Mayfair
Mayfair offers business-focused banking services with high APY rates, extensive FDIC insurance, and advanced security measures, partnering with Third Coast Bank SSB and Stripe.
High-Yield Business Checking Account
Mayfair offers a business checking account with a high annual percentage yield (APY). New customers can earn up to 5.02% APY when opening their first checking account with a qualifying deposit. Existing customers can earn up to 4.72% APY on deposits. Additionally, a new customer offer provides an extra 0.30% APY for the rest of the year with a qualifying deposit.
Enhanced FDIC Insurance Coverage
Mayfair partners with Third Coast Bank SSB and Stripe to provide extensive FDIC insurance coverage. This partnership allows Mayfair to offer up to $50 million in FDIC insurance on deposits from a single account. Funds are automatically distributed across multiple banks, which helps businesses maximize their FDIC coverage through the Enhanced Deposit Protection Program.
Automated Cash Management and Integrations
Mayfair offers automated cash management solutions that link to existing bank accounts. Businesses can set up cash sweep rules and automate treasury functions, including daily account rebalancing. The platform features a streamlined dashboard for monitoring cash and interest earned, allowing businesses to manage their cash effectively without switching primary banks. Additionally, Mayfair accounts enable businesses to earn interest on idle cash without the need to lock funds in a savings account.
Advanced Security and Compliance
Mayfair prioritizes security through mandatory organization-wide multi-factor authentication (MFA) and end-to-end encryption. The company undergoes regular independent auditing and penetration testing to ensure the highest security standards. Mayfair is also SOC 2 Type 2 compliant, demonstrating robust security protocols to protect customer data and funds.
Rapid Fund Access and Transactions
Businesses using Mayfair have rapid access to their funds with same-day or next-day ACH transfers. This feature allows businesses to manage their cash flow efficiently, ensuring timely availability of funds when needed. Mayfair's intuitive dashboard and automated cash management tools further streamline the process, making it easier for businesses to optimize their financial operations.