MaxMyInterest partners with eMoney to give planners access to high-yield cash accounts

Financial advisors using eMoney Advisor can now incorporate balances from held-away accounts into financial plans thanks to a new partnership with MaxMyInterest.

MaxMyInterest, which helps clients open and maintain bank accounts and maximize interest, is offering up to 5.1% return on cash savings. By connecting with eMoney, the fintech company is making the service available to more than 100,000 advisors using the Fidelity-owned financial planning software.

“Financial planners are looking for safer cash options in today’s higher rate environment, and Max delivers the highest yields in the market while also enabling clients to obtain broader FDIC coverage and same-day liquidity,” Michael Halloran, Max’s head of partnerships and business development, said in a statement.

Max uses a proprietary system to offer the highest rates in accounts insured by the Federal Deposit Insurance Corp., rather than broker-deposit accounts used by many companies offering advisors higher returns on client cash.

These technologies have been increasingly popular among financial advisors in the wake of high-profile collapses of Silicon Valley Bank and Signature Bank in the fall.  

[More: Look before leaping onto platforms offering elevated FDIC-insured deposits]