back Back

Save partners with Mastercard to launch Save Debit Invest Card, matches spending with investments

By Pavithra R

December 23, 2020

  • Save
  • USA
Share

Save partners with Mastercard to launch Save Debit Invest Card

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. 

Previous Article

December 23, 2020

InComm Payments launches App Store Cards in Taiwan

Read More
Next Article

December 23, 2020

The Italian Banking Association launches experimental digital euro project

Read More










IBSi Daily News Analysis

Payments, holidays, Black friday

November 29, 2022

Save

Black Friday sales could surge £200m if payments didn’t fail, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Sabre, Conferma Pay, and Mastercard partner to power the travel economy with virtual cards

Read More

Today

Tranch rolls out flexible payments solution for Goodwin clients

Read More

Today

Paysafe and Virgin Voyages partner for online payments

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022