According to NerdWallet, the best savings accounts currently only pay consumers between 0.2% and 0.6%. In contrast, Fair Wealth Building Accounts can earn up to 4% per year in dividends, or about ten times that. The specific return is based on the balance of the wealth building account, and it is paid monthly based on the average daily balance for that month.
âFair is continually providing our members with new ways to put their money to work and accumulate wealth,â Fair CEO & Founder Khalid Parek noted. “We will continue to expand our neo-banking platform to create more value for a lump sum with no hidden fees, and to improve our members’ path to financial security and freedom.”
The difference in dividends
“To meet halal requirements, a bank account must not earn interest,” explained Samuel DorÃ©, Fair Board Member and former ombudsman in the Office of the Comptroller of the Currency. âInstead, Fair pays dividends, a form of profit sharing based on the assets generated by the investment of mutual funds. Fair Invest, a subsidiary of Fair, will not pass on major losses to its members and, by doing so, depending on funding levels, will provide up to 4% of annual dividends paid monthly. “
These Fair SIPC insured wealth building accounts allow members to generate high returns. In addition, their money in the account is liquid and is not blocked for a specific period. Members also earn dividends regardless of how long their money is in the account and can withdraw it at any time.
Membership is available on bankwithfair.com, and the Fair mobile app can be downloaded from Apple App Store and Google Play Store. Membership in the salon can be completed with a social security number or government-issued identification, such as a passport or valid driver’s license. Memberships are $ 69 a year or $ 6.99 a month. Fair also offers a lifetime membership for a one-time fee of $ 99 up to December 31, 2021.
ABOUT THE FAIR
Fair is an ethical and socially responsible neobank and digital financial services platform. Fair offers halal-certified and membership-based services to eliminate surprise fees that can prevent financial freedom and savings opportunities. Dedicated to values ââthat put people before profit, socially responsible investing (SRI), environmental, social and corporate governance (ESG) investment is fair and is halal certified by AAOIFI. Fair donates 2.5% of its profits to global refugee causes and racial economic empowerment initiatives. Fair banking services are provided by Coastal Community Bank, member of the FDIC.
Investment and retirement services will be provided by Fair Invest, LLC.
The general conditions apply and can be viewed on bankwithfair.com. Connect with @bankwithfair on Facebook, Twitter, Instagram and LinkedIn.
Investment and loan products are provided by Fair Invest, LLC, an investment advisory firm registered with the Securities and Exchange Commission. Custody and brokerage services are provided by Apex Clearing Corporation, a member of the New York Stock Exchange (https://www.nyse.com/), FINRA (https://www.finra.org/) and of the ISDR (http: //www.sipc.org/).
Please note that these products are:
- Protected by SIPC insurance for Fair Invest, LLC accounts on the APEX platform, uninsured by FDIC insurance. SIPC insurance covers customer claims up to $ 500,000, with a maximum of $ 250,000 for cash claims. For more details see www.sipc.org
- Not a deposit or other obligation of, or guaranteed by Coastal Community Bank, FDIC member, or any banking affiliate
- Subject to risks, including possible loss of invested capital. This risk is assumed by Fair Invest, LLC, so the member’s invested capital will not be affected by such losses. For more details see https://bankwithfair.com/terms-conditions/