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Mayfair
p/mayfairThe 5.02% APY business cash account
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Matthew Eley

Mayfair - Your cash shouldn’t be earning peanuts.

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Do you love your business account? Mayfair users say that we're “night and day better than everything else." With Mayfair, you can earn 5.02% APY and protect it with up to $50m of FDIC insurance. High-yield, low-risk, fully liquid, simple.

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Matthew Eley
Maker
📌
Hi folks, In the year since we first launched Mayfair on ProductHunt, we've witnessed a historically rapid increase in interest rates, not to mention the sudden collapse of banks that almost everyone assumed were stable. Founders and business owners are torn between the desire to earn yield on their cash and the fear of putting it anywhere but the major, “too big to fail” banks where it earns next to nothing. We rejected the solutions offered by our competitors. Money market funds? Too many embedded risks. Treasury bills? Exposed to market volatility. Cherry-picking banks? March 2023 shows that doesn’t work. With Mayfair, you don't have to choose. We've created a cash account offering one of the highest yield rates available to businesses—5.02%—and paired it with access to $50m in FDIC insurance, plus the reliable liquidity of cash. That means that for most businesses, worries about bank runs, “liquidity” fees on withdraws from money market funds, and general institutional stability is a thing of the past. Best of all, we've built an intuitive treasury management tool that’s designed to adapt to how you run your business, with features like: • Free same-day and next-day transfers • Automated cash sweep • Multi-entity management from a single dashboard From the beginning, we built Mayfair to be as secure and risk-free as possible. Today's launch (and our recent SOC 2 Type 2 certification) is another step towards that goal. Along the way, we've also built one of the most intuitive, highest-yield cash management tools available to businesses.
Ryan Hoover
🔌 Plugged in
Congrats on the launch, @matthew_eley! Curious how this compares to Wealthfront. They're offering 4.8% APY (less but close to what Mayfair is providing) for fully liquid cash accounts, FDIC insured up to $8M (also less than you but most won't hit that limit).
Matthew Eley
Maker
@rrhoover Ryan, thanks for the excellent question. I appreciate your taking the time. Wealthfront has always been an inspiration for us—probably the biggest difference is that they've built a great product for consumer finance/cash management, whereas our focus has always been building for businesses. One great example would be our "multiple entities" feature, which is especially useful for rental companies, landlords, real estate groups, etc.—firms with multiple companies under one umbrella organization. With Mayfair, you can administer cash accounts for all of these entities with just one log-in. Another example: we've designed our admin abilities in a way so that business owners have full control of a Mayfair account while giving finance teams/accountants read-only access the numbers they need to keep books balanced. It's easy even if you have 20+ multiple entities! Compared to what Wealthfront has done for personal finance, businesses are drastically underserved by traditional solutions. We're hoping to close the gap.
Ryan Hoover
@matthew_eley got it! The business focus is a big differentiator.
Jake B (Launched 11.20)
How are you paying the rates without exposing people to credit or market risks?
Matthew Eley
Maker
@chtrbx_ai Great question, Jake. The answer is simple: old-fashioned negotiation. Our founding team has hybrid backgrounds in investing and technology, so we know where to push and how. Banks are still eager to access the high volume of business funds we can bring them and the quality of our customers, given our careful customer verification. In return, our customers enjoy high yields without the risks associated with money market funds or treasury bills.
Jake B (Launched 11.20)
@matthew_eley so you are making loans to another financial institution and earmarking it for non treasury or non money markets? How are the banks (who are receiving your clients deposits) lending/investing to provide those returns?
Matthew Eley
Maker
@chtrbx_ai Appreciate the insightful questions. Within a Mayfair account, a customer’s cash is simply a cash deposit at the bank, just like you would deposit cash at any other bank. It doesn’t get lent out to yet another bank, nor does Mayfair instruct it to be invested. Also, just like in a regular bank, customer cash is a liability of the bank (it owes the customer the cash back on demand). Banks have many options with their overall deposit base, subject to regulatory restrictions. Of course, nobody can control what the bank does with deposits within those restrictions, which is true for any bank. They might lend them out to their customers, or they might buy Treasury securities, for example. This is why we actively monitor the health of our bank partners, looking at over 50 metrics within FDIC reporting to ensure our partners are healthy. Of course, this is also why we offer $50m of FDIC insurance—our goal is that our customers shouldn’t have to worry at all about the safety of their funds.
Jake B (Launched 11.20)
@matthew_eley Is it fair that your bank sweep program is what offers the additional insurance? And if you are sweeping the funds… is it fair to say that the clients assets (that were swept) could ultimately end up invested in treasuries or money markets… correct?
Matthew Eley
Maker
