SaveDaily of Irvine, Calif. and beenz.com of New York have announced that beenz.com account holders can now buy shares of mutual funds with their beenz through SaveDaily.
Beenz.com account holders earn credits called beenz from surfing or shopping on the Internet. SaveDaily is the creator of Micro-Investing Solutions, a program that enables consumers to invest in mutual funds in increments of $5 or more. More than 7,500 individuals invest with SaveDaily, the company said. SaveDaily also offers its customers rebates from online shopping.
To participate in the program, beenz.com account holders who have at least 1,000 beenz (200 beenz equal $1) must establish a SaveDaily account, which costs $12 annually. Beenz has more than 3.2 million account holders around the world, according to the company.
SaveDaily has taken the concept of micro-investing and tried to reach out to as many channels and people as possible, said Mark Maruyama, executive vice president of business development of SaveDaily. The partnership with beenz is an example of that effort, said Maruyama.
SaveDaily offers its customers a money market fund from ING, two mutual funds from Berger Funds (Berger Balanced Fund and Berger New Generation Fund) and two mutual funds from PIMCO (PIMCO Total Return Fund and PIMCO Low Duration Fund).
SaveDaily is talking with other fund companies and expects to add more funds, said Maruyama.
Beenz.com chose SaveDaily as its partner for the program because SaveDaily gave its customers the ability to purchase mutual funds in small increments, said Glenn Jasper, spokesperson for beenz.com.
"That was very important," he said. "The ability to buy two percent of a share of a mutual fund for starters is something that would appeal to beenz account holders."