They claim they don't earn interest on the savings. From their FAQ:
"Money you've saved with Even does not earn interest. To be candid, if Even savings did earn interest, you would only earn about a dollar per year. For what it's worth, Even doesn't make any money off your savings."
Money you've saved with Even does not earn interest.
For YOU. Not for them. They say it goes into an insured bank account. The moment you put any money into a bank account, it stands to reason it earns interest.
For what it's worth, Even doesn't make any money off your savings."
That isn't the same as saying they don't earn money off of these accounts. It just may not make them any profit, hence the $12.
So they do that all for $12 a month?