The new savings program will help customers “at a time when low rates, high inflation, and market volatility are top of mind.” Getty Images

Houston-based fintech startup Save has teamed up with Stamford, Connecticut-based Webster Bank to offer a high-yield savings program.

Through Save’s Savetech platform, customers will be able to open savings accounts from Webster Bank. Save expects the annual percentage yield (APY) for the savings accounts to range from 1.5 percent to 7.7 percent. Those rates aren’t guaranteed, though. As of mid-May, the typical interest rate for a U.S. savings account was 0.07 percent.

The new program is able to potentially surpass the national interest rate by investing customers’ money in a diversified portfolio of exchange-traded funds (ETFs) representing stocks, bonds, real estate, and commodities based on each customer’s investment strategy. Save is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC).

Customers’ deposits are held in Webster Bank savings accounts that are insured by the Federal Deposit Insurance Corp. (FDIC) up to the current limit, which is $250,000 per depositor, per FDIC-insured bank, per ownership category.

Michael Nelskyla, founder and CEO of Save, says the new savings program will help customers “at a time when low rates, high inflation, and market volatility are top of mind.”

“Save is on a mission to change the way people build wealth,” says Adam Watts, president and chief operating officer of Save, which was founded in 2018. “Our Savetech platform can fundamentally change how people save.”

In 2020, Save teamed up with Boston-based Radius Bank to offer an FDIC-insured consumer checking account and the Save Debit Invest debit card for customers of the Savetech platform.

Earlier this year, Save unveiled a partnership with Visa for the Save Wealth credit card. Instead of offering traditional rewards like points or cash back, the card delivers an average investment return of 6.04 percent on every dollar spent. The card’s annual fee is $750, which is one of the highest annual fees among all credit cards.

Holders of the Save Wealth card can potentially reap greater rewards with purchases from Save-aligned brands like Amazon, Apple, Peloton, Samsung, SoulCycle, Tesla, and Whole Foods.

“Our company was founded by a team of experienced investors, technology, and quantitative experts from UBS, Goldman Sachs, and NASA, with the goal of transforming the way that people save money,” Nelskyla says. “We believe in helping people earn a substantial return on their savings with a sophisticatedly designed investment portfolio, backed by the safety of FDIC insurance.”

Today, Save has more than 25,000 customers.

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Texans take note — council warns of summer energy shortfalls

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The North American Electric Reliability Council issued a statement in its 2023 Summer Reliability Assessment earlier this month warning that energy shortages could be coming this summer for two-thirds of North America if temperatures spike higher than normal.

“Increased, rapid deployment of wind, solar and batteries have made a positive impact,” Mark Olson, NERC’s manager of reliability assessments, says in a news release. “However, generator retirements continue to increase the risks associated with extreme summer temperatures, which factors into potential supply shortages in the western two-thirds of North America if summer temperatures spike.”

For Texans, the combined risk of drought and higher than normal temperatures could stress ERCOT system resources, especially in a case of reduced wind. But before there’s a mad rush on generators, keep in mind, electricity consumers can take simple actions to minimize the possibility of widespread shortfalls.

Electricity demand begins rising daily around 2 pm in the summer and peaks in the final hours of daylight. These hours are generally not only the warmest hours of the day, but also the busiest. People return from work to their homes, crank down the air conditioner, turn on TVs, run a load of wash, and prepare meals using multiple electric-powered appliances.

In light of NERC's findings, Americans are recommended to take s one or two small steps to avoid unnecessary stress on the grid in the hours after coming home from work, we can prevent energy shortfalls. Modify routines now to get into the habit of running the dishwasher overnight, using the washer and dryer before noon or after 8 pm and pulling the shades down in the bright afternoon hours of the day. Delaying powering up devices – including EVs – until after dark and turning off and unplug items to avoid sapping electricity when items are not in use is also recommended, in addition to turning up thermostats a couple of degrees.

