For your Wealth Card account, Save charges a fee of 0.79% only when there is a return above 0.79%. Return is net of the 0.79% management fee. The 0.79% is our management/advisory fee and is charged annually from the matched investments prior to depositing returns into your linked bank account. We do not charge a fee if your investments don’t return more than 0.79% in the program.
For your Save Market Savings account and your referrals Save charges a 0.35% fee only when there is an APY* above 0.35%. The 0.35% is our management/advisory fee and is charged annually from the investment account prior to depositing returns into your account. We do not charge a fee if your investments don’t return more than 0.35% in the program.
Save Wealth Card Example:
You spend $1,000 from May 1, 2022, to May 30, 2022. Save will invest equivalent investments on your behalf in your selected portfolio. On or after June 1, 2023, any returns on your investments above 0.79%, Save will deduct the management fee of 0.79% from your investment return and deposit the remaining amount to your linked bank account. Returns below 0.79%, Save will not charge a fee.
Save Market Savings Example:
You deposit $1,000 in your Market Savings account on January 1, 2022. On or after January 2, 2023, you receive any gains on the portfolio investment associated with your initial deposit that are above 0.35%, after Save has deducted the management fee of 0.35%. Returns below 0.35%, Save will not charge a fee.
Save Market Savings Referral Example:
You receive a referral bonus in the form of equivalent portfolio investments. The investment for your referral program is made on January 1, 2022. On or after January 2, 2023, you will keep any returns on your referral investments above 0.35%. Below 0.35% return, Save will not charge a fee.
*Generally, an APY (or annual percentage yield) is the yearly return on a bank or investment account. Save Market Savings is a hybrid product and service that includes deposit account linked to an investment product. The deposit account portion of the Save Market Savings product and service is provided by Webster Bank, N.A., Member FDIC; and is non-interest bearing with a 0% APY. The investment portion of the Save Market Savings product and service offers the potential to earn an APY with a variable rate (Variable APY). The Variable APY, if any, is derived from the investments made by Save on behalf of the customer within Save’s portfolio of strategies over the duration of term length selected by the customer. The Variable APY, if any, will be equal to the cumulative return for the investments selected for you by Save for the term selected on the applicable maturity date. The Variable APY may be 0% but will never be less than the Minimum Variable APY of 0% per annum. Assuming a minimum Variable APY of 0% per annum, if the Variable APY applicable to a particular maturity date is less than or equal to the Minimum 0%, the customer will not receive any Variable APY return for that investment upon maturity. Variable APY’s are subject to change at any time. Variable APY is not guaranteed. The Variable APY presented is hypothetical in nature and reflects the potential growth that could accrue if the investment is held for the entire term selected. Variable APY’s are based on hypothetical back-tested performance in the Save Moderate Portfolio from 2006 to present and are shown net of fees. Hypothetical back-tested performance is no guarantee of future performance and actual results will vary. For more detailed information please see Hypothetical Back-testing.
The minimum deposit amount is $1,000 for the 1-year term and $5,000 for the 2-year and 5-year term. Deposits are FDIC-insured up to the maximum allowed by law, $250,000 per depositor, per bank. Management Fees associated with the investments may reduce earnings on the account. Customer withdrawal prior to maturity could result in additional associated costs.