Venti is a new fintech that is promising 8% APY. Given that current basic saving rates are 5% APY, there has to be a catch. In this case the catch is that interest is given in the form of points and the points can be used towards travel rewards. Some other information:
- Annual fee of $40 (waived first two years if you join the waitlist by January 1, 2024)
- 1 point = $1 towards travel
- 20 point sign up bonus after first deposit
This does have FDIC insurance as well. How useful this is really depends on how good the travel platform is, an extra 2.5%-3% APY could make it worth it. A lot of times these products never actually launch or dramatically change before launch so let’s see what happens.