Banks and other financial services providers are well-positioned to provide the emergency savings tools that are key to improving financial security and building wealth for Americans living on low and moderate incomes (LMI). Emergency savings reduces the financial impact of unexpected expenses and helps mitigate the stress of financial insecurity. Data compiled by the Federal Reserve(opens in a new tab) indicate that, among households making under $60,000 a year, 58% have less than $400 set aside to navigate the unexpected. High-quality emergency savings options from established financial institutions can be particularly effective and widely accessible.

Truist—one of the nation’s ten largest commercial banks—has developed tools and approaches that support clients on their path to financial confidence. Through BlackRock’s Emergency Savings Initiative (ESI), Commonwealth and Truist collaborated to test a savings program designed to help the bank’s clients build emergency savings as a financial safety net to prevent the unexpected from turning into a crisis.