RBMAX Max Interest Savings Account 2024 Review

RBMAX, a division of Republic Bank & Trust Company, offers a high-yield savings account with an exceptional APY. There's no monthly fee when you enroll in electronic statements and you need just $10 to open an account. 

The RBMAX Max Interest Savings account can help you grow your money with no minimum balance requirements, beyond the $10 opening deposit. You can make unlimited withdrawals and there are limited fees. 

You might consider this savings account if you:

• Want to earn one of the best savings rates among online accounts
• Maintain larger balances in savings
• Prefer electronic statements 
• Have at least $10 to get started

You can apply online and open an account in as little as 10 minutes. You'll just need a bank account number and routing number to link an external account for your first deposit. RBMAX also offers a Simple Access Checking account if you're looking for multiple ways to manage your money.

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Compared to Other Online Savings Accounts

Synchrony Bank High Yield Savings Account

Synchrony Bank's high-yield savings account has no minimum balance requirements or opening deposit requirements. You'll earn the same APY across all balances with no monthly fees. Synchrony offers an ATM card that you can use to withdraw cash and get up to $5 per month in foreign ATM fee rebates. 

Read our full editorial review of the Synchrony Bank High Yield Savings account

MyBanking Direct High Yield Savings Account

MyBanking Direct offers an outstanding APY for savers who have at least $500 to open an account. There are no monthly maintenance fees and deposits are FDIC-insured. You'll have access to online and mobile banking, including mobile check deposits and Zelle transfers. 

Read our full editorial review of the MyBanking Direct High Yield Savings account

Fruitful High Yield Savings Account

Fruitful offers savers an APY that's 10x higher than the national average, with no account fees and no minimums. You get the benefit of unlimited fee-free transfers and up to $250,000 in FDIC protection. Compared to RBMAX, the APY is just a bit lower but still competitive. 

Read our full editorial review of the Fruitful High Yield Savings account

Quontic High Yield Savings Account 

Quontic's high-yield savings account offers an above-average APY with a minimum deposit requirement of $100. There are no monthly service fees and you can make deposits by linking an external bank account or through Plaid. If you're looking for other savings options, Quontic also offers high-yield CDs. 

Read our full editorial review of the Quontic High Yield Savings account

Interest Rates

RBMAX offers a solid rate with the Max Interest Savings account. It's not the highest rate you'll find but it's certainly a standout compared to traditional banks. 

The advertised APY applies to the first $249,999.99 you deposit to your account. Once you pass that threshold, your APY drops significantly. 

However, it may not make sense to keep more than $250,000 in a savings account anyway. That's the maximum amount the FDIC insures against bank failures. 

The best high-yield savings accounts are typically found online. The trade-off for earning a higher APY is that online banks usually don't have branches you can visit. 

As you compare savings account rates, remember to consider: 

• How rates apply (do you earn the same rate across all balances or are rates tiered?)
• How often interest compounds and is credited to your account
• Overall interest rate environment

You may want to compare savings account rates from at least three banks to get a sense of what's out there. 

Fees

Savings accounts can have fees just like other bank accounts. Online banks tend to be more fee-friendly overall. 

Here are the fees RBMAX charges.

Other Service Fees - RBMAX Max Interest Savings

Those are all the fees RBMAX discloses online. This makes it one of the better options if you're looking for a savings account with minimal fees.

Just remember that you'll have to enroll in electronic statements to avoid the monthly fee. 

ATM Access

RBMAX doesn't mention an ATM card with the Max Interest Savings account. You can, however, get a debit card with the RBMAX Simple Access Checking account. 

You'll have access to more than 90,000 fee-free ATMs. The ATM network includes these brands:

• Republic Bank
• Presto
• SUM
• MoneyPass
• Allpoint

If you need to withdraw cash from savings, you'd need to transfer it to Simple Access Checking first. But that's still a pretty convenient way to tap into your funds when you need them since the ATM network is so large. 

Account Management

RBMAX offers access to mobile and online banking. You can use either one to:

• Check your account balance
• Transfer funds between your RBMAX accounts
• View statements
• Review your spending history
• Deposit checks with remote deposit capture

There are no extra features, like round-ups or savings buckets. Whether you consider that a plus or minus depends on what you're looking for in a savings account. 

You can make unlimited withdrawals from your savings account with no excess withdrawal fee. RBMAX may limit how much you can deposit or withdraw daily, monthly or weekly. 

RBMAX is not listed among the banks that partner with Zelle. However, you can link your Max Interest Savings account in the Zelle app to make transfers or receive funds. Standard Zelle transfer limits apply. 

FDIC Insurance

FDIC insurance protects depositors in case a bank fails. RBMAX accounts are FDIC-insured, so your money is safe should something go wrong. 

There are limits to FDIC insurance coverage. The standard coverage limit is $250,000 per depositor, per account ownership type. 

What to Look for in a Savings Account

There are lots of savings accounts to choose from but only one may be right for you. Knowing what to look for can help you decide which one to open. 

Here are some things to consider as you compare savings accounts. 

• Interest rate and APY
• Interest rate tiers, if applicable
• Minimum opening deposit 
• Minimum balance requirements to earn interest or avoid a fee
• Monthly service fees
• Other fees, such as excess withdrawal fees or wire transfer fees
• Online and mobile banking features
• ATM or debit card access
• ATM fee rebates
• Branch banking access
• Savings features and money management tools
• Zelle access
• Deposit and withdrawal limits
• Customer service and reputation

An online savings account may be the best fit if getting the highest rate is your priority. You can compare savings accounts at online banks first then weigh them against traditional savings accounts to see what's right for you. 

Frequently Asked Questions

Is RBMAX a good savings account? 

RBMAX Max Interest Savings is a good savings account for people who want to earn a competitive rate and don't mind banking online. This account comes with fewer bells and whistles than other savings accounts but it's worth a look if you're searching for a high-yield option.

Where can I get 5% interest on my savings account?

If you're looking for a 5% APY on a savings account then an online bank might be the answer. Many of the best savings account rates are found at online banks instead of traditional banks or credit unions. You might consider an online savings account if you don't mind forgoing branch banking access. 

What is the biggest disadvantage to savings accounts? 

High fees and low rates are usually the biggest drawbacks of opening a savings account at a traditional bank. Online savings accounts can offer better rates for savers while charging them fewer fees to grow their money.