ImpulseSave Partnering with Banks to Make Saving Money Fun

Kira M. Newman August 31, 2011 Tweet

Can saving money be just as enjoyable as spending it? ImpulseSave is trying to prove that it can – especially for the 53% of Americans who fear they won’t have enough money for retirement.

“We’re attempting to redefine the meaning of saving from something that’s painful to something that’s actually fun – and tempting, even,” says cofounder Phillip Fremont-Smith, who recently completed an MBA at MIT. “We’re getting there; we’re really pretty close.”

How ImpulseSave will do that is still confidential, as their private beta is launching this fall, but Fremont-Smith can offer a few hints. ImpulseSave is partnering with several banks to encourage account holders to move money from their checking account to various savings vehicles. They are incentivized to do so by certain rewards – financial and nonfinancial – and the product itself is free. Although you won’t see ImpulseSave use the word “gamification,” Fremont-Smith admits that some aspects are game-like and involve other savers.

“In almost every point of sale, we’re creating a point of saving,” he explains, whether on a mobile phone, online, or in person.

Like the goal-setting features of Mint or SmartyPig, part of ImpulseSave helps users set financial priorities and work toward them. That might mean saving for a new iPad, a vacation, or your child’s education. In fact, the “bone-crushing reality” of being financially responsible for two children was what spurred Fremont-Smith to begin this project, along with cofounder John Mileham.

To try to pry more information out of ImpulseSave, join us at the Tech Cocktail Boston mixer this Thursday.