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News Now

Products
Start-up encourages impulse saving
NEW YORK (6/21/12)--A start-up company hopes to turn consumers' impulse to buy into a savings opportunity.

ImpulseSave allows consumers to use a mobile application to deposit the money they would have used on impulse purchases into a savings account. 

Consumers who sign up for the service can also work toward savings goals.

Through its private beta offering launched earlier this year, ImpulseSave found that its average user is now saving as much as $316 per month through its combination of both automatic savings and in the moment "impulse saving" transactions where the user can save any amount toward a specific goal whenever they feel tempted, or whenever the impulse strikes them.

Overall, the average ImpulseSave user is on track to save more than $3,700 per year by securely transferring funds from their checking accounts directly into their ImpulseSave savings account.

ImpulseSave is partnered with Leader Bank, NA, a nationally chartered community bank.

The company plans to add new features to its service, including geographical, online and charitable features and the ability for users to share funds with friends and family.


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