Stash Investments is launching its banking service, rolling out a marketing campaign positioning the financial services product as a “champion” combating an authoritarian world of bank-backed fee enforcers, according to a video posted by the company. The company teased the service in April, when it announced a partnership with Green Dot Bank.
The banking service includes a debit account and card, a nationwide network of free ATMs, along with “daily spending guidance,” “smart transfers,” and an optional merchant-linked cash back rewards program.
Regulators have been exploring reworking the barrier to banking for fintech firms, one of the recommendations included in a recent Treasury report. Stash’s low-cost automated investment service, targeted at young professionals, eliminated management fees for one of its user tiers in June and has over 2 million clients, according to the company.
Stash was founded in 2015 and includes a robo investment manager, Stash Coach, to help clients create portfolios designed around long-term goals. Users pay a monthly subscription for access to the firm’s services.