Save, a FinTech startup that helps people earn higher yields on their savings, has announced partnering with Mastercard to launch Save Debit Invest Card, a unique debit card that matches spending with investments.
The new Save Debit Invest Card, instead of traditional cashback or reward points, matches signature spend with investments, and enables the customer to keep the return on those investments.
“We are not only helping people save, but we are transforming the industry by turning every debit cardholder into an investor through everyday spending without any separate effort from our customers or risk to their capital. Further, we look forward to working closely with Mastercard to deliver leading financial services in a smarter, more empowering way,” said Michael Nelskyla, CEO of Save.
The Save Debit Invest Mastercard will provide consumers with benefits such as contactless payments and advanced security features including Price Protection, Identity Theft protection, and more. Customers get notified of matching investments and will be able to access their card account through an iOS and Android app. Save charges no annual account fee, but portfolio returns are subject to Save annual wealth management fees. The firm has also announced that it will not charge yearly wealth management fee for matching investments that don’t generate a return of at least 0.59%.
“We created the Debit Invest card to help customers invest and optimize their return. In an environment where most banks are providing very limited upside for customers, we are offering a platform that is both engaging and potentially very profitable against bank product yields,” said Adam Watts, COO of Save.
“Today’s consumers expect banking services that meaningfully meet their individual needs and preferences. This new offering from Save is representative of the evolution of financial services, and we’re pleased to be partnering with them to bring these solutions to market,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard.
Save was created in 2019 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.