This release is from January 25, 2022. The rates and terms it describes applied on that date and may have changed since. Current rates and terms are at tellusapp.com.
MOUNTAIN VIEW, Calif., Jan. 25, 2022 — Tellus App, Inc. (“Tellus”), the proptech company behind the Tellus savings app, today introduced Stacks, personalized sub-accounts for the things customers are saving for, together with a new recurring deposits experience. Both are available to all Tellus savings customers on iOS and Android.
A Stack is a way to set money aside for a specific goal, such as a vacation, a new car or an emergency fund. Customers give each Stack a name and an emoji, set a target amount, and watch their progress grow. Customers earn the same rate on money in a Stack as on their Boost Account, and an active Boost on the Boost Account also applies to their Stacks, so organizing savings never means earning less.
Stacks work hand in hand with recurring deposits. Customers can schedule automatic deposits from a linked bank account into their Boost Account or into any Stack, each on its own schedule, and manage all of them from one list. Customers can save for several goals at once, on the schedules they choose.
What customers get:
- A Stack for every goal. Create a separate Stack for each thing you are saving for, each with its own name, emoji and target amount.
- Progress at a glance. Each Stack shows how much has been saved and how close it is to its target.
- The same rate as the Boost Account. Customers earn the Boost Account’s rate on money in their Stacks, and an active Boost also applies to Stacks.
- Recurring deposits into any Stack or the Boost Account. Choose the account, the amount and how often it repeats: weekly, every two weeks or monthly, starting on the date you choose.
- More than one recurring deposit. Set up separate recurring deposits for different goals, and see, edit or cancel them from one list.
- A clear review step. Every new recurring deposit is shown on a confirmation screen before it is scheduled.
How it works:
- Open the Stacks tab and create a Stack. Give it a name and an emoji, and set a target amount.
- Fund the Stack from a linked bank account or by moving money from the Boost Account.
- To save automatically, open the Stack, or the Boost Account, and choose to manage recurring deposits. Add a recurring deposit, pick your linked bank account, enter the amount, then choose the frequency and start date.
- Review the details on the confirmation screen and confirm. Return to the recurring deposits list at any time to edit or cancel a deposit.
Recurring deposits are made by bank transfer (ACH) from a bank account linked in the Tellus app. Stacks replace the Goals feature that some customers tried during its early-access period; their existing goals carry over as Stacks.
The Tellus app is available on the App Store and Google Play.
About Tellus
Tellus App, Inc. is a proptech company headquartered in Silicon Valley. The Tellus savings app helps people save with cash accounts powered by real estate, and gives independent landlords property management software.
Tellus is not a bank. Tellus is not FDIC-insured. The Boost Account and Stacks are not deposit accounts and are not FDIC-insured.
Rewards on Tellus’s non-deposit accounts vary and are determined by each customer’s actions and choices in the app.
See www.TellusApp.com for full terms and conditions.
Media contact: press@tellusapp.com
