FinFit, a FinTech company that provides over 150,000 employers with a unique financial wellness benefit platform, today announces the launch of the first employee savings account program in the financial wellness industry which allows employers to contribute. With this benefit, employers will be able to match up to 100% when their employees fund their FinFit savings account.
Allowing employees to allocate a portion of their paycheck to savings will both automate the process and establish the repetitive behaviors necessary for building up their rainy-day funds. Motivating employees to establish savings furthers FinFit’s mission to not only help employees maintain financial stability, but also establish positive behaviors for their financial future.
“Enabling employers to participate in the creation of emergency savings for employees takes employer support to a new level,” said David Kilby, CEO and President of FinFit. “Employees need motivation and guidance from their employers to establish healthy saving habits, similar to a 401(k) match. Knowing that an insurance blanket exists for the inevitable financial hardship provides peace of mind, reduced stress and a greater ability to focus on their core responsibilities both within the work environment and at home.”
FinFit’s new digital banking alternative will have innovative savings options that employers can offer their employees. This mobile-first, banking solution will include savings and checking accounts, round-up opportunities, automated savings programs, and recommendations for smart saving decisions from an FDIC-member bank. Employers can choose which savings programs they would like to offer, and the level of contribution that suits them. The program offers customizable savings options for each employer, ensuring they can maximize the opportunities they’d like to provide for their employees.