Kevin O’Leary says “Now get over 5% on your cash with Beanstox, so it’s time to skip the banks!”

Beanstox launches free Power Savings Account that invests in T-Bill ETFs currently paying over 5%

Boston, MA, December 14, 2023Beanstox announces a free1 Power Savings account, aiming to help investors beat inflation by earning over 5% on cash invested in T-Bill ETFs2. Income earned on US Government T-Bills is now over 5%, compared to traditional bank savings accounts still paying almost zero2.

Kevin O’Leary, Beanstox Chairman/co-owner commented: “People need to get smart with their cash. Here’s what happened. Inflation increased, interest rates increased, and banks increased what they charge for mortgage loans and other types of loans. Did banks do much to increase what they pay customers on deposits in traditional bank savings accounts? No. Not much at all. The average US Savings Account rate is still not even 1%. So, I’ve moved cash into T-Bill ETFs that currently pay me over 5% on invested cash. Someday, when I want that cash, its easy to access, and there are no early withdrawal penalties. At Beanstox, we’ve made it easy for people to do the same as me with their invested cash. Now clients can get over 5% yield based on current rates. That’s more than 10 times what they might be getting on traditional savings accounts. Also, the Beanstox Powers Savings account is free. People should take better care of their cash, and then maybe tell friends how to skip the banks. Get over 5%.”

Connor O’Brien, CEO added: “At Beanstox, we help people to be smart with their cash, their savings, and their investing.  ETFs that invest in T-Bills are a great low-risk way for people to invest. Why leave cash at the bank paying the customer almost zero, letting the bank get the profits of investing in T-Bills? Why not skip the banks to make the profit for yourself? Investing in T-Bills ETFs is now easier, no longer requiring big money or complicated accounts. People thinking about risk should know that T-Bills have a strong track record, and the US government has never defaulted on a payment of T-Bills. People who wonder about income tax should know that interest income from T-Bills is exempt from state and local taxes, which is a bonus compared to taxable income on bank savings accounts. At Beanstox, we make investing in T-Bill ETFs easy, automated, and free.”

Beanstox Power Savings Summary:

  • Investment account that invests in T-Bill ETFs currently yielding over 5%
  • Price: Free with Beanstox Simple. Included with Beanstox Plus
  • Advantages: Easy setup, recurring deposits to automate investing

About Beanstox.

Beanstox Inc. is an SEC-registered investment adviser designed for people who want automated, seriously simple investing. Brokerage services are provided by DriveWealth LLC., a registered broker-dealer and member of FINRA/SIPC. DriveWealth is not affiliated with Beanstox. Investing in securities involves risks, and there is always the potential of losing money when investing in securities. Before investing, investors should consider investment objectives and risk tolerance levels and Beanstox’s charges and expenses. This does not constitute personalized investment advice, recommendations, or solicitations to hold, buy, or sell any investment or security of any kind.

Media Contact

Louise Anne Poirier, Beanstox Inc., 1 617-878-2102, [email protected] 

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