Believe Savings Review: How to Earn 3.80% APY While Giving Back

Believe Savings APY & Features Breakdown

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Understanding the full feature set helps you determine if Believe aligns with your savings strategy.

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Interest Rate & Calculation

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• Base APY: 3.80% (variable, subject to change)

• Compounding: Daily

• No maximum balance cap on interest earnings

• No minimum balance requirement after initial $100 deposit

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Account Access & Flexibility

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• Online account management via web and mobile app

• No monthly maintenance fees

• Unlimited deposits

• Federal withdrawal limits apply (previously 6 per month under Regulation D, now advisory)

• ACH transfers for moving money to/from external accounts

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Charitable Giving Component

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• 0.10% of deposits automatically donated

• Choose from vetted charities across multiple categories

• Tax-deductible for Believe (not directly for you, but reduces your taxable interest marginally)

• Transparent tracking of your charitable impact

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FDIC Insurance Protection

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Your deposits are insured up to $250,000 per depositor through Regent Bank, providing the same federal protection as traditional banks. This means your savings are protected even in the unlikely event of bank failure.

Best Credit Cards to Pair with Believe Savings

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Maximizing your savings strategy means combining high-yield accounts with credit cards that accelerate your deposits through cash back rewards and sign-up bonuses. Here are five cards that complement Believe Savings perfectly.

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1. Chase Sapphire Preferred® Card - Best for Transfer Potential

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This card offers a substantial welcome bonus that can jumpstart your Believe Savings balance.

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Why It Works:

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• Substantial bonus points worth $938 when redeemed for cash back

• Deposit that $938 bonus into Believe Savings, and it earns $35.64 in interest the first year alone

• 1-5X points on purchases means ongoing deposits from everyday spending

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Key Features:

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• $95 annual fee

• 1x points on all purchases, 5x on Lyft, 3x on dining and streaming, 2x on travel

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Who Should Apply: This card makes sense if you can meet the $5,000 spend requirement naturally and want to convert travel rewards to cash for serious savings goals. The annual fee pays for itself if you're earning enough cash back to boost your Believe balance.

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2. Capital One Venture Rewards Credit Card - Best for Flexible Rewards

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The Capital One Venture card offers straightforward value that translates directly to savings deposits.

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Why It Works:

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• Substantial bonus points worth $750 in cash back

• 2X miles on every purchase with no category restrictions

• Redeem miles as cash back to fund your Believe account

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Key Features:

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• $95 annual fee

• Simple earning structure means predictable cash back

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Who Should Apply: If you want uncomplicated rewards that convert to savings without juggling categories, this card delivers consistent value. The $750 sign-up bonus deposited into Believe Savings generates $28.50 in additional interest annually.

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3. Citi Double Cash® Card - Best for Long-Term Cash Flow

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This no-annual-fee card provides steady cash back that compounds beautifully when deposited into a high-yield account.

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Why It Works:

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• Earn 2% cash back on every purchase (1% when you buy, 1% when you pay)

• No annual fee means all cash back goes directly to savings

• Over time, consistent cash back creates automatic savings deposits

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Key Features:

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• $0 annual fee

• Unlimited 2% cash back with no categories to track

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Who Should Apply: This card is ideal for anyone who wants passive savings growth. If you spend $2,000 monthly, you'll earn $480 annually in cash back. Deposited monthly into Believe Savings, that's an additional $9.12 in interest—small individually but meaningful over years.

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4. Bilt Mastercard® - Best for Renters Building Savings

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The Bilt card uniquely allows you to earn rewards on rent—typically your largest monthly expense—without transaction fees.

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Why It Works:

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• Earn Bilt Points on rent payments (up to 100,000 points annually)

• Convert points to cash back for Believe Savings deposits

• No annual fee and no transaction fees on rent payments

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Key Features:

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• $0 annual fee

• Use the card 5 times each statement period to earn points

• Earn points on rent, dining, and travel

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Who Should Apply: If you're renting and want to convert your biggest monthly expense into savings fuel, this card is unmatched. Earning 1X points on $1,500 monthly rent yields 18,000 points annually, which can be converted to cash and deposited into your Believe account.

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^{The information for the Bilt Mastercard® has been collected independently by Kudos. The card details on this page have not been reviewed or provided by the card issuer.}

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5. Blue Cash Everyday® Card from American Express - Best for Grocery Rewards

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This card maximizes cash back on everyday purchases that fit any budget.

