Ellevest

Magazine

Why Ellevest Launched a Money Membership for Women+

By Ellevest Team

At Ellevest, our mission is to get more money in the hands of women+ — because we know that everyone deserves the opportunity to build wealth, and that nothing bad happens when women have more money. Instead, economies grow. Communities thrive.

But gender wealth inequality is real. Women and non-binary people earn less and own less than men do, while carrying more debt. Black and Latinx women have the biggest wealth gaps of all. So in November 2016, we launched a new kind of financial company — one built by women+ for women+, because the finance industry wasn’t.

We started as an online investing platform. And over the past four years, we’ve added new things, like impact investing to help make change in the world, and a brand-new approach to private wealth management. But we realized we needed to do more to help close the gender wealth gaps. Today, we’re launching the first-of-its-kind money membership designed to get more money in the hands of women+.

A screenshot from the signup process for the Ellevest App that compares the potential outcome of saving vs investing.

Membership at Ellevest includes:

  • Courses and workshops to get your money and career questions answered

  • Banking that helps you build up your savings sooner by rounding up your change1

  • Access to 1:1 financial planners and career coaches — at a member discount

  • And (of course) the award-winning, gender-aware Ellevest investing platform

Why a money membership?

Money is women’s #1 source of stress, and there are a lot of reasons for that. We simply don’t have enough of it, for one thing. The lessons we’re taught about it range from uneven to nonexistent to “women are bad at this” (yes, still, in 2020).

“Money” also contains a lot of different things, like investing, saving, budgeting, earning, and planning. Most of the time, you do each of those things separately, with separate companies. That can be stressful, too.

Meanwhile, over four years of talking with our community of 3 million followers,2 we saw so much interest in learning more, and doing more with their money than just investing. When the pandemic hit, women+ told us that they were deeply rethinking their relationship with money and looking for help building their own safety net. Our community also told us that they find talking about money together is an incredibly powerful act.

So we wanted to rethink Ellevest as the place “where women money.” Where women could go to get the tools to save more, invest more, and earn more. To make money decisions and spend intentionally. To get started on their money if they haven’t yet, and to rebuild financially if necessary. To do a lot of different things easily, in one place. And to talk honestly about it when they need to.

We wanted to make membership affordable, for obvious reasons. Starting today, there are three membership plans at Ellevest:

  • Ellevest Essential: $1 / month

  • Ellevest Plus: $5 / month

  • Ellevest Executive: $9 / month

You can get more info about the differences between the membership plans here.3

A place to learn what’s important

The women+ we talked to definitely wanted to learn, but were absolutely not interested in irrelevant or condescending info. That’s how the Ellevest Magazine came to be — but we wanted to take it further. Today, Ellevest members have a Learn dashboard where you can get help navigating career decisions and learning what money moves you can make right now.

A screenshot of the Learning page on the Ellevest App.

You can sign up for member-only courses and online workshops created by our team of financial planners and career coaches (they’re great), based on questions from our community. We’ll be adding more things to learn regularly. Some examples of the things you can learn right now:

  • What you should do with your money during the recession

  • Coping with and planning for job uncertainty

  • How to make an intentional spending plan

  • How investing works

  • When to pay off debt, when to go into debt, and when to save

  • How to do this whole networking thing (even remotely)

  • Staying on track with your career over the long term

With the iOS app, you’ll also have access to The Edit — quick tips and explainers to help you with your goals. If you have notifications turned on, we’ll tell you every time a new Edit is ready for you.

Two side-by-side screenshots of The Edit in the Ellevest App.

Save while you spend with banking

Our community also told us they wanted help with the everyday money moments: when you spend and when you save. So membership at Ellevest comes with two FDIC-insured bank accounts and a World Debit Mastercard.4

A screenshot of the Spend account detail page on the Ellevest App.

Your Spend account is attached to your Ellevest debit card. Your Ellevest Save account is a safe, easy-to-access account that’s separate from your spending money. That makes it a great place to keep (or start) an emergency fund.5

You also have the option to save sooner with Roundup, a way to build your savings as you spend on everyday things.6 With Roundup, every time you buy something with your Ellevest debit card, you’ll automatically transfer the change (up to the nearest dollar) from your Spend account into your Save account. Easy and smart.

An image of Ellevest’s three new debit cards.

Also good to know:

  • There are no hidden fees. No minimum balance fees, no transfer fees, no overdraft fees.7 None.

