HOUSTON, Sept. 1, 2020 /PRNewswire/ -- Fintech startup Save® announced today that they have signed a preliminary agreement with 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 first-of-its-kind savings platform, where Save provides customers with market investments that match their card signature spending on a dollar-for-dollar basis. Under the terms of the partnership, over $3 billion is expected in customer transactions and matching investments within the first 3 years.
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," said Michael Nelskyla, Founder & CEO of Save. "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."
Headquartered in Boston, MA, Radius operates in all 50 states and describes itself as a forward-thinking digital bank offering a full complement of leading-edge personal and business products and services. Radius is known for its award-winning, digital banking platform that combines state-of-the-art technology with the best checking and savings account features to provide a superior banking experience for consumers and small businesses. Its platform 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 best-in-class 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," said Huma Usmani, Vice President, Emerging Technologies of Radius Bank. "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."
"We partner with key banks to support our aggressive growth plans, and Radius is truly one of the most technologically innovative and proactively customer-first banks in the industry," said Adam Watts, President and COO of Save. "Radius has exactly the right kind of company culture and customer-centric philosophy to partner with Save."
"The Radius Bank team is passionate about disrupting the banking industry with technology that really makes life better for customers, and that adds value for customers," said Radius EVP of Virtual Banking, Chris Tremont. "We believe that Save is an ideal partner for joining us in the mission of driving the next era of innovation in financial services. No one else in the banking industry is offering such a unique return potential. We're looking forward to helping Save customers keep their deposits safe with Radius, and we're excited to see the market returns Save can deliver."
Save invites new customers to sign up today at: joinsave.com
About Radius Bank With assets of approximately $1.6 billion, Radius Bank is a forward-thinking digital bank committed to providing a full complement of accounts and services to meet the banking needs of consumers and businesses nationwide. Radius provides the product depth of a national brand, the technology of a fintech, and the personalized attention typically reserved for a local bank to consumers, small and middle market businesses, unions, government entities and non-profit organizations. The Bank's award-winning digital banking platform allows consumer clients to bank from anywhere with a computer or mobile device and provides convenient features such as check deposit, bill pay, card management, and a personal financial management dashboard. Business clients enjoy a wide array of award-winning deposit products, advanced treasury management services, and loan and payment solutions. In addition, Radius' suite of open APIs delivers a robust banking-as-a-service (Baas) platform for fintechs to quickly access core banking features and build best-in-class financial solutions. Radius specializes in partnering with forward-thinking fintechs to provide white-label deposit products, cards, digital onboarding, and account management. Radius Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, visit the Bank's website at radiusbank.com, or follow the Bank on Twitter, LinkedIn, Facebook, and Instagram.
About Save® Save 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 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 risks of the stock market. Learn more at joinsave.com. Follow and connect with Save on Facebook, Instagram, Twitter and LinkedIn.
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 joinsave.com for full disclosure and important details.