verified 06/21/2024)
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Minimum Opening Deposit
Starting at $1
Minimum Balance to Earn APY
N/A
Beam Account Review
Beam Account is offered by Beam, a financial services company founded in 2017 and based in San Francisco, CA. Beam savings account are available in 50 states and Washington, DC.
Key Takeaways
- High yield savings. This account offers an annual percentage yield of up to 4%, which is much higher than the average interest rate for a savings account.
- No monthly maintenance fees. This account does not charge any monthly account fees.
- Small minimum initial deposit. You only need $1 to open an account.
Beam savings account Pros & Cons
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Beam savings account FAQ
Are savings accounts from Beam federally insured?
Yes, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
Does Beam offer a signup bonus?
Beam savings account doesn't offer a signup bonus.
What is the minimum initial deposit for Beam savings account?
The minimum deposit to open a Beam savings account is $1.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | Starting at $1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Required Balance | $1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Beam Account offer?
Beam savings account offers a variable APY starting at 0.5% and ranging up to 4% (APY stands for annual percentage yield, rates may change).
What fees does Beam savings account charge?
Beam savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.
What features and perks does Beam savings account offer?
This savings account includes the following features:
- Mobile Banking Services - Beam savings account allows you to manage your money online or with a mobile app.
Can you set up a direct deposit to Beam savings account?
Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.
What is the customer support email for Beam savings account?
The customer support email for Beam savings account is info@beamsolutions.com.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.