  • Unlimited ATM fee refunds when you have direct deposit set up.8

  • Both accounts are FDIC-insured up to a combined total of $250,000. FDIC insurance is backed by the full faith and credit of the United States government — in other words, that money’s yours.9

Work 1:1 with financial planners and career coaches

A screenshot of Ellevest's available coaching sessions.

As we thought deeply about how to help our members, we knew that sometimes you might need personalized guidance. That’s why Ellevest membership comes with sweet discounts on all financial planning and career coaching sessions, no matter how many you buy. (The discount gets sweeter depending on the membership plan you choose, btw.)

When you work 1:1 with a money or career coach, you can dive deeper into your goals. You can schedule a single call to tackle things like making a spending plan or nailing the interview, or you can choose a package of sessions to work through a complex financial decision or find the next level in your career. Our team of coaches has serious credentials and experience — and they want you to succeed.

Investing designed for your real life

A screenshot of the madlib-style investing onboarding process on the Ellevest App.

With your money membership, Ellevest can create and manage a personalized investment portfolio for you. It includes a gender-aware investment algorithm that factors in important realities like pay gaps, career breaks, and average lifespans — believe it or not, we don’t know of any other companies that do this, even though women live longer and their pay is different. That’s why we launched Ellevest in the first place.

There’s no minimum account deposit to start investing,10 so you can do more for your money today. And no matter how much money you invest, we don’t charge a separate management fee. That’s included in your Ellevest membership.

We manage your investments for you. We recommend how much we think you should invest to give you the best chance of reaching your goal, and we automatically adjust your investment portfolio as you get closer to your goal date to help you stay on track. But it’s your money, and you can make changes any time you want.

Members get access to different investing options, depending on your plan. If you’re an Ellevest Essential member, you can invest right now with the Build Wealth goal. As an Ellevest Plus member, you can also invest for retirement. If you’re an Ellevest Executive member, you get access to more investing goals, too — things like investing to start a business or buy a home.

At all membership levels, you can choose to positively impact your future, the world, and other women. (Here’s a note from Chief Investment Officer Sylvia Kwan on how we’re thinking about expanding our investing options to address systemic racism as well as sexism.)

We’re just getting started

This is just the beginning. We designed membership at Ellevest over a year of intense conversation with the women, non-binary people, and men in our community. And we’ll keep building it that way. Members can also expect to hear from us directly — to ask you what’s working, what isn’t, and what you’d really, really, love to see next.

We’re building something new and necessary: a way to help you take care of your financial future. No matter where you stand right now, we want to meet you where you are. And we can’t do it without you. Email us anytime to share your feedback.

Ready to become a member? Get started now. If you’ve been investing with Ellevest already, you can switch to membership by signing in and navigating to the user icon in the upper right-hand corner, then selecting Membership from the dropdown menu.


Disclosures

All women, non-binary people, and anyone else who identifies as underrepresented because of their gender identity.

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 U.S. 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.

What we mean with “our community” here: Ellevest’s following across Instagram, Facebook, Twitter, and LinkedIn, and CEO Sallie Krawcheck’s following on LinkedIn and Twitter. What we mean by “3 million,” if you’re counting: 2,995,178 followers as of June 22, 2020.

We’re still keeping our Digital and Premium investing services going for anyone who was using Ellevest to invest before we launched membership. If that’s you and you’d like to make the switch to membership, just navigate to the user icon in the upper right-hand corner of your dashboard and select Membership from the dropdown menu. We’re here to help if you have questions.

The fine print on what to expect:

An Ellevest client who enrolls in the Ellevest Membership service will be switched from their existing Ellevest service (Ellevest Digital or Ellevest Premium) and placed in the Ellevest Membership service. Doing so will terminate the existing Ellevest service (Ellevest Digital or Ellevest Premium), any fee payment arrangements for such service, and access to any features contained within that service. In its place, Ellevest will make available the features and assess the fee payment obligations within the Membership service.

Ellevest’s processing time for switching a client from their existing service to the Ellevest Membership Service may be up to ten days.

A little more info about banking you should know:

Ellevest’s banking 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 Account deposits will be insured to the regulatory limits by the FDIC through Coastal Community Bank, Member FDIC.

Click here to read more about Mastercard Enhanced benefits.

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.

If you were an “Ellevest client” (aka using Ellevest to invest before we launched membership) and you already had an emergency fund as one of your investing goals, you don’t need to make any changes ... unless you want to!

You can switch to membership by navigating to the user icon in the upper right-hand corner and selecting Membership from the dropdown menu. If you have any questions or need help, you can always contact us at support@ellevest.com.

