SAN FRANCISCO--(BUSINESS WIRE)--Stockpile1, the pioneering investment platform that made investing accessible to kids and families, today unveiled its newest financial offering: a banking service for families powered by Green Dot’s2 single-source embedded finance platform. At the heart of this new service is a debit card for kids and the Stockpile Tuition Rewards® Program, which can help families reduce future college costs simply by being Stockpile members. The Stockpile Tuition Rewards® Program is offered through a partnership between Stockpile and SAGE Scholars Tuition Rewards.
"We made investing easy and affordable for families, and now we're doing the same for banking while solving one of parents' top financial stressors — paying for college," said Victor Wang, CEO of Stockpile. "Our new platform is designed to tackle the college affordability crisis, offering families a simple way to plan for one of their largest future expenses.”
How the Stockpile Tuition Rewards Program Works
Unlike traditional rewards programs that incentivize spending, Stockpile offers a new approach – kids don’t need to spend money on their cards for families to start accumulating Tuition Rewards points. Instead, the program incentivizes saving and investing, aligning with Stockpile’s philosophy of “Save, Invest, Spend,” in that order.
Families with a Stockpile Family Plus membership ($7.95/month or $69.95/year) can receive debit cards for up to five children. These families can earn up to 4,800 Tuition Rewards points annually with a paid Family Plus membership – each point valued at $1 toward future college tuition discounts at almost 500 participating colleges and universities. Over time, these rewards can make a significant dent in college expenses, with families potentially saving up to 25% off tuition costs.3 Points never expire, and can be transferred to another family member.
To put this into perspective, a family who starts an annual Family Plus membership when one of their children is two years old can accumulate a significant tuition discount, potentially earning up to 72,000 points (which translates to $72,000 in college tuition savings for the family) by the time that child is ready to apply for college.4
The Stockpile App: Save, Invest, Spend – In That Order
The Stockpile app is touted for its user-friendly interface and practical financial education.5 With a Stockpile Family Plus membership, families receive access to a range of tools to build financial literacy:
- SAVE: Kids enjoy 2.00% APY6 on their savings.
- INVEST: Access stock market investing capabilities for one adult and up to five kids.
- SPEND: Utilize budgeting tools to foster mindful spending.
- EARN: Automatically receive Tuition Rewards for the family.
In today’s digital world, having a debit card provides kids with a tangible connection to how money works in real life. While saving and investing are prioritized, the debit card allows kids to understand the flow of money, linking what’s in their account provided via the Stockpile app to real-world spending decisions.
“Giving kids their own debit card isn’t just about spending. It’s about teaching them the full circle of financial responsibility,” added Wang. “When kids see how saving, investing, and spending all connect through their card and app, they learn how to make financial choices that set them up for long-term success.”
Empowering the Next Generation of Financial Success
With nearly 43 million Americans7 carrying student loan debt in 2024, Stockpile’s platform meets a growing need for financial literacy tools tailored to the next generation. Today’s parents are proactively seeking resources that were not available to them growing up, to assist their children in being better prepared for the future.
“I didn’t have the opportunity to learn about saving and investing when I was young,” said Ianthe Spaulding, a 40-year-old mother from Seattle. “With Stockpile, my 12-year-old daughter is not only learning to manage her money, but she’s also beginning to secure a path to a more affordable college education.”8
Join the Waitlist and Secure Tuition Rewards
Families can join the waitlist to receive priority access to the new app, expected to start rolling out in January 2025. Waitlist members who sign up and pay for a Stockpile membership can receive an exclusive 1,000 Tuition Rewards points ($1,000 in tuition discounts)9, and the first 100,000 approved cardholders will receive a limited Founders’ Edition Tuition Rewards Card featuring a unique design and premium finish.
Parents can secure a spot and get a head start earning Tuition Rewards by joining the waitlist today at www.stockpile.com.
About Stockpile
Stockpile, Inc., founded in 2010 and headquartered in San Francisco, makes it easy for kids and families to start saving, investing, and spending together — because starting is everything. With the vision of creating equitable financial access for all, Stockpile provides an all-in-one platform reinforcing smart money habits through zero-fee trading, custodial accounts, fractional investing, debit cards, savings tools, and more. This allows families to dive in together, building financial resilience from an early age. Its app has been downloaded over a million times and has earned a 4.7 star rating on the App Store. For more information, visit www.stockpile.com.
About Green Dot
Green Dot Corporation (NYSE: GDOT) is a financial technology and registered bank holding company committed to giving all people the power to bank seamlessly, affordably and with confidence. Green Dot’s technology platform enables it to build products and features that address the most pressing financial challenges of consumers and businesses, transforming the way they manage and move money and making financial empowerment more accessible for all.
Green Dot offers a broad set of financial services to consumers and businesses including debit, checking, credit, prepaid, and payroll cards, as well as robust money processing services, tax refunds, cash deposits and disbursements. Its flagship digital banking platform GO2bank offers consumers simple and accessible mobile banking designed to help improve financial health over time. The company’s banking platform services business enables a growing list of the world’s largest and most trusted consumer and technology brands to deploy customized, seamless, value-driven money management solutions for their customers.
