Financial jargon, high account minimums, and complicated withdrawal penalties are enough to prevent some people from saving and investing altogether. Sumday is a barebones, straightforward, banking application that encourages people to start saving their pennies and their dollars right away.
Go grab your wallet, and get out a dollar bill. That’s how much you need to start saving and investing with Sumday. Create an account with as little as $1, and watch as your account grows with gradual investments over time. You can add money each month, each week, or just whenever you’re just feeling inspired. The money you add to your Sumday account is invested in the Dreyfus Basic S&P 500 Stock Index Fund, which means you’ll be investing in a mutual fund without dealing with all the complicated financial complexities that typically go along with investing.
One of the most interesting parts of Sumday is how users are able to add money to their accounts. In addition to traditional bank transfers, Sumday also gives users the option of adding money to their accounts by tagging social posts on Facebook, Instagram, and Twitter with the #Sumday hashtag. Users can transfer anywhere from $1 to $25 with “hashtag transfers,” up to a total of $1,000 per month.
What we liked:
What we didn’t like: