Plinqit, a brandable, savings app and the only savings tool that pays users for engaging with content, continues its growth, exceeding $1 million in total saved by users since launching last year. In a time of economic uncertainty, Plinqit is helping community financial institutions connect with consumers as they learn more about personal finances and saving.
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“We have offered Plinqit at Bank Michigan for a few months and are excited by the success we have had with the app”
Earlier this year, Bankrate reported that only four in 10 U.S. adults (41 percent) would cover the cost of a $1,000 of a major unexpected expense by using savings. While Millennials’ saving habits have been improving with one quarter of them having $100,000 or more in savings, the pandemic has underscored the importance of savings and understanding finances for all Americans.
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Plinqit, created by Millennials for Millennials, is unlike any other savings app on the market. With Plinqit’s patent-pending Build Skills™, users not only interact with content that improves their financial literacy – they are paid to do so. Understanding that saving is the first step on the path to financial wellness, the platform has provided users with a free, simple and easy-to-use way to save and plan for future financial needs.
On average, Plinqit account fees are the same or less than the cost of a traditional savings account, and by helping banks and credit unions attract and retain consumers in a unique way, Plinqit offers financial institutions a way to build stronger connections.
Recently, Bank Michigan launched Plinqit to attract customers in a more cost-effective way while deepening their relationships with existing customers.
“We have offered Plinqit at Bank Michigan for a few months and are excited by the success we have had with the app,” said Richard C. Northrup, III, President and CEO of Bank Michigan. “With the app, our customers now have the opportunity to grow their savings and knowledge of personal finances to break the cycle of living paycheck-to-paycheck. With the significant growth we have already had, we cannot wait to see what the future holds for Bank Michigan with Plinqit.”
