Big banks often earn a lot more on your money, often up to 4-5% a year, but pass on only about 0.01%. We negotiated to get a good rate, cut out the operating costs, and passed the savings on to you.
Simply put, we want to do the right thing for customers. We've watched our friends, family, and even ourselves make mistakes with money, and we started Haven to help people do the right thing.
For those that recently saw the Robinhood checking and savings account product that was announced and taken down after criticism: your skepticism is appreciated. This is in fact a savings account. The funds in your Haven Savings account are not held in an investment account. Your money is held in an FDIC-insured account at Evolve Bank & Trust, member FDIC, not an investment account as Robinhood tried.