Posted by William Charles on March 22, 2018
Bank Account Bonuses

Published on March 22nd, 2018 | by William Charles

152

[Expired] SaverLife – Get $10 Every Month You Save $20 ($60 Maximum) – Use Your Existing Account

Looks like this offer has now expired.

The Offer

Direct link to offer

  • SaverLife is a non profit that is offering you $10 for every month you save $20, up to a maximum of $60.

The Fine Print

  • You must be at least 18 years of age

Our Verdict

For those asking about the legitimacy of this offer, it’s provided by non profit EARN. It’s also been mentioned on mainstream sites such as USA Today. They seemingly fund it from corporate sponsors (Capital One, J.P. Morgan Chase and others). One of the most difficult things about saving money is creating good habits, this type of reward is the perfect way to get people into these good habits. Once you’ve started saving money, please make sure it’s in a high interest account as compound interest is a beautiful thing.

Part of the reason I like writing this blog is helping people save that wouldn’t otherwise be able to do so. If you currently can’t afford to put aside $20 a month, then look into things such as credit card bonuses and bank account bonuses to bring in some additional income. Having an emergency fund you can tap into when you have an emergency can save you many times over (avoiding having to pay high interest rates on credit cards, not to mention less stress). The nice thing about this particular bonus is that you can do it without opening a new account in most cases.

Hat tip to reader XenaWP

 



152
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Lisa J
Lisa J

Do they pull chex system?

Jay
Jay

Um, they’re not a bank. They monitor your existing bank account.

Geoff
Geoff

Is this $60 lifetime Max or per year?

Geoff
Geoff

Nevermind, I see it only last 6 months now. So must be lifetime.

vista9
vista9

The terms say: Saver Eligibility 2. Not previously have opened a Program Account or participated in any other EARN program since June 2016. (Please also note that your participation in the Program—or early termination from this Program—may affect your ability to participate in future EARN programs.)

Member Support

Hello Geoff,

Each saver can participate only once and cannot re-enroll. SaverLife’s matched savings program lasts for 6 months. Once you’ve completed those 6 months, you will have 60 days to redeem your rewards by completing the exit survey.

If you have specific questions about your account please contact the Help Desk: help@saverlife.org.

-SaverLife Member Support

Mark
Mark

I’m not clear how they define that you saved $20. If you link a checking account where you make deposits and pay bills, what do they look for? Do they want to see your balance on the 31st $20 higher than on the 1st?

vista9
vista9

yes, that’s how it works. From their terms and conditions: There is no limit to the number of withdrawals the Saver can make during the Program Term. The EARN platform calculates Rewards based on the net gain or loss from the Linked Savings Account for each month, including any loss due to account fees.

Member Support

Hello Mark,

We track to make sure you save the monthly deposit minimum of $20 each month and that your account has a net gain(savings) of $20 a month. So whatever balance you have in your account on the day you link that amount needs to grow by $20 by the end of your program month.

For example, if you opened an account on today, April 4th, and your balance is $100, you would need to grow that balance to $120 by May 3rd, to earn the $10 reward.

Any withdrawals you make from your bank account count against the monthly deposit minimum of $20. As long as you put back what you withdraw + the $20 monthly minimum, you can still earn your monthly $10 reward. That means if you withdraw $5, you can still earn the $10 reward, as long as you save $25 before your monthly deadline ($5 withdrawal + $20 monthly minimum). Remember that you get a fresh start each month, so double check your monthly deadlines.

We high recommend linking a savings account over a checking account.

-SaverLife Member Support (help@saverlife.org)

Brian C
Brian C

So this is basically $60 to let this company monitor your bank account for 6 months….

Ann
Ann

So link an account you don’t use for your main spending activity. If you only have one bank account, there’s plenty of account-opening bonus deals posted here to take advantage of.

Member Support

Hello Brian,

Once you have connected your SaverLife account to your bank, we check to see if your savings are growing by $20 each month. If your account has a net gain of $20 each month you are rewarded.

SaverLife uses the same encryption and security standards as banks. We’re also verified and monitored by third party experts and we follow the Open Web Application Security Project and industry best practices for Web application security.

