In the news release, Introducing Save®: the First-Ever SaveTech Platform to Help Everyday Savers Earn Higher Yields Than Bank Savings Accounts, issued 29-May-2020 by Save over PR Newswire, we are advised by the company that updates have been made throughout the content of the release. The complete, corrected release follows:
Introducing Save®: The First-Ever "Savetech" Platform to Help Hard-hit Americans Earn Higher Yields Than Bank Savings Accounts
Save® offers a first-of-its-kind "Savings Advisor" tech-driven platform to help savers earn potentially higher yields with FDIC deposit insurance. Save average yields are currently 3.20% even when bank interest rates are near zero.
HOUSTON, May 29, 2020 /PRNewswire/ -- The COVID-19 crisis and Federal Reserve interest rate cuts have resulted in bank savings accounts paying near-zero APY rates, forcing hard-hit savers to accept low returns or put their money into riskier investments. Especially at a moment when Americans are concerned about their financial futures and the personal saving rate has reached an all-time high of 33%, savers need better places to put their savings.
Now there is a new way for people to earn a higher yield on their savings without the higher risks. Save Advisers, LLC, a fintech startup dedicated to helping people maximize their savings, is announcing the pre-launch of Save®, its new "save tech" platform.
Save is a first of its kind in the financial industry: a "robo-advisor for savings," giving people FDIC insurance on their deposits while offering tech-driven investment portfolio management that has the potential for higher yields than any traditional savings account or even many longer-term CDs. Along with Save's advanced tech-driven investment portfolio management, the platform offers industry-leading tools to help savers supercharge their savings even more.
Save is more than a high-yield savings account, it is a comprehensive "savetech" platform that helps people save money, customize their investments based on their risk tolerance and savings goals, and earn bigger returns in three ways:
- Market Savings Account: Deposits are FDIC-insured and the customer's deposits can be withdrawn at any time without risk or penalty on their capital. Instead of paying a fixed rate of interest like a bank savings account, Save invests the customer's interest in a diversified portfolio of ETFs representing stocks, bonds, real estate and commodities, the types of which are usually only available to institutional investors. Investments are tailored to each customer's risk level, with the goal of delivering a stable return that is higher than a bank account or CD. Save's Market Savings Account's returns vary with market conditions and is currently showing an average return of 3.20%. Even if the portfolio does not deliver a positive return, the investor will not suffer a loss of their initial investment, because their initial deposit is FDIC-insured.
- Referral Program: Save makes saving social. Refer a friend or family member to Save, and you will each receive a bonus of $1,000 of equivalent portfolio investments. This means your account gets credited for the portfolio returns on an extra $1,000 over a period of one year.
- Market Debit Card: Save is also launching a debit card linked to your Save checking account which provides additional investments for everyday spending. Currently, the card offers $1 in additional investments for every $1 spent. For example, if you spend $10,000 per year on your Save® debit card, you will get the returns of $10,000 in portfolio investments added to your account.
The Save platform can help supercharge a saver's returns in several ways, depending on how active the customer is at referring friends to Save, and how much they spend on their debit card.
For example, if a Save customer made an initial Save investment of $5,000 and then referred 5 friends to Save, that customer would get a bonus of equivalent portfolio investments of $5,000 which would double their expected average return. Add the debit card rewards component, and the Save® platform can help a customer's investment returns grow even faster.
In an environment where the average bank savings account pays 0.09%, Save® is offering a new option for savers to maximize the return on their cash savings, combining the safety of FDIC insurance with the technological advantages of a diversified portfolio optimized for stable returns.
"Save is not your typical savings account, it's a 'savetech' platform that offers hard-hit Americans the ability to save more during this difficult time," said Michael Nelskyla, Founder and CEO of Save. "Our company was founded by a team of experienced investors, technology and quantitative experts from UBS, Goldman Sachs and NASA, with the goal of transforming the way that people save money. We believe in helping people earn a substantial return on their savings with a sophisticatedly designed investment portfolio, backed by the safety of FDIC insurance. With Save, you get the best of both worlds: FDIC safety net for your initial deposit, while your interest can grow faster with the upside of market investments."
Along with offering a new savings vehicle for consumers, Save is building relationships with banking partners to bring in core deposits in FDIC-insured accounts. Save is also teaming up with Apex, the leading fintech custodian, to manage Save customer assets.
"Save® is an appealing proposition for retail savers, but equally for banks we work with as we provide them with core deposits in an efficient manner," said Adam Watts, President and COO of Save. "Our technology has been built using the NASA design philosophy, which adds system security and efficiency to deliver something unique to U.S. consumers."
"Apex is thrilled to partner with Save as their custodian and enable more consumers to improve their financial wellness by leveraging innovative technology," said Bill Capuzzi, CEO of Apex Clearing Corporation. "As banking and brokerage solutions become more competitive, firms like Save are breaking through the status quo to make a difference in the way consumers view and manage their money."
Save is now accepting reservations for savers who want to sign up for the platform in advance of the company's official launch. The first customers to sign up will earn an Early Signup Award of $1,000 of equivalent portfolio investments.
Sign up here: www.joinsave.com
About Save Advisers, LLC
Save Advisers, LLC 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 and higher-yielding 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.
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.
Please see www.joinsave.com for full disclosure and important details.
Disclaimer
Average annual return based on hypothetical back-tested performance. Any hypothetical back-tested performance is no guarantee of future performance and actual results will vary depending on customer profile. Returns are subject to change daily. Minimum return will always be at least 0%. Only the initial investment amount is eligible for FDIC insurance and not the market return, if any, in excess of such amount. All market investments will be eligible for SIPC insurance. Hypothetical backtest can be found here.
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