BridgingApps

EARN SaverLife

EARN SaverLife is an online savings platform and product that provides a matched savings as individuals work on their savings goals. EARN SaverLife is open to those who have a bank account that is on the platform (they will be required to securely link this) and are at least 18 years of age. The EARN SaverLife platform is useful for anyone with a goal to save money.

EARN SaverLife often hosts saving campaigns. You can view their current campaigns on their website: https://www.saverlife.org/ Their current savings campaign is Scratch & Save. For Scratch & Save, a consumer will receive a digital scratcher each time their account balance increases by at least $5. Consumers have the chance to win a $5 digital scratcher, and there are 200 winners each week.

EARN SaverLife is user friendly and it is interactive in nature. Unlike other matched savings products, you do not need to save for a specific savings goal. You will receive weekly emails from a financial coach with financial education tips.

The product has been tested and many have received their matched savings. Some considerations when signing up for Saver Life are: you must have a bank account that is on the platform so if you bank with a smaller credit union, it may not be available on SaverLife. SaverLife is secure but you are giving viewing access to your banking data. SaverLife does not sell your data or share it and has taken many necessary precautions to protect their data. Once you complete six months of savings, you will need to leave SaverLife in order to unlink your bank account. This will not allow you to access on going prized linked savings but means that EARN can no longer see your view your data. Also, to note, in order to earn the match, you must have a positive disposable income in the account you link (checking or savings). So even if you save but you then later take out that savings, you would not receive the match for that month. EARN SaverLife can be highly beneficial to jump starting your savings goals.

Users can use their online calculators to check their credit health and discover ideas which may help them overcome specific financial challenges. Users who choose to sign up for their online saving program link their bank account to SaverLife and start saving! Users will also be entered to win prizes when they save. In addition, users will receive progress updates via email along with encouragement and tips from the SaverLife Financial Coach. Users intending to take advantage of the matched savings need to be aware of the balance in their linked account on the day they sign up as well as the day of the month they sign up.

Users who have successfully saved during their first six months will receive an email at the conclusion of the six month time period with further directions on how to claim the money they’ve earned. Once outside of this six-month time period, users can still be entered to win prizes simply by saving money, but will no longer receive a match. In addition, SaverLife prize offerings change regularly and may include further opportunities to win. SaverLife uses the same encryption and security standards that banks use and follow industry best practices for web application security. Currently the SaverLife platform is only web-based and does not exist within an app.

THRIVE Financial Coaching/FinTech Advisory Group