Secure & Grow Account - 5% APY

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How is the Let's Get Set Secure & Grow Account different from a regular savings account?

The Let's Get Set Secure & Grow account gives you cashback rewards and borrowing protection so you can make your savings account work harder for you. We'll top you up to a 5% interest rate so you get 5% APY cashback each year, and also give you immediate borrowing protection.

For the cashback, we calculate what you are currently earning and then top you up to 5%. So if your savings account pays you 1%, we'd pay you an extra 4%.

When it comes to your borrowing power, we allow you to borrow against your linked savings account at 2 times your savings balance (up to $2,000) - leaving you with a safety net that doesn't decrease your savings progress.

What are the eligibility requirements?

We share our eligibility criteria so you know whether you may be qualified for coverage. In the sign up process we ask you to link your checking and savings accounts so we can quickly assess whether you meet the following criteria.

Criteria we look for in your linked checking account:

Receive monthly direct deposits of at least $1,500 from work or from recurring monthly benefits (demonstrated by deposits on previous 3 statements from same bank account).
Your income is deposited in this linked checking account. The account is an active account that's at least 3 months old, and it's where you pay your bills and have 10+ purchases/month.
Positive or neutral cash flow over the previous 3 months (meaning that the difference between statement 1 starting balance and statement 3 ending balance is positive, $0, or at most -$100).
Have less than 2 returned items or reversal charges on your 3 statements.
Have less than $800 in cash advances or personal loans within the past 30 days.

How can I borrow?

If you need funds in an emergency, you can borrow against your savings account by requesting a loan.

You are able to request a loan at 12% APR up to the amount of your "Borrowing Limit". When you request the loan, you choose the repayment period (2-12 months) and how you will repay it (biweekly or monthly). At the time of the loan request you are able to toggle the repayment terms to calculate the recurring payments to decide what timeframe is best for you. You can always choose to pay off your loan before the deadline.

How is my borrowing limit calculated?

We've built this product to allow your borrowing limit to grow as your savings grows!

You can borrow up to 2x what's in your savings account, up to the max of $2,000. We calculate and update your borrowing limit daily based on your savings activity. We take the average rolling balance in your savings account from the past 7 days to calculate your daily borrowing limit.

Example: Let's pretend that your average savings balance over the past 7 days was $400, and at the time of requesting the loan you have $450 in your account. In that case, we'd take 7-day average and double that to calculate your borrowing limit as $800.

The highest your borrowing limit can go, and the most you can borrow at a time is $2,000, even if you have more than that in your savings account.

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What does 12% APR actually mean?

We get it, math is hard!

By always charging a fixed 12% APR we are hoping to make it super clear what you'll pay in interest if you need to borrow.

But what exactly would a 12% APR mean for you in terms of your interest payments? Here are a few examples:

If you were to borrow $1,000 and repay monthly over 6 months, you'd pay $35 in interest total.
If you were to borrow $500 and repay monthly over 12 months, you'd pay $33 in interest in total.
If you were to borrow $1,000 and repay monthly over 12 months, you'd pay $66 in interest.

When you take out the loan you'll be able to toggle the repayment period (2-12 months) and repayment frequency (biweekly or monthly) to see how that affects your interest payments.

What happens if I miss a loan payment?

If you miss a loan payment, your account will become frozen and we will alert you. We honor a 7-day grace period to make the payments to bring your account back to current and to avoid impacting your credit score.

If you don't make the payment within that grace period you will incur the following penalties:

A late payment fee (2% of the missed payment)
Inability to borrow additional loans until 10 days after the payment is made (We call this a "cool-off" period.)
Forgo any rewards earned in that 30-day period

If your payment is returned due to insufficient funds, there is a $10 fee.

If you become delinquent, you will see a delinquent message in your app, and we encourage you to reach out to us to us to make a payment before it impacts your credit or your savings.

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Grow your savings and protect your family with Secure & Grow.

5.00%

Savings growth at 9x national average

Protection that grows as you save

Payment terms that work for you

Fixed interest rate when you borrow

Get covered now, protect your future.

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