Maximizing Your Savings: The Flourish Cash Advantage

By Marc C. Shaffer

In today’s higher interest rate environment, it’s crucial to review the yield on your bank savings and money market accounts.

For example, as of May 2024, the national average rate for regular savings accounts was 0.45%, while many high-yield savings accounts were offering an Annual Percentage Yield (APY) of around 5.00%.

One option that has remained competitive (among others) is Flourish Cash.

Key Features of Flourish Cash:

  1. Competitive Yield: As of October 2024, Flourish Cash offers a yield of 4.50% on account balances.
  2. Increased FDIC Insurance: Funds are allocated across FDIC-member Program Banks, providing extended insurance coverage.
  3. No Minimum Balance: Open an account with any amount.
  4. Zero Account Fees: Enjoy fee-free banking.
  5. Easy Online Access: Open and manage your account online with ease.
  6. Simple Transfers: Link to your existing bank account for seamless transfers.

When we work with clients, we typically suggest maintaining a comfortable balance in a primary bank account for bill payments, while moving excess cash to a high-yield savings account, such as Flourish Cash to benefit from the higher yield.

Account Types Available:

  • Individual
  • Revocable Trusts
  • Corporations
  • Limited Liability Companies
  • Joint Accounts
  • Partnerships
  • Nonprofit organizations

Extended FDIC Insurance Limits:

  • Individual accounts: Up to $5 million
  • Joint accounts: Up to $10 million
  • Business or nonprofit accounts: Up to $5 million

For more information, please refer to the Flourish Cash Fact Sheet or visit www.flourish.com/clients/cash.

Interested in opening an account? Let us know, and we can have an invite sent directly to you.

As always, we’re here to answer any questions you may have about this or any other financial matter.

Please note: The information published was believed to be correct at the time of publishing. Please review all due diligence information provided directly from this company, or any other company, before making a decision.

Sources:

https://www.synchronybank.com/blog/what-is-a-high-interest-savings-account/

https://www.cnbc.com/select/high-yield-savings-account/

https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/

 

The opinions expressed herein are those of certain Searcy Financial Services, Inc. personnel and are subject to change without notice. The opinions expressed are as of the date of publication and are subject to revision due to changes in the market or economic conditions, which may not necessarily come to pass. Any opinions, projections, or forward-looking statements expressed herein are solely those of the author, may differ from the views or opinions expressed by others in the firm, and are meant for general informational purposes as of the date indicated. Searcy Financial Services, Inc. is not compensated by this vendor, nor are there material conflicts of interest that would affect the given statement.

Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Searcy Financial Services, Inc.

The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.  

Published for the blog on October 30, 2024 by Searcy Financial Services, your Overland Park, Kansas Fee-Only Financial Planner and Investment Manager.