3 ms·

i felt that way about the massachusetts-based lighthouse bank[0] founded in 2000 and unaffiliated with the current santa cruz-based lighthouse bank. high-intere

• astura 7y ago
  >high-interest checking, no-fee, internet-only bank. SoFi just launched this product, and they are even giving $50 referral bonuses on both ends to sign up (referer and referee). I'm really wondering if it's a sustainable business model.
  • clairity 7y ago
    it's quite sustainable i'd bet. banks traditionally make money by lending most of its deposits to other people and earning interest on that lending. as long as the deposits are large enough, that interest should cover the fixed costs (employees, infrastructure) and the variable costs (paying out interest, referral bonuses) of providing the accounts. internet-only banks also lower their fixed costs by foregoing expensive retail square footage.