@chtrbx_ai That’s correct, the sweep network is what offers the additional insurance. That sweep network consists only of other banks under the same guidelines and restrictions as the original bank. As a result, nobody can tell those banks how to invest the deposit base, within those restrictions and guidelines. This doesn’t alter the facts that a) our partner banks must make the cash available as it is a demand deposit account at a regulated bank and b) thanks to the nature of a sweep network, those funds will be protected by FDIC insurance regardless. It’s worth noting that our customers’ yield isn’t generated by investing the cash into other instruments but is contractually agreed upon by the bank. This article in our help section goes a little deeper into our particular sweep network: https://support.getmayfair.com/e...
Derek
😹 LOL
What’s up with the growth of the yield chart in the hero pic here? That’s more than 5% per year. 😄
Matthew Eley
Maker
@derkolstad We love a good eye for graphs. That one in particular is for an account with $13m in deposited funds. Compounding interest is a marvelous thing.
Dipendra Pancholi
Mayfair is a interesting Product .Good Luck
Matthew Eley
Maker
@dipendra34 Thanks, Dipendra!
Matthew Eley
Maker
@luke_sales Thanks, Luke!
Anu
Interesting Product! Congrats on launch!
Matthew Eley
Maker
@kajal_d4 Thanks, Kajal!
Ghost Kitty
Comment Deleted
Matthew Eley
Maker
@servelogy_technologies Thank you, Toshiba! Good luck on your own upcoming launch.
Dave Weinberg
I was a happy Mayfair customer way before joining the team. This is great news - higher yield, low risk, total liquidity and tons of fdic coverage :)
Matthew Eley
Maker
@weinberg81 It's been a pleasure having you onboard, you were one of the biggest wins of the last Product Hunt launch.
Alex Nix
Mayfair is addressing a real pain point by helping people earn more from their cash. The interface looks sleek and user-friendly. How do you ensure the security of the investments?
Matthew Eley
Maker
@nixkulinax Thanks for the thoughtful question and kind words, Alex. The answer is simple: your money is kept in cash, nothing else. We specifically avoid any sort of investment instrument like money market funds or treasury bills because they exhibit tail risk that most folks aren’t aware of and we want to avoid. That also allows us to offer FDIC insurance on up to $50m of your funds through our banking partners. If you have a moment, check out this blog we recently wrote. Not only is cash the safest thing right now, it may also be the most useful: https://www.getmayfair.com/news/...
Rami
I'm all about the risk baby. It's all about trading options.
Matthew Eley
Maker
@kingromstar Assuming you're talking about business cash management versus personal cash management, we'll respectfully disagree: companies should focus on their operating businesses and reducing financial risk, not playing at being hedge funds. Mayfair was designed to give businesses peace of mind by keeping their cash as cash. You might consider the perspective of noted economist Mohamed El-Erian: https://www.ft.com/content/2c060...
Paulo Alves
Mayfair appears to offer a great incentive to love your trading account
Matthew Eley
Maker
@paulo_alves5 Thanks for the comment! It's worth noting: Mayfair is not a trading account. In fact, your cash stays in cash and doesn't touch any investment instrument, which is is a critical component of the security and liquidity we're able to offer.
Shimmy Mehta
Why wouldn’t you use this? It’s a no brainer. It’s part of the basic list of things for startups and companies I advise.
Matthew Eley
Maker
@shimmy_mehta It's been our pleasure serving you and your advisees, and we're looking forward to rolling out new features to make Mayfair even more helpful. Don't hesitate to reach out to us with feature requests and ideas that could be useful to them.
Lee Fischman
That rate is very nearly above treasuries. Are you running cocaine shipments? :)
Matthew Eley
Maker
@lee_fischman Happy to report the only dry powder around here is the cash you’ll have for last-minute acquisitions.
Ilmee Malam @ 123RF
Congrats on the launch.
Matthew Eley
Maker
@ilmee_malam_123rf Thanks, Ilmee!
Kaye zyl Binondo
great application!
Shais Mahay
Mayfair is addressing a real pain point by helping people earn more from their cash.
Matthew Eley
Maker
@buzz_interactive Thanks, Shais!
Tom Morales
Mayfair is a revolutionary financial platform that redefines the way individuals and businesses manage their finances. In a world where traditional banking often leaves money languishing in low-yield accounts, Mayfair stands as a beacon of innovation and opportunity. At its core, Mayfair is driven by a mission to ensure that your hard-earned cash doesn't simply sit idle, but instead, works tirelessly to grow and secure your financial future. Through a dynamic blend of cutting-edge technology and forward-thinking investment strategies, Mayfair empowers you to make the most out of your financial resources. Gone are the days of meager returns and missed opportunities. Mayfair opens the door to a new era of financial prosperity. By intelligently allocating your funds across a diverse range of high-yield investment avenues, Mayfair strives to unlock the true potential of your money. This means that every dollar entrusted to Mayfair is put to work in ways that maximize growth, minimize risk, and ultimately, amplify your financial standing. With Mayfair, you're not just a passive observer in the financial landscape. You become an active participant, with the tools and insights to make informed decisions about your financial destiny. Whether you're saving for a major life event, planning for retirement, or looking to grow your wealth, Mayfair is your trusted partner in achieving these goals. In a world where financial empowerment is paramount, Mayfair sets a new standard. It's a beacon of financial intelligence, a champion of growth, and a steadfast guardian of your financial well-being. Say goodbye to the era of earning mere peanuts, and step confidently into a future where your money works as hard as you do - all with the guidance and support of Mayfair. Welcome to a brighter, more prosperous financial tomorrow. Welcome to Mayfair.
Chiamaka Onyeze
This is massive
Chiamaka Onyeze
This is massive 🔥
Matthew Eley
Maker
@joyce_onyeze Thanks, Chiamaka! We agree.