Save Review: 2024 Edition

Save is an online financial platform that specializes in market savings and investments.

It was founded by Michael Nelskyla and his team of financial professionals who had the vision to create an easy-to-use platform that would help investors meet their financial goals, which they may not be able to achieve with traditional savings accounts. 

Save's mission states that everyone should have the ability to access complex banking and investment programs and reap their benefits.

How Save Works

Save aims to bring banking and investments to everyday people who lack advanced financial knowledge and skills.

Essentially, Save takes your savings and deposits and, depending on the program you choose, invests on your behalf for a fixed timespan.

You also have the option to monitor the flow of your funds through a dedicated app. Once the investment matures, you are free to collect your deposit and investment gains.

Save offers a banking program and various investment programs with different term lenghts and rewards for customers.

What sets a Save account apart from a regular savings account is the combination of investment opportunities and the security of FDIC-insured bank deposits.

This unique approach can potentially result in higher earnings, allowing your deposit to grow while being safeguarded by FDIC rules.

Save Explained

When you join Save, you will be required to provide your personal information (such as your name and bank account details) and make choices regarding the term length, deposit amount, and your desired investment portfolio.

Save then opens a non-interest bearing account at Webster Bank, N.A., which is a member of the FDIC and offers a 0% APY (annual percentage yield). Additionally, an investment account is opened at Apex Clearing (SPIC insured).

Funds transferred to Webster Bank are not collateralized, or put at risk, and they remain FDIC-insured³.

Save will make an investment in the selected portfolio on your behalf. Your Apex account holds your investment, which is the source of your variable APY.

The investment matures either after 1 year and 1 day or after 5 years, depending on the chosen term lenght. The variable APY represents the cumulative returns you receive when your investment reaches maturity.

Once you have completed these steps, you can track the progress of your funds through the dedicated app.

If at any point you are not satisfied with the investment performance, you have the option to withdraw, although there may be costs associated with early termination.

It's important to note that the advertised APY is based on hypothetical back-tested performance in the Save Moderate Portfolio from 2006 to the present.

Hypothetical back-testing does not reflect actual results and is not a guarantee of future performance. It only indicates the potential growth based on Save's portfolio and is not fixed.

The only fee charged is the management fee of 0.35%. Partial withdrawals are not allowed, as all deposits are matched with the investments stated in the terms.

Save APYs 

The APYs vary depending on the term you choose. At the time of writing this review, the company provides the following variable APYs:

• 1-year term: 8.96% APY (Variable)*
• 5-year term: 9.06% APY (Variable)*

Please note that these APYs are subject to market fluctuations. If the market rallies or declines, the APYs stated in your account may increase or decrease.

The minimum deposit for a 1-year term is $1,000, while for a 5-year term, it is $5,000. It's important to know that all deposits are FDIC insured up to the maximum amount allowed by law, which is $250,000 per depositor, per bank.

Save Rewards Program

If you have a friend or relative who is interested in opening their own Save Market Savings program, you can participate in the referral program and earn rewards for both yourself and the new customer.

Through the referral program, a successful referral can result in a bonus of $5,000 in equivalent investments††.

To qualify for the bonus, both you and your friend need to invest $5,000. Save will purchase strategy-linked securities on behalf of the customer with an equivalent value, and any returns generated will be yours to keep.

What Is a Save Investment?

At the time of writing this review, there are four Save investment portfolios available, with an additional Save US Macro Portfolio coming soon.

Here's an overview of each portfolio:

• Save Global Diversified Markets Portfolio: This portfolio invests across global equities, government and corporate bonds, inflation-protected bonds, real estate, gold, and the broad commodity space.
• Save ESG Portfolio: Similar to the Global Diversified Markets Portfolio, this portfolio includes investments in global equities, bonds, real estate, gold, and commodities. However, it also incorporates ESG (Environmental, Social, and Governance) factors by utilizing ESG-utilizing ETFs and avoiding investments in certain markets like agriculture and livestock. The risk and return profile of this portfolio is similar to other portfolios but with companies that meet specific ESG criteria.
• Save Global Multi-Strategy Portfolio: This portfolio has been designed in partnership with a hedge fund and aims to generate returns by combining six sub-strategies across various asset classes. Each sub-strategy has been built based on a decade of research and development. The portfolio takes long and short ETF positions.
• S&P 500 Risk-Controlled Portfolio: Focused on the largest 500 companies in the USA, which represent approximately 80% of the equity market, this portfolio seeks to maintain a stable level of volatility. It achieves this by tracking the S&P 500 Index and adjusting the level of exposure accordingly.

