Mayfair: The 5.02% APY business cash account | Product Hunt

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This is the 2nd launch from Mayfair. View more

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.

Mayfair gallery image

Mayfair gallery image

Mayfair gallery image

Mayfair gallery image

Free

Launch tags:

Fintech•Money•Finance

Launch Team

Mayfair

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.

2yr ago

Product Hunt

🔌 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).

2yr ago

Mayfair

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.

2yr ago

Product Hunt

@matthew_eley got it! The business focus is a big differentiator.

2yr ago

Jake B (Launched 11.20)

Chtrbx

How are you paying the rates without exposing people to credit or market risks?

2yr ago

Mayfair

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.

2yr ago

Jake B (Launched 11.20)

Chtrbx

@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?

2yr ago

Mayfair

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.

2yr ago

Jake B (Launched 11.20)

Chtrbx

@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?

2yr ago

Mayfair

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...

2yr ago