★ Rockstar Review: brightpeak Savings Rewards Program + Challenge!
This is part of our Rockstar Reviews series.
Be sure to check out all previous products we’ve reviewed!
Two Ways to Amp Your Savings!
Hey guys! As mentioned above, we got a slightly different “review” for y’all today as we highlight two pretty awesome products offered from a company I recently came across – brightpeak financial. (All lowercase on purpose FYI – I know, it’s weird…)
Let’s start with the savings account, yeah?
The “Emergency Savings Account”
First, I love love LOVE that they actually call it an “emergency savings account“. I’m all for labeling accounts per their use because it makes it that much more “real,” and the fact they’re the only ones I know of who literally label it as so is beautiful.
I also like that they only require a $1.00 minimum balance with the account since, you know, emergencies and all, and I also love that there are no fees whatsoever as long as you play by the rules. Which basically means no withdrawing or transferring out money more than once a month – which is smart, or else it defeats the purpose!
But what I like the most is that they’ll actually HELP YOU top off your savings by rewarding you up to $100.00 for making a habit of saving!!!
There are of course rules to that one too, but just like the others, if you’re committed to building up your stash for real, you’ll be just fine. All you need to do to qualify is contribute $50/month to your new account, and the longer you do it, the more money they will add to it.
Here’s a nifty graphic that shows it pretty simply *assuming you contribute at least $50/month! *
The main goal here is to get you to save at least $1,000, and if you contribute $50/month towards it, you’ll hit it – and then some – by the end of year two. Which they reward you nicely for :)
Cons to the Emergency Savings Account?
There are only two that I can think of, other than having to manage another bank account:
- The interest rates aren’t that special if you take away the rewards. It pays out 0.10% Annual Percentage Yield (APY) for those accounts with $25-$999 in them, and 0.50% APY for those $1,000-$4,999. So the kicker here really is saving every month to get that reward.
- brightpeak is a division of Thrivent Financial, which is a membership organization of Christians. You might love that if you’re a Christian yourself, but if you’re not – or you’re anti-religion, it might skew you. And since Thrivent is a Fraternal Benefit Society, they are legally required to have a common bond – theirs is Christianity. So, you’ll have to check a box to identify as “Christian” in order to open an account. Don’t worry though, they don’t check that you go to church weekly ;)
Interested in learning more or signing up? You can do so here: brightpeakfinancial.com
“$500 Savings Challenge!”
Okay, so while the emergency savings account is pretty cool, brightpeak also has a 7-day savings challenge that some of you might enjoy too :) Especially those following along our own Money Challenge Series! (You can cheat on us, don’t worry.) And from the look of their social media shares so far (27,000+!), they’re doing quite better than us, haha…
So what is the $500 Savings Challenge? In a nutshell, it’s a FREE 7-day email program to help you boost your savings, which includes “insider tips on the best savings account features,” “expert advice on how to make – and stick – to savings goals,” and “easy tricks to help you spend less and avoid top mistakes”.
They allude again to the often recommended $1,000 savings buffer, so if you were to complete the mission here and stash away $500, you’d now be halfway there :) (And then you transfer $50 of that every month towards your new emergency savings account and grab your $100 reward on top! BOOM!)
If that’s something that sounds intriguing to you, you can sign up
and learn more here (it’s free): $500 Savings Challenge
And those are the products of the week! Hope they help!
PS: For a list of all our Rockstar Reviews, click here.
This post was in partnership with brightpeak financial and contains affiliate links to the two products featured. Thank you to those who support our site by going through them when you find them helpful!