Albert members doubled savings deposits during the height of the pandemic, with nearly one billion dollars saved in total since launch
With the wide release of its Albert Cash product, Albert is the first company to bring high-touch personalized banking to everyone. Albert combines banking, savings, investing, and budgeting with Albert Genius, a team of finance experts who provide advice on any financial topic instantly by text. Albert’s geniuses provide customized financial advice, while Albert’s full suite of products make that advice immediately actionable, all from a single app.
Launching with the tagline “We’re Banking on You,” Albert Cash ties together the money management features that are helping more than 6 million members work towards financial health. The launch comes after a recent $100 million investment led by General Atlantic during a period of record growth for the company:
- 2x savings during the height of the pandemic: From March 2020 through May 2021, Albert members doubled the total deposits into Albert Savings (since launching in 2016) from $350 million to more than $700 million.
- One billion saved: Today, Albert members have saved close to $1 billion.
- 20K texts per day: The Albert Genius team responds to 10,000–20,000 member texts per day, ranging from answering personal finance questions to providing one-of-a-kind support for Albert’s app.
“High-quality personalized financial advice has always been reserved for very few people. But without good advice, even the best financial tools can fail to deliver great financial outcomes,” said Yinon Ravid, CEO of Albert. “We believe that everyone deserves access to expert, honest money advice, regardless of income or net worth. Providing that advice alongside amazing financial products positions Albert as the all-in-one financial app for the next generation.”
The wide release of Albert Cash, combined with Albert’s existing features, creates an integrated home for its members’ financial needs:
- Cash: The app starts with Albert Cash, a bank account where everything connects and moves together: spending money, budgeting, automatic saving, cash back rewards, and more. Features include $0 minimum balances, $0 maintenance fees, up to 20% cash back, getting paid up to 2 days early, sending and depositing checks, 55,000 free ATMs, and more.
- Smart Savings: Albert analyzes your income and spending throughout the week, finding extra dollars to save automatically. On average, members put aside more than $450 per year.
- Investing: Albert offers custom portfolios tailored to a member’s goals and time horizon, as well as individual stocks and stock collections. All investments have just a $1 minimum, and trades are commission-free.
- Albert Genius: For a pay-what’s-fair monthly fee (minimum $4/month), Albert members have unlimited access to Albert’s team of financial professionals and a customized financial plan. Albert Genius answers any financial question, ranging from how to pay down debt faster, to buying versus leasing a car, to something as simple as making room for coffee in your budget.