Should You Put Your Money in a High Yield Savings Account from Tellus?
The fintech app is offering interest rates up to 5.12% APR
Let’s face it, savings accounts for the last two decades have been paying out abysmal interest rates — making them a place to avoid if you needed to park money somewhere, earn interest, and have some liquidity.
Even now, a savings account is relatively safe, but also a way to achieve a net loss in money parked due to persistent inflation.
What if you could earn more than 5% APR on money you kept in a savings account? Plus, what if you could do all the work of managing that money from a convenient app on your phone?
Fintech app Tellus is counting on consumers choosing the convenience and high interest of a Tellus savings account.
They are apparently also counting on consumers NOT reading the fine print or investigating just how those high yields are made.
Fortunately, Jason Mikula over at Fintech Business Weekly provides some key insight into Tellus.
The bottom line: Stay away!
Here are some highlights of the Tellus savings product — these should give you pause if you were considering using the app for your savings needs:
