Save Announces ESG-Focused Portfolio Save Announces ESG-Focused Portfolio
Save ESG users

Save Announces ESG-Focused Portfolio

With many consumers growing more environmentally conscious, a number of companies have made efforts to change the way they do business in a bid to become more eco-friendly. Furthermore, in the world of FinTech, several startups have also supported environmental efforts by promoting certain habitual changes and helping consumers divest from companies that don’t support their values. Now, another company is joining this trend with its latest offering.

This week, Save announced the launch of its Environmental, Social, and Governance (ESG) portfolio that includes the iShares ESG Aware ETF among others. According to the company, the option marks the first ESG-oriented savings product in banking. Moreover, since the option debuted, a reported 10% of customers that have opened a Market Savings account have selected the ESG portfolio.

In addition to offering the ESG account, Save is also launching a tree-planting effort. For every $5,000 deposited in ESG Market Savings, the company will underwrite the planting of one tree. However, this is capped at $250 million in deposits, which would amount to 50,000 trees being planted in upstate New York.

Announcing the offering, Save founder and CEO Michael Nelskyla said, “Consumers are increasingly turning to ethical choices in all aspects of life including investments,” adding, “We see it as our fiduciary responsibility to offer ethical investing through our Market Savings program for those consumers who seek these choices.” To Nelskyla’s point, Morningstar reports that assets in global sustainable funds topped $2.24 trillion in September.

Save’s latest efforts put them among a growing list of FinTechs that have chosen to focus their efforts on helping the environment. One of the most well-known examples of this is Aspiration, which offers banking accounts, a credit card, and other products that support tree-planting initiatives. Meanwhile, the startup Future recently launched a debit card that rewards customers for making more Earth-friendly choices. While that product is fairly young, Future has already found success, closing a $5.3 million seed round led by Accomplice in September.

With the launch of the ESG Market Savings, Save closes out what’s seemingly been a fairly strong year for the service. In January, the company announced its unique Wealth card. Additionally, the Market Savings account itself debuted in May via a partnership with Webster Bank. Given the growth of ESG funds and the desire for many consumers to “clean up” their investments, this new offering seems poised to gain popularity as we head into 2023, potentially setting up Save for another great year as well.

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central MarketĀ 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....