Sprinkle in More Savings: Vestwell Launches Weather Boosters
Vestwell is making rainy days a little brighter with the introduction of Weather Boosters, the first in their new Savings Boosters feature designed to help savers automatically contribute to their savings account when there’s precipitation in a designated zip code. Weather Boosters is now available for savers on the Vestwell platform with 529 Education and Achieving A Better Life Experience (ABLE) savings accounts today with plans to expand to other Vestwell savings accounts.
“We’re delighted to bring automatic savings into everyday households,” said Douglas Magnolia, Chief Customer Officer and President of Vestwell State Savings. “Savings Boosters uses everyday events such as checking the weather to encourage the idea of saving for future goals. These events create automatic savings, providing interesting and creative ways to support positive changes in saving and investing behavior. This approach not only demonstrates the potential impact of dollar cost averaging but also enables smaller dollar amounts to ‘boost’ savings for anyone.”
“Families saving for college through 529 education accounts also have an additional opportunity to engage younger family members in learning about the benefits of developing strong financial habits through early and consistent saving,” added Magnolia.
Eligible savers can easily set up Weather Boosters through their Vestwell savings account dashboard by selecting an account and how much to contribute for a selected location based on precipitation.
When participants voluntarily turn on Weather Boosters, a contribution will be added every time weather.gov predicts a higher than 50% chance of precipitation in their location. Savers can contribute from as little as $1 up to $25 per precipitation event and modify their contributions anytime. These contributions can quickly add up, helping individuals get closer to their long-term savings goals.
Vestwell is proud to be a leading provider of state savings programs and the largest provider of ABLE disability programs in the country. Linking savings to everyday routines, such as checking the weather, can prepare savers for unexpected expenses or achieve broad financial goals automatically. Vestwell's technology helps make saving money easier by offering features like Weather Boosters. These features encourage simple and creative ways to save money, making it more accessible for everyone to reach their financial goals.
