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"We are helping people save while transforming the industry, turning every debit card holder into an investor through everyday spending without any separate effort," said Michael Nelskyla, CEO, Save.
HOUSTON, TX, December 22, 2020 /24-7PressRelease/ -- Save®, a technology company that helps people earn higher yields on their savings announced today that they have partnered with Mastercard to launch the new Save Debit Invest Card, a one-of-a-kind debit card that matches spending with investments.
Instead of traditional cash back or reward points, the Save Debit Invest Card matches signature spend with investments, and the customer gets to keep the return on those investments.
The investments, consisting of portfolios tracking approximately 30 ETFs would have historically returned an average of 3.12%* with a high of 11.80%* since 2006. The returns aren't guaranteed, and the portfolios could earn zero in years when the market doesn't perform. However, customers' checking accounts are always FDIC insured, and there is no risk to customers' capital. Based on preliminary signup data from it's customers, Save is expecting customer spending to be around $20,000 a year on their card.
"We are not only helping people save, but we are transforming the industry by turning every debit card holder into an investor through everyday spending without any separate effort from our customers or risk to their capital," said Michael Nelskyla, CEO of Save. "Further, we look forward to working closely with Mastercard to deliver leading financial services in a smarter, more empowering way."
"Today's consumers expect banking services that meaningfully meet their individual needs and preferences," said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. "This new offering from Save is representative of the evolution of financial services, and we're pleased to be partnering with them to bring these solutions to market."
The Save Debit Invest Mastercard will provide consumers with benefits such as contactless payments and advanced security features including Identity Theft protection, Price Protection, and much more. Customers will get notifications of matching investments and will be able to access their card account through a dedicated iOS and Android app.
Save charges no annual account fee, but portfolio returns are subject to Save annual wealth management fees. However, to align itself with positive customer outcomes, Save doesn't charge an annual wealth management fee for matching investments that don't generate a return of at least 0.59%.
"We created the Debit Invest card to help customers invest and optimize their return," said Adam Watts, COO of Save. "In an environment where most banks are providing very limited upside for customers, we are offering a platform that is both engaging and potentially very profitable against bank product yields."
Full details on the card's features and benefits will be available on the Save website. Save invites new customers to sign up today at: www.joinsave.com
Save® was created by a team of financial industry veterans, fund managers, data scientists, software developers, and quantitative experts with experience at such well-respected financial firms and organizations as Goldman Sachs, UBS, and NASA. Save intends to bring the same types of sophisticated investments that usually would only be available to institutional investors to everyday people who want to get a higher return on their savings but without the higher risks of the stock market. Learn more at joinsave.com. Follow and connect with Save on Facebook, Instagram, Twitter and LinkedIn.
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. Checking accounts and Save Debit Invest card provided by Radius 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. Minimum return will always be at least 0%. All return figures shown are for informational purposes only and are not actual customer returns.
Please see www.joinsave.com for full disclosure and important details.
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