All the data in our system is stored in an encrypted form and we do not store your online banking credentials. You may change your online banking credentials or unlink your account at any time.

If you have specific questions about your account please email the Help Desk: help@saverlife.org

-SaverLife Member Support

zkay
zkay

Should you link two separate savings accounts for a two player household? Linked the same for both, now wondering if I should have.

vista9
vista9

It looks like you might need to delink and start over. Their terms and conditions do not allow what you did. Here is the section:
3d. Each Program Account must correspond with a single Linked Savings Account. You may not change the Linked Savings Account that is associated with a particular Program Account at any time during the Program Term unless you make a written request to EARN’s Member Support Team. If you attempt to delink an existing Linked Savings Account from your Program Account, you may lose all or some of your Reward.

e. A Linked Savings Account may only be linked with a single Program Account. You are not permitted to enroll in a Program Account using a Linked Savings Account that previously has been linked with another Program Account. This means that, if you are a joint account holder and the joint account is linked to a Program Account, you will not be eligible to open a second Program Account using the joint account.
https://www.saverlife.org/terms-and-conditions

John K
John K

Thank you for the informed and educational reply. This original post and this reply are reasons why I love coming back to DoC.

vista9
vista9

You are welcome! I’m trying to do better and contribute when I know the answer.

Brandon
Brandon

So deposit 20$ a month into my one throwaway/hub accounts and earn 60 bucks ? Sure they can monitor that

Diomaiuti
Diomaiuti

Makes sense to me, too. Tried it, though, and they can’t link to the account. So much for that one. When I get home from work, I’ll try a different one…

M. Smith
M. Smith

Which bank was it?

Member Support

Hello Brandon,

Only regular checking and savings account are supported on our platform. You can also link and existing Paypal account.

If you have specific questions about your account please contact the Help Desk: help@saverlife.org.

-SaverLife Member Support

Wisco
Wisco

pretty good deal when combined with the thrivent/brightpeak deal im already doing…adds an extra $60 to the $200 ill already earn

vince
vince

is it too late to get in on these two deals

Brian C
Brian C

Wisco please share details!?

Nate
Nate

Guessing its this. https://www.brightpeakfinancial.com/product/financial-products/emergency-savings-account/

I kind of see it as a $50 bank account bonus where I have to let them hold an escalating amount of money ending up at 1.2k. I won’t be doing, although maybe for those who have done Brightpeak’s bank account bonus this could be gotten with no additional Chex pull at the same time. For those not familiar, Brightpeak requires you to attest you are of Christian faith.

nikki808
nikki808

Do you have to put the full $50 in monthly or can you skate by with the minimums in the chart?

Commit to becoming financially stronger by making deposits weekly, biweekly or monthly totaling $50 or more into the Savings Account every calendar month.
Meet or surpass the following savings goals:
A balance of at least $50 in the Savings Account when the account has been open for 3 months
A balance of at least $200 in the Savings Account when the account has been open for 6 months
A balance of at least $500 in the Savings Account after the account has been open 12 months
A balance of at least $1,000 in the Savings Account after the account has been open 24 months
Consent to TFCU sharing information regarding your Savings Account with brightpeak financial.

YoungDo
YoungDo

Any one know would this be reported in taxes?

hamil
hamil

I don’t think so because it is not coming directly from the not coming directly from the bank

Too Good 2B!
Too Good 2B!

Are rewards received from SaverLife taxable?
The monetary rewards given to SaverLife participants are considered gifts. Gifts received are not taxable under current law, so you should not be taxed on any monetary rewards from EARN. EARN will not be issuing 1099s.

Too Good 2B!
Too Good 2B!

My above comment was from their FAQ section

vista9
vista9

In their terms, they say for you to figure it out yourself: 4f. You are solely responsible for determining whether the Reward and, if applicable, any Linked Savings Account accrued interest is subject to state, federal, or other taxes or other encumbrances or legal obligations. You are responsible for any tax due with respect to the Reward and interest, even if the tax should have been withheld by another party and was not withheld.

