Exclusive: Branch Launches High Yield Savings for Workers Whose Pay Changes Every Week

For workers with fluctuating incomes, setting aside money for savings can be a challenge. Branch, a financial services company, has launched a new High Yield Savings account tailored to these workers. The account, introduced on October 1st, offers a competitive 3.25% APY for balances averaging $500 daily. Users can earn a lower rate of 1.25% as long as they maintain a balance of just one cent.

Unlike many other high-yield savings accounts, Branch's offering does not require direct deposit or a minimum spending threshold, making it more accessible for those with unpredictable earnings.

The flexibility of the account is a key feature. Users can set up automated contributions on their preferred schedule, whether daily, weekly, bi-weekly, or monthly. This allows them to save gradually, even if their income fluctuates. Branch also allows users to transfer funds between their checking and savings accounts as needed, providing liquidity when necessary.

Branch's founder and CEO, Atif Siddiqi, sees this new account as a tool to help workers build wealth over time. He wants to empower users to start saving small amounts and watch their savings grow through compounding interest. The account is currently being launched alongside the Uber Pro Card, primarily targeting Uber drivers and couriers whose schedules are as variable as their incomes. The savings account will be extended to other Branch-powered applications in the future.