SaveUp, the first free nationwide rewards program for saving money and paying off debt, today announced the release of a new iPhone app that applies the behavioral economics of the lottery to saving money, and makes it possible to win millions by depositing in any savings account in the United States.
SaveUp launched the app to help call attention to the Congressional agenda to enable prize-linked savings accounts, which offer participants chances to win prizes for savings deposit activity. Inspired by the research of the D2D fund and Professor Peter Tufano, SaveUp has designed an iPhone app that makes the benefits of prize-linked savings available to every American with their existing financial accounts.
SaveUp's web app has already helped Americans rebuild over $1.3B in assets. The iPhone app is part of SaveUp's initiative to help Americans rebuild $5B in assets and recover from the recession.
"We are encouraged by the US government's decision to take action and find new ways to help Americans save for the future," says Priya Haji, CEO and co-founder of SaveUp. "The need for innovation in financial services is urgent, and we created this app to show that this model is successful in helping people save money."
SaveUp web users display a major change in financial habits. In a SaveUp user survey, more than half of respondents said that SaveUp has helped them save more and pay off more debt, and 71 percent said they enjoyed the daily thrill of entering for big prizes. The use of behavioral economics and gamification is also successfully driving people to engage more frequently with their finances -- more than half of web app users use the program to track their finances and play for prizes more than once per week. With the increased accessibility of the iPhone app, SaveUp hopes to help even more Americans achieve their goals and improve their financial habits in a fun new way.
How it works
Register financial accounts on SaveUp by securely logging in with their existing credentials
Earn credits by saving money, paying off debt, and tracking financial progress
Use credits to play for prizes, including a $2 million jackpot
All account activity updated automatically to provide up to date info
SaveUp uses bank-level encryption to keep inforep information safe, and access to the app is guarded by a 4-digit passcode. Money cannot be transferred into or out of accounts through the app. Deposits to any checking, savings, IRA or 401(k) account and payments to any credit card, auto loan, mortgage, or student loans earn credits to play for prizes. SaveUp uses Intuit aggregation technology and can function with existing accounts at over 19,000 financial institutions. Users can also view their weekly spending to help track progress on their financial goals.