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I think if you make more, then even "saves" it. The question is where does it get saved? If the money is held by Even they might be able to make interest off it
by alooPotato 11y ago
I think if you make more, then even "saves" it. The question is where does it get saved? If the money is held by Even they might be able to make interest off it. The core assumption here being that they will be able to relend it to you when you go below your average.
For the model to make sense, they probably will discount what they think you're true average monthly wage is so that the savings rate averages out to positive.
- alooPotato 11y agoAhhh there it is in their FAQ: "Money you save with Even is held in an FDIC insured account at one of our several partner banks."
- ryandrake 11y agoHuh? Is this service for people who can't get bank accounts?
- dragonwriter 11y ago> Huh? Is this service for people who can't get bank accounts? No; need a bank account to use the service. (It also sounds from the Terms of Service -- which are oddly ambiguously worded -- like you may need to have online access to your account and share your credentials with Even.)