More on moving to membership:

An Ellevest client who enrolls in the Ellevest Membership service will be switched from their existing Ellevest service (Ellevest Digital or Ellevest Premium) and placed in the Ellevest Membership service. Doing so will terminate the existing Ellevest service (Ellevest Digital or Ellevest Premium), any fee payment arrangements for such service, and access to any features contained within that service. In its place, Ellevest will make available the features and assess the fee payment obligations within the Membership service.

Ellevest’s processing time for switching a client from their existing service to the Ellevest Membership Service may be up to ten days.

For more information, see Ellevest’s Form ADV Wrap Fee Brochure.

Some stuff you should know about investing accounts:

About the account requirements:

Investing with your Ellevest membership doesn’t require you to maintain a minimum account balance. However, there are portfolio-specific minimums (ranging from $1 to approximately $240). You may not receive the entire recommended portfolio until your account balance meets the respective portfolio minimum.

About rebalancing and ongoing management:

Ellevest will not rebalance a portfolio until it meets the respective account balance minimum necessary to generate the required shares. This minimum is a function of portfolio allocation and the share price of individual holdings, which will vary.

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 information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice.

About ATM Fee Reimbursement

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.

FDIC insurance is limited to $250,000 per depositor in deposits through Coastal Community Bank, Member FDIC.

© 2020 Ellevest, Inc. All Rights Reserved.

1, 6 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 U.S. 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.

2 What we mean with "our community" here: Ellevest’s following across Instagram, Facebook, Twitter, and LinkedIn, and CEO Sallie Krawcheck’s following on LinkedIn and Twitter. What we mean by “3 million,” if you’re counting: 2,995,178 followers as of June 22, 2020.

3 We’re still keeping our Digital and Premium investing services going for anyone who was using Ellevest to invest before we launched membership. If that’s you and you’d like to make the switch to membership, just navigate to the user icon in the upper right-hand corner of your dashboard and select Membership from the dropdown menu. We’re here to help if you have questions.

The fine print on what to expect:

An Ellevest client who enrolls in the Ellevest Membership service will be switched from their existing Ellevest service (Ellevest Digital or Ellevest Premium) and placed in the Ellevest Membership service. Doing so will terminate the existing Ellevest service (Ellevest Digital or Ellevest Premium), any fee payment arrangements for such service, and access to any features contained within that service. In its place, Ellevest will make available the features and assess the fee payment obligations within the Membership service.

Ellevest’s processing time for switching a client from their existing service to the Ellevest Membership Service may be up to ten days.

4 A little more info about banking you should know:

Ellevest’s banking 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 Account deposits will be insured to the regulatory limits by the FDIC through Coastal Community Bank, Member FDIC.

Click here to read more about Mastercard Enhanced benefits.

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.

5 If you were an “Ellevest client” (aka using Ellevest to invest before we launched membership) and you already had an emergency fund as one of your investing goals, you don’t need to make any changes ... unless you want to!

You can switch to membership by navigating to the user icon in the upper right-hand corner and selecting Membership from the dropdown menu. If you have any questions or need help, you can always contact us at support@ellevest.com.

More on moving to membership:

An Ellevest client who enrolls in the Ellevest Membership service will be switched from their existing Ellevest service (Ellevest Digital or Ellevest Premium) and placed in the Ellevest Membership service. Doing so will terminate the existing Ellevest service (Ellevest Digital or Ellevest Premium), any fee payment arrangements for such service, and access to any features contained within that service. In its place, Ellevest will make available the features and assess the fee payment obligations within the Membership service.

Ellevest’s processing time for switching a client from their existing service to the Ellevest Membership Service may be up to ten days.

For more information, see Ellevest’s Form ADV Wrap Fee Brochure.

7, 10 Some stuff you should know about investing accounts:

About the account requirements:

Investing with your Ellevest membership doesn’t require you to maintain a minimum account balance. However, there are portfolio-specific minimums (ranging from $1 to approximately $240). You may not receive the entire recommended portfolio until your account balance meets the respective portfolio minimum.

About rebalancing and ongoing management:

Ellevest will not rebalance a portfolio until it meets the respective account balance minimum necessary to generate the required shares. This minimum is a function of portfolio allocation and the share price of individual holdings, which will vary.

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 information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice.

8 About ATM Fee Reimbursement

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.

9 FDIC insurance is limited to $250,000 per depositor in deposits through Coastal Community Bank, Member FDIC.

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Ellevest Team

The Ellevest team is working to help women reach their financial and professional goals.