This release is from July 6, 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., July 6, 2022 — Tellus App, Inc. (“Tellus”), the proptech company behind the Tellus savings app, today made Vaults available to all Tellus savings customers on iOS and Android. A Vault is a fixed-term sub-account for savings. Customers choose a term, and the rate in effect when they open the Vault is locked in until it matures.
Vaults are built for money that customers do not plan to touch for a while. In exchange for setting money aside for a set term, customers earn a fixed rate that does not change during that term. Customers can open more than one Vault, so they can stagger terms or save for different goals.
What customers get:
- A fixed rate for the full term. The rate is set when the Vault is opened and stays the same until the maturity date.
- A choice of terms. Choose a six-month, 12-month or 24-month Vault. Rates vary by term and are shown in the app before opening.
- Rewards at maturity. Customers earn rewards over the term, and the rewards become available when the Vault reaches its maturity date.
- Flexible funding. Fund a Vault from a linked bank account, by wire, or from the Boost Account or a Stack.
- Easy to track. Name each Vault, follow its maturity date and expected rewards, and get a notification when it matures. Closed Vaults stay in an archive for reference.
- Access if plans change. A Vault can be closed before maturity. The principal is returned, but the rewards will be forfeited.
How it works:
- Open the Vaults card in the Wallet tab. Compare the Boost Account, Reserve Account and Vaults to choose the right fit.
- Choose a term, enter an amount of at least $1,000, and pick the account to fund it from.
- Review and confirm. The Vault appears in the Wallet tab with its rate and maturity date.
- When the Vault matures, or if it is closed early, its funds move to the customer’s Boost Account.
Vaults require a minimum deposit of $1,000. Boosts cannot be applied to money in a Vault, and a Vault’s rate cannot be boosted. For the launch, customers who fund a Vault from July 6 through July 20, 2022 receive introductory launch rates, locked in for the full term. Full terms, including early closure, are in the Tellus Terms of Service.
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, Reserve Account, Stacks and Vaults 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
