Sum is an interest bearing deposit account that aggregates multiple individual accounts into a savings “team.” Each account is still separate so there is no risk for individuals, and each team member earns the group interest rate on their account. Together you can qualify for higher interest rates — and both shared and intra-group payments are a breeze.
American's have a hard time saving, in fact 57% have less than $1000 in their savings accounts. Saving money for millennials is even more difficult with the rise in tuition, home prices and a stagnation of wages. But millennials also possess new attitudes around value and ownership and have fueled the sharing economy. Sum is product that taps into these values and helps people pool their money to earn better rates, without any risk.