Should I Open a Save Bank Account?

The stock market is a roller coaster, volatile enough to make even the least risk-averse person sick to their stomach. I come from a family of six financial advisers and when they’re all scratching their head, I imagine what it’s like for people who don’t have the time to follow the markets everyday. A financial heart attack.

Still, we want our money to make us more money. So the simple question remains: How do you keep your savings safe while also growing said savings? The obvious answer is stash away more money in your savings. Usually people do that through a standard savings account, their mattress, or a hole in their backyard.

The problem with that has always been the minuscule interest rates that grow your money at a measly .36% per year. Your money cannot compound quickly at that rate and as Albert Einstein said, “Compound interest is the 8th wonder of the world. He who understands it, earns it; he who doesn’t, pays it.”

In comes a new startup called Save, an enhanced savings account that is 100% secure with no risk of loss to your initial investment while achieving an average return rate 46 times higher than a traditional savings account.

JoinSave’s first graphic is a convincing one. I’m no mathematician, but 3.15% is greater than .36% by a large margin.

Save markets itself as ‘Probably Better than Your Savings Account.’ Not kidding — I’ve never seen a company make such an indefinite statement about their benefit…