Stearns Bank N.A. Partners with SecureSave to Grow its Employer-Sponsored Emergency Savings Programs
Posted on: Jul 05, 2022
St. Cloud, Minn. (July 5, 2022) – Stearns Bank N.A., through its holding company Stearns Financial Services, Inc., invested in SecureSave’s $11 million strategic funding round to support SecureSave’s Employer-Sponsored Emergency Savings Program. In addition, Stearns Bank N.A. integrates into the SecureSave Multi-Custodian Platform, becoming the second bank to custody clients’ emergency savings funds. SecureSave is a financial technology company reinventing emergency savings accounts (ESAs). This strategic funding round will support SecureSave’s partnership expansion and continued development of the company’s employer-sponsored ESAs, designed to help consumers set aside money for emergencies and unplanned expenses.
“We are thrilled to have the opportunity to continue to grow our relationship with SecureSave,” said Kelly Skalicky, CEO and President, Stearns Bank. “SecureSave is an amazing company committed to a bold and inspiring vision,” Skalicky added, “and we’re extremely proud to partner with SecureSave to be part of the solution to increase financial security by encouraging and increasing employee emergency savings.”
Stearns Bank N.A. and SecureSave empower American workers by helping them reach economic independence through financial wellness. Fewer than 40% of Americans can afford an unexpected $1,000 emergency, such as car repairs or a visit to the emergency room. Recent insights from the Consumer Financial Protection Bureau show 24% of consumers have no savings set aside for emergencies and 39% have less than a month of income saved. Despite government stimulus delivered to Americans in 2020-2021, the U.S. Bureau of Economic Analysis reports the average U.S. personal savings rate was down to a low of 4.4% in April 2022.
“Everyone needs an emergency savings account, and given the current state of the economy, inflation, and stock market, that need is more important than ever before.
SecureSave solves this vital need by providing a benefits solution that is easy to deploy and will have a high impact at a low cost — important for employers facing budget constraints.” said Suze Orman, co-founder and Chief Strategy Officer of SecureSave.
SecureSave partners with companies to provide employer-sponsored emergency savings accounts (ESAs). SecureSave ESAs empower employees to automatically deduct a contribution from their paycheck into an FDIC-insured account with matching employer incentives.
With SecureSave, employers develop matching programs that best fit their employees’ needs and incentivize savings. Employees can instantly access their savings, including the employer matching contributions. SecureSave’s ESAs can be structured with features to provide bonus employer contributions when employees hit financial goals and savings targets to further encourage employees to save. The average SecureSave customer saves $103 per month in their ESA and exceeds $400 in savings in the first four months.
Devin Miller, CEO and co-founder of SecureSave, values their strong partnership with Stearns Bank N.A. “We want to ensure the process for emergency saving is easy and automatic — with great incentives.” stated Miller. “This requires banking partners to help us build and scale innovative financial technology solutions. Standard checking or savings accounts will not work, and so we are thrilled to have found Stearns, which has helped us put in place a one-of-a-kind solution for emergency savings we believe will serve as a blueprint for scaling a solution that will help tens of millions.”
“This is a unique product built on a strong technology platform that’s easy to use” said Josh Hofer, Chief Risk & Information Security Officer, Stearns Bank. “Given the volatility of the financial environment, this product will provide some peace of mind for consumers,” Hofer added.
For more information about banking, lending and financial tools provided by Stearns Bank, visit StearnsBank.com.
About Stearns Bank N.A.
Minnesota-based Stearns Bank National Association is a $2.4 billion, independently-owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide, in every state across the U.S. Recognized as having a bullet-proof balance sheet with 20% capital and earning top rankings as one of the nation’s highest-performing banks by American Banker, and most recently ranked ninth in the U.S. among banks having more than $1 billion in assets by Independent Banker’s May 2021 Best of the Best ranking of banks with the highest 3-year average Return on Assets, Stearns Bank specializes in nationwide commercial construction lending, USDA and SBA lending, and small business and equipment financing. Driven by a passion to help others achieve their greatest ambitions, Stearns Bank mission is to Get the Job Done! For more information, visit StearnsBank.com.
Headquartered in Kirkland, Washington, SecureSave is a financial technology platform designed to help individuals build emergency savings through an employer benefits platform. It was co-founded by Devin Miller, Bassam Saliba, and Suze Orman, who realized that emergency savings needed to be easier and more accessible to help solve the growing savings crisis in the US. SecureSave makes an immediate impact on employee lives; by increasing financial wellness through a program that is easy to deploy and manage at low cost of ownership for the employer. Most of all, it is well received and accepted as adding value to working for a company that cares. To learn more about the company, visit their website at https://www.securesave.com.