Crypto Lending Positioned As A Savings Account: A Compelling Outlet Finance Review for 2023
On June 1, 2023, Outlet Finance has announced that it will cease operation. The common notion of saving and investing suggests that greater rewards come with greater risk. Even with FDIC insurance, which guarantees that your initial capital will not be lost (within specific limits), low interest rates are usually offered in savings accounts and CDs. On the other hand, investing in the stock market can yield higher returns than deposit accounts. However, the stock market is dynamic and can be uncertain, making it inappropriate for short-term investments like emergency funds.
Some financial institutions, like Outlet Finance, offer high-yield savings accounts with interest rates of up to 5%. It asserts that its high yield account is safe and secure with a guaranteed principal return. However, it's important to thoroughly review their offerings before taking your business there. A comprehensive analysis of Outlet Finance and other crypto-based savings accounts is available on The College Investor.
Outlet Finance is a blockchain lending service that aims to generate high-interest rates for deposit customers through fintech. It was launched in the summer of 2019 and is backed by Consensys, a blockchain solutions company. It is co-founded by Patrick Manfra.
Outlet Finance tries to market itself as a savings account alternative. However, it's important to note that it is not a savings account. Savings accounts are deposit accounts held at a bank or through fintech with a bank charter that is FDIC-insured. Outlet Finance, on the other hand, is not FDIC-insured and comes with its own set of risks.
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