Empower banking: Allow Us to Reintroduce Ourselves

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Traditional banks have been ripping off customers for far too long, tricking people into high fees ($329/year on average), trapping them in credit card debt and failing to raise interest rates on deposits. All of this coupled with the fact that banks are still pushing archaic mobile experiences and the majority of people, especially millennials, are feeling let down by the institutions that are supposed to look after their hard earned money.

Traditional banks have been ripping off customers for far too long, tricking people into high fees ($329/year on average), trapping them in credit card debt and failing to raise interest rates on deposits.

I’ve experienced this firsthand, and decided it was time to reimagine banking. While most of you know and love the Empower app, our flagship money management app that we introduced in May 2017, we’re thrilled to introduce the next iteration of Empower: Empower banking.

Introducing Empower banking

Empower Banking is a new kind of mobile bank with unmatched rewards. With Empower banking, our members get the highest interest rates on the market, cash back on debit card purchases, and a modern app with an award-winning AI-powered assistant built in that helps them make better financial decisions.

So, what exactly do members get with Empower banking?  

With Empower Banking, You Get...

  • 1% cashback on the first $1,000 in purchases on the Empower debit card

  • Industry-leading 1.85% interest on savings account

  • No account and overdraft fees, no minimum balance requirements

  • Network of 25,000 free ATMs plus 1 reimbursed out-of-network per month, anywhere in the world

  • No foreign transaction fees

  • Award-winning, AI-powered assistant to help you make better financial decisions

  • 30 days of 2% cashback for each friend you successfully refer

  • Instantaneous sign-up, Visa Zero Liability Policy protection, and FDIC insurance up to $250,000

 Our savings interest rate compared to others

Our savings interest rate compared to others

A Different Kind of Banking Experience

By eliminating 95% of the costs of a traditional bank, we're able to pass on the highest possible interest rate (1.85% APY) plus cash back on debit card purchases to our customers.

On top of that, we offer a digital banking experience that feels like the best modern application rather than an antiquated afterthought. Our app has a built in AI-powered assistant that helps you make better financial decisions. Users can connect other accounts and Empower will track your spending and notify you of the best ways to optimize your savings and pay off debt.

What’s Ahead

Throughout the evolution of Empower, we’ve always been committed to helping people make smarter financial decisions. With Empower banking, we’re confident that we’re giving our members the tools and the technologies they need to achieve financial well-being.

Join the waitlist and be one of the first to get a new kind of mobile bank with optimal, unmatched rewards.

whyWarren HogarthComment