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Save Market Savings account Review

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Earn an average 3.13% return by investing your interest in the stock market.

Save Market Savings puts a unique twist on growing your money. Unlike other banks that pay a fixed interest rate, Save invests your interest in the stock market where it can earn an average 3.13% return. The best part? Your initial deposit is never at risk because it’s held in an FDIC-insured savings account. But unlike most banks that pay interest monthly, this one only does so once a year.

Up to 3.13%

APY

0.35% per year

Fee

$1,000

Minimum deposit to open

Details

APYUp to 3.13% on balances of $1,000+ based on Save's current projection on average investment returns
Fee0.35% per year
To waive the feeIf your investment doesn't earn a positive return or you earn less than 0.35%, your fee is waived.
Minimum deposit to open$1,000
Intro or bonus offerEach time you successfully refer a friend, Save invests an extra $1,000 on both of your behalfs. After a year is up, Save keeps the $1,000 and gives you all the earned interest.
Minimum balance to earn interest$1,000
Interest compoundingAnnually
More Info

Expert review

Cassidy Horton

Review by


Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

Save Market Savings is best for those who are ready to start investing but don’t want the potential risk involved. Save only invests your interest, so it’s a great way to dip your toes in the investing water without risking your initial deposit.

But as with all savings accounts, there are a few downsides. Save sees an average 3.13% return, but these returns aren’t guaranteed. You could earn more or less depending on market performance.

If Save makes you money, they’ll keep 0.35% of the earnings and give you the rest. But unlike other accounts that pay you interest monthly, Save only pays you interest once a year. This is because your money needs to sit in the stock market to grow.

If you’re okay with having limited access to funds while your money grows, Save may be a good choice. But if you plan on using this account on a monthly basis, you may want to explore other options.

How does it work?

Here’s how Save Market Savings works:

  1. You open a Save Market Savings account.
  2. You create an investment profile based on your risk level.
  3. Save works with a partner bank to frontload your interest.
  4. Save invests your interest in the stock market based on your risk level.
  5. Your returns are deposited into your Save account one year later.

Once your year is up, you can either renew your term with Save and have them reinvest your interest in the stock market. Or, you can transfer your money to a separate bank account.

How does Save invest my interest?

Save invests your interest into a diversified portfolio of ETFs based on your risk tolerance. These ETFs are made up of stocks, bonds, real estate and commodities.

Save’s goal is to earn you more interest than you’d get in a regular bank account or CD. Although rates fluctuate based on market conditions, the average rate of return is 3.13%.

What investment portfolios does Save use?

Save’s investment portfolios are designed by a team of industry experts who are veterans of UBS, Goldman Sachs and NASA.

You’ll be assigned a Conservative, Moderate or Growth portfolio based on the answers you give when you set up your account. Then, Save invests your interest accordingly.

How does Save make money?

Save charges a 0.35% fee — but only if your account earns a positive return of 0.35% or more. If your investments don’t earn any money, the company doesn’t make money.

How do I open an account?

Save Market Savings isn’t available yet, but you can add yourself to the waitlist using these steps:
  1. Go to the provider’s site and follow the steps to apply.
  2. From the Save website, click on the Market Savings tab.
  3. Click Reserve my account.
  4. Enter your personal information and click Next.
  5. Follow the prompts to complete your pre-registration signup.

Eligibility

You’ll need to meet these requirements to open a Save Market Savings account:

  • At least 18 years old
  • US citizen or resident
  • Social Security number
  • Existing bank account to link to your Save Market Savings account

Requirements

Have this information handy when you go to fill out your application:

  • Full name
  • Residential address
  • Social Security number
  • Your feelings toward stock market risk
  • Login information for existing bank account

What are the benefits of a Save Market Savings account?

The Save Market Savings account comes with a mobile app where you can monitor your investments and manage your money. It also has these perks:

  • Earn up to 3.13%. Even the best high-yield savings accounts top out at 1% interest. Save Market Savings has the potential to earn you more money.
  • Refer-a-friend program. Each time you successfully refer a friend, Save invests an extra $1,000 on both of your behalfs. After a year is up, Save keeps the $1,000 and gives you all the earned interest.
  • Good customer service. We hopped on a chat with Save customer service and the experience was quick and they did an excellent job of answering our questions.

What should I look out for?

As with most savings accounts, Save Market Savings doesn’t come with an ATM or debit card. It also has these drawbacks:

  • High opening deposit. You’ll need at least $1,000 to open a Save Market Savings account. Most savings accounts have opening deposits as low as $0.
  • Interest isn’t guaranteed. Although your money is invested in a diversified portfolio of ETFs, returns aren’t guaranteed and you could end up earning zero interest.
  • Can’t access interest for one year. Most banks pay you your earned interest monthly, but Save holds onto it for one year so it has time to compound.
  • Only one way to withdraw. The only way to access your money is to transfer it to an external bank account. You can’t remote-deposit checks.
  • Website is confusing. Save Market Savings is a unique product. Unfortunately, its website doesn’t do a great job of describing its nuances. We had to contact customer service to fully understand the account.
  • Not available yet. Save is planning to launch its Market Savings account in December 2020. Until then, you can join the waitlist.

If you’d rather have a regular high-yield savings account that earns a steady interest rate, explore these options to find one that’s right for you.

Compare Save Market Savings with other savings accounts

Use this interactive table to see how Save Market Savings compares to other popular accounts. Enter your deposit amount and click Calculate to see how much interest you could earn.

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
0.60%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
0.61%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
CIT Bank Money Market
0.50%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
SoFi Money
0.25%
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
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Compare up to 4 providers

How do I deposit or withdraw my money?

There’s only one way to access money in your Save Market Savings account. That said, Save doesn’t recommend withdrawing your balance before the year is up because they’ll have to pay your interest back to the bank in a prorated fashion, which limits your earning potential for the year.

Deposits

  • ACH transfer from an external account

Withdrawals

  • ACH transfer to an external account

Frequently asked questions

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