MagnifyMoney is completely free to use. It does not charge a subscription fee. Our guides are free to download. Our tools are free to use.
At MagnifyMoney, we’re committed to helping people save money. Our guides are written by true industry insiders, who really know how the system works. You won’t find amateur writers recycling generic tips in our guides. Instead, you will find experts who used to run credit card companies or have firsthand industry knowledge on a topic helping you understand the rules, tricks and traps.
Plus, we spend a lot of time developing financial literacy programs for our communities.
In this article, we will explain how it all works.
Yes, The Site is Completely Free
There are two really important things to know about us:
- We will never charge you, the user, for any of the tools on our site. We want to help as many people as possible. And we know that charging a subscription or service fee would limit the number of people we could help.
- We will never let a bank or financial company pay us to write a favorable review. The reviews are written by us. The blog posts are written by us (or by talented writers we hire. Want to apply: send us a note firstname.lastname@example.org) The marketplaces are powered by us. If you see us recommending a deal as the best, it was because we made that decision - not because we sold that space on our website.
We launched the website in May 2014, and have been overwhelmed by the response. People pay too much money for credit card debt. They don’t earn enough on their everyday savings. And they spend way too much on fake “credit repair” and “credit score booster” books and services.
We have helped millions of people get out of debt faster, negotiate hard with collections agencies, earn 100x more on their savings account and build their scores the right way. And, based upon our growth trajectory, we will be helping millions more.
Along the way, we have had a lot of sketchy people already reach out and ask us if they can write a blog post, pay us for a link or pay us for a good review. The answer has been, and will continue to be: NO!
So how does MagnifyMoney Generate Revenue?
Banks and companies do not pay us for a position in our rankings. We have a team that is constantly looking for the best deals. Our goal is to find the best deals, and worry about the money later.
To find those deals, we look at the Top 100 Banks, the Top 100 credit unions and then a long list of start-ups and other challenger brands to see if we can find an even better deal. We regularly update the deals. If you find a better deal (or work for a company that is creating a better deal), just email Nick, our co-founder. He can be reached at nick@magnifymoneycom, and we'll include it in our results if we agree that it is a good deal.
We then go out and see if any of the products we recommend have referral deals (or “affiliate links.”) That means they pay us a commission when a MagnifyMoney user ends up opening an account with them. We will only sign an affiliate deal if:
- We have complete editorial control over our reviews. If taking a commission means we have to write a more favorable review, we won’t do it.
- We can be completely transparent with you about when and where we get paid. We should never be afraid to tell you where and how we are making money from our partners. If we do this right - you will save more money while we make money in the process.
Doesn’t This Make You Biased?
We don’t think so. We believe in complete transparency, and will not be afraid to identify our partners. We will let math guide our recommendations.
Are You Different from Other Sites?
We think we are very different from most sites out there. Here is why:
- We have a team of experts. And when we don’t have the answer, we look outside of MagnifyMoney to find the expertise. Our goal is to give you the best answer, and to do that we have the best people (not necessarily the best marketers)
- Most websites will only display products that pay them. At MagnifyMoney, we look for the best deal. And we rank products based upon the views of the author, not the commission paid to us.
Because Of Our Approach, You Will Find Products Here That You Won’t Find Anywhere Else
When you visit our product pages, you will see names that you haven’t seen before. Not surprisingly, some of the best deals come from small, new and innovative companies that can’t match the marketing budgets of big banks.
We love when the challenger wins. And MagnifyMoney is a platform that will help the challenger win.
This Is Just The Beginning
We love saving people money, but nothing makes us happier than helping people transform their lives. When we can help someone come up with a plan to be debt free in 2 years (when they thought they were going to go bankrupt), we are thrilled. And, when a startup or a credit union provides the product that helps them get out of debt faster, we are even happier.
Banking is too expensive and too complicated. We want to make it easier and more rewarding.
Goldman Sachs Bank USA High-yield 12 Month CD
Synchrony Bank High Yield Savings
Barclays Online Savings Account
Ally Bank High Yield 12-Month CD
* All banks listed are a Member FDIC.