StashWorks also welcomes the first cohort of
customers totaling 20,000 employees from a mix of industries
and trusted brands
NEW YORK, May 16, 2024 /PRNewswire/ -- Stash, the investing
app that empowers Americans to achieve financial goals, today
announced the launch of StashWorks, a new employer benefit platform
that empowers salaried and hourly workers to improve their
financial wellbeing. StashWorks simplifies saving for millions of
employees, eliminating stress and encouraging financial and
professional success.
Fintech company Stash launches StashWorks,
a workplace benefit backed by SHRM
The first cohort of StashWorks partners include Wonder, a
company founded by entrepreneur Marc
Lore that is redefining at-home dining and food delivery;
Aurify Brands, one of New York
City's largest independent restaurant operators; PEAK6
Investments; and other notable private and public brands in retail,
customer service, and insurance. Backed by SHRM—the world's largest
HR association—StashWorks works directly with employers and can be
accessed through best-in-class PEOs as well as top-tier benefit
brokers.
"It's standard practice for employers to offer either a 401(k)
or a pension for retirement, but hardworking Americans need just as
much help saving for now," said Liza
Landsman, Stash CEO. "StashWorks supports employees'
financial needs in both the short and long term, with the
broader impact of helping companies elevate the employee
experience—leading to happier, healthier, and more productive
workplaces."
"Stash is an innovative leader in the personal finance and
fintech space, and we're thrilled to be both a strategic investor
in Stash and a key launch partner of StashWorks, its new disruptive
offering for companies and their employees," said Johnny C.
Taylor, Jr., SHRM-SCP and SHRM President and CEO. "SHRM is the
trusted authority on all things work, and we know that employers
want to give their workers the tools to be financially successful,
but this can be a challenge to manage. StashWorks makes it easy for
everyone."
For millions of Americans today, saving money is hard and out of
reach even with a regular source of income. Meanwhile, research
also proves that inflation and the inability to grow wealth
continue to take a toll on the workplace experience. StashWorks
makes saving a habit that sticks: Employees can designate any
dollar amount or paycheck percentage to save on pay day, quickly
earning rewards for 'Saving Streaks' as they hit key milestones on
their journey to financial wellbeing.
"Offering employees a financial tool for saving money not only
promotes fairness within our organization but also contributes to a
more inclusive and equitable workplace culture where everyone has
the opportunity to thrive financially," said Marc Lore, Chairman and CEO of Wonder.
"StashWorks will be the first solution that gives our employees
easy-to-use tools to save so they can easily achieve both short-
and long-term goals in a cost-effective way, with educational and
structural frameworks that provide a holistic approach to their
personal finances."
About StashWorks:
StashWorks brings the
innovation and accessibility of modern financial technology to
employee benefits. StashWorks helps customers set and pursue
financial goals of every size, one paycheck contribution at a time,
by creating a seamless all-in-one experience for employees to
manage their paycheck and saving goals all in one
place.1 StashWorks incentivizes good money behaviors
with cash bonuses into a customer's managed investment account as
they hit specific milestones—a larger bonus for getting started,
and, during their first six months using the platform, an
opportunity to receive additional 'Saving Streak Rewards' for each
month in which the customer makes two paycheck deposits. The
benefit also comes with Stash's patented Stock-Back®
Debit Mastercard®, which lets customers earn up to 3% in
stock as they spend with the card2, plus no overdraft
fees3, ATM access, pay day up to two days
early4, and access to curated guidance and advice
through the Stash Learn platform. With StashWorks, millions more
can use Stash to easily build healthy habits and learn as they
earn.
About Stash:
Stash is an investing app dedicated
to empowering people to invest and build better lives. Stash's
plans—starting at just $3 a
month—unlock access to a suite of simple, automated solutions
designed to help people find security and peace of mind through
investing. In 2023, the company announced the appointment of
Liza Landsman as CEO, a $40M fundraise, and its Smart Portfolio managed
account was named as the top-performing overall robo-advisor by
Condor Capital.5 Stashers are 15% more financially
literate than the average American6, and rely on Stash
for timely education, expert advice, and clear next steps to help
them grow their money and achieve lifelong goals.
