Stash, a New York-based micro-investing startup, has revealed plans to launch mobile-first banking services in the US.
The services include common banking solutions such as billpay, direct deposit, and debit cards.
The service’s other banking features will include goal-based savings; free FDIC-insured bank accounts with no fees; customized advice; personalised spend and bill tracker.
The service will also offer access to the Stash Plan; no minimum balance requirement and free access to ATM network.
Stash CEO and co-founder Brandon Krieg said: “When we launched the Stash platform, we redefined the financial services experience by providing affordable access and education to millions of Americans. Our new banking services will take that promise a step further. We are pioneering ways to relieve stress and improve our clients’ financial security for years to come.”
Stash president and co-founder Ed Robinson added: “When we talked to our clients and analyzed their expenses, we were shocked by how much they were paying in fees. It’s simply crazy that the average American pays close to $300 a year in bank fees.
“We dug deeper and discovered traditional banks offered very little guidance or tools to help Americans manage their money. We’re building our banking services to solve that and bring new tools, coaching and complete transparency to the process.”
The service will be available starting early 2018.