Founded in 1999, Green Dot has served more than 33 million customers directly and many millions more through its partners. The Green Dot Network of more than 90,000 retail distribution locations nationwide, more than all remaining bank branches in the U.S. combined, enables it to operate primarily as a “branchless bank.” Green Dot Bank is a subsidiary of Green Dot Corporation and Member of the FDIC. For more information about Green Dot’s products and services, please visit http://www.greendot.com/.
About Tuition Rewards
The Stockpile Tuition Rewards® Program is provided by SAGE Scholars Tuition Rewards. Eligibility requirements, membership fees, and terms apply. Green Dot Bank is not affiliated with and does not endorse or sponsor the rewards program. For more information visit tuitionrewards.com.
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Disclaimer
1 Stockpile Investment Advisors, Inc. is currently in the process of registering as an investment adviser with the U.S. Securities and Exchange Commission (SEC). Please note that until such approval is granted, Stockpile Investment Advisors, Inc. is not authorized to provide any investment advisory services, nor will it engage in any advisory activities or manage client assets.
In anticipation of receiving SEC registration, Stockpile Investment Advisors, Inc. is offering prospective clients the opportunity to join a waitlist for our advisory services. By joining the waitlist, you will be among the first to receive updates regarding our registration status and will have priority access to our services once our registration is approved by the SEC.
Important Information
- Pending Approval: Stockpile Investment Advisors, Inc. is in the process of registering with the SEC as a registered investment adviser (RIA). Registration with the SEC is currently pending and subject to regulatory review and approval.
- No Advisory Services Until Registered: Until our registration is approved, Stockpile Investment Advisors, Inc. will not provide any investment advisory services, including financial planning, portfolio management, or any other service that involves providing investment advice for compensation.
- No Client Agreements or Fees: Stockpile Investment Advisors, Inc. will not enter into any advisory agreements or charge any fees related to investment advisory services until the SEC approves our registration. At that time, Stockpile Investment Advisors, Inc. will notify waitlist participants and provide additional information regarding our services, fees, and any required client documentation.
- Join the Waitlist: If you are interested in becoming a client once our registration is approved, you may join our waitlist. This non-binding waitlist simply indicates your interest in our services and does not obligate you or Stockpile Investment Advisors, Inc. in any way.
- Notification of Registration: Once the SEC has approved our registration, Stockpile Investment Advisors, Inc. will notify all waitlist participants and provide the necessary documentation, including our Form ADV Part 2A (Brochure), which contains detailed information about our services, fees, and potential conflicts of interest.
- Important Notice Regarding SEC Registration: It is important to understand that SEC registration as an investment adviser does not imply any level of skill or training as determined by the SEC. Registration simply means that the Firm is authorized to offer investment advisory services and is subject to the SEC’s regulatory oversight.
- Brokerage services are provided by Apex Clearing Corporation, a SEC registered broker dealer and a Member of FINRA.
2 Stockpile is a financial technology company, not a bank. Banking services are provided by Green Dot Bank, Member FDIC. Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits.
3 The Stockpile Tuition Rewards Program is provided by SAGE Scholars Tuition Rewards and Tuition Rewards® is a Registered Trademark of SAGE Scholars, Inc. Eligibility requirements, membership fees and terms apply. The 25% represents the maximum a Participating College is obligated to accept, based on freshman year tuition and spread equally over four years (or five for co-op programs). Green Dot Bank is not affiliated with and does not endorse or sponsor the rewards program. For more information please visit tuitionrewards.com.
4 Projected Tuition Rewards balance is based on a family starting an annual Family Plus membership when one of their children is two years old. Family Plus members earn 2,400 Tuition Rewards points when they sign up and pay for an annual membership (as well as on every renewal), and 200 points every month their membership is active, for a total of 4,800 points per year. By the time the same child is 17 and ready to apply for college, the family would have 72,000 points (15 years x 4,800 points per year = 72,000 points). The monthly Family Plus membership ($7.95/month) does not include the 2,400 extra points at sign-up and renewal, but does accrue 200 points every month the membership is active.
5 Featured as “Best Investment App for Beginners” in Business Insider (08/2024), “Best Investment App for Parents” in Forbes (05/2022), and “A Top Brokerage for Teaching Kids” by The Motley Fool Ascent (05/2024). Endorsements by third parties are voluntary and represent only the experience of that third party at the time the endorsement was provided. Such endorsements may be based on a variety of factors including, but not limited to, cost, product features, customer support, etc., and may not reflect the experiences of other third parties or clients. No compensation has been provided in exchange for the endorsements. Endorsements may be based on past experience and past performance is not a guarantee of future results.
6 Interest paid monthly on the average daily balance of all savings vaults during the month if the account is in good standing. Fees on your primary deposit account may reduce earnings on your savings vaults. 2.00% APY and interest rate may change before or after you open an account and will be determined at the time of launch. See Deposit Agreement (coming soon) for terms and conditions.
7 Data regarding student loan debt statistics is sourced from Education Data, which provides insights on the state of student loans in the U.S. For detailed information, please visit Education Data.
8 No compensation was paid for this testimonial and it may not be representative of the experience of other customers. Past performance is not a guarantee of future results.
9 Families can receive a one-time incentive of 1,000 Tuition Rewards points with either a Family Base membership ($4.95/month) or Family Plus membership ($7.95/month) when they join the waitlist and sign up and pay for their membership. However, thereafter, Tuition Rewards points will only be offered with the Family Plus membership, not the Family Base membership.
