Outlet offers a cash deposit account with a 9% interest rate on all of your deposited funds and absolutely no fees.
To earn a $10 sign-up bonus, visit this Outlet $10 Referral Link and complete the registration form to download the Outlet App (iOS/Android), and you’ll receive a $10 credit after you make your first deposit for any amount.
Plus, through the Outlet Refer-A-Friend Program, you and your friends can both earn a $10 bonus credit each after their first successful deposit.
Outlet is currently available in all U.S. states, excluding the following: Connecticut, Hawaii, Kentucky, New Hampshire, New York, Texas, Vermont, and Virginia.
How Outlet Works
To earn a 9% interest rate with Outlet, you simply connect your existing bank account to Outlet and deposit funds.
There are absolutely no fees to use Outlet, and you can transfer funds in and out of Outlet for free at any time.
All of your deposited funds will automatically earn interest that is compounded and paid out either weekly or month, depending on the lending partner.
In order to provide such high interest rates, Outlet pools funds together and lends them to various institutions and partners, who then pay back the loans plus interest.
All of the loans are over-collateralized and backed by digital currencies for a value greater than the loan itself, which protects you (the lender) against any losses.
Through this exchange of funds, Outlet is able to offer you higher interest rates than you could ever earn from your traditional bank account.
Outlet Registration Process
Once you download the Outlet App (iOS/Android), you must submit an image of your driver’s license or other identity card to register.
After you submit your ID, you must connect your bank account with Outlet using Plaid.
Usually, your account will be approved within a few seconds after connecting your bank account, but it may take up to 48 hours.
Once you are approved, you can transfer funds from your bank account to the Outlet App and start earning a high interest rate on your savings (transfers may take up to 5 days).
Outlet App $10 Sign-Up Bonus
1. Visit this Outlet $10 Referral Bonus Link and complete the registration form.
2. After you submit your mobile phone number and receive the text link from Outlet, download the Outlet App directly on your mobile device.
3. Register for the Outlet App using the same email address that you used to register on the $10 bonus page.
4. Submit an image of your driver’s license or identity card to verify your identity.
5. Connect your bank account with Outlet through their partner Wyre (Plaid).
6. Complete your first successful deposit to your new Outlet account (no minimum deposit requirement is indicated).
7. Receive a $10 bonus credit deposited directly into your Outlet account.
Outlet App $10 Refer-A-Friend Credits
Through the Outlet Referral Program, you can refer your friends to join Outlet, and you’ll both earn a $10 bonus credit.
To qualify for the $10 Outlet referral bonus, your referrals must complete their first successful deposit (no minimum deposit requirement is indicated).
After your referral completes their first deposit, both you and your friend will receive a $10 bonus credit in your Outlet accounts.
There is no limit to how much you can earn for referring your friends to invest with the Outlet App.
To earn a higher interest rate on your savings than traditional banks can provide, consider an Outlet cash deposit account with no fees.
You may also be interested in this Cake DeFi $50 Bonus to generate income from cryptocurrencies.
pfft.. FDIC says
Its fine. We have services like BlockFi and Celsius that offer 8.6% and 10.51% return via stablecoin which essentially is the same thing this platform offers. None are FDIC insured. If there was ever a run on the bank, FDIC insurance would only cover 2% of all deposits anyway, so the FDIC insurance is more to have people believe their money is safe and not to make a run on the bank. To me, FDIC is kind of a confidence game anyway, and they can not really deliver if necessary. So, IMO a non-FDIC insured product is not that much riskier — I think they are just more honest in their approach.
Michael Jalalian says
How can I trust your company and how can you assure me your company is legit and Would my deposits be guaranteed by FDIC?
MM Team says
Hello Michael,
Outlet is not a bank and is not FDIC insured at this time. However, they do indicate that they will be introducing Direct Deposit FDIC insured Cash accounts in the near future.
Just to be clear, this website is not related to Outlet, so I cannot assure your trust in them or the legitimacy of another company.
I have personally opened an account with Outlet and am depositing a small amount of funds to test their service, but each person has to make their own determinations as to which companies you will trust with your money.
You can review the FAQs on the Outlet website for more details about how they operate.
Thank you for your comment.
Rea says
I cannot believe that Maximing Money would help to advertize and promote investment by its own subscribers in such an unregulated, largely uninsured and undeniably unsafe financial venue as this one! What was the referral bonus of Outlet to MM for that disservice? Reconsideiing my subscription to MM as a result.
MM Team says
Hello Rea,
Maximizing Money covers a vast array of different financial services from traditional banks to decentralized finance platforms similar to Outlet.
While many new DeFi platforms have launched recently and billions of dollars have poured into such platforms, there are definitely risks involved in participating in these platforms.
While they may be unsafe investments for some users, others find them to be an opportunity to achieve great returns.
MM trusts our readers to make their own decisions as to which services are appropriate for their own money, and we do not recommend or condemn any such companies based on the nature of the services they provide.
That being said, the entire cryptocurrency economy could be considered an “unregulated, largely uninsured and undeniably unsafe financial venue” by some people, and if the value of crypto drops off a cliff tomorrow, a lot of people will probably lose a lot of money.
I would definitely not recommend that you participate in any service that you are uncomfortable using, and this article should not be misconstrued as a recommendation to use a service, as MM is simply an informational website where you can learn about various financial services.
If you sign up for Outlet through the referral links in the above article, MM will receive a $5 bonus, and so will you, but you can also sign up directly with Outlet without going through a referral link (you just won’t receive the $5 bonus).
I hope you will decide to continue your subscription, but if you do, please proceed with caution, as not all services are appropriate for all readers.
Best wishes to you.