October20 , 2021

    Fintech’s Latest Savetech Platform Explained

    Save's new savetech platform enables everyday people to invest while saving for their futures.

    The Fintech industry is always looking for ways to make our lives easier. That is why savetech company, Save®, has designed a new way to save that allows you to improve your returns without unnecessary risk. Instead of tying yourself down with risky investments, you can simply choose a portfolio and have Save’s financial services invest your money for you. 

    The concept is simple: you deposit your money, and it earns interest for you as a team of experts invests your money in places like stocks, bonds, and other investments. This innovative savetech platform allows you to grow your funds more quickly than with traditional saving methods. 

    Save uses the power of fintech and innovation to make sure that your savings are always protected. You can choose different levels of investment, from low-risk investments with higher returns on the side, to high-risk investments with bigger potential payouts. For more information about this ground-breaking way to earn higher returns, keep reading below.

    Save's savetech invest app
    Photo courtesy of Save

    How does it work? 

    First, Save’s new savetech platform allows you to place your capital into an FDIC-insured savings account. After your money is placed in savings, Save takes the interest from your account and invests it into a portfolio of your choice. Your selected portfolio is a mix of several different stocks, bonds, and other assets. The risk-level of your portfolio is entirely up to you. 

    This means that if the market does well, so do your investments. By only investing your saving account’s interest, Save’s financial services ensure that your initial investment is 100% protected. 

    According to Save’s website, their savetech platform allows average returns of 3.08%. This return is much higher than the average interest rate of only 0.06%

    With traditional bank deposits and CDs only allowing returns under 1%, most Americans barely see a difference in their savings accounts every month. By providing their customers with the fintech necessary to invest while saving, people are given a chance to yield higher returns. 

    For more information about how Save’s new fintech platform works, watch the video below:

    Isn’t investing risky?

    Typically, investing in the market can be risky but profitable. Save’s financial services only invest your interest, allowing your initial investment to stay intact and completely protected from any unnecessary risk or an unpredictable market. This savetech access allows customers to safely dabble in the investment market without risking their hard-earned savings.  

    What if my investments don’t make any money?

    Save’s savetech technology is simple. If your investments do not perform well, you will not see a return. Your returns are based strictly on the performance of your portfolio and the returns that it generates. 

    Save charges customers a 0.35% fee on your investment returns. If your investments do not do well, you will not have to pay the fee and you will not see your returns. You will also not be penalized or responsible for any fees. 

    Save's savetech invest app and debit invest card
    Photo courtesy of Save

    How much money can I invest?

    Currently, Save does not have a cap on the money that you are allowed to invest. There is also no cap on the amount your investments can earn. 

    However, according to the FDIC website, FDIC insurance will only deposit insurance on accounts up to $250,000 for single ownership accounts. This limit will not affect the interest you can accrue from Save’s savetech investments, only the dollar amount of protection you will receive from the FDIC. According to recent data from Statista, only 4.38% of Americans have over $100,000 in savings, making the FDIC’s insurance cap an uncommon issue. 

    Currently, several banks in the United States do not offer FDIC insurance. This means that even if your savings account is under $250,000, your bank does not offer any federal protection for your funds. This is yet another reason why Save’s financial services offer a safe alternative for bankers. 

    For more information of FDIC insurance, watch the video below: 

    Deposit insurance coverage explained

    How do I withdraw my money?

    Save allows customers to withdraw their deposits whenever they wish without risking their investment or facing penalties. Since your initial deposit is FDIC-insured, it is completely protected and untouched. The only money that is being invested is your interest. Meanwhile, Save’s fintech works in the background to amplify the interest generated by your saving account. 

    You can withdraw your money at any time by accessing your account via Save’s website or mobile app. 

    Are there any fees?

    Save’s savetech technology allows your initial investment to remain completely untouched. As mentioned above, you will only be charged a fee of 0.35% when a return is made. If you do not make a return, you do not have to pay Save’s fee. It’s as simple as that. 

    Save does not charge any monthly or set-up fees. All you need to get started is a minimum deposit of $1,000.00. You must always keep a minimum account balance of $1,000. 

    Save's savetech debit invest card
    Photo courtesy of Save

    How much can I earn?

    No maximum account balance exists, and you can deposit as much money as you wish. There is no cap on the amount of money you can make. That means that minus Save’s fee, every dollar that you earn through investment returns is yours to keep. 

    Will inflation effect my savings?

    Since Save’s financial services allow you to combine having a bank account with investing, you are given a better opportunity to beat inflation and preserve your purchasing power. According to Save, your money is at a much higher risk of inflation if it sits in a bank account without the savetech power of investments.

    With a normal bank account, inflation can severely diminish your purchasing power. According to the latest Consumer Price Index Summary, the cost of some goods and services has increased as much as 5.4% over the past twelve months. This can be a severe blow considering that most bank accounts are not currently expected to pay interest greater than the current rate of inflation. 

    By allowing fintech and savetech to automate investments and keep your money safe, you are strengthening your purchasing power and diminishing the loss of your purchasing power. Typically, without these financial services working on your benefit, inflation can leave you with a lower net worth, especially as the price of goods and services increases. 

    Save’s Debit Invest Card

    Save also offers additional financial services for bankers that are seeking a new checking account – a debit card that improves returns. This new type of debit card allows you to invest while spending. Like the Save savings account, all deposits are FDIC insured and protected under Save’s savetech services. 

    Save’s investment technology allows you to have all the perks of a checking account combined with the money-making potential of market investments. 

    Additionally, for every dollar that you spend, save invests a dollar into the market. That means that you can constantly earn money through all your daily purchases. For every dollar that you spend on groceries, vacations, home improvement, pets, or any other debit card purchase, Save invests an equal dollar amount. That means that your checking account’s earning potential surpasses any average credit card. 

    According to Save’s website, average debit invest card returns are 2.98%. You are also granted unlimited spending that is managed by Save’s automated savetech services. That means that as you spend, Save works in the background, making investments on your behalf and matching your spent money. This groundbreaking fintech makes Save’s debit invest card the first of its kind. 

    For each qualifying purchase you make, Save will notify you of any matching investments that you can make. Every dollar that you spend is matched with an equivalent investment based on the portfolio you have selected. Click here for a breakdown of Save’s portfolio strategies. 

    How does the debit invest account work?

    All invested money stays invested for a whole year. Once a year has passed, your returns from Save’s investment are deposited as cash into your bank account. This allows each purchase you make to create a larger return. 

    Save’s debit card differs from its savings account when it comes to fees. Currently, Save charges $5 for card delivery and a management fee of 0.59%. If your returns are less that the management fee, you will not be charged.

    Although most purchases are covered and matched according to Save’s policy, you will not be matched on money transfers and pin transactions.

    A monthly spending minimum of $250 must be reached to qualify for investment matching. If you do not meet the minimum, you will only be affected for that month. All other months will be matched if the minimum is reached. 

    Currently, Save offers a generous referral program. For every person that you refer that signs up to Save, you will receive $1,000. This offers bankers is a huge opportunity that can immediately jump start your investments and account balance. 

    Conclusion

    Save’s new addition to the fintech industry has created an amazing opportunity for people to increase the amount of money they earn through their bank accounts. By introducing new a new savetech platform for bankers, Save is creating a safe place for bankers and investors alike to grow their income and reduce risk. Now, bankers are given the opportunity to participate in the investment market safely and with peace of mind. 

    See our interview with Save CEO Michael Nelskyla.

    Cover photo courtesy of Save.

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