You can use Stash for Business to make Stash available for anyone that is involved with your business, including independent contractors, part time or seasonal workers, etc.

Yes. You can make contributions to your employees’ accounts one time or on a systematic basis. For contributions under $25 per person, we use electronic certificates to make the deposits. You tell us how many employees you want to deliver the specified amount to (for instance, $10 to 20 employees), and we deliver the electronic certificates to you. You give those certificates to your employees, and they enter the serial code to redeem the credit.

Employees can take their money out at any time. Unlike 401(k)s or IRAs, there is no penalty if an employee needs to access their money for an emergency or any reason. It typically takes 3-5 days for an employee to receive their money. This is because the investments must be sold first, which takes three days to complete pursuant to federal regulation. Once the sale is complete, the money can be withdrawn by initiating an electronic transfer back to their bank account.

No. StashInvest accounts (the underlying accounts paid for through Stash for Business) are not pre-tax accounts and employee contributions are not deductible from income taxes. We are developing and expect to launch a tax-advantaged product (an IRA product) in the next few months. Following its launch, we will develop a tax-deferred option for Stash for Business using the IRA as its backbone.