New digital savings portal to revolutionise deposit market

By Joanna England
A new digital savings solution has launched in the US, offering flexible and fast savings options for customers who are building savings portfolios...

A new digital savings solution has launched in the US, offering flexible and fast savings options for customers who are building savings portfolios.

Called SaveBetter.com, the platform connects savers with US banks digitally, boosting the deposit market in the process. SaveBetter.com was launched by Deposit Solutions and is backed by a wide investor base, including Greycroft and PayPal’s Cofounder, Peter Thiel. The service has already handled over US$30bn worth of deposits in Europe. 

Customers keen to save and have access to a growing selection of deposit products will benefit from the wider choice, safety and convenience offered by the platform. Deposits can also be made without the need to open new accounts with selected banks. The system also optimises their saving options through allowing deposits with multiple banks.

Speaking about the venture, Thiel said, “America has a huge deposit market and a mature deposit brokerage industry. The arrival of Deposit Solutions in the US brings an exciting innovation to this market. Deposit Solutions can do for the deposits business what PayPal did for the payments space.”

The platform will also provide US banks with a national reach, through which they can distribute their deposit products. It will ensure more convenience and better savings for customers, all from FDIC insured banks. 

Philipp von Girsewald, Deposit Solutions CEO, explained; “With SaveBetter.com, we offer American banks national reach off the shelf, helping them to fund themselves more effectively with retail deposits. We are the first in the US deposits business to bring savers and banks directly together through a digital platform, creating mutual benefits on both sides.”

He went on to say that a key funding source for US banks are retail deposits because they show positive “behavioural characteristics such as granularity and stability.”

The move will also continue the advance of the digital banking market in the US, which has increased in size massively since the global pandemic. 

CEO and Founder of Deposit Solutions, Dr Tim Sievers, said, “With the launch of our US platform, we are reaffirming our ambition to provide a new infrastructure for the global deposits business. We are proud to be the first company to operate a deposit platform both on the European and American continents. 

"Of course, today’s launch of SaveBetter.com is just the beginning: We now plan to expand the product offering on the platform, win additional partners and bring our vision – of an open deposit market that benefits both banks and savers – to life in the US.”

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