The plan is likely to build trust between plan members, since they know how the money is being saved and used for the right purpose. Because it also comes with a private social network, plan partners can send private or group messages to each other, post photos or videos and keep others informed about the goal and ultimately how the funds get used.
Matt Sadler, CEO of VestMatch, said: “Collaborative Savings, defined as two or more people saving for a goal, is growing rapidly. Parents are trying to set up matched savings programs with their kids all the time and there hasn’t been an effective way to do that in the past. Parents and grandparents often join together to save for college, but there hasn’t been visibility for everyone.
“VestMatch has changed that, and now banks and credit unions can offer this service with their own brand, look and feel and usually have it available to their customers within four weeks.”
