I guess I don't quite understand the target audience? I put in my average checking amount and it quoted me at how I'm potentially missing out on $262 dollars/year, at which point, I think, yeah okay, but I have FDIC-insured deposits, so I don't feel too compelled to forgo that for the promise of maybe adding another $262 to my wealth. I'm just simply not keeping 10s of thousands of dollars in my checking account. To me, that's what a savings account and/or investment accounts are for.
So who are these people keeping so much money in their savings account that they want to invest it, but are not already being served by other offerings from traditional investment firms of high-yield savings accounts?
Great question. The motivation will differ from person to person, but I can give you the reason why I'm using it.
I live in a high cost of living area, so I used to keep ~20K in my checking account at all times to pay for rent etc. All the rest of my money I invested in a total market stock index fund. The checking account balance is just a small fraction of my overall balance, so the FDIC insurance really didn't help me.
Financial Choice has two benefits for me. 1) I now get to invest those ~20K which gives me a ~1-2K expected annual return without any hassle, and 2) I can just keep all my money in my Financial Choice account, so I don't need to bother moving money between a checking and brokerage account anymore.
So who are these people keeping so much money in their savings account that they want to invest it, but are not already being served by other offerings from traditional investment firms of high-yield savings accounts?