Helix Helps Wysh Deliver New High-Yield Savings Account with Embedded Micro Life Insurance

Rhea-AI Summary

Wysh partners with Helix by Q2 to offer high-yield savings accounts bundled with no-cost life insurance

Positive

• Wysh can now offer its new high-yield savings account with embedded micro life insurance to its customers through Helix's embedded finance solution
• Savings+ offers a 4.00 percent Annual Percentage Yield rate and can unlock up to $10,000 in no-cost life insurance
• Account holders need no medical underwriting to receive the life insurance and there are no minimums, no fees, and no lock-ins

Negative

• None.

Wysh can now offer high-yield savings accounts bundled with no-cost life insurance to serve America’s underserved communities

AUSTIN, Texas--(BUSINESS WIRE)-- Helix by Q2 (NYSE: QTWO), an award-winning, cloud-native core purpose-built for embedded finance, today announced that Wysh, a bold innovator in the field of financial protection, can now offer its new high-yield savings account with embedded micro life insurance to its customers through Helix’s embedded finance solution. Savings+, Wysh’s new product, couples high-yield savings with life insurance without the need for underwriting and works to help underserved communities gain insurance protection at no cost.

Wysh’s dedication to serving underprivileged Americans has resulted in the launch of this new high-yield savings account paired with no-cost life insurance. Savings+ offers a 4.00 percent Annual Percentage Yield rate* and can unlock up to $10,000 in no-cost life insurance**. Account holders need no medical underwriting to receive the life insurance and there are no minimums, no fees, and no lock-ins. Savings+ offers peace of mind for account holders whose beneficiaries would receive up to an additional 10 percent of life insurance value on top of their savings account balance in the form of a life insurance payout.

“Savings+ expands financial protection to those historically left out, offering both growth and peace of mind. It’s more than an account; it’s a symbol of our promise to provide financial protection for all,” said Alex Matjanec, founder of Wysh. “We’re grateful to partner with Helix by Q2 to bring Savings+ to all Americans. As the first solution of its kind in America, Savings+ redefines the meaning of financial security, allowing growth in savings with an added layer of life insurance. It's a new era, and we're leading the way.”

Helix, the embedded finance solution behind Wysh’s new life savings account, serves more than 14 million users nationwide. Helix offers the building blocks of banking – accounts, cards, payments, data and controls, administrative tools and monetization solutions – all in one place, making it easier for innovative companies to embed personalized financial experiences in the context of the applications that people use in their daily lives.

“Helix’s mission is to make finance human and through that mission we work to serve the underserved,” said Ahon Sarkar, general manager of Helix by Q2. “In doing so, we have the privilege to partner with companies, like Wysh, who are making financial products accessible to everyone. Savings+ is a game changer for account holders who cannot afford life insurance or who want extra security for their beneficiaries. We’re excited to see the change Wysh will affect with their new Savings+ product.”

For more information on Savings+, please visit www.wysh.com/savings. To learn more about how Helix empowers brands, fintechs and financial institutions, please visit helix.q2.com.

About Wysh

Wysh is an innovative provider committed to making financial protection products like savings accounts with life insurance and term life insurance more accessible. With a mission to lead and inspire change, Wysh leverages technology and unique strategies to provide individuals and corporate partners with reliable, never-before-seen solutions.

Wysh is the marketing name for Wysh Life and Health Insurance Company ("WLHIC") and Wysh Financial, LLC ("WF"). Insurance products are underwritten by WLHIC. Savings products are offered through WF. WF is a financial technology company, not a bank. Banking services provided by nbkc bank, Member FDIC.

About Helix by Q2

Helix’s award-winning Banking-as-a-Service platform gives innovative fintechs and brands the building blocks of banking — accounts, cards, payments, data and controls, admin tools, and monetization solutions — to make it easy to embed personalized financial experiences that easily integrate and scale. For more information on Helix, visit helix.Q2.com. Follow us on LinkedIn and X to stay up-to-date.

*Accounts provided by nbkc bank, Member FDIC. Annual Percentage Yield (APY) of 4.00% is as of August 7, 2023 and may change at any time. No minimum opening deposit or minimum balance required.

**Benefit is calculated as a percentage, set by Wysh Financial, LLC, multiplied by the average of the monthly trailing average balance of your account for each of the prior three months. Life Insurance only available between ages 18-79. Benefit for customers between ages 18-64 is 10%. Benefit for customers between ages 65-79 is 1%. Maximum benefit is $10,000. Your coverage becomes effective 91 days after you open an eligible account. Terms subject to change.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231005654861/en/

HELIX MEDIA CONTACT:

Maria Gari

maria.gari@q2.com

Source: Helix by Q2

FAQ

What is Wysh's new product?

Wysh's new product is called Savings+, which is a high-yield savings account with embedded micro life insurance

What is the Annual Percentage Yield rate for Savings+?

The Annual Percentage Yield rate for Savings+ is 4.00 percent

How much life insurance can be unlocked with Savings+?

Savings+ can unlock up to $10,000 in no-cost life insurance

Do account holders need medical underwriting to receive the life insurance?

No, account holders do not need medical underwriting to receive the life insurance

Are there any minimums, fees, or lock-ins for Savings+?

No, there are no minimums, fees, or lock-ins for Savings+