SANTA MONICA, Calif., March 21, 2018 /PRNewswire/ -- Shuttle Finance, the innovative new financial wellness benefits provider, doubles down on employee savings and introduces 1% cash back. Shuttle, which is currently available for iOS and Android, will begin rolling out the new feature beginning in April, 2018. The 1% APY feature is about 25x more interest that can be earned when compared with traditional savings accounts.
Shuttle, which is backed by Santa Monica fund Science Inc., is a new type of employee benefit savings app that lets employees create personalized goals and then empowers employees to automatically save for them. In addition, employers are able to contribute towards these goals as an engagement and retention tool.
"We spoke with quite a few really smart HR and benefits people and a pattern began to emerge. If we could introduce interest, it would present a real opportunity for employers to bring something special to their employee base," mentions Brendon McQueen, Shuttle's CEO. "One of the things that's really exciting with this announcement is that for many employees, this will be the first time they've been introduced to the idea of interest, period. If an employer can be the one to introduce this to their employees, that's really powerful and shows employees that their company is actively putting them on the path to financial success," McQueen continued.
The cash back will work a little bit differently than your standard APY in that Shuttle will calculate it monthly as opposed to daily. At the beginning of every month, the cash back will appear in the employees app, relating specifically to each individual employee goal.
"We're seeing a couple players out there like SunTrust and PwC doing some interesting things with financial wellness, but none offer the goal based savings, a consumer focused product or the 1% cash back," mentions Meredith Davis, Shuttle's GM of Enterprise. "Most financial wellness offerings are education based, with soft outcomes or none at all. I think Shuttle is leading the charge for the next generation of employee benefits, specifically because their platform is truly user driven and infinitely flexible," adds John Foster, former CHRO of Hulu and an advisor to Shuttle.
One of the things Shuttle prides itself on is being one of the few benefits that are 100% inclusive which means that every employee, on day one, can find value in the platform and they don't need to qualify themselves like they would with pet insurance or even a gym membership. "Not everyone goes to the gym and not everyone is interested in an HSA. In creating Shuttle we knew that the platform could help democratize the benefits employers are offering," mentions McQueen. "We don't talk about it too much, but the inclusive nature of Shuttle means that our opt-in adoption rates are incredibly high," adds McQueen in closing.
About Shuttle: Shuttle is a new kind of finance company taking a fresh approach to financial services. We're all about helping people get ahead and find success. Whether they're looking to save for their first home, save for a vacation or simply set up emergency savings, Shuttle works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit https://www.shuttlefinance.com.