Ellevest Introduces Money Membership Built by Women, for WomenJune 24, 2020 | June 24, 2020
Ellevest membership gives women banking, tools, and knowledge to build stronger financial futures — wherever they stand today
Ellevest today announced a first-of-its-kind membership plan created to get more money in the hands of women by helping them invest, save, and advance their careers. Ellevest’s new membership model includes access to 1:1 financial and career coaching, member-only workshops and guides, personalized investing plans, a no-fee Mastercard debit card, and Spend and Save banking accounts with automatic Roundup to start saving sooner. Membership plans start at $1 a month.
Ellevest is expanding on its mission to get more money in the hands of women just as the world has drastically changed. With the crippling effects of the COVID-19 pandemic on women’s financial stability, these new offerings are crucial.
“In 2020, women are living in a she-cession. As a result of the pandemic, women overall — and especially Black and Latinx women — are losing their jobs at a higher rate than men are. Women who are still in the workforce are taking on greater child care burdens, forcing many of them to quit,” says Salle Krawcheck, CEO and co-founder of Ellevest. “Now, more than ever, women are looking to take control of their finances. Ellevest is here to help.”
A recent Ellevest survey of women about the pandemic and their money* found that 92% of women earning less than $50,000 a year reported realizing that they need to build their own financial safety nets, while 80% of women across all income levels are taking a hard look at their money goals. Meeting this pressing need, Ellevest aims to help more women with their money, no matter where they stand financially right now.
“Five times more women than men live paycheck to paycheck, without any emergency fund. The gender wealth gap is 32 cents to a white man’s dollar, and one penny for Black women and Latinx women. We have a long way to go to reach economic equality, and Ellevest is committed to driving real change,” says Krawcheck. “Because nothing bad happens when women have more money.”
Ellevest’s money membership was designed for women, non-binary people, and male allies in all stages of their financial lives. Members can do things like make a plan to pay off debt, get guidance on looking for a job, learn how to make decisions about day-to-day spending and budgeting, work with a coach on the next steps in their career, invest to build wealth, or plan for retirement — all are key to financial success, and they are now all in one place.
Ellevest Membership Plans
The Ellevest membership is available in three plans: Essential, Plus, and Executive. Membership on every level includes the tools women need to build or rebuild their financial futures, including:
- On-the-go learning, workshops, and guides created by Ellevest’s team of accredited career coaches and financial planners.
- Access to 1:1 money and career coaching sessions to help prioritize their goals, build strengths, and get where they want to go, at a member discount.
- Banking with automatic Roundup from a Spend account into a Save account to help people save sooner.**
- Investing with a proprietary algorithm that factors in gender differences in pay gaps, career breaks, and longer lifespans.
Ellevest Essential ($1/month)
Helps members start investing and saving sooner. Ellevest Essential members get learning, banking, and investing services — plus a 20% off member discount on all 1:1 coaching sessions.
Ellevest Plus ($5/month)
Members receive all Essential benefits, plus personalized retirement planning. Ellevest Plus members get access to retirement specialists and support with IRA transfers or 401(k)/403(b) rollovers — along with a 30% off member discount on all 1:1 coaching sessions.
Ellevest Executive ($9/month)
Offers the highest level of access. Ellevest Executive members get all Plus benefits, plus personalized, goal-specific investment portfolios, free 1:1 reviews of investment plans with specialists — and a 50% off member discount on coaching sessions.
Ellevest Banking: Spend & Save Accounts + the Ellevest Debit Card
All Ellevest members get Spend and Save accounts provided by Coastal Community Bank, member FDIC. Ellevest partnered with Mastercard to create the Ellevest debit card. With Mastercard as the exclusive card network, the Ellevest debit card comes with Mastercard World Debit Benefits, including contactless tap-and-go payment technology, Mastercard ID Theft Resolution, Extended Warranty, and much more.