Additionally, Save is in the process of launching the Save US Macro Portfolio. This upcoming portfolio will primarily focus on US equity and bond markets, with the inclusion of commodities.

It will dynamically adjust positions based on factors such as interest rates, inflation, credit spreads, oil, and the US dollar.

Is Save Safe?

Save implements various measures to ensure the security of your data and safeguard your privacy. They utilize 2048-bit RSA for certificates and adhere to the guidelines set by the NIST (National Institute of Standards and Technology).

Save only uses your information for the purpose of opening and maintaining your accounts, providing personalized services that align with your preferences, and enhancing the overall customer experience. If you wish to opt out of the use of your personal information, you can submit a CCPA (California Consumer Privacy Act) request to their customer support.

It's important to note that this information is accurate as of the time of writing this Save review.

Save Customer Support

IIf you encounter any issues with the service, you can find detailed information in their FAQ and blog sections. Alternatively, you have multiple options to contact their customer support:

• Submit a request.
• Email them at [email protected].
• Reach out to an agent through live chat.
• Call them at 1-844-940-Save (7283).

Please note that the phone support team operates during Monday to Friday, from 9 a.m. to 5 p.m. CST, excluding holidays.

During our review, we contacted their live chat support team multiple times and received responses within a matter of minutes.

It's important to check their website or contact their customer support for the most up-to-date information regarding their contact methods and support availability.

Final Thoughts

With a variable APY of 8.96%* for the shortest term, Save Market Savings indeed offers attractive returns. However, it's important to understand that these APYs are variable, which means that the actual return you receive may vary depending on market volatility.

Save's services differentiate themselves from traditional interest-bearing accounts as they are designed to maximize opportunities.

While traditional savings accounts typically offer around 2% returns, Save Market Savings combines the safety of a bank deposit with the potential for higher market returns, providing you with a chance for a much higher yield.

In addition to the potential for higher returns, Save also provides professional and responsive customer support, multiple layers of security to protect your information, and a comprehensive investment portfolio.

These factors contribute to the positive reputation that Save has received in many investment bank reviews.

It's worth noting that market conditions can impact the returns, and it's essential to consider the risks associated with investing.

_{* 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. All back-test statistics are hypothetical and have been designed with the benefit of hindsight. For more detailed information please see Hypothetical Back-testing.}

_{The minimum deposit amount for Market Savings is $1,000 for the 1-year term and $5,000 for the 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.}

_{3. To obtain FDIC insurance coverage, customer funds provided will be deposited into non-interest-bearing accounts at Webster Bank. FDIC insurance coverage for funds deposited at Webster Bank is limited to not more than $250,000 per depositor, per FDIC-insured bank, per ownership category. Actual deposit insurance coverage may be lower if you have other funds deposited at Webster Bank, N.A.. Customers are responsible for determining the amount deposited in each account at Webster Bank, N.A., and for monitoring the total amount of their deposits at Webster Bank, N.A., to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. Learn more at: https://www.fdic.gov/deposit/deposits. Only the funds customers provide and deposit with Webster Bank, N.A. will be eligible for FDIC insurance. Webster Bank is not providing any investment advice or responsible for the purchase or performance of any investment contracts. The funds held in the Apex Clearing Corporation accounts are not FDIC-insured, are not bank guaranteed, and may lose value with a minimum return of zero. Maximum balance and transfer limits apply. Neither Save Advisers, LLC, nor its affiliates, are a bank. Apex Clearing Corporation is a member of the Securities Investor Protection Corporation (“SIPC”), formed by Congress to protect “customers” of broker-dealers and to promote public confidence in the U.S. securities markets. Customers of a SIPC Member that fails financially are afforded certain benefits under the Securities Investor Protection Act (“SIPA”). These benefits are relevant only if the broker-dealer that “carries” a customer’s account fails and is liquidated under SIPA. At Apex Clearing Corporation, your investments are protected by SIPC up to a maximum of $500,000 total, including $250,000 in cash balances. Coverage limitations apply. To learn more about SIPC coverage, visit the SIPC website at www.sipc.org.}

_{††Save Referral and Bonus Programs: For each successful referral, Save buys strategy-linked securities for each party whose investment value is equivalent to: $5,000 for Market Savings and $10,000 for Market Trust.}

_{Equivalent investments: Save buys strategy-linked securities whose value is equal to the notional value of the purchased strategy-linked security. The notional value accounts for the total value of the position, vs. market value which is the price at which that position can be bought or sold in the market.}