Today, Ellevest announced something kind of big: a new money membership plan to help women+ go beyond investing and start building (or rebuilding) their financial future.
As is usual, we put out a press release. But as is also usual for Ellevest, we couldn’t leave the standard press release alone without some commentary and backstory. (Literally, we just can’t do it.)
Click on the highlighted links to pop up more info and inside stories.
Ellevest Introduces Money Membership Built by Women, for Women
Ellevest membership gives women banking, tools, and knowledge to build stronger financial futures — wherever they stand today
New York, NY, June 24, 2020 — Ellevest today announced a first-of-its-kind membership plan created to help women 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 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, including those who need to build an emergency fund before they can start investing.
“Five times more women than men live paycheck to paycheck, without any emergency fund. The average 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 all 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.
Full access to 1:1 money and career coaching sessions to help prioritize their goals, build strengths, and get where they want to go.
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% 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 banking 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 enhanced Mastercard World Debit Benefits, including contactless tap-and-go payment technology, Mastercard ID Theft Resolution, Extended Warranty, and much more.
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.
For more information, visit http://www.ellevest.com/magazine/news/membership.
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 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.
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.
To be specific: built by women, non-binary people, and male allies, for women, non-binary people, and male allies.
“Non-binary person” is an option for your gender identity when you sign up for Ellevest, because nobody should feel forced to misgender themself to use our product. We don’t have a lot of data on the financial realities of non-binary and gender non-conforming people’s lives ... but know they don’t usually experience the same privileges that cisgender men do.
And yes, men can use Ellevest, and always have. We have a gender-specific investing algorithm that factors in men’s average incomes, career breaks, and lifespans, too. They just have to be comfortable with a product that doesn’t center them. Some are. Others ... aren’t. Yeah.
Actually, everywhere. We’re still working from home as the pandemic continues. So this membership isn’t the only thing we’ve been building lately. We’ve got staff in 12 states right now, so we’ve also been building up a remote culture that includes virtual yoga, time to take action against racism together, and the occasional Zoom happy hour.
Unifying theme: more money.
Less than the price of a latte. And well less than the cost of doing nothing ... because you deserve to be paid what you’re worth as soon as possible. Because if you have debt, every day you wait to manage it can really cost you in interest. Because you could have invested in the stock market on any given day since the mid-1920s, and if you had stayed invested for 15 years, your chances of a positive return historically were 99% — for any 15-year period.
OK, this isn’t the most graceful portmanteau ... but there’s a backstory. It was coined by C. Nicole Mason, who was comparing this economic crisis to the Great Recession of 2007-2009. That one was called a “man-cession” because it hit men harder.
Back then, the most affected sectors were traditionally male: construction and manufacturing.
This time around, the worst-hit industries are those that can’t be done virtually, and they’re dominated by women: travel, education, health services, and retail.
The stats for May 2020:
Men overall: 11.9%
Women overall: 14.3%
Latinx women: 19.5%
Back women 17.2%
Asian women 16.7%
White women: 11.9% (same as “average” men, weirdly)
In 2020. Sheesh.
Details for data nerds: The Ellevest 2020 Coronavirus Pandemic Survey (aka 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, FYI. They do that sometimes.
Nearly as many said they were furious at how the COVID-19 crisis is being managed (same) and that they were worried that this recession is going to make social inequality worse (same).
It’s true. The average American paycheck doesn’t stretch as far as it did a generation ago, either.
One. Single. Penny.
And as Gloria Steinem has said, “We’ll never solve the feminization of power until we solve the masculinity of wealth.” As always, she’s right: Without financial equality — for all of us, not just the “average” woman but all of us — we won’t have full equality.
Seriously. Name one single bad thing that happens when women have more money. We’ll wait.
You’d think the choice of these very straightforward names would have been obvious, but nope, nope, nope. We brainstormed. And tested. And brainstormed. And debated. And tested some more. Why is naming things so hard?
The hardest-working people in the biz, I swear. They have a ton of experience and seriously impressive credentials. Even more important: empathy. They are rooting for you — yes, you — and are here to help you succeed.
Wait till you see the debit cards. They’re gorgeous. Our design team delivered. Again.
Boring but important legal stuff ahead:
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 US 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.
Yes, you read that right.
Included in that “much more” —Mastercard World Benefits come with a ton of sweet perks on travel. Which we’ll all do again. Someday. (Sigh.)
The fine print: 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. (For when we travel internationally again. Someday. No, really. Sigh.)
Where women invest.
Where women save.
Where women learn.
Where women support other women.
Where women do business.
Where women take care of what matters.
Where women rebuild.
Where women gather.
Where women get the answers they need.
Where women do the damn thing.
© 2020 Ellevest, Inc. All Rights Reserved.
Banking products and services are provided by Coastal Community Bank (“Coastal”), Member FDIC, pursuant to license by Mastercard International. Your Ellevest Spend and Save Account deposits will be insured to the regulatory limits by the 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 (aka 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, FYI. They do that sometimes.
**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.
About ATM Fee Refunds:
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.