As part of the suite of Stash's new banking offerings, customers will earn fractional shares of stock in the publicly traded corporations they spend money on using their Stash debit card.
Average investors can achieve success in the stock market by investing in what they know and understand. That was the mantra of legendary money manager Peter Lynch, who presided over Fidelity’s Magellan Fund between 1977 and 1990, when its average annual return was 29%.
As part of the suite of Stash’s new banking offerings, customers will earn fractional shares of stock in the publicly traded corporations they spend money on using their Stash debit card. If they’re buying from a merchant that’s not publicly traded—such as a local business or even a parking meter—Stash banking customers will instead see their rewards go toward a fractional share in Vanguard’s Total World Stock ETF.
“80% of Americans are living paycheck-to-paycheck,” said cofounder and president Ed Robinson in a statement. “Stock-Back is our way of utilizing Stash’s smart, patent-pending technology to help people build better financial habits and invest in their future.” The banking foray is in partnership with Green Dot Bank, the Pasadena, California-based issuer of prepaid debit and credit cards that has also partnered with Uber and Intuit on their own branded cards. Stash Banking’s official debut comes after a wait list for the services that garnered more than 100,000 signups. Additional offerings include standard banking fare: no monthly debit maintenance fees and free in-network ATMs, in addition to no overdraft fees.
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