- Save® partners with Customers Bank (CUBI, Financial) to launch the Market Savings Sub-advisory Program.
- The program combines FDIC-insured deposits with a market yield enhancement strategy.
- Requires a minimum deposit of $10,000 for a one-year term and is available through Registered Investment Advisers.
Save Advisers, LLC, in collaboration with Customers Bank (CUBI), announced the launch of the Market Savings Sub-advisory Program, offering wealth managers a distinctive cash management solution. This innovative program uniquely merges FDIC-insured deposit accounts from Customers Bank with a market-based yield enhancement strategy managed by Save Advisers LLC. The initiative is designed to provide both principal protection and growth potential, addressing a critical need in the wealth management industry.
The program is accessible exclusively through Registered Investment Advisers who have partnered with Save and demands a minimum deposit of $10,000 for a one-year commitment. Deposits are held in FDIC-eligible accounts at Customers Bank, ensuring protection, while the investment component is managed via the Save platform and stored at Pershing, LLC.
According to Adam Watts, President and COO of Save Technologies LLC, the program offers a new dimension in cash management for wealth advisers, enabling them to offer clients a combination of security and growth. The strategic alignment with Customers Bank enhances deposit acquisition capabilities and aligns with the bank's innovative, tech-forward strategic direction.
The program, however, includes management fees which might reduce investment earnings, and early withdrawals could incur additional costs. Nonetheless, this partnership marks a significant stride for Customers Bank and Save in providing sophisticated cash management solutions in an increasingly competitive market landscape.
