Plinqit Celebrates Record Growth as High Yield Savings by Plinqit Surpasses $2 Billion in Deposits

ANN ARBOR, MI, UNITED STATES, December 17, 2024 /EINPresswire.com/ -- Plinqit, an award-winning provider of high-yield and automated savings software solutions that enable financial institutions to grow deposits, is proud to announce a record year of growth driven by its latest product, High Yield Savings by Plinqit. This innovative, white-label digital savings solution has enabled financial institutions nationwide to acquire new deposits while providing an accessible, high-value savings option for consumers.

Since its launch, High Yield Savings by Plinqit has generated over $2 billion in deposits. Notably, nearly half (46%) of these deposits are sourced from some of the largest banks in the country, including Chase, Bank of America, Wells Fargo, and Capital One. On average, Plinqit depositors maintain a balance of more than $40,000, demonstrating the platform's strong appeal among savers.

Plinqit’s High Yield Savings product is attracting a valuable demographic, with 58% of depositors under the age of 50 and 38% under 40. Additionally, nearly half of depositors report household incomes ranging from $100,000 to $249,999 while nearly one-third have household incomes ranging from $50,000 to $99,000, underscoring the broad appeal of Plinqit’s high-yield savings options across various income levels. Once linked to their accounts, an impressive 94% of depositors choose to fund their accounts, while 72% of all registrants activate their savings by funding their accounts.

"High Yield Savings by Plinqit has delivered powerful growth for our clients and continues to resonate with a wide demographic of savers," said Kathleen Craig, founder and CEO of Plinqit. "By providing a turnkey digital solution, we’re helping financial institutions compete on both technology and rate, without requiring substantial upfront investments in infrastructure. The strong adoption we’ve seen reflects the value of our solution in today’s competitive deposit landscape.”

High Yield Savings by Plinqit allows financial institutions to create branded, affinity-based digital savings products that appeal to niche national markets, such as specific professional groups or community-based organizations. Financial institutions benefit from an end-to-end solution that includes account opening, Know Your Customer (KYC) checks, money movement, online and mobile banking, account ledger management, and robust reporting capabilities. This approach enables banks to efficiently and affordably launch digital-only brands, expanding their reach and growing deposits without geographic limitations.

With strong results and growing adoption, Plinqit is well-positioned to further revolutionize the deposit landscape, providing a modern, data-driven approach to savings that meets the evolving expectations of consumers and financial institutions alike.

For more information about Plinqit and its high-yield savings solutions, visit https://info.plinqit.com/.

About Plinqit
Plinqit is a mobile-first platform and fintech company helping banks and credit unions generate deposits, attract new customers, and expand their retail footprint while helping people live their best financial life. The Plinqit platform is the first savings platform of its kind to bring together automated savings, data-driven financial wellness content, and virtual account management. At Plinqit, we're helping everyone Money Intelligently™. For more information, visit info.plinqit.com.

Mallory Anderson
York Public Relations
+1 706-830-0868
mallory@yorkpublicrelations.com
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