How does banking at Ellevest work?

When you become an Ellevest member, you get two banking accounts: one for spending, and one for saving. They’re built to help you work toward your short-term goals — whatever that means for you.¹

Some members use their banking accounts for everyday spending and saving. Others decide to use their accounts for special purposes, like using their Ellevest Spend account to separate their spending money from their bills money, or using the Ellevest Save account to build up an emergency fund or save for a short-term goal. It’s up to you.

Once you become a member, all you have to do is activate your banking accounts and we’ll drop your Ellevest debit card in the mail.

Here are the perks: 

• A special Ellevest debit card linked to your Ellevest Spend account. Your card comes with contactless tap to spend, an extended warranty benefit, and lots of other World Debit Mastercard perks. Plus, it comes in three gorgeous colors — yours will depend on which membership plan you choose.
• Cash back rewards. You can earn cash back when you shop at participating local and national businesses — including our Women-Led Collection.² Once your debit card is activated, you’re already enrolled. You can browse cash back offers from the Rewards tab in your Ellevest app. Your rewards will automatically transfer to your Ellevest Save account once a month.
• The option to round up your change. You can choose to round up every transaction to the nearest dollar and have the spare change transferred into your Ellevest Save account.³ (What you do with it afterward — save it, spend it, invest it — is up to you.) 
• No hidden fees. There are no overdraft fees or account fees, and ATM fees are reimbursed when you use your debit card in the US.⁴
• Security and protection. The funds in your Ellevest Save and Spend accounts are FDIC-insured up to a combined total of $250,000.⁵

¹Banking products and services are provided by Coastal Community Bank (“Coastal”), Member FDIC, pursuant to license by Mastercard International.

²The Ellevest Rewards program is powered by Dosh®, an unaffiliated third-party provider, which offers Ellevest banking members cash back on Ellevest debit card purchases from select merchants. Each Ellevest Rewards, Powered by Dosh program offer is available for a limited time only for qualifying purchases at participating merchants (subject to the particular offer and full program terms). Cash back percentages will vary and offers may become unavailable without notice. Additional terms, conditions and exclusions apply and can be found in the Ellevest Membership Terms and Conditions Agreement.

³If you activate the Ellevest roundup feature for debit card purchases, each settled (i.e. fully completed) purchase transaction made with your Ellevest Debit Card will be rounded up to the nearest whole US dollar. The amount rounded up will be transferred from your Ellevest Spend account to your Ellevest Save account (a "Transfer"). Foreign purchases are rounded up to the nearest whole dollar after the purchase is converted to US dollars. ATM withdrawals and transactions in whole US dollars, e.g. $20.00, are excluded from the Ellevest roundup program. If, at the time of settlement of a purchase, your Ellevest Spend Account has insufficient available funds to cover the full amount of the Transfer, the Transfer will not be made. If a purchase is canceled or reversed for any reason (including disputes), the corresponding Transfer will not be reversed. You can opt out of the Ellevest roundup feature at any time.  

⁴Domestic ATM Transaction Fees will be reimbursed if a payroll direct deposit has been received within the prior 30 days of the ATM transaction settlement. International ATM withdrawal fee of $5 will apply. 

⁵Together, the Ellevest Save and Spend accounts are FDIC-insured up to $250,000 per depositor through Coastal Community Bank, Member FDIC. 

Funds held in your Ellevest investment accounts are not FDIC‐insured, not guaranteed by Coastal, and may lose value. Ellevest does not guarantee investment performance. Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time.