3 ms·

1. They calculate the average. I'd imagine they'd like you to be "over average" more often than not. 2. All "overages" go into an account they control. Sure it

1. They calculate the average. I'd imagine they'd like you to be "over average" more often than not. 2. All "overages" go into an account they control. Sure it's yours, but they are pooling money from all users and investing it in the meantime. Bullshit they aren't making money off of it. It isn't sitting under their mattress, that's for sure. 3. They promise no interest either way, but the amount they "loan" people is more than covered off in interest earnings on the pooled "overages" from all users. 4. On top of all that, they charge $12 a month. I think they've got the profit side down.

davrosthedalek 11y ago
They claim they don't earn interest on the savings. From their FAQ: "Money you've saved with Even does not earn interest. To be candid, if Even savings did earn interest, you would only earn about a dollar per year. For what it's worth, Even doesn't make any money off your savings." So they do that all for $12 a month?
- run4yourlives2 11y ago
  Money you've saved with Even does not earn interest. For YOU. Not for them. They say it goes into an insured bank account. The moment you put any money into a bank account, it stands to reason it earns interest. For what it's worth, Even doesn't make any money off your savings." That isn't the same as saying they don't earn money off of these accounts. It just may not make them any profit, hence the $12.
- s73v3r 11y ago
  They claim YOU don't earn interest. They likely put all the money together in on e big account, which probably earns a decent chunk of interest.
jschlossberg 11y ago
We don't make money off savings. Not sure how to be clearer than that.
- run4yourlives2 11y ago
  Do you earn interest on the pooled savings though? Some of the largest insurance companies in the world "don't make money" off of premiums either, but they are multi-billion dollar organizations.
  - jschlossberg 11y ago
    No, we do not earn interest on the savings. The bank does.
    - run4yourlives2 11y ago
      Just to be clear, you deposit this money into bank accounts and then allow the bank to retain interest owned, with no part coming back to Even? That seems either extremely generous, tremendously stupid, or frankly, a little shady. You wouldn't happened to be owned in whole or in part by this same bank, would you? Do you receive other, unrelated back channel income from your partners in relation to Even? (Sorry for being intrusive, but I'm trying to figure out why you would essentially throw away thousands of dollars a month in interest earnings).
      - jschlossberg 11y ago
        No need to apologize, asking lots of questions is like boarding the express train to learningtown. I may choose to not answer, but that's on me, not on you. Banks don't yield interest on savings, so we're not "allowing" the bank to retain anything. It's not like having money just magically procreates into more money. Banks pay interest on savings to their customers because their business model is "we get money in the form of savings, pay a little interest so people keep that money with us, and then we lend those savings to other people at higher interest. Boom, profit." If we kept the interest yielded on savings held with Even, we would be taking money away from our customers, not from the banks. I think you might be vastly overestimating the amount of money you can make doing this, let alone the fact that it's a pretty dick thing to do. The only way we make money is the subscription cost of using Even.

davrosthedalek 11y ago

They claim they don't earn interest on the savings. From their FAQ: "Money you've saved with Even does not earn interest. To be candid, if Even savings did earn interest, you would only earn about a dollar per year. For what it's worth, Even doesn't make any money off your savings." So they do that all for $12 a month?

run4yourlives2 11y ago
Money you've saved with Even does not earn interest. For YOU. Not for them. They say it goes into an insured bank account. The moment you put any money into a bank account, it stands to reason it earns interest. For what it's worth, Even doesn't make any money off your savings." That isn't the same as saying they don't earn money off of these accounts. It just may not make them any profit, hence the $12.
s73v3r 11y ago
They claim YOU don't earn interest. They likely put all the money together in on e big account, which probably earns a decent chunk of interest.

jschlossberg 11y ago

We don't make money off savings. Not sure how to be clearer than that.

run4yourlives2 11y ago
Do you earn interest on the pooled savings though? Some of the largest insurance companies in the world "don't make money" off of premiums either, but they are multi-billion dollar organizations.
- jschlossberg 11y ago
  No, we do not earn interest on the savings. The bank does.
  - run4yourlives2 11y ago
    Just to be clear, you deposit this money into bank accounts and then allow the bank to retain interest owned, with no part coming back to Even? That seems either extremely generous, tremendously stupid, or frankly, a little shady. You wouldn't happened to be owned in whole or in part by this same bank, would you? Do you receive other, unrelated back channel income from your partners in relation to Even? (Sorry for being intrusive, but I'm trying to figure out why you would essentially throw away thousands of dollars a month in interest earnings).
    - jschlossberg 11y ago
      No need to apologize, asking lots of questions is like boarding the express train to learningtown. I may choose to not answer, but that's on me, not on you. Banks don't yield interest on savings, so we're not "allowing" the bank to retain anything. It's not like having money just magically procreates into more money. Banks pay interest on savings to their customers because their business model is "we get money in the form of savings, pay a little interest so people keep that money with us, and then we lend those savings to other people at higher interest. Boom, profit." If we kept the interest yielded on savings held with Even, we would be taking money away from our customers, not from the banks. I think you might be vastly overestimating the amount of money you can make doing this, let alone the fact that it's a pretty dick thing to do. The only way we make money is the subscription cost of using Even.