Savings accounts

Houston-based Save, which lets consumers save and invest from the same account, closed on its most recent round of funding last month, led by BNP Paribas and joined by Webster Bank.

JPMorgan Chase’s fledgling digital bank is going after more customers in the U.K. with a new savings account.

In the short term, the Biden administration is asking the industry to help previously unbanked households access their funds. Longer term, some banks see a real opportunity in advising their customers on what to do with the large cash influx.

The two companies are the first banks to sign on to a philanthropic initiative from the asset manager BlackRock. The aim is to test ideas that make it easier for more households to establish financial safety nets.

During the pandemic-induced lockdowns, the Federal Reserve loosened a rule requiring banks to cap certain savings withdrawals at six per month. Some banks have since dropped ceilings and associated fees, while others have stood pat.

Ally, Huntington, KeyBank and others are reimagining automated savings tools challenger banks have made popular.

The New York company is seeding savings accounts offered by the challenger bank Goalsetter as a way to help minority communities as well as use technology to start building long-term relationships with young consumers.

PayPal is weighing a foray into stock trading and high-yield savings accounts as the firm pushes beyond its iconic checkout button.

Many credit unions offer these accounts to help members improve their financial behaviors, but some in the industry are wondering how long the surge could last.