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  Beam Account
Beam Account
in Savings Accounts from Beam · Member FDIC
Unaffiliated

Beam Account

Unaffiliated
in Savings Accounts from Beam · Member FDIC
Net Recommendation Score -100  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Rating not yet determined  

0 users recommend
0 users are unsure
3 users don't recommend
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Highlights
Community Rating

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Monthly Fee $0
APY (Annual Percentage Yield) 0.5% - 4%
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 Account is available in 50 states (and Washington, DC).

Key Takeaways

  • Very high APY. This account offers an annual percentage yield of up to 4%, which is much higher than the average interest rate for a savings account.
  • $0 monthly fee. This account does not charge a monthly Service Charge.
  • Small minimum initial deposit. You only need $1 to open an account.

Beam savings account Pros & Cons

Pros Cons
  • Available in all 50 states.
  • High-interest yield.
  • No signup bonus.
  • Does not offer mobile check deposits.
  • Does not provide access to a nationwide ATM network.
  • Does not come with a debit card

Beam savings account FAQ

Are savings accounts from Beam federally insured?

Yes, this account is insured up to $250,000 per person 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.
Beam Account Minimums
Description
Minimum Opening Deposit Starting at $1
Minimum Required Balance $1

What APY does Beam offer?

Beam savings account offers an 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?

In most cases, the answer is yes. 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.

How do people rate the customer service and user experience of Beam savings account?

Overall, Beam savings account is strongly not recommended based on community reviews that rate customer service and user experience.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
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.

Contact

About Beam Account

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Minimum Opening Deposit Starting at $1
Minimum Required Balance $1
Monthly Fee $0
Early Account Closure $0
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of Identity
Account Features
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Mobile Banking
  • Member FDIC
APY (Annual Percentage Yield) 0.5% - 4%

Beam Account Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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