Magazine

Introducing Cash Back Rewards at Ellevest

By Ellevest Team

When we built the Ellevest money membership last June, we included a debit card and an Ellevest Save account because we knew that women+ face money challenges every single day. Every penny matters to help close the gender money gaps, so we wanted to help our members do more with their money every day, too.

Today, we’re excited to announce that we’ve added cash back rewards to your Ellevest membership. You can now earn an average 5% cash back from places you already shop — locally and nationwide — when you use your Ellevest debit card.*

A photograph of a woman holding a fan of money in her hands next to a photograph of a hand holding a phone that says, 'Welcome back, Elle. Your Cash Back Rewards' showing a reward amount of $50.

How cash back rewards work

Shop like usual to start earning

All you need to do to start earning your cash is to be an Ellevest member with an active debit card. You’ll earn rewards automatically by using your Ellevest debit card to pay for your purchases. Whenever you shop at participating merchants, you will earn an average 5% cash back on eligible transactions.

Earn rewards at thousands of places

Cash back rewards work with thousands of brands, from names we all know to local shops and restaurants. You can earn cash back from grocery stores, bars, restaurants, clothing and beauty retailers, and gift retailers. The amount of each offer is up to the retailer.

As you start earning rewards, you’ll start to get customized offers based on where you’re already shopping. In other words, you do you — and get rewarded for it.

You can browse thousands of current offers in the dashboard in the rewards tab on the Ellevest iOS app, and check out featured brands on Ellevest.com.

Watch your cash back savings grow

To help you save, your cash back rewards automatically move from your Ellevest Spend account to your Ellevest Save account each month. That keeps your savings safe, easy to access, and separate from your monthly spending money.

You can check your Ellevest Spend account anytime to see recent transactions that are still pending and the amount of cash that will transfer to your Ellevest Save account soon. And you can check on all the cash you’ve earned in the rewards tab on the iOS app or Ellevest.com. (Highly satisfying.)

An image of the Rewards screen on the Ellevest iOS app showing how much in cash back rewards a user has earned.

How you can use your rewards to tackle your money goals

To jump-start your saving

We generally recommend you save 20% of your take-home pay for Future You — that’s paying down debt more than the minimum, saving up an emergency fund of three to six months’ worth of your take-home pay, and investing in your future.

But 20% of your take-home pay can feel like a lot. Helping you save is why we automatically transfer your cash back rewards into your Ellevest Save account each month — to make it just a little bit easier to hit your goals.

You can also use Ellevest’s roundup option, which helps you save faster, too. When it’s turned on, every time you buy something with your Ellevest debit card, it will automatically transfer the change from your purchase from your Ellevest Spend account into your Ellevest Save account.**

To add flexibility to your monthly spending plan

The flip side of saving is spending, and budgets can be tough when daily life decisions feel so urgent. At Ellevest, we’re fans of a two-part approach to your spending. First, you’ll want to create a flexible spending plan (aka budget). We love the 50-30-20 “rule” and the one-number approach. These are both high-level frameworks that let you see what’s coming in and going out, with 20% to your future and the rest to needs and fun.

The second part is intentional spending — a mindset that makes each money decision easier. Instead of telling yourself what you “can and cannot” spend money on, you’ll connect your spending to your deepest values. Just that shift to a little more “money mindfulness” can help you with your spending plan by giving you a chance to feel on a deep level what your long-term money goals really mean for your life.

And if you’re considering some spending decisions that feel connected with your values but don’t quite fit into your spending plan for the month — that’s where the cash back rewards you’ve built up in your Ellevest Save account can be a buffer. You can move that cash you’ve earned back over to your Ellevest Spend account anytime.

But really, there’s no “right” way to use the cash you’ve earned through Ellevest. (You earned that money by doing the hard work of swiping your card smartly, after all.) It’s all about finding ways to navigate your money in real life. Your Ellevest membership is here to help.


Disclosures

Banking products and services are provided by Coastal Community Bank (“Coastal”), Member FDIC, pursuant to license by Mastercard International. Your Ellevest Save and Ellevest Spend account deposits will be insured to the regulatory limits by the FDIC 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.

The Ellevest Rewards program is powered by Dosh®, an unaffiliated third-party provider, which offers Ellevest banking members cash back on Ellevest debit card purchases from select merchants. Each Ellevest Rewards, Powered by Dosh program offer is available for a limited time only for qualifying purchases at participating merchants (subject to the particular offer and full program terms). Cash back percentages will vary and offers may become unavailable without notice. Additional terms, conditions and exclusions apply and can be found in the Ellevest Membership Terms and Conditions Agreement.

If you activate the Ellevest roundup feature 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 amount rounded up will be transferred from your Ellevest Spend account to your Ellevest Save account (a "Transfer"). 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 Ellevest 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 Transfer, the Transfer will not be made. If a purchase is canceled or reversed for any reason (including disputes), the corresponding Transfer will not be reversed. You can opt out of the Ellevest roundup feature at any time.

Not an iOS user? Copy that. You’ll still start earning rewards right away, and you’ll be able to browse offers through your web login VERY soon. Meanwhile, you can check out some featured retailers on your rewards tab right now.

All completed transactions in a month will transfer to your Ellevest Save account on the third business day of the following month.

© 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 Save and Ellevest Spend Account deposits will be insured to the regulatory limits by the FDIC 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.

The Ellevest Rewards program is powered by Dosh®, an unaffiliated third-party provider, which offers Ellevest banking members cash back on Ellevest debit card purchases from select merchants. Each Ellevest Rewards, Powered by Dosh program offer is available for a limited time only for qualifying purchases at participating merchants (subject to the particular offer and full program terms). Cash back percentages will vary and offers may become unavailable without notice. Additional terms, conditions and exclusions apply and can be found in the Ellevest Membership Terms and Conditions Agreement.

**If you activate the Ellevest roundup feature 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 amount rounded up will be transferred from your Ellevest Spend account to your Ellevest Save account (a "Transfer"). 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 Ellevest 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 Transfer, the Transfer will not be made. If a purchase is canceled or reversed for any reason (including disputes), the corresponding Transfer will not be reversed. You can opt out of the Ellevest roundup feature at any time.

The information provided does not take into account the specific objectives, financial situation, or particular needs of any specific person.

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.

The information provided does not take into account the specific objectives, financial situation, or particular needs of any specific person.

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.

Ellevest Membership fees are as follows: Ellevest Essential is $1 per month, Ellevest Plus is $5 per month, and Ellevest Executive is $9. Other fees as described in Ellevest’s Wrap Fee Program Brochure and the Ellevest Membership Terms and Conditions Agreement will continue to apply.

Go ahead, invest in yourself

Kick your money and career goals into high gear with the Ellevest membership. Start investing, save for the short term, and help set Future You up for success with just $1/month.

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Ellevest Team

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