T. Rowe Price, announced the launch of Waysaver, a smart savings app that provides an easy, secure, and automatic way for employees to create an emergency savings fund at an FDIC-insured bank. T. Rowe Price designed the app and algorithm, and Galileo Financial Technologies is providing its cloud-based digital platform and program management services to power the program. Interest bearing deposit accounts are provided by The Bancorp Bank, N.A., Member FDIC. Accordin g to a recent T. Rowe Price study, 45% of people turn to credit cards for financial emergencies because they lack the emergency savings they need. Waysaver's smart algorithm is designed to help reduce the common friction points that keep people from saving, helping employees absorb financial shocks without sacrificing their retirement security. Clients of T. Rowe Price Retirement Plan Services can add Way saver to their benefits offering this year through an integrated out-of-plan offering. The solution is one of several significant enhancements the firm has been making to its financial wellness offering and follows the announcement of a student loan debt solution in 2020
and Health Savings Account (HSA) integration in 2019.