Exclusive: Branch Launches High Yield Savings for Workers Whose Pay Changes Every Week
By PYMNTS
AI summary of the source article
Branch announced the rollout of a High Yield Savings account, beginning with Uber drivers and couriers using the Uber Pro Card before expanding to other Branch-powered applications. The account pays 3.25% APY on average daily balances of $500 or more, and 1.25% on balances starting at one cent, with no opening minimums or mandatory direct deposit rules. Designed for gig and hourly workers with unpredictable schedules, users can automate daily, weekly, bi-weekly, or monthly contributions and freely transfer funds back to checking during cash shortages. Deposits are held at a sponsor bank, and Branch plans to evaluate credit products next.
Why it matters
The account enables gig and hourly workers with fluctuating incomes to earn interest on savings without being disqualified by fixed direct-deposit or minimum card-spending rules.
Key facts
- The account pays 3.25% APY on a $500 average daily balance and 1.25% on balances starting at one cent.
- Earning the top rate requires no account opening minimum, recurring direct deposit, or card spending threshold.
- The feature debuts on the Uber Pro Card, with customer deposits held at a sponsor bank.