Frequently Asked Questions
What is CNote?
CNote is a high-yield, low risk savings account that offers a competitive 2.5% return with no fees and flexible liquidity.
How does CNote generate this return?
CNote generates a competitive return by providing savers direct access to U.S. Treasury Department certified financial institutions known as CDFIs. Nearly every major bank in the United States currently works with CDFIs for solid investments, community impact and a reliable return. However, this return is not passed on to savers – it is kept by the bank. Because of CNote technology-first position, we are able to pass along the vast majority of interest to you and deliver a competitive 2.5% yield.
What is a CDFI?
Community Development Financial Institutions (CDFIs) are U.S. Treasury Department certified financial institutions created by the 1994 Riegle Community Development and Regulatory Improvement Act. CDFIs main mission is to promote economic development and job creation in local communities. The impact is measured by their financial performance along with their commitment to underserved communities like women and minorities.
How do I know if CNote is right for me?
Before you save with CNote, we recommend ensuring you have an emergency fund in place. This is typically three to six months worth of spending. Once you have that established, any dollars outside of your emergency fund can be used for large purchases (home down payment, savings for a new adventure), general investing or greater liquidity. CNote is considered a medium-term savings vehicle and is most helpful for savers looking to earn more on savings for the near term or long term. If you believe you will need to spend these savings dollars within the year, it is best to leave those dollars in checking or savings, or to speak to an authorized CNote Advisor.
Is there a required minimum amount to start?
There is no minimum deposit to begin saving with CNote.
Can I always access my money? Is there a penalty?
CNote provides greater liquidity than a traditional CD. We offer quarterly withdrawal cycles.
Is the return guaranteed?
Your principal with CNote is insured with three layers of investor protection. Your return is estimated on performance values. CNote CDFI partners maintain a solid track record of delivering 2.5% year over year.
What is the cost?
There is no cost. You earn 2.5% free of any fees.
What should I expect next?
Once you provide your name and email via the SignUp button, CNote will send you a welcome email and take you through next steps. Our friends at the SEC have asked us to start with accredited investors and then on-board unaccredited investors. We feel a deep commitment to every person that decides to save with us — whether its $25 or $250K. As soon as we can, we will get your account activated.
Am I an accredited investor?
You are classified as an accredited investor if you meet certain criteria such as having a net worth of at least $1 million, excluding the value of your primary residence, or having income at least $200,000 each year for the last two years (or $300,000 joint income if married) with the expectation to make the same amount this year.
At the current inflation levels, you are losing about 1% of your nest egg (annually) by simply leaving it in the bank.
Enjoy earnings and impact. Sign Up