FinTech News
Symphony Launches “Savings” App Earning Points and Miles
A FinTech company has debuted a new account that earns cash interest as well as transferable points and miles.
About Symphony:
This week, Symphony officially announced its launch. The selling point of this new platform is that it allows customers to earn points for saving instead of spending.
According to Symphony, accountholders can earn a fixed 5% APY and earn rewards on every dollar they save. However, these aren’t regular savings accounts. Looking at their website, the accounts are invested in “diversified lending strategies including U.S. Treasury Bills, institutional credit, and asset-backed lending.”
Symphony says that it’s partnered with more than 15 leading global airlines and hotel groups, allowing customers to redeem points for travel. Although the press release doesn’t specifically list participating partners, the website features logos for several airlines, including JAL, Air France/KLM, Air Canada, American Airlines, and many more. Then again, it also still lists Spirit. The app is also working with the Awayz platform, enabling customers to book flights and hotels using their Symphony points.
What They’re Saying:
In a statement announcing the new account, Symphony Co-Founder and CEO Vik Chawla said, “For decades, the financial system has rewarded spending over saving. We built Symphony to flip that equation. With Symphony, consumers can earn points by saving and use them for experiences they actually want, like luxury travel, flights, hotels, and exclusive events.”
Meanwhile, Odynn (which owns the Awayz platform) founder and CEO noted, “Symphony is creating a new model where financial wellness and meaningful experiences can go hand in hand. By embedding Odynn’s Awayz travel platform into Symphony’s app, we’re making it simple for users to book travel while maximizing the value of their points and turn their savings into travel.”
My Thoughts:
Pretty much as soon as I saw “fixed 5% APY,” I knew there had to be a catch. Sure enough, this isn’t really a savings account and isn’t FDIC-insured (although it does say it’s SIPC-insured). That’s a significant difference.
Granted, the idea of earning miles on savings isn’t completely out there. In fact, that’s exactly what Bask Bank has offered for years now. Specifically, that platform currently allows you to earn 1.75 American Airlines miles per dollar saved annually (so an account with $10,000 would earn 17,500 miles over the course of the year). Oh, and your funds are FDIC-insured.
I’m also unclear on whether you’re actually able to transfer your Symphony points to different programs or if you’re essentially just using them to book travel. If it’s the latter (which it does sound like, given the involvement of Awayz), then that travel rewards credit card comparison is a bit misleading, since there’s a difference between booking with airline miles and turning points into cash to then book a flight.
Overall, while I think that the concept of Symphony is interesting (albeit confusing at the moment), I’m far from ready to sign up myself. But, perhaps if it can prove itself and build a track record, I might be more willing to jump on board down the line.
Author
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