Galileo Announces Money+, a Mobile-Only, Customer-First, Banking Solution that Enables Financial Advisors to Offer High-Interest Rate, FDIC-Insured Bank Account Alternatives

CHICAGO, May 8, 2019 /PRNewswire/ -- Galileo, the technology company that powers disruptive innovation for the most brilliant fintechs, next-gen financial institutions and investment firms in North America, today announced another quantum leap forward in the delivery of banking services--Galileo Money+, a new mobile-only banking service, available exclusively through financial advisors.

Galileo Money+ empowers financial advisors to compete for the $10 trillion in low- or no-interest U.S. bank deposits by offering their customers supercharged, white-labeled accounts for spending and wealth accumulation, featuring market-based interest rates tied to the Effective Federal Funds Rate. Account functionality includes online and in-store shopping and access to 32,000 no-fee ATMs; a mobile app for moving money, including paying bills; and FDIC insurance--all offered with no monthly service fees.

Carson Group, a family of companies committed to being the most trusted for financial advice by helping advisors better serve investors, is the first to leverage Galileo Money+ and will be the first to offer accounts to clients. Carson Group will begin to offer accounts to its customers in Q3 2019.

"Last year Americans paid billions in bank fees while getting the bare minimum rate of return on their deposits. How can that still be happening?" asked Galileo CEO Clay Wilkes. "In partnership with financial advisors, which have a fiduciary responsibility to their clients, we've launched a scalable, sustainable banking solution that puts people before profit and offers market-based interest rates. We're ready to begin this journey with Carson and, together, to make a real impact on people's lives."

"Every decision we make--and every partner we consider--must always bring us a step closer to doing what's right for our clients," said Ron Carson, CEO and founder of Carson Group. "By extending our menu of services into cash management solutions with Galileo Money+, we'll offer our advisors--and their clients--an instant alternative to low-interest, high-fee bank accounts, positioning them for more optimal returns and reducing the risk of underperforming assets. It's a value-add for our advisors, an added benefit for their clients and it furthers our mission to make the complex simple for the more than 25,000 families we serve."

Galileo Money+ customers will automatically have two types of accounts, which will be custodied with Galileo's program partner, The Bancorp Bank.

The Galileo Money+ Spending Account, which currently offers 1.24 percent APY interest(1), is for everyday financial activities, like purchasing groceries or a cup of coffee, paying bills, getting pocket cash from ATMs and transferring money to friends and family. The Galileo Money+ Reserve Account, currently offering 2.00 percent APY interest(1), is for wealth accumulation.

"The average high net worth household keeps $450,000 in bank checking, savings and CDs, and keeping those accounts with brick-and-mortar banks is leaving money on the table," added Wilkes. "That money should be under the financial advisors' guidance. With Galileo Money+, financial advisors can offer white-label services to finally compete with brick-and-mortar banks in a meaningful way."

To learn more about Galileo Money+ visit https://galileomoneyplus.com/

Contact
Rob Wells
rob@digitalentropy.com
704-674-7147

About Galileo
Galileo Money+, a division of Galileo Processing, offers bank accounts with a high interest rate, low account fees and FDIC insurance. We put your best interests first.

About Carson
Carson Group serves financial advisors and investors through its businesses including Carson Wealth, Carson Coaching, and Carson Partners. The conglomerate of companies offers coaching and partnership services to advisor firms - and straightforward financial advice to the investing public. All three organizations are headquartered in Omaha, Nebraska, and share a common mission to be the most trusted for financial advice. For more information, visit www.carsongroup.com.

    1. The Galileo Money+ Spending and Reserve Account Annual Percentage Yields
       (APYs) are accurate as of May 1, 2019. These rates are variable and may
       change. In addition, the actual interest rate may vary, depending on your
       financial advisor's fees, if any. No minimum balance is required to open
       the Galileo Money+ Account. Neither the Spending Account nor the Reserve
       Account has a monthly fee, but fees apply to certain Spending Account
       activities. The accounts must have a balance of at least $0.01 to earn
       interest.

View original content:http://www.prnewswire.com/news-releases/galileo-announces-money-a-mobile-only-customer-first-banking-solution-that-enables-financial-advisors-to-offer-high-interest-rate-fdic-insured-bank-account-alternatives-300845864.html

SOURCE Galileo