Member Support

Hello YoungDo,

Because we are not a financial institution, we never have access to your money and do not pay interest on any money you save. We simply monitor your savings account to make sure you are meeting your monthly savings goal. As far as EARN/SaverLife is concerned, the $60 reward we issue is an incentive for people to save money. There is no implication for saving money and the $60 is below the threshold required to be reported for income–meaning we do not issue a 1099 statement.

If you have additional questions please contact the Help Desk: help@saverlife.org

-SaverLife Member Support

Phill
Phill

Looks like Paypal is also an option

Wilson
Wilson

EARN may require you to attend, participate in orientation, training and/or personal finance workshops, online exercises, or other events as condition(s) to participating in the Program and/or receiving a Reward

SaverLife Member Support

Hello Wilson,

Savers are not required to “attend, participate in orientation, training and/or personal finance workshops, online exercises, or other events” Any events organized and hosted by EARN/SaverLife are completely up to your own discretion.

Max martori
Max martori

Can you fund with a credit card? 😉

vista9
vista9

When I was looking at the list of banks, I did see a credit card but I thought this would be a poor choice because their terms specifically say that they are not a bank and that you must maintain a savings account etc See 1b. In order to open a Program account (“Program Account”), you must maintain a savings account, checking account, or other approved savings instrument (collectively referred to herein as “savings account”) with a depository institution or other provider, which savings account qualifies under the terms and conditions hereunder. EARN is not a bank, …..

Member Support

Hello Max,

Pre-paid and credit card accounts are not supported by our platform. If you’ve linked one of these types of accounts your rewards and transactions may not post correctly causing you to lose rewards. You must link a regular checking or savings account. You can also link an existing Paypal. Please contact us if you have more questions.

-SaverLife Member Support

vista9
vista9

I signed up. It appears that EARN has the right to not give the reward if they run out of money So quit telling people about it. ha! See 1f of terms: 1f. EARN is a non-profit organization, and Rewards are funded primarily through charitable contributions. In addition to the other terms and conditions hereunder, you acknowledge and agree that EARN may determine that it does not have sufficient funds to provide you a Reward at any time during or after the Program, including without limitation at any time during the application process and during or after the Program Term.

Sam
Sam

You’re good with the answers, vista9… What do you think “monthly deadline” means? 30 days from when you linked your account? End of the month? Some other random date?

vista9
vista9

Yep, you have it right, the monthly deadline is 30 days from when you linked your account, and each month begins on the same day, so it isn’t exactly 30 days. Here is the portion from the terms that addresses this question:
“Savings are not evaluated based on a calendar-month schedule. Rather, the first “month” of the Program Term will begin the date the Saver links a Linked Savings Account to the Saver’s Program Account. Each subsequent “month” of the Program Term will begin on the same date of the subsequent month. For example, if an individual links his or her Linked Savings Account on January 12, then the first month begins January 12 and ends February 11, the second months begins February 12 and ends March 11, etc. For accounts opened on the 30th or 31st day of a month, the last day of any subsequent calendar month during the Program Term that has fewer calendar days in such month will be treated as the end of the month for purposes of evaluating Savings Targets.”
I hope this helps.
https://www.saverlife.org/terms-and-conditions

Danny
Danny

Do we need to select a Savings account? Or can we choose a Checking account and get the bonus too? I got too many checking accounts :p

vista9
vista9

You are allowed to have a checking account. (They will call it a savings account). 1b. In order to open a Program account (“Program Account”), you must maintain a savings account, checking account, or other approved savings instrument (collectively referred to herein as “savings account”) with a depository institution …

Member Support

Hello Danny,

We highly recommend linking a savings account instead of checking account. Once you have connected your SaverLife account to your bank, we check to see if your savings are growing by $20 each month. If you connect your checking account, you may not be able to consistently increase the total monthly balance by $20 each month because of the need to constantly make withdraws from the checking account.

If you have more questions please email our Help Desk: help@saverlife.org.

-SaverLife Member Support

MarcoPolo
MarcoPolo

Finally some use of the remaining M&T account IIUC.

bernie k
bernie k

I just signed up for it. And they don’t have to pay the money at the end of the 6months. But they have access to my account. I wonder if that wasn’t a bad ‘move’ on my part.

Back to Top ↑