For more information about Stash, please visit
www.stash.com.
StashWorks Saving Streak Rewards are subject to terms &
conditions. Enrolled members will receive a $25 reward in their Smart Portfolio for their
first successful direct deposit into their Stash. They will receive
a $5 reward for each consecutive
month with a successful direct deposit transaction for a maximum of
6 additional rewards (total of $55 in
rewards).
1 Stash offers access to investment and banking
accounts under each subscription plan. Each type of account is
subject to different regulations and limitations. Stash Monthly
Subscription Wrap Fee starts at $3/month. Enrolled members will be responsible
for this fee should they leave their employer or should their
employer stop sponsoring the StashWorks program. Enrolled members
remain responsible for any standard fees and expenses reflected in
the pricing of ETFs, plus fees for various ancillary services that
are not included in the monthly Stash fee, as applicable, and for
their Stash fee should the StashWorks subscription be discontinued
for any reason. Please see the Advisory Agreement for details.
Other fees apply to the bank account. Please see the Deposit
Account Agreement.
2 Stash Banking services provided by Stride
Bank, N.A., Member FDIC. The Stash Stock-Back® Debit
Mastercard® is issued by Stride Bank pursuant to license
from Mastercard International. Mastercard and the circles design
are registered trademarks of Mastercard International Incorporated.
Any earned stock rewards will be held in your Stash Invest account.
Investment products and services provided by Stash Investments LLC
and are Not FDIC Insured, Not Bank Guaranteed, and May Lose
Value.
All rewards earned through use of the Stash
Stock-Back® Debit Mastercard® will be
fulfilled by Stash Investments LLC and are subject to Terms and
Conditions. You will bear the standard fees and expenses reflected
in the pricing of the investments that you earn, plus fees for
various ancillary services charged by Stash. In order to earn stock
in the program, the Stash Stock-Back® Debit Mastercard
must be used to make a qualifying purchase. Stock rewards that are
paid to participating customers via the Stash Stock Back program,
are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value.
Limitations apply; 3% Stock-Back rewards available only for
qualified bonus merchants on Stash+.
3 For a complete list of fees please see the
Deposit Account Agreement for details.
4 Early access to direct deposit funds depends
on when the payor sends the payment file. We generally make these
funds available on the day the payment file is received, which may
be up to 2 days earlier than the scheduled payment date.
5 Based on an independent third party ranking by
Condor Capital Wealth Management published 11/16/2023 of 42 managed investing portfolios at
27 different providers from 1/1/23-9/30/23. Please see the full report for
details on methodology. The period tested was short in duration and
may not provide a meaningful analysis; past performance does not
guarantee future results and Candor Capital's experience is not
representative of all clients. All investments involve risk,
including loss of principal. Stash has full authority to manage a
"Smart Portfolio," a discretionary managed account.
6 Based on surveys conducted online within
the United States by Stash using
SurveyMonkey technology in April 2021
and May 2022. The 2022 surveys were
completed by 1,256 non-Stashers and 1,006 Stash customers.
"Financial literacy" is determined and defined by the percent of
correct answers to a series of financial questions by respondents,
on average. Users were grouped into buckets by the number of months
using Stash, then the average scores were calculated for each
group, and the 12-month moving average was plotted to show the
clear trend between tenure and score.
Stash has full authority to manage a Smart Portfolio, a
discretionary managed account.
Investment advisory services offered by Stash Investments LLC,
an SEC registered investment adviser. Investing involves risk and
investments may lose value. This content is for educational and
informational purposes only. Nothing in this content should be
construed as Investment, Tax, or Legal advice.
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SOURCE STASH