Crew, a new banking app for families based in Lehi, announced that its app is now generally available and families can now sign up without an invite code.
The Family Banking app is a modern interface built specifically for families, offering high-yield joint savings accounts for parents and approved user accounts for children.
Crew Savings Accounts currently earn 4.7% APY, but KSL.com readers can sign up this month with code KSLNEWS to get 0.5% APY to 5.2% APY for 3 months on all Family Savings Accounts You can receive an increase in the amount.
Photo: Crew
“This is the banking experience we’ve always wanted but couldn’t find anywhere,” said founder Gentry Davis. “Most traditional banking services are difficult to use and require a branch visit to perform basic tasks such as setting up a child account or making a wire transfer.”
As detailed in the KSL article, Crew released the app to a limited number of customers in January.
Photo: Crew
“The response has been incredible,” said Steve Domino, co-founder of Crew. “We’re thrilled to see families using Crew to manage their finances and plan for their children’s futures.”
Crew founders believe that the app’s powerful features and competitive interest rates make the service the best banking experience for parents.
We also believe that managing children’s spending should be integrated into a parent’s core banking experience, rather than a separate service for an additional fee. Crew is free to use and has no subscription fees or minimum deposit requirements.
“There are some great paid tools to help parents manage their kids’ spending, but I think it’s crazy to have to pay $10 to $15 a month for an app that helps pay for $20 a month in allowance money.” said Davis. “That’s why we’ve made Crew features available for kids for free.”
Photo: Crew
Pocket money is automatically split between a spending account and a savings account, and kids can only spend what’s in their spending account. This allows children to spend and save responsibly.
Children receive their own debit cards and can also log in and view their accounts. For older children, that visibility is critical, especially as they get their first job and their savings goals grow.
“We are excited to bring Crews to every Utah home and help them reach their financial goals,” Davis said.
Crew was founded by Davies and Domino after working together at Divvy. They raised a $2.5 million pre-seed round of funding from Utah VCs Kickstart, Sepio, Pelion, Signal Peak, Space Station, Convoi, Influence, and several experienced angels.
Crew is a financial technology company, not a bank. Banking services provided by Bangor Savings Bank, member FDIC. FDIC insurance for deposits, subject to limitations and conditions. Savings APY is variable and may change after account opening.
Advertised 4.7% savings APY is accurate through June 30, 2024 and is subject to change over time.
Crew Mastercard® debit cards are issued by Bangor Savings Bank, member FDIC, pursuant to a license from Mastercard International Incorporated. Mastercard is a registered trademark and the circle design is a trademark of Mastercard International Incorporated. You can use it anywhere Mastercard is accepted.
