FinFit Partners with Sunny Day Fund to Add Emergency Savings Accounts to Its Financial Wellness Platform
Written by FinFit on September 17th, 2024.
Posted in Press Releases.
FinFit selects Sunny Day Fund to power emergency savings funds, which half of U.S. workers say is a top financial priority
VIRGINIA BEACH, September 17th, 2024 / PR Newswire / — FinFit, the most comprehensive financial wellness platform available to US employers, has partnered with Sunny Day Fund to make workplace Emergency Savings Accounts available to its customers via the FinFit SafetyNet platform. Powered by Sunny Day Fund, an award-winning technology that enables workplace emergency savings program, FinFit enterprise clients will be able to add the Emergency Savings product to their existing FinFit offering starting this fall.
“Too many American workers are stuck in debt, debt that is cyclical: they pay it down, only to see it rise again due to unforeseen circumstances or difficult times,” Michael Woodhead, Chief Commercial Officer, FinFit, said. “Most don’t have any emergency savings to bail them out during those times – in fact, 75 percent of American workers live paycheck to paycheck. We’re thrilled to partner with Sunny Day Fund to help workers build short-term liquidity and longer-term savings all in one seamless experience. For such a big undertaking, we needed a partner with demonstrable success in moving people from debt into savings.”
Sunny Day Fund has consistently turned employees into savers and helped them build and maintain their savings balances. In 2023, more than eighty percent of workers with an Emergency Savings Account through Sunny Day Fund increased their contributions and contributed more than $1,500 in the year. On average, Sunny Day Fund participants only make 1.6 withdrawals per year, demonstrating that they are prioritizing their savings efforts. The accounts based at Portage Bank, Member FDIC, include a market-leading interest rate* that is nearly 10 times the national average and seven times that of competitors. Unlike other workplace Emergency Savings Accounts, FinFit with Sunny Day Fund allows employees to set and track progress against multiple savings goals and works with employers to design completely customized employee incentives.
Sid Pailla, Founder and CEO of Sunny Day Fund, said, “Employers using Sunny Day Fund have seen their teams make real progress in improving their financial standing with our workplace emergency savings program. We are thrilled to partner with FinFit, an organization that fundamentally shares our values and understands the importance of building financial security for hardworking Americans. Together, we’ve created a simple and automated savings experience that drives employee savings behavior and enables them to better handle life’s curveballs.”
FinFit’s SafetyNet platform is the only employee financial wellness solution that combines credit and savings in a proactive way to contribute to employee financial health and actively move workers from debt to saving. The FinFit SafetyNet platform is comprised of three elements:
- Emergency savings. Employees elect to have an amount of their choosing deposited into their Sunny Day Fund Emergency Savings Account each pay period. Payroll integration is used to set up the withholding.
- Emergency credit. Employees can access funds at any time to cover unexpected expenses or make financial ends meet.
- Debt consolidation loan. Employees can pay down debt at a lower rate, or avoid high-cost payday loans or borrowing from retirement savings. They can also choose to “plus-up” their loan repayment to add to their Emergency Savings Account while they are repaying their loan, or “spill-over” the same repayment amount into savings after their loan is repaid in full.
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* Accounts are held at Portage Bank, Member FDIC. Rates are variable and subject to change at any time. Fees may reduce your earnings. Withdrawal restrictions apply.
About Sunny Day Fund: Sunny Day Fund is an award-winning financial technology provider that powers workplace emergency savings programs for employers of all sizes through strategic partners. As employees save and improve their financial well-being, employers offering Sunny Day Fund as a benefit enjoy 25-33% better retention, up to 60% fewer retirement savings loans and withdrawals, and a more financially resilient workforce. Sunny Day Fund has been recognized as an innovator by Jobs For the Future and Inclusive Fintech 50, and featured in The Wall Street Journal, The New York Times, Employee Benefit News, and SHRM. Visit www.sunnydayfund.com to learn more. Financial services are provided through Portage Bank, Member FDIC. Sunny Day Funds Solutions Inc. is a non-bank that is not itself an FDIC-insured institution. FDIC deposit insurance coverage only protects against the failure of an FDIC-insured depository institution.
About FinFit: FinFit’s mission is to provide a financial safety net for the American workforce. Established in 2008, FinFit serves over 50,000 US employers, reaching over 10 million workers. The platform includes a personalized financial assessment, premier educational resources, online money management tools, financial coaching, credit and loan solutions, and a member rewards program. Focus on creating positive, healthy financial behaviors and products to support behavioral change has proven to reduce financial stress and increase employee retention by more than 25%.
Media Contact:
Phil LeClare
Public Relations
FinFit
pleclare@finfit.com
617-209-9406
SOURCE: FinFit