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Mayfair — Your cash shouldn’t be earning peanuts.
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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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 :)
@weinberg81
It's been a pleasure having you onboard, you were one of the biggest wins of the last Product Hunt launch.
@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.
@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...
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.
@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.
Mayfair takes photo editing to the next level. It's a must-have for any aspiring photographer.
Mayfair is addressing a real pain point by helping people earn more from their cash.
@lee_fischman Happy to report the only dry powder around here is the cash you’ll have for last-minute acquisitions.
@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.
@servelogy_technologies
Thank you, Toshiba! Good luck on your own upcoming launch.
@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/...
How are you paying the rates without exposing people to credit or market risks?
@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.
@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?
@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.
@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?
@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...
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.
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