FOR IMMEDIATE RELEASE
System Gathers 1099-INT Forms Automatically
New York, NY — February 18, 2015 — MaxMyInterest, the intelligent online cash management platform helping investors maximize interest earned on bank deposits, has introduced Consolidated Tax Reporting, further enhancing its convenience and ease of use. With a single click, Max members can now access all 1099-INT forms for their linked savings accounts, conveniently delivered via email as a single, password-protected PDF.
MaxMyInterest is the first fintech solution providing individual investors, banks, brokerage firms, and registered investment advisors (RIAs) with an automated “cash sweep” service designed to maximize both FDIC insurance coverage and yield. Members link their existing checking accounts at major banks, such as Bank of America, J.P. Morgan Chase, Citibank, or Wells Fargo, to higher-yielding online savings accounts at institutions like GE Capital Bank, Barclays, Ally Bank, American Express, and Capital One 360. Max then optimally reallocates cash among these accounts automatically, adjusting as interest rates change. Additional banks and platforms will be supported in the coming months.
Currently, Max members earn a weighted average of 0.99% on their cash, significantly higher than the Bankrate.com national savings average of 0.09%, and substantially higher than typical money market funds yielding around 0.01%. Additionally, Max helps its members secure increased FDIC insurance coverage by distributing cash across multiple banks. Couples can receive up to $5 million of additional FDIC coverage beyond existing brick-and-mortar bank limits through joint and individual accounts.
“Most of our members are earning more than 1.00% in interest on their FDIC-insured savings accounts—a dramatic improvement over traditional cash accounts,” said Gary Zimmerman, Founder and CEO of MaxMyInterest. “With Consolidated Tax Reporting, we’ve streamlined tax preparation, enabling clients to manage their cash efficiently and with maximum convenience.”
Investors can join MaxMyInterest at MaxMyInterest.com from any web or mobile device. The website features explanatory videos and an interactive calculator that demonstrates potential earnings through Max’s cash optimization solution.
About MaxMyInterest
MaxMyInterest provides automated online cash management services, helping investors maximize interest earned on their cash holdings. High-net-worth individuals typically maintain about 20% of their portfolios in cash, with the top 1% of U.S. earners collectively holding over $1.5 trillion in cash and equivalents. MaxMyInterest monitors daily interest rates and automatically rebalances accounts, ensuring members consistently earn the highest possible yields. Max is not a bank and never takes custody of client funds; members retain their existing checking accounts, preserving their direct deposits, bill payments, and banking services.
Media Relations Contact
Peter Mansfield
+1 (310) 245-9600
press@maxmyinterest.com