Outlet offers a cash deposit account with a 9% interest rate on all of your deposited funds and absolutely no fees.
To earn a $5 sign-up bonus, use this Outlet $5 Referral Link to download the Outlet App (iOS/Android), and you’ll receive a $5 credit after you make your first deposit.
Plus, through the Outlet Refer-A-Friend Program, you and your friends can both earn a $5 bonus credit each after their first successful deposit.
Outlet is currently available in all U.S. states, excluding the following: New York, New Hampshire, Connecticut, Hawaii, Vermont, Virginia, and Texas.
If you live in an excluded state, you can try this Linus $20 Bonus instead to open a cash deposit account.
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 $5 Sign-Up Bonus
1. Use this Outlet $5 Referral Bonus Link to download the Outlet App directly on your mobile device. If you are on a desktop browser, visit the referral link and enter your phone number to receive a download link via text message.
2. Register by submitting an image of your driver’s license or identity card.
3. Connect your bank account with Outlet through their partner Wyre (Plaid).
4. Complete your first successful deposit to your new Outlet account (no minimum deposit requirement is indicated).
5. Receive a $5 bonus credit deposited directly into your Outlet account.
Outlet App $5 Refer-A-Friend Credits
Through the Outlet Referral Program, you can refer your friends to join Outlet, and you’ll both earn a $5 bonus credit.
To qualify for the $5 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 $5 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.
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