Fintech company Stash launches StashWorks, a workplace benefit backed by SHRM that partners with companies to power saving for American employees
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.
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.
SOURCE STASH