“At Mastercard we believe in creating a world of financial equality and are proud to be working in partnership with Ellevest to further that mission,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. “We are thrilled to launch the Ellevest Mastercard debit card as part of their membership program and continue to invest in women’s economic empowerment with the financial tools they deserve."
Members can round up their everyday spending into an FDIC-insured Save account — a smart and easy way to build up an emergency fund. The Ellevest Spend and Save accounts come with zero hidden fees — no minimum balance fees, no transfer fees, and no overdraft fees. Members also get unlimited ATM fee refunds.*** Both the Spend and Save accounts are FDIC insured up to $250,000.
Banking products and services are provided by Coastal Community Bank (“Coastal”), Member FDIC. The Ellevest Debit Card is issued by Coastal Community Bank, pursuant to license by Mastercard International. Your Ellevest Spend and Save accounts are FDIC-insured up to $250,000 per depositor through Coastal Community Bank, Member FDIC.
Funds held in your Ellevest investment accounts are not FDIC insured, not guaranteed by Coastal, and may lose value. Ellevest does not guarantee investment performance. Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time.
*The Ellevest 2020 Coronavirus Pandemic Survey (the “Survey”) was sent on May 16, 2020 by Ellevest to all subscribers to Ellevest’s What the Elle newsletter, Money Cheat Sheet edition. 3,300 people responded to the online survey. The majority of respondents were in their 30s, with 25% under the age of 30 and 30% over the age of 40. 25% of respondents reported earning less than $50,000 a year. 37.7% reported earning between $50,000 and 75,000 a year, with the rest earning over $75,000. Not all questions were answered by survey participants.
**If you opt in to the Roundup program for debit card purchases, each settled (i.e. fully completed) purchase transaction made with your Ellevest debit card will be rounded up to the nearest whole U.S. dollar. The Roundup amount will be transferred from your Spend account to your Save account. Foreign purchases are rounded up to the nearest whole dollar after the purchase is converted to US dollars. ATM withdrawals and transactions in whole US dollars, e.g. $20.00, are excluded from the Roundup program. If, at the time of settlement of a purchase, your Ellevest Spend account has insufficient available funds to cover the full amount of the Roundup transfer, the Roundup transfer will not be made. If a purchase is canceled or reversed for any reason (including disputes), the corresponding Roundup transfer will not be reversed. You can opt out of the Roundup program at any time.
***Domestic ATM Transaction Fees will be reimbursed if a payroll direct deposit has been received within the prior 30 days of the ATM transaction settlement. International ATM withdrawal fee of $5 will apply.
About Ellevest, Inc.
Ellevest is a financial company on a mission to get more money in the hands of women. It’s where women money. Founded in 2014, Ellevest is led by CEO and Wall Street veteran Sallie Krawcheck, who realized that financial products weren’t serving women. Ellevest’s monthly membership provides access to personalized investing tools, banking services, coaching expertise, and learning resources. Ellevest also offers Private Wealth Management for those looking to invest $1M or more. The company is made up of a diverse team from product, engineering, design, and finance backgrounds. In 2018 and 2019, Ellevest was named to LinkedIn’s list of top start-ups and CNBC’s Disruptor 50 list. To learn more, head over to ellevest.com or follow @ellevest on Instagram.
About Coastal Community Bank
Coastal Community Bank provides Banking as a Service (BaaS) to enable broker-dealers and digital financial service providers to offer their clients banking services. Coastal’s CCBX Division allows its strategic partners to deliver seamless financial services to their clients with a range of solutions. CCBX supports its partners as they achieve their vision for delivery, while preserving the checks and balances expected by federal regulatory authorities.
Coastal Community Bank was founded in Everett, Washington, in 1997 and has 15 branches in Snohomish, Island, and North King County. Coastal is a true community bank, offering a wide variety of deposit and credit products to meet the needs of businesses and consumers in the greater Puget Sound area.
For more information about Coastal Community Bank, Member FDIC, visit www.coastalbank.com.
About Mastercard (NYSE:MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.