Save® Makes First Matching Investments for Customers' Debit Invest Card
HOUSTON, June 10, 2021 /PRNewswire/ -- Save, a fintech company that helps people earn higher yields on their savings, announced today that the company has completed its first matching investments for its customers' transactions on their Save Debit Invest Card. As of June 2021, Save has completed matching investment transactions generated by the first 4000 customer sign ups. Depending on market performance and customer risk tolerance, based on historical data since 2006, the Save portfolios are expected to earn an average annual return of 3%* after fees.
The Save Debit Invest Card is the first of its kind: a card that matches consumer spending with investments. For every dollar that Save Debit Invest Card customers spend with their card, Save matches that spending with an equivalent dollar of investments in the customers chosen portfolio. Customers don't keep the investments, but they do keep all the returns (minus the Save investment advisory fee of 0.59%). Qualifying transactions are generally any transactions where the customer does not use their PIN.
Consumers are eagerly adopting the Save Debit Invest Card. Early data indicates that Save Debit Invest Card customers are spending an average of $1,200 per month on their cards (more than 2x the average American debit card spend) and are making an average of 50 transactions per month, which is twice the average frequency of 25 transactions per month.
Along with everyday spending, Save Debit Invest Card customers have already earned matching investments on some unique purchases and transactions:
Save also offers a substantial referral reward program, where customers can earn $1,000 of additional equivalent portfolio investments for each new customer they refer who signs up for a Save Debit Invest Card and spends their first qualified $250. (The new customer referred also gets an extra $1,000 of equivalent portfolio investments in their account.)
For example, a customer who spends $1,000 per month on their card, and refers 5 friends to join Save, will earn a total of $17,000 of equivalent portfolio investments. With an average yield of approximately 3.00%*, that customer would earn an average of $510 in investment returns over the course of one year.
"We are excited to see that people are enthusiastically reaching for our card as their primary spending choice," said Michael Nelskyla, CEO of Save. "The Save Debit Invest Card is unique for its focus on incentivizing saving, investments, and long-term financial success. Unlike a typical cashback credit card or travel rewards card, Save's card encourages customers to think about their overall financial picture and get more potential returns from market investments."
Save partners with Mastercard as the payment network. Save Debit Invest Cards are linked to online bank accounts provided by LendingClub Bank, N.A. Apex Clearing Corporation, Member FINRA/SIPC provides brokerage and clearing services for the securities traded with Save, and Save serves as a fiduciary advisor to manage customers' investments on their behalf. Save charges an investment advisory fee of 0.59%, but only if the customer's matching investments earn a yield of at least that amount.
Save invites new customers to sign up today at: https://signup.joinsave.com/personal-info
Save Advisers LLC ("Save Advisers") is an SEC-registered investment advisor. All brokerage and clearing services are provided by, and securities offered through Apex Clearing Corporation, Member FINRA/SIPC. Investment Advisory Services offered through Save Advisers, which is not affiliated with Apex clearing Corporation. Save Advisers does not provide tax or legal advice and investors are encouraged to consult with their personal advisors. The Save Debit Invest Card is provided by LendingClub Bank, N.A., member FDIC. Neither Save, nor its affiliates, are a bank.
*Average annual returns are based on hypothetical back-tested performance. Hypothetical back-tested performance is no guarantee of future performance and actual results will vary. Returns are subject to change daily. Minimum return will always be at least 0%. All return figures shown are for informational purposes only and are not actual customer returns. For more detailed information please see Hypothetical Back-testing.
Please see www.joinsave.com for full disclosure and important details.
View original content to download multimedia:http://www.prnewswire.com/news-releases/save-makes-first-matching-investments-for-customers-debit-invest-card-301309712.html