FinTech News
Fruitful Introduces High-Yield Savings and Cash Back Charge Card
The financial advisory platform Fruitful has announced two new features for its members.
About Fruitful’s HSY and charge card:
Members of Fruitful will now have access to two new products: Fruitful Cash Accounts and Fruitful Card.
With Fruitful Cash, customers can earn 5% APY. Moreover, the account combines a high-yield savings account with checking account features. In fact, the Fruitful Cash account works in tandem with the new Fruitful Card.
Described as a secured charge card, the credit limit of the Fruitful Card is tied to the member’s Fruitful Cash balance. This ensures that customers can earn cashback rewards without worrying about carrying a balance. As for those rewards, the Fruitful Card earns members 2% cashback on all purchases.
Fruitful’s new cash account and charge card products are exclusive to members. Currently, memberships cost $98 a month for a Solo plan or $148 per month for Joint plans. Additionally, customers who opt to pay more upfront can save, with Solo plan options costing $275 paid quarterly or $988 paid yearly. The service also offers a 30-day “risk-free” period in which new customers who aren’t satisfied can cancel and get a full refund.
Beyond these features, Fruitful membership gives customers access to one-on-one financial guidance from a Certified Financial Planner (CFP). These advisors can also help members build a tailored investment portfolio and reach other financial goals. Fruitful does not have any management, onboarding, or other fees beyond the price of membership.
What they’re saying:
Announcing the new offerings, Fruitful CEO Sam Lewis stated, “Fruitful is reimagining what financial wellness means for Americans, and the launch of Cash & Card is a significant step toward empowering our members to take full control of their financial present and future.”
Lewis went on to describe the idea behind the platform itself, noting, “For too long, the financial services industry has embraced outdated banking and advisory models to muddle customers’ full financial picture and ultimately profit off of them. We’ve designed an entirely fresh approach to empower our members to get organized, earn more, and avoid fees and credit card debt while getting advice from their Fruitful Guide and taking action.”
My thoughts:
With 5% APY and 2% cashback, both the Fruitful Cash Accounts and Fruitful Card sound like solid products in today’s market. Of course, the required $98 a month (or $83 a month if you pay a year upfront) membership price is steep. So while these new features may be a nice addition for members, I don’t foresee anyone signing up for the service just to take advantage of those particular offerings.
On that note, however, the concept of Fruitful’s membership is intriguing. After all, while $1,000 a year isn’t cheap, consumers could spend far more than that for other financial planning services. For that reason, I’ll now be keeping an eye on Fruitful, even if I’m not personally in a place to become a member myself.
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