The Outlet app is aimed to replace and be an alternative to your bank account. We want to be very open and upfront about our rates, and why they are what they are at any given point in time.
Your funds are on Outlet to earn a rate that is not correlated with what the FED has to say, and earn more than you would otherwise.
We come up with our rate based on the demand and costs of doing business. Outlet is a 0 fee service. We pay for coverage, and all transaction fees.
We strongly believe our historic rate will average at around 6% regardless of market conditions, but want to be clear that things are subject to change.
Expect 6% over time, with weeks where we are giving out much more.