Stearns Bank Announces New Way To Save
ST. CLOUD -- Stearns Financial Services has invested in a new way for workers to save.
Stearns Bank, N.A., and Stearns Financial Services, Inc. have announced financial backing for SecureSave, a technology company developing employer-sponsored emergency savings accounts offered to help employees set aside money for emergencies.
Stearns Bank President and CEO Kelly Skalicky is excited about the new program.
SecureSave is an amazing company committed to a bold and inspiring vision, and we’re extremely proud to partner with SecureSave to be part of the solution to increase financial security by encouraging and increasing employee emergency savings.
Much like a 401(k) account, employees can set aside a percentage of their paycheck, to be matched by their employer, and placed into an emergency savings account. The average SecureSave customer saves $103 per month in their first month.
Chief Risk and Information Security Officer at Stearns Bank, Josh Hofer, says the new program makes saving much easier.
This is a unique product built on a strong technology platform that’s easy to use. Given the volatility of the financial environment, this product will provide some peace of mind for consumers,
Stearns Bank estimates that 24 percent of consumers have no savings set aside for emergencies. Fewer than 40% of Americans can afford an unexpected $1,000 emergency.
For more information on SecureSave, click here.