Meet the innovator who's leveraging big tech to advance Houston's ecosystem equitably

HOUSTON INNOVATORS PODCAST EPISODE 188

At a glance, Rob Schapiro's resume might not make the most sense. A trained geologist with decades of experience in the energy sector, Schapiro made the move to Microsoft three years ago.

"I saw this disconnect between technology companies and energy companies — they didn't really speak the same language," he says on this week's episode of the Houston Innovators Podcast. "I thought I could help potentially solve this problem and work between the two as a sort of translator."

Now, as Microsoft’s Energy Acceleration Program director and site leader for the company’s Houston office, which is located in the Ion, Schapiro is deeply embedded in Houston's innovation ecosystem and is dedicated to helping advance Houston's role energy transition in a sustainable and equitable way.

Inspired by the murder of George Floyd, Schapiro says he sought out opportunities in his personal life to expand his contribution to the community as an ally, and he became a big brother in Big Brothers Big Sisters. Microsoft, too, is active in supporting the community through partnering with local organizations, including SUPERGirls SHINE Foundation, the G-Unity Foundation Inc., and more.

"This has been one of the most rewarding aspects of my job, that I've had the ability to leverage the might of Microsoft and my own privilege to have an impact on real people," Schapiro says. "Microsoft's mission is to empower every person and every organization on the planet to achieve more, and when you think about how you do that, it's really daunting. We realized that in order to do that, it's going to require a workforce that looks really different than it does today."

Microsoft knows too well the changing workforce, both from a diversity perspective and when it comes to artificial intelligence and other new technology. In its recent Work Trend Index report, the company found that, rather than being afraid of AI replacing jobs, the majority of the workforce is interested in applying AI to mundane tasks.

Schapiro shares more about his view of how AI will affect the workforce, plus what all the energy industry needs to focus on amid the energy transition, on the podcast. He also weighs in on how Houston's innovation ecosystem has evolved and where he hopes it's going. Listen to the interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.

Greentown Houston announces plans for wet lab, calls for feedback from members

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Greentown Houston has announced it's building a new wet lab facility — but first, they need some help from the community.

Greentown Labs, which is dual located at their headquarters in Somerville, Massachusetts, and in the Ion District in Houston, has announced that they are building out a wet lab in their Midtown space.

"We have heard from several startups as well as corporate partners in the ecosystem that are looking for wet lab space," says Lara Cottingham, vice president of strategy, policy, and climate impact at Greentown Labs. "Greentown has experience running wet labs from our location in Somerville. We're excited to be able to offer wet lab space to climatetech startups as an additional amenity to the Ion District.

Although Greentown's Boston-area location has wet lab space, Cottingham says the organization is not interested in copying and pasting that same facility. Greentown wants to provide the tools that the Houston ecosystem needs, and that requires getting feedback from its current and potential members.

"We want to announce to the community that this is something we're going to build — but we still need a lot of feedback and input from startups so we can learn what exactly they need or want to see from the wet lab," Cottingham tells InnovationMap. "No two wet labs are the same."

Right now, there aren't any details available about timeline or specifics of the new facility. Greentown is prioritizing getting feedback from its members and having conversations with potential sponsors and corporate partners.

"Corporate partners are a big part of the ecosystem and the community at Greentown. They can be so many things to our startups — mentors, customers, investors," Cottingham says. "And in this space, they can help us sponsor and financially support the wet lab. We're still fundraising — we have some partners that have committed to funding, but we're still looking for more funding."

In addition to monetary contribution, Cottingham says they are looking for other options as well, from partnerships with equipment providers, hazardous materials management, and more.

Startups that need wet lab space are encouraged to fill out the online form, which will be open through the summer, and potential corporate partners can express their interest online as well.

Greentown Houston opened its doors in 2021 and has since grown to house more than 75 energy and climatetech startups, as well as several accelerators, thanks to support from dozens of corporate partners.