Waysaver™: Building their financial wellness today—so they can save for tomorrow.
The Waysaver emergency savings app helps employees cover surprise expenses, possibly avoiding the need to take retirement plan distributions.
Tires go flat, water heaters break, life happens—all of which can prevent employees from saving more in their retirement plan. Waysaver is designed to reduce these obstacles by building employees’ emergency savings automatically.
We know that 40% of Americans can’t cover a $400 expense.* Instead, they look to credit cards or loans, taking their focus away from long-term savings. With Waysaver, you have an out-of-plan solution that can help employees where they most need it.
How does it work?
Waysaver works with the user’s lifestyle by analyzing their cash flow patterns to estimate how much they can save. The app also reinforces positive behavior to help employees stick to their goals. It automates the process for establishing savings targets and the path for reaching them—both of which are personalized for their unique financial journey.
Simple:
Employees download the app, link their checking account, and start saving in an interest-bearing deposit account
Intuitive:
Waysaver estimates how much to save and when, based on the user’s cash flow patterns
Convenient:
It builds emergency savings automatically in manageable daily amounts
Secure:
Money in accounts is FDIC-insured,** and accounts are equipped with T. Rowe Price single sign-on capabilities
Benefits of adopting Waysaver
- Out-of-plan solution that’s free of ERISA complexities and provides easy access to cash
- Modern, user-friendly tool backed by T. Rowe Price research and developed with fintech capabilities
- Tool that invests in employees’ financial wellness, an area in which they increasingly look to employers for assistance
Contact your T. Rowe Price representative to learn more about adopting Waysaver.
*Source: Report on the Economic Well-Being of U.S. Households in 2020, Federal Reserve Board, May 2021.
**FDIC insurance for the Waysaver Account is available through Sweep Banks. See the Waysaver Account Agreement for details.
The Waysaver Program is an optional emergency savings program that is available through a separate agreement with T. Rowe Price. While there is no fee for employers who elect this service, a Program Fee may be charged against the FDIC insured Waysaver accounts of the account holders in the future.
T. Rowe Price is not a bank. Banking services are provided by The Bancorp Bank, N.A., Member FDIC.