May 26, 2020
Stash Banking: Banking For Investors
By Stash Team
Learn more about the latest addition to the Stash product family.
At Stash, we want to be on a life-long financial journey with you.
We started out letting you invest in exchange-traded funds for just $5. And we recently opened up our platform to single stocks, allowing you to invest in a range of blue chip and other U.S. companies.
Over the years, we’ve grown and so have you. And as we’ve grown together, we’ve listened carefully to what you have to say. We know that you want a place to keep your money, and to use it the way you want to use it.
That’s why we’re excited to tell you about the Stash banking.
We think you’re going to like it, because it can help give you more financial freedom.
What is it?
Stash banking is a bank account, issued by Green Dot Bank, Member FDIC, designed especially for our investors. It won’t cost you anything to set up, there are no minimum balance requirements, and we won’t charge you any monthly or annual fees to maintain the account.1
Best of all, we won’t charge you overdraft fees.5 We think this last part is really important, because it sets us apart from traditional banks, which can charge $30 or more if you overdraw your account.
The Stash banking card gives you access to thousands of fee-free ATMs around the U.S.6 You can deposit cash to your account through your linked bank account, via direct deposit, or at participating CVS Phamacy®, Rite Aid and Walgreen stores.3
- Stash Stock-Back®3: Why not earn stock when you spend? If you enroll in the program, every time you make a qualifying purchase at your favorite stores using your Stash banking card, you’ll earn a percentage back as stock. So if you buy at companies like Walmart, Amazon, or Starbucks or any of the other retailers on our investment platform, you’ll earn a percentage back as company stock. if you spend anywhere else, such as the local car wash or corner grocery store, you’ll earn a percentage back in a Stash-approved ETF. The percentage of the share will be added to your portfolio within 2-5 business days. The trade will be executed and you’ll see your earned stock in your Stash Invest Portfolio.
- Recurring Transfers8: Stash lets you move money automatically into your Stash bank account from your external bank account. All you have to do is tap the “Recurring Transfers” tile in the spend section of the Stash app, and then schedule how much money you want to move, and how often. The transfers will begin on the start date you choose, and continue at the frequency you select. You’ll get a notification when a transfer is initiated, and when it’s completed. Recurring transfers are only available for Stash banking customers. Stash invest customers can still use Auto-Stash to schedule money transfers to their brokerage accounts.
- ASAP Direct Deposit™: Did you know that many big banks sit on your paycheck for a few days, so they can make more interest off your money? With ASAP™ Direct Deposit, your paychecks can hit your Stash banking account up to 2 days early.4 So now that’s Stock-Back on your purchases, no hidden fees,1 AND getting your pay up to 2 days early. Not that we’re keeping score or anything.
- Saving: You’ll also have access to Stash’s proprietary savings tools, which analyze your daily spending to help you make smart spending and saving decisions, and to keep you on track financially.7
More about Stash Banking
The Stash banking card is not a prepaid card or credit card. It’s a debit card you can use to make purchases in stores, online, or wherever Visa is accepted in the U.S.
There are a number of potential bank partners out there for companies like Stash, so we canvassed the universe and selected Green Dot Bank because of their technology, people, and values. They are the partner for many tech-forward companies.
Stash wants to help you get smart about your money. And we hope Stash banking will be another tool to help you make smart financial decisions.
Anyone with a Stash Invest account can sign up for an account.
If you aren’t a Stash investor already, you will need to download the app and register for a Stash Invest account. Then you will need to apply for a Stash bank account. Account Opening for banking is subject to Green Dot Bank’s approval.
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