Roku Bank Folds, Highlighting Risks of High-Interest Savings Accounts
An all-digital bank called Roku Bank, which opened for business in 2021, has failed and is closing.
and that they will receive checks for any outstanding amounts.
Although Roku Bank was renowned for providing high-interest rates on savings accounts and no-fee checking accounts,
it found it difficult to draw in enough clients to remain in operation.
The demise of Roku Bank serves as a warning to customers to exercise caution when selecting a bank.
While digital-only banks could have convenient features, they might not be as reliable or safe as traditional banks.
It's crucial to conduct thorough research and pick a bank with a proven track record of fiscal soundness
that is guaranteed by the Federal Deposit Insurance Corporation (FDIC).
In conclusion, customers thinking about using digital-only financial services should beware of Roku Bank's failure.
Even though these banks may have convenient services, it's crucial to put security and stability first when selecting a financial institution.