Save teams up with Radius Bank on world’s first savings platform
Houston-based savings platform Save Advisers announced its agreement with Boston-based digital bank Radius Bank to power an FDIC-insured consumer checking account and the Save Debit Invest debit card for customers of Save’s Savetech platform. The Save Debit Invest account will be managed as part of Save’s savings platform, where Save provides customers with market investments that match their card signature spending on a dollar-for-dollar basis.
As an example, if a customer were to spend $100,000 in a year on their card, Save expects to allocate $100,000 of equivalent portfolio investments in a portfolio matching their investment profile. Save customers get to keep the yield on the matching investments with the goal of earning average returns that are significantly higher than other card products, bank accounts, or other savings vehicles. The investments are professionally managed with Save’s algorithmic portfolio technology using a diverse portfolio of ETFs.
“We are transforming the industry of investments and savings with an unparalleled customer proposition. We work with the most innovative banks that are ready to move into the future with technology to drive better results for customers, and Radius has been at the top of that list.” – Save founder and CEO Michael Nelskyla.
Radius operates in all 50 states and is known for its digital banking platform that provides convenient features such as mobile check deposit, bill pay, card management, as well as a personal financial management dashboard, and access to the Radius Marketplace, a curated group of financial products that help clients spend, save, and protect their money. LendingClub recently announced its intent to acquire Radius Bank, which is subject to regulatory approval.
“Save is on a mission to change the way people build wealth in a very innovative way and is an ideal partner for Radius. In our conversations with Save, we feel like kindred spirits with a shared sense of mission. Save has developed a unique Savetech platform that has the potential to help savers achieve significantly higher yields on their savings using the Save Debit Invest card.” – Huma Usmani, Vice President, Emerging Technologies of Radius Bank .