Founder(s): Michael Nelskyla
Description: Save hopes to improve the overall financial health of users by replacing credit card rewards and bank account interest with investments and encourages users to spend money in areas with the potential to improve their financial wellbeing.
Save was created by founder Michael Nelskyla and a team of financial industry veterans, data scientists, software developers and quantitative leaders from organizations such as Goldman Sachs, UBS, and NASA. Together they have created a simple platform to help users achieve their financial goals.
Michael believes “everyone should be able to benefit from sophisticated investment approaches, to keep their investments safe and secure and also gain the highest possible market returns.”
Save hopes to improve the overall financial health of users by replacing credit card rewards and bank account interest with investments – their credit card provides an expected cashback of nearly 6% and they offer savings accounts with expected annual returns of around 4% to 10% depending on the term, based on recent hypothetical backtests; these returns aren’t guaranteed and can be zero if the investment portfolios perform poorly.
In addition to this, they offer enhanced returns for spending in areas healthy for the environment, such as electric vehicles, and in areas healthy for the customer, such as gym membership and healthy food.
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