Webster Bank is the exclusive bank partner for this first-of-its-kind savings program.
HOUSTON, May 31, 2022 /PRNewswire/ — 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.1
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.”
Webster Bank (“Webster“) is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking, and its HSA Bank division, one of the country's largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-driven organization with $65 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.
Save® Advisers, LLC (“Save®”) is an SEC-registered investment advisor and banking solutions provider that is bringing sophisticated investments to consumers looking for higher returns on their savings without risks of the stock market. Save was created by a team of financial industry veterans and technologists with experience at such well-respected financial firms and organizations as Goldman Sachs, UBS, and NASA. Learn more at www.joinsave.com. Follow and connect with Save on LinkedIn, Facebook, Instagram, and Twitter.
1 To obtain FDIC insurance coverage, customer funds provided will be deposited into non-interest bearing accounts at Webster Bank. FDIC insurance coverage for funds deposited at Webster Bank is limited to not more than $250,000 per depositor, per FDIC-insured bank, per ownership category. Actual deposit insurance coverage may be lower if you have other funds deposited at Webster Bank, N.A.. Customers are responsible for determining the amount deposited in each account at Webster Bank, N.A., and for monitoring the total amount of their deposits at Webster Bank, N.A., to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. Learn more at: https://www.fdic.gov/deposit/deposits. Only the funds customers' provide and deposit with Webster Bank, N.A. will be eligible for FDIC insurance. When customers deposit funds into accounts at Webster Bank, N.A., Save will purchase for its customers investment contracts that will be held separately in, and generate market returns from, an Apex Clearing Corporation account. Webster Bank is not providing any investment advice or responsible for the purchase or performance of any investment contracts. The funds held in the Apex Clearing Corporation accounts are not FDIC-insured, are not bank guaranteed, and may lose value with a minimum return of zero. Maximum balance and transfer limits apply. Neither Save Advisers, LLC, nor its affiliates, are a bank. Apex Clearing Corporation is a member of the Securities Investor Protection Corporation (“SIPC”), formed by Congress to protect “customers” of broker-dealers and to promote public confidence in the U.S. securities markets. Customers of a SIPC Member that fails financially are afforded certain benefits under the Securities Investor Protection Act (“SIPA”). These benefits are relevant only if the broker-dealer that “carries” a customer's account fails and is liquidated under SIPA. At Apex Clearing Corporation, your investments are protected by SIPC up to a maximum of $500,000 total, including $250,000 in cash balances. Coverage limitations apply. To learn more about SIPC coverage, visit the SIPC website at www.sipc.org.
2 Average annual returns are based on hypothetical back-tested performance by Save of the Save Moderate Portfolio from 2006 to present. Hypothetical back-tested performance is no guarantee of future performance and actual results will vary. Returns are subject to change daily. Minimum return will always be at least 0%. All return figures shown are for informational purposes only and are not actual customer returns. Returns are not derived from the Webster Bank savings account. More information relating to Save's hypothetical back-tested performance can be found here: https://joinsave.com/hb-moderate
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