Save® Announces Innovative Partnership with Webster Bank to launch Save’s Market Savings Program
Save®, a fintech company that helps people earn higher yields on their spending and savings, announced that they have signed an agreement with Webster Bank, N.A., a leading bank in the Northeast that provides a wide range of digital and traditional financial solutions to consumers and commercial clients. Webster Bank will make savings accounts available to Save customers who participate in this product offering on Save’s innovative Savetech platform.
Save, an SEC-registered investment adviser, expects the return potential of its Market Savings program to be higher than traditional high-yield interest savings accounts. Customers can expect average annual return potential between 1.50% to 7.70% depending on the program term, without risk to customer deposits.2 The Market Savings program seeks to provide returns to customers through an investment by Save into a diversified portfolio of ETFs representing stocks, bonds, real estate, and commodities based on the customer’s investment profile. The yield is not guaranteed but will vary according to market performance. Customers’ deposits will be held in savings accounts at Webster Bank that are FDIC insured up to the standard maximum deposit insurance amount, which is currently $250,000 per depositor, per FDIC-insured bank, per ownership category. Save expects to add a range of investment portfolios including sustainable investments and alternative asset portfolios.
“We’re excited to work with Webster Bank to build an entirely new approach to savings,” said Michael Nelskyla, Founder and CEO of Save. “By adding the Market Savings program to our platform, we’re able to better support our customers’ financial and savings goals at a time when low rates, high inflation, and market volatility are top of mind.”
Save currently has over 25,000 customers signed up for its services and expects the U.S. Market Savings program and its Savetech platform to help attract several billion dollars in savings over the next three years.
“We look forward to working with Save on this innovative savings product. Save is focused on innovative, digital offerings and has an approach that differentiates Save in the consumer space,” said Matthew Smith, Executive Managing Director at Webster Bank.
“Save is on a mission to change the way people build wealth,” said Adam Watts, President and COO of Save. “Our Savetech platform can fundamentally change how people save.”