BankProv Joins the MaxMyInterest Platform to Offer Premium High-Yield Savings Account

Rhea-AI Summary

BankProv announces a nationwide partnership with MaxMyInterest to offer high-yield savings accounts, enabling depositors to open accounts within a minute. The BankProv Max Savings account, available exclusively on the Max platform, requires no minimum balance and provides competitive interest rates. With FDIC and DIF insurance, customers can enjoy full deposit insurance on their accounts. This collaboration aims to enhance customer experience, especially for those seeking digital banking solutions and better interest rates.

Positive

• Partnership with MaxMyInterest enhances customer access to high-yield savings accounts.
• No minimum balance required to open the BankProv Max Savings account.
• FDIC and DIF insurance ensures complete security on deposits.

Negative

• None.

New offering enables depositors to open high-yield savings accounts at BankProv in less than one minute

AMESBURY, Mass., March 1, 2023 /PRNewswire/ -- BankProv, a future-ready commercial bank that offers technology-driven banking solutions to its clients, is pleased to announce its nationwide partnership with MaxMyInterest (Max), an intelligent cash management platform for individual investors and financial advisors. Through this partnership, BankProv is joining the Max platform to provide its clients and Max members an easy-to-open, high-interest savings account.¹ The account, BankProv Max Savings, is offered exclusively on the Max platform with no minimum balance required to open the account.²

Max helps depositors seamlessly distribute their cash balances among multiple bank accounts. With Max, clients can earn more on their deposits through highly competitive yields while simultaneously benefitting from greater aggregate deposit insurance coverage, one-click funds transfers, and consolidated tax reporting.

"We're excited to work with Max, a company that shares our passion for providing a superior client experience," said Joe Reilly, Co-CEO of BankProv. "From quickly opening an account to maximizing returns on deposit balances, the BankProv Max Savings account on the MaxMyInterest platform will further enhance the banking experience for our clients. We believe our partnership with Max will provide benefits as more consumers continue to seek digital banking options and keep a closer eye on interest rates."

"We are proud to partner with BankProv, an innovative bank that has a long history of serving clients in Massachusetts and across the country," said Gary Zimmerman, Founder and CEO of MaxMyInterest. "Together with BankProv, we can help clients ensure that all of their funds remain fully-insured, while earning market-leading rates."

BankProv is able to offer 100% insurance on all deposits with the FDIC covering the first $250,000 and the remaining covered under DIF. DIF is a private, industry-sponsored insurance fund that insures all deposits above FDIC limits. The combination of FDIC and DIF insurance provides customers with full deposit insurance on their deposit accounts. As a result of this partnership, Max members are now able to open a new BankProv FDIC and DIF-insured savings account which can be conveniently linked to their existing checking account.

About BankProv
BankProv is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank that offers a comprehensive suite of banking products for corporate clients. The Bank is a premier Banking-as-a-Service (BaaS) provider and specializes in technology-driven banking solutions to niche markets, including mortgage warehouse lending, renewable energy, fintech and enterprise value lending. Headquartered in Amesbury, Massachusetts, BankProv is the 10^th oldest bank in the nation. The Bank insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). To learn more about the organization, visit bankprov.com.

About MaxMyInterest
MaxMyInterest ("Max"), a service of Six Trees Capital LLC, offers intelligent cash management solutions for individuals and financial advisors that enable individual investors to earn dramatically higher yields on cash. Max's patented technology helps clients reallocate funds among their checking and high-yield savings accounts to earn the highest yield possible while keeping their funds safe in their own FDIC-insured bank accounts.

Max is available direct to individuals at MaxMyInterest.com, and can also be integrated into wealth management platforms, so that banks, brokerage firms, registered investment advisors, multi-family offices, and fintechs can deliver better cash solutions to their clients. Max benefits banks by helping them attract direct customer relationships and deposits without spending money on advertising or referral fees.

Max is not a bank and is not affiliated with any bank or financial institution. MaxMyInterest is a registered trademark of Six Trees Capital LLC. Learn more about Max's solutions for self-directed investors at MaxMyInterest.com, for financial advisors at MaxForAdvisors.com, and for banks at MaxForBanks.com.

Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as "may," "will," "would," "intend," "believe," "expect," "plan," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. These statements are based upon the current beliefs and expectations of Company management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: the effects of any pandemic disease, natural disaster, national or international war, act of terrorism, accident, or similar action or event; those related to the real estate and economic environment, including inflation, particularly in the market areas in which the Company operates; fiscal and monetary policies of the U.S. Government; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company's filings with the Securities and Exchange Commission, which are available at the SEC's website, www.sec.gov.

The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above or other factors could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically disclaims any obligation to publicly release the results of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Press Contact: Tricia Peters, Vice President of Marketing
Phone: 480-253-8376
Email: tpeters@bankprov.com

¹ Interest rates are set independently by the banks supported on the Max platform and are subject to change at the discretion of each bank. 
² This account is only available at maxmyinterest.com and requires a MaxMyInterest subscription.

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SOURCE BankProv

FAQ

When did BankProv announce its partnership with MaxMyInterest?

BankProv announced its partnership with MaxMyInterest on March 1, 2023.

What is the BankProv Max Savings account?

The BankProv Max Savings account is a high-yield savings account available exclusively through the MaxMyInterest platform, allowing easy account opening with no minimum balance.

What type of insurance does the BankProv Max Savings account offer?

The BankProv Max Savings account offers 100% deposit insurance through a combination of FDIC and Depositors Insurance Fund (DIF) coverage.

How quickly can one open a BankProv Max Savings account?

Depositors can open a BankProv Max Savings account in less than one minute.

What are the benefits of using the MaxMyInterest platform?

The MaxMyInterest platform allows clients to earn competitive yields, consolidate tax reporting, and enhance deposit insurance coverage.