New Savings Tech Targeted at Helping Millennials Save
First Arkansas Bank & Trustis joining forces with mobile tech company Plinqit to change the way millennials save money. The Central Arkansas bank is just the second in the nation to deploy Plinqit, which is designed to help customers reach their savings goals.
According to recent statistics, nearly 60 percent of Americans have less than $500 in their savings accounts. Roughly 25 percent of the population has no savings at all. With Plinqit, FAB&T hopes to help the next generation of their banking customers put more in their piggy banks.
Plinqit links to an existing checking account and is FDIC insured, and it serves as a digital solution that follows traditional tips for saving money. The app allows users to set a savings goal and designate the amount of funds that will be designated over time.
By automating the savings process, users can save without even realizing it. The app also reminds you why youâre saving the funds in the first place, whether itâs a new car, a trip to Hawaii or just peace of mind. The app is also free to users as long as they are achieving their savings goals.
FAB&T customers can sign up for Plinqit starting next week. Other consumers can access the technology beginning in July.
