Save (JoinSave.com) combines the safety of an FDIC-insured savings account and the potentially higher returns of a curated investment portfolio with no risk to lose your money if the stock market goes down.
With a minimum of $1,000, you can open a JoinSave.com account with a term length of 1 or 5 years, and you’re guaranteed not to lose your initial investment, as that money is deposited into a Webster Bank savings account that is opened on your behalf, where it remains untouched and FDIC-insured.
Through an investment account at Apex Clearing that is also opened on your behalf, Save will invest funds (these funds are borrowed from the bank by Save) in a curated investment portfolio of your choosing.
At the end of your term, you are guaranteed to get back your initial deposit, plus you have the opportunity to receive any investment gains that you may have earned (not guaranteed), from which Save will take their management fees (fees are only taken from gains if any are made).
So the risk is that you only get your initial deposit back without earning any interest or gains over the term length, and the reward is that you could possibly earn higher returns through the stock market than you would through an ordinary savings vehicle (savings account, CD, money market, etc.).
Either way, you can’t lose your initial deposit amount, and you may withdraw your funds at any time, subject to advisory fees and early withdrawal costs.
Check out Save if you want the potential to earn higher returns without the risks of investing in the stock market.
Save $5,000 or $10,000 Referral Program Boosts
Through the Save Refer-A-Friend Program, you can boost your save deposit for both you and your friends by either $5,000 or $10,000, depending on which type of account you have and refer.
Basically, if you are a current Save member and you refer a new member who opens a Save account through your referral link, you will each get a $5,000 or $10,000 referral boost in equivalent portfolio investments, and the returns are yours to keep (you keep any returns that are made on the referral boost amount, but not the actual referral boost amount itself).
So if your $5,000 referral boost earned a 10% return from your investment portfolio, you would keep that 10% return, but you would not retain the actual $5,000 referral boost at the end of your investment term.
The $5,000 referral reward applies to both the referrer and referee for a Save Market Savings account, and the $10,000 referral reward applies to both the referrer and referee for a Save Market Trust account.
If you want to sign up for Save through a referral link in order to receive the extra $5,000 or $10,000 referral reward, check out these in-depth Save reviews from Best Wallet Hacks and MyMoneyBlog.com that both contain referral links, and you may also feel free to exchange Save App referral links in the comments below this article.
How Save Works
Basically, you choose your deposit amount ($1,000 minimum) and your term length (1 or 5 years), link your funding bank account, and select your investment portfolio.
Then, Save will open a savings account at Webster Bank (FDIC insured) and an investment account at Apex Clearing (SIPC insured) on your behalf, and your deposit amount will be transferred to your Webster savings account, where it will remain throughout your term length, as your deposit will not be invested.
Next, Save will make an investment in your selected investment portfolio at Apex Clearing (using funds that they borrow from the bank, not your funds), which will be held in your Apex Clearing account throughout the term length that you have chosen of 1 or 5 years.
You can review the performance of your investments through your Save account, and you can withdraw your deposit at any time, subject to the cost associated with early termination of related investments.
At the end of your investment term, you will receive your initial deposit back and the investment gains (if any) from your selected investment portfolio, minus their management fees (fees are only paid on gains).
So in a worst-case scenario, you get only your initial deposit back without any gains, and in a best-case scenario, you get much higher gains than you would through a regular savings vehicle (savings account, CD, money market, etc.).
If you want to potentially earn higher returns than you could through a standard savings vehicle without the risk of losing your initial investment, try JoinSave.com to enjoy banking with market returns.
Plus, participate in the Save Refer-A-Friend Program to get $5,000 or $10,000 in extra investment funds deposited into your Save account for both you and your friends.