Lehi startup Crew launches free family banking app with 4.7% APY savings

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Crew, a new family focused banking app based in Lehi, announced that its app is now generally available and families can sign up without an invite code.

The family focused banking app provides high-yield joint savings accounts for parents and authorized user accounts for children in a modern interface built specifically for families.

Crew savings accounts currently earn 4.7% APY, but KSL.com readers can receive a three-month 0.5% APY bump to 5.2% APY in all of their family's savings accounts when they sign up with the code KSLNEWS this month.

"It's the banking experience we've always wanted but couldn't find anywhere," said founder Gentry Davies. "Most legacy bank offerings are difficult to use, requiring you to visit branches to do basic tasks like setting up kids accounts or sending wire transfers."

Crew launched its app to a limited set of customers in January, as detailed in a KSL article.

"The response has been tremendous! We're thrilled with how families are using Crew to manage their finances and set their children up for the future," said Crew co-founder Steve Domino.

Crew's founders believe their offering is the best banking experience for parents, because of the powerful functionality of the app and competitive interest rates.

They also believe that spending management for children should be integrated into a parent's core bank experience, not a separate service that costs extra. Crew is free to use, with no subscription costs or minimum deposit requirements.

"There are some wonderful paid tools out there to help parents manage their kids' spending, but I think it's crazy you have to pay $10-15 a month for an app that helps you pay $20 in allowances every month," said Davies. "That's why we've made the kids' functionality something you just get for free with Crew."

Allowances can be automatically split between spending and saving accounts, and children are limited to spending what's in their spending account. This allows children to practice spending and saving responsibly.

Children receive their own debit card and can even log in to view their own accounts. That visibility is critical for older children, especially as they get their first job and their savings goals get larger.

"We're excited to bring Crew to every family in Utah and help them accomplish their financial goals," said Davies.

Crew was founded by Davies and Domino after they worked together at Divvy. They raised a $2.5m pre-seed round of funding from Utah VCs Kickstart, Sepio, Pelion, Signal Peak, Space Station, Convoi, Influence, as well as several experienced angels.

Crew is a financial technology company, not a bank. Banking services provided by Bangor Savings Bank, Member FDIC. FDIC insurance of deposits subject to limits and conditions. Savings APY is variable and may change after account opening.

The advertised 4.7% savings APY is accurate through June 30, 2024 and may change over time.

The Crew Mastercard® Debit Card is issued by Bangor Savings Bank, Member FDIC, pursuant to license by Mastercard International Incorporated. Mastercard is a registered trademark, and the circle design is a trademark of Mastercard International Incorporated. Spend anywhere Mastercard is accepted.

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