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Why It Works:

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• Earn 3% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%)

• $200 welcome bonus after spending $2,000 in first 6 months

• No annual fee means 100% of cash back goes to savings

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Key Features:

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• $0 annual fee (See Rates & Fees)

• 3% cash back at U.S. supermarkets (up to $6,000 annually, then 1%)

• 2% at U.S. gas stations and select U.S. department stores (up to $6,000 annually, then 1%)

• 1% on other purchases

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Who Should Apply: If groceries are a significant expense category, this card generates automatic savings contributions. Maxing out the 3% supermarket category ($6,000 annually) earns $180 in cash back, which generates $6.84 in additional interest when deposited into Believe Savings.

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^{Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.}

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How to Maximize Your Savings Strategy with Credit Cards + Believe

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Combining credit card rewards with a high-yield savings account creates a compounding effect. Here's how to make it work:

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Step 1: Calculate Your Category Spending

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‍Review 3-6 months of expenses to identify where you spend most:

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• Groceries: $400/month = $4,800/year

• Dining: $300/month = $3,600/year

• Gas: $200/month = $2,400/year

• General spending: $600/month = $7,200/year

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Step 2: Match Cards to Categories

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‍Using the cards above:

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• Amex Blue Cash Everyday for groceries: $144/year cash back

• Chase Sapphire Preferred for dining: $108/year cash back

• Citi Double Cash for everything else: $144/year cash back

• Total annual cash back: $396 base + sign-up bonuses

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Step 3: Automate Deposits

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‍Set up automatic transfers of cash back rewards directly into your Believe Savings account. Most issuers allow you to redeem rewards as statement credits or direct deposits monthly or quarterly.

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Step 4: Track Your Charitable Impact

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‍With 0.10% of deposits donated, your $396 in annual cash back deposits contribute $0.40 to charity—small per transaction but meaningful collectively across all Believe account holders.

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The Compounding Effect:

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• Year 1: $396 cash back + $15.05 interest = $411.05 earned

• Year 2: Previous balance grows + new $396 + $30.67 interest = $837.72 total earned

• Year 3: Continued compounding + new deposits = $1,281.08 total earned

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Over three years, credit card rewards deposited into Believe Savings earn an additional $61.77 compared to a traditional 0.01% account—and that's before considering sign-up bonuses.

Believe Savings vs Other High-Yield Savings Accounts

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To understand Believe's competitive position, let's compare it to other popular high-yield options:

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Where Believe Excels:

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• Charitable component provides social impact alongside financial returns

• Competitive APY matches or exceeds most online banks

• Simple structure with no confusing tiers or promotional rates

• Accessible minimum makes it achievable for most savers

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Where Competitors May Edge Ahead:

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• Marcus APY is marginally higher at 4.00%

• Ally Bank offers no minimum deposit

• Traditional banks provide more branch access (though with drastically lower returns)

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The Bottom Line on Comparison: The 0.20% APY difference between Believe (3.80%) and the highest competitor (4.00%) equals about $20 annually on a $10,000 balance. If the charitable giving component and user experience appeal to you, Believe offers excellent value. If you're purely maximizing basis points, check current rates across multiple providers as APYs fluctuate with Federal Reserve policies.

Who Should Use Believe Savings?

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Believe Savings works best for specific financial situations and goals.

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Ideal Candidates:

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✓ Emergency Fund Builders

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‍If you're establishing or growing an emergency fund, Believe's 3.80% APY means your safety net grows substantially faster than in traditional accounts. The $100 minimum makes it accessible even if you're starting small.

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✓ Short-to-Medium Term Savers

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‍Saving for a down payment, wedding, or major purchase in the next 1-5 years? High-yield savings provides growth without stock market volatility. Your money remains liquid while earning competitive returns.

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✓ Values-Driven Savers

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‍If aligning your finances with your values matters, the automatic charitable donations distinguish Believe from purely profit-driven options. You're earning high interest while contributing to causes you care about.

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✓ Credit Card Optimizers

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‍If you're already earning cash back through credit card rewards, Believe provides a high-yield destination for those funds, creating a automated wealth-building system.

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✓ Risk-Averse Investors

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‍Unlike stocks or bonds, FDIC insurance provides absolute protection up to $250,000. If market volatility concerns you but you want better returns than traditional savings, Believe offers a middle ground.

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Who Might Look Elsewhere:

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✗ Long-Term Investors (10+ years)

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‍Money you won't need for a decade or more typically belongs in investment accounts (stocks, bonds, index funds) where historical returns average 7-10% annually versus 3.80% in savings.

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✗ Those Needing Frequent Access

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‍While there's no hard limit on withdrawals, high-yield savings accounts aren't designed for transaction-heavy use. If you need to move money multiple times weekly, a checking account paired with savings works better.

