Unlike traditional checking and savings accounts, the new UPside and iBankUP savings purse makes it easy to set money aside automatically, and there are no separate accounts or separate statements to deal with.
With one click on their online dashboard, UPside and iBankUP account holders can set aside money in a savings purse that "hides" its balance so customers can't spend it using their accounts' debit cards (without first moving the money back into the main balance). With another click, people can set up set goals and automated daily, weekly, or monthly deposits to the savings purse.
The savings purse also lets customers link to SaveUp, a new nationwide rewards program for personal savings. UPside Visa and iBankUP customers are eligible to earn one credit for every $1 increase in their savings purse. SaveUp issues the credits daily, which can be redeemed for chances to win instant prizes and entries into weekly and monthly drawings. SaveUp’s prizes range from the exciting (retail gift cards, consumer electronics) to aspirational (luxury vacations, home or wardrobe make-overs) to life-changing (a new car, money for college tuition or debt pay-off, or a $2 million jackpot).
"UPside Visa and iBankUP offer customers a shot at second chance banking and often substitute for a traditional checking account," said Patrice Peyret, CEO of Plastyc. "Now this new savings purse and SaveUp rewards program substitute for a traditional savings account and rewards program as well, only they are simpler and potentially more rewarding."
“At SaveUp, our mission is to help Americans to succeed financially by motivating and rewarding them for saving money and paying down their debts. That’s why we’re proud to partner with Plastyc’s Visa program, whose focus on helping Americans save money complements our own efforts,” said Priya Haji, CEO of SaveUp.
“Plastyc’s innovative savings program combined with SaveUp’s innovative rewards program can give Americans that extra motivation and help their need to save more money and strengthen their financial foundations.”
About SaveUp
Founded in 2011, San Francisco-based SaveUp created the first free nationwide rewards program that encourages Americans to save money, pay down their debts and make positive changes to their financial behaviors. By partnering with major consumer brands and financial institutions, SaveUp gives players the opportunity to win exciting or life-changing prizes for performing positive financial actions. The company is funded by BlueRun Ventures and True Ventures. For more on SaveUp, please visit www.saveup.com.