My email earlier today was missing the correct links for the Recommended Video + checking FDIC status -- corrected below!

Earlier this week, I came across a video that shared the stories of many people who had lost their savings -- savings that they thought had been FDIC insured.

It took me a minute to wrap my head around it (well 20 minutes, actually, the length of the video) and really made me pause.

Essentially what I learned is this:

-A lot of the high yield savings opportunities we see advertised from places like Chime, Betterment, and Wealthfront aren't actually banks with charters and aren't directly FDIC insured. They are fintech companies that partner with banks and the banks they partner with are FDIC insured.

-But this setup requires a middleman who is moving money from your deposits to those partner banks. In 2024, people lost over $100 million because one of these middlemen went bankrupt and so many customers with Yotta (one of the fintech companies) lost thousands of dollars. The middlemen aren't FDIC insured.

It's not a new story, this happened with Yotta back in 2024 -- but this is the first I'd heard of it. I'm passing the video along here (linked below) because I know this community loves a deal and likely people are using different online products to get higher interest rates.

I know I've recommended different deals to some of these companies (like Rakuten deals to Chime) in the past and now that I know the risks, I want to make sure I pass those along.

Personally, we're checking our accounts and making sure anywhere we are holding savings is with a bank that has a FDIC charter or with our local credit union. You can see a link below to check your own!

Happy Travels,

Katie

PS: You can now filter and sort all 100+ cards we track on our site here! As always we only display the best offers we're aware of, even if they don't earn us a commission.

Highlights this week

PSA: Recommended Video This isn't my video but I watched it in full and think it's worth watching if you've used fintech startups for savings accounts like Chime or Yotta, your money may not be as secure as you think. This video walks through the case of Yotta where people lost over $100 million of savings that they were led to believe was FDIC insured. You can confirm FDIC status of the banks you use below. Check for FDIC status Full Video Here

On Instagram This Week: Merida Mexico Trip Highlights I've talked about this trip before but I never tire of it, and it's still such a steal! You can book a suite at this Hyatt for 7500 points/night and that includes club access, breakfast, and a spacious room. Merida is in Yucatan, and has such a variety of day trips nearby! Full Reel Here

August Community Referrals Each month we collect community referrals when the referral offer is better than our affiliate link. Make sure to read the directions at the top so our randomizer can send out your referral! Submit Referrals Here

Featured Card Offers

If you're not sure where to start, head to our Three-Year Plan and just follow along

💳Chase Ink Business Cash® + Chase Ink Business Unlimited® {affiliate links}

Highest Ever Offer: Earn $1000 cash back after you spend $8,000 in the first 4 months after card opening.

MY TAKE: These are no-brainers if you qualify and can meet the minimum spend requirement. It's a huge offer on a no-annual fee card. Even better: if you have a card that earns Ultimate Rewards with an annual fee (like a Sapphire), you can convert this cash back to points. The $1000 bonus will become 100,000 points! Note that eligibility and referral guidelines have changed in the past year so read our full guide for details.​

Points, Miles & Travel News

• AMEX Offer for Airbnb Experiences: Get $40 back when you spend $80 on Airbnb Experiences h/t Frequent Miler​
• Priceline 40% Off Disney Hotels: Book by Sunday August 2. Save up to 40% on Disney Resort Collection stays through October 3, 2026. h/t Upgraded Points.
• Delta Skymiles/Starbucks Earning Updates: Starting Aug 5 you will earn 1 Skymile per dollar spent at Starbucks when you link your accounts. This replaces the current tiered spending required to earn Skymiles at Starbucks. But not that after October, you'll need to have flown Delta in the past 12 months to get these points. Link your accounts here.
• Bank of America Business Cards $750 Bonus: Some people are being targeted for $750 sign up bonus after spending $5000 on 3 no annual fee business cards. You can sign in here to see if you are.

More Deals

• $10 Off $25+ With Costco-Same-Day: $10 off a $25+ order on Costco-Same-Day 7/27-8/23. Use code SUMMERSAMEDAY26, limit one per membership. Use code BDSUMMERSAMEDAY26 for business memberships.
• $5 Walmart Credit When You Review Select Items: Walmart is offering a $5 credit when you review select items you have already purchased. Doctor of credit has the details (as always the comments section is very helpful for additional information)
• Up to 50% Off Amazon When Using Amex Membership Rewards Points: This offer is targeted, check for it here.
• T-Mobile Outage Credits: Following a T-Mobile cellular outage on 7/27 some customers are being offered $5-$60 in credits. Check out Doctor of Credit for data points.
• Bank of America Retention Offers: There are many data points of people being offered $175 retention bonuses on Bank of America cards, even the no annual fee versions. You can use the chat feature to say you are considering closing your card to trigger the offer. h/t Frequent Miler.