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✗ Those Requiring Physical Branches

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‍Believe operates online-only. If you prefer in-person banking for deposits or support, traditional banks or credit unions serve that need (though at significantly lower APY).

How to Get Started with Believe Savings

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Opening a Believe Savings account is straightforward. Here's the step-by-step process:

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Step 1: Gather Required Information

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• Government-issued ID (driver's license or passport)

• Social Security Number

• Current address

• Email address and phone number

• Initial deposit source (bank account for ACH transfer)

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Step 2: Visit Believe's Website

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‍Navigate to believesavings.com and click the "Open Account" or "Get Started" button.

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Step 3: Complete the Application

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‍The online application takes approximately 5-10 minutes:

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• Enter personal information

• Verify your identity

• Select your charitable organization

• Review and agree to terms

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Step 4: Fund Your Account

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‍Link an external bank account and transfer your initial $100+ deposit. ACH transfers typically take 1-3 business days to process.

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Step 5: Set Up Recurring Deposits

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‍Establish automatic monthly transfers from your checking account to build savings consistently. Even small recurring deposits ($50-100 monthly) compound significantly at 3.80% APY.

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Step 6: Link Credit Card Rewards

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‍Configure your credit cards to deposit cash back rewards directly into your Believe account or set monthly reminders to transfer rewards manually.

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Timeline Expectations:

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• Application approval: Instant to 24 hours

• Initial deposit clearing: 1-3 business days

• Interest accrual begins: Immediately upon deposit clearing

• First interest payment: Monthly, typically on the first day of the new statement period

Frequently Asked Questions

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Is Believe Savings FDIC insured?

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Yes. Believe is a division of Regent Bank, and deposits are FDIC insured up to $250,000 per depositor, per ownership category. This provides the same federal protection as any traditional bank.

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Can I withdraw money from Believe Savings anytime?

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Yes, though ACH transfers to external accounts typically take 1-3 business days to process. There are no withdrawal penalties, though federal regulations previously limited certain withdrawals to six per month (now advisory but some banks still enforce).

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How does the charitable donation work?

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Believe automatically donates 0.10% of your total deposits to a charity of your choice from their vetted list. You select the organization during account opening or change it anytime in account settings. The donation doesn't reduce your balance—Believe makes the contribution from their funds.

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What's the catch with the 3.80% APY?

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There's no catch. Online banks like Believe operate with lower overhead costs than traditional banks (no physical branches), allowing them to offer higher interest rates. The APY is variable and subject to change based on Federal Reserve policies and market conditions.

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How does Believe compare to money market accounts?

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Money market accounts and high-yield savings accounts offer similar APY rates and FDIC insurance. Money market accounts sometimes provide check-writing privileges or debit cards, while high-yield savings typically offer slightly higher rates. Believe focuses on competitive APY with the added charitable component.

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Can I have multiple Believe Savings accounts?

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This depends on Believe's specific policies. Many banks allow multiple savings accounts for different goals (emergency fund, vacation fund, etc.). Contact Believe directly to confirm their policies on multiple accounts.

Bottom Line: Is Believe Savings Worth It?

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For most savers looking to maximize returns while maintaining liquidity and security, Believe Savings offers compelling value. The 3.80% APY represents approximately 380x the return of traditional savings accounts, translating to hundreds or thousands of additional dollars annually depending on your balance.

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The Believe Savings Advantage:

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‍At 3.80% APY, a $10,000 balance earns approximately $380 in interest annually. The same balance in a traditional 0.01% account earns just $1. That $379 difference compounds over time—and when combined with credit card rewards strategically deposited into your account, the gap widens further.

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Making the Most of Believe:

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‍The highest-return strategy combines Believe Savings with cash-back credit cards that match your spending patterns. Use cards like the Citi Double Cash for everyday spending, Amex Blue Cash Everyday for groceries, and Chase Sapphire Preferred for dining, then funnel all rewards into your Believe account where they immediately start earning 3.80% APY.

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Final Recommendation:‍

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Open a Believe Savings account if you're serious about making your money work harder without taking investment risk. The combination of competitive APY, charitable giving, and FDIC insurance checks nearly every box for intelligent cash management.

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The only scenarios where you might look elsewhere: if another provider offers meaningfully higher APY (current market rates fluctuate), if you need physical branch access, or if you're saving for 10+ years and should consider investment accounts for higher historical returns.

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For everyone else building emergency funds, saving for near-term goals, or parking cash between investments, Believe Savings deserves consideration. Start with that $100 minimum deposit, set up automatic monthly contributions, link your credit card rewards, and watch compound interest work in your favor while supporting causes that matter.