Deposit Solutions announced the U.S. launch of its deposits platform today, introducing its new savings portal SaveBetter.com. The SaveBetter portal offers U.S. banks national reach for distribution of their retail deposit products, thus providing Americans with better access, more choice and higher convenience when shopping for FDIC-insured savings products. The platform is the first and only of its kind in the U.S., bringing an important innovation to the $16 trillion local deposit market.
Retail deposits are a key funding source for U.S. banks as they exhibit many positive behavioral characteristics, such as granularity and stability. With SaveBetter.com, banks can easily distribute their retail deposit products beyond their local market to reach savers nationwide without relying on an institutional intermediary. By managing the whole operational execution of the funding process, including marketing and customer service, Deposit Solutions provides banks with a full service solution to gather retail deposits.
“With SaveBetter.com, we offer American banks national reach off the shelf, helping them to fund themselves more effectively with retail deposits,” said Deposit Solutions U.S. CEO Philipp von Girsewald. “We are the first in the U.S. deposits business to bring savers and banks directly together through a digital platform, creating mutual benefits on both sides.”
Americans who want to save money and gain access to a growing selection of deposit products, benefit from safety, choice and convenience on SaveBetter.com. They can deposit money in all products listed on SaveBetter.com without having to open a new account with every bank. SaveBetter.com makes it easy for consumers to discover, access and manage multiple products from different institutions.
“America has a huge deposit market and a mature deposit brokerage industry. The arrival of Deposit Solutions in the U.S. brings an exciting innovation to this market,” said Peter Thiel, Co-founder of PayPal and early investor in Deposit Solutions. “Deposit Solutions can do for the deposits business what PayPal did for the payments space.”
The first U.S. partner banks of Deposit Solutions are Continental Bank from Salt Lake City, Ponce Bank (wholly owned by PDL Community Bancorp) from New York and Central Bank of Kansas City, with more to follow shortly. The initial offering on SaveBetter are savings accounts, to be complemented by bank Certificate of Deposits (CDs), the U.S. equivalent to overnight and fixed-term deposits, in the near future.
“With the launch of our U.S. 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,” said Dr. Tim Sievers, CEO and founder of Deposit Solutions. “Of course, today’s launch of SaveBetter.com is just the beginning: We now want 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 U.S.”
Deposit Solutions was founded in 2011 and is one of Europe’s largest and fastest-growing financial technology companies. Its European platform connects more than 150 banks from 20 countries and exceeded the mark of USD 30 billion transmitted deposits earlier this year.