Deposit Solutions launches SaveBetter.com in the US

By Robin Amlot

German firm Deposit Solutions has launched its new savings portal SaveBetter.com in the US. The portal offers US banks national reach for the distribution of their retail deposit products, providing Americans with better access, more choice and higher convenience when shopping for FDIC-insured savings products. The platform is the first of its kind in the US, bringing an important innovation to the $16 trillion local deposit market.

Through 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 US CEO Philipp von Girsewald. “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.”

“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,” 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 US partner banks of SaveBetter.com 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.com are savings accounts, to be complemented by bank Certificate of Deposits (CDs), the US equivalent to overnight and fixed-term deposits, in the near future.

“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,” said Dr. Tim Sievers, CEO and founder of Deposit Solutions.