FinFit, a leading financial wellness platform for U.S. employers, has announced a partnership with Sunny Day Fund to introduce Emergency Savings Accounts through the FinFit SafetyNet platform. This integration will enhance FinFit’s offerings by providing a seamless way for employees to build emergency savings.
- Partnership Overview: FinFit will offer the Emergency Savings product, powered by Sunny Day Fund, to its enterprise clients starting this fall.
- Addressing Financial Challenges: With 75% of American workers living paycheck to paycheck, the partnership aims to help employees build emergency savings and reduce reliance on debt.
- Sunny Day Fund’s Success: In 2023, over 80% of workers with an Emergency Savings Account through Sunny Day Fund increased their contributions significantly, demonstrating strong savings behavior. The accounts offer a market-leading interest rate nearly 10 times the national average.
- Features of the Emergency Savings Product:
- Savings Goals: Employees can set and track progress against multiple savings goals.
- Customized Incentives: Employers can design tailored incentives to encourage savings.
- High Interest Rates: Accounts feature a leading interest rate, significantly higher than the national average.
- Michael Woodhead, Chief Commercial Officer, FinFit: “We’re thrilled to partner with Sunny Day Fund to help workers build short-term liquidity and longer-term savings. This collaboration will aid in moving employees from debt into savings.”
- Sid Pailla, Founder and CEO, Sunny Day Fund: “We are excited to work with FinFit to provide a simple and automated savings experience that enhances employee financial health and helps them manage unexpected expenses more effectively.”
FinFit SafetyNet Platform Components:
- Emergency Savings: Employees can have a chosen amount deposited into their Sunny Day Fund Emergency Savings Account each pay period via payroll integration.
- Emergency Credit: Employees can access funds for unexpected expenses or to make ends meet.
- Debt Consolidation Loan: Employees can repay debt at lower rates, avoid high-cost payday loans, or use repayments to boost their Emergency Savings Account.
The integration of Sunny Day Fund’s Emergency Savings Accounts into FinFit’s SafetyNet platform represents a significant enhancement to employee financial wellness solutions, addressing the need for both savings and credit in a unified approach.
