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SecureSave Tops $100 Million in Emergency Savings Accounts Contributions
SecureSave, the leading provider of workplace Emergency Savings Accounts (ESAs), today announced platform users have saved more than $100 million toward unanticipated expenses, helping provide customers additional financial security. Beyond reaching the nine-figure mark, SecureSave also announced customers have used the ESA platform for more than 400,000 financial emergencies.
These numbers represent significant milestones for the company cofounded in 2020 by serial entrepreneurs Devin Miller and Bassam Saliba and personal finance guru Suze Orman, because nearly half of Americans don’t have three months of emergency savings. SecureSave is available to over 90,000 employees nationwide through 120 employers. Also of note are the reasons why people are participating in SecureSave. While they cover a broad range, the top reported reasons are inflation (16%), car/transportation (7%), home (6%), healthcare (5%) and travel (4%).
“We are proud to have reached this savings milestone because it means our platform has given so many the financial support they need,” said Devin Miller, CEO of SecureSave. “We have long focused on providing an avenue that’s easy for employers to implement and simple for employees to use. As a result, we’ve seen a nine-fold increase in users from just two years ago and a participation rate of 60% – a number that’s significantly higher than other elective benefits.”
The company notes usage hasn’t just been for a one-off expense or a near-term need. In fact, SecureSave reports 95.5% customer retention, meaning nearly all users continue to keep their account open. As an additional incentive to use the ESA, SecureSave notes over 90% of its plan sponsors offer participating employees a match ranging from $24 to as much as $5,200 in the first year.
Enthusiasm for SecureSave isn’t just apparent in dollars and cents. It can also be seen in partner feedback.
“SecureSave makes it easy for us to bring real financial security to our clients’ employees,” said Brian Ford, Head of Financial Wellness at Truist Momentum. “It’s rare to see a benefit that delivers immediate impact and long-term value — SecureSave does both.”
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