Save Market+ account review

How Save Market+ account works

When you join Save and open the Market+ account, you’ll deposit at least $2,000 to be invested in Save’s three-year program. Save allocates this money across a non-tax-deferred annuity contract and your selected Save investment portfolio.

The annuity is through an unaffiliated life insurance company and pays a 4.2% guaranteed annual return. Meanwhile, your selected Save investment portfolio pays a variable return based on market conditions.

Assuming you stay invested for the full three years, the allocations guarantee your principal and the 4.2% annual return. The managed portion provides the possibility for additional market upside over this time.

Save’s investment portfolios are constructed mostly of ETFs and include:

• S&P 500 Risk-Controlled Portfolio
• Save Global Diversified Markets Portfolios
• Save ESG Portfolio
• Save Global Multi-Strategy Portfolio
• Save US Macro Portfolio

You’ll receive your guaranteed 4.2% return payment at the end of each year, which you can withdraw at any time. At the end of year three, you’ll receive your guaranteed 4.2% return payment, your initial deposit and any gains from market investments. You can withdraw all your funds at this point or renew for another three years.

With the $2,000 deposit, your guaranteed return with simple interest over the three-year term is $180.

Who is Save Market+ best for?

If you don’t mind locking some funds away to earn passive earnings and you’re OK with a little risk, Save’s hybrid annuity and investment account might be a good fit.

But if you don’t have an emergency fund or other liquid assets, Save’s account may not be the best move until you do. Your principal in Save’s Market+ account is locked for a three-year term, and if you need to withdraw money before the term ends, it will result in the closure of your Market+ account and early withdrawal penalties.

What we like about Save Market+

Save can offer competitive returns, and its guaranteed rate of 4.2% is significantly higher than average rates on savings accounts. Savings account rates are 0.45% as of June 17, 2024, as reported by the FDIC.⁽¹⁾

Minimal fees

There aren’t many fees associated with Save’s Market+ account. There’s a small 0.237% annual management fee on your account’s returns for the 4.2% fixed return product, but you won’t pay this fee if your account doesn’t earn at least 0.237%.

Relatively low risk and with possible high returns

Your 4.2% annual return is guaranteed. And if the market stays strong, your investment portfolio returns can add additional upside. Save reports an average investment return rate of 4%, based on the historical performance of its S&P 500 Risk-Controlled Portfolio from 2009 to the present.This return rate is variable and is based on the back-tested hypothetical customer account returns that could have been produced over this period.

More account options

Save offers three account options, each with different term and deposit requirements. But Save Market+ is the only one that offers a guaranteed return.

Where it falls short

While you can access your 4.20% guaranteed return payment any time after disbursement, which happens after years one, two and three, your principal is locked up for three years. Withdrawals before this time will trigger early withdrawal fees.

Moreover, its $2,000 minimum deposit may put this investment option out of reach for some.

How to join Save

Open a Save Market+ account in four steps:

1. Click or tap Go to site.
2. Select Get Started.
3. Choose the Market+ account.
4. Enter your personal information, choose a portfolio and make your initial deposit.

Customer experience

Save Market+ is a new account, so you won’t find any reviews online specific to this product. Most reviews are about Save’s other account called Market Savings.
However, Save has a general profile on Trustpilot. Here, the majority of reviews lean negative. Most negative reviews complain about low returns that don’t match the advertised variable APYs. Save publishes actual returns, which shows an average return of all customer accounts of 7.17%, as of July 11, 2024.

Satisfied customers appreciate Save’s simple signup process, informative performance reports and user-friendly mobile app. As of July 11, 2024, Save has a 2.5 out of five stars rating based on 28 reviews.

Due to the fintech’s general name and depending on how you search for Save online, it’s not a guarantee that you’ll arrive at its JoinSave.com site, which might make it difficult to locate deposit requirements and other important information.

Frequently asked questions

Is Save banking legit?

Yes, Save is a legitimate fintech, but it’s not a bank. Its banking services are backed by its bank partner, Webster Bank, and investing is done through Apex Clearing Corporation. Also, only Save’s basic Market Savings product, offers FDIC insurance up to $250,000 for your initial deposit.