Fair Neobank Announces Dividends up to 4% on their Wealth Building Accounts, 10x More than Most High Interest Savings Accounts

Flat-fee membership cost will also save consumers tens of thousands of dollars over their lifetime

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Sep 22, 2021, 13:54 ET

HOUSTON, Sept. 22, 2021 /PRNewswire/ -- Fair, the first halal-certified neobank in the U.S., today announced the launch of a wealth building investment feature for its members at no additional cost: high-yield accounts that can return annual dividends of up to 4%. With more than half of Americans lacking an adequate emergency fund, this rate could be a game changer for many.

According to Nerd Wallet, high-yield savings accounts earn around 0.2 to 0.6% APY. In contrast, putting your money into a Fair wealth building account can be 10 times higher. That means your investments grow faster.

According to NerdWallet, the best savings accounts are currently only paying consumers between 0.2% and 0.6%. In contrast, Fair wealth building accounts can earn up to 4% annually in dividends, about tenfold higher. The specific return is based on the balance in the wealth building account, and it's paid monthly based on the average daily balance for that month.

"Fair is continually providing our members with new ways to put their money to work and accumulate wealth," Fair CEO & Founder Khalid Parekh said. "We will continue expanding our neobank platform to create more value for a flat fee with no hidden costs, and to enhance our member's path to financial security and freedom."

The Difference of Dividends

"In order to meet halal requirements, a bank account must not earn interest," explained Samuel Golden, Fair Board Member and former Ombudsman at the Office of the Comptroller of the Currency. "Instead, Fair pays dividends, a form of profit-sharing based on assets generated from the investment of pooled funds. Fair Invest, a subsidiary of Fair, will not pass principal losses to its members and based on funding tiers, provide up to 4% annual dividends paid monthly."

These SIPC-insured wealth building accounts from Fair allow members to generate a high yield. In addition, their money in the account is liquid and not locked in for a specific timeframe. Members also earn dividends no matter how long their money is in the account and can withdraw it at any time.

Membership enrollment is available at bankwithfair.com, and the Fair mobile app can be downloaded in the Apple App Store and Google Play Store. Fair membership can be completed with a social security number or a government-issued ID, such as a valid passport or driver's license. Memberships are $69 a year or $6.99 a month. Fair is also offering a lifetime membership for a one-time fee of $99 until December 31, 2021.

ABOUT FAIR
Fair is an ethical, socially responsible neobank and digital financial services platform. Fair offers halal-certified, membership-based services to eliminate surprise fees that can prevent financial freedom and savings opportunities. Dedicated to values that place people over profit, Fair practices socially responsible investing (SRI), environmental, social, and corporate governance (ESG) investing and is halal-certified through 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 FDIC.

Investment and retirement services will be provided by Fair Invest, LLC.

Terms and conditions apply and can be found at bankwithfair.com. Connect with @bankwithfair on Facebook, Twitter, Instagram and LinkedIn.

Disclaimers :

Investment and lending products are provided by Fair Invest, LLC, a registered investment advisory firm with the Securities and Exchange Commission. Custodial 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 SIPC (http://www.sipc.org/).

Please note that these products are:

Protected by SIPC insurance for Fair Invest, LLC accounts on APEX Platform, not insured by FDIC insurance. SIPC insurance covers customer claims up to $500,000, with a maximum of $250,000 for cash claims. For details, see www.sipc.org
Not a deposit or other obligation of, or guaranteed by Coastal Community Bank, Member FDIC, or any bank affiliate
Subject to risk including possible loss of invested principal. This risk is assumed by Fair Invest, LLC so member's invested principal will not be impacted by such losses. For details, see https://bankwithfair.com/terms-conditions/

SOURCE Fair