Why can’t I put more than $200 /$1000 in my Save account?

☔️ Our Save feature is designed to be a rainy-day fund for people to build a small financial buffer to cover unexpected expenses.  In line with our mission of encouraging financial resilience, the Wagestream app provides workers with a simple way to set aside regular contributions directly from their salary each month. It is not intended to be a place to store a significant amount of money in the long term. This is for a few reasons:

  • There is no mechanism to transfer money from other accounts into the Wagestream app, including your Build pot.

  • Regulatory distinctions prevent your pots from operating as a traditional savings account would. 

  • Save account funds are held in an e-money account, and the e-money is held in a ring-fenced safeguarding account.

Once a larger amount such as $1000 is accrued, users have the option to either leave the funds in their pot or to transfer these funds to an external savings account of their choice to further their financial goals.

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Wagestream is a financial technology company, not a bank. Banking services provided by Piermont Bank; Member FDIC. Your funds are FDIC insured up to $250,000 through Piermont Bank; Member FDIC. The Wagestream Mastercard® Debit Card is issued by Piermont Bank; Member FDIC, pursuant to a license from Mastercard and may be used everywhere Mastercard® debit cards are accepted.