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Lower.com Banking Program Update

On Monday July 31, 2023 we are ceasing the Lower.com banking service and HomeCash rewards program. This decision has been made after careful consideration for providing you with the best possible experience, allowing us to fully focus on our expertise—home loans.

  • To avoid delayed access to funds, please withdraw your full balance in the Lower app before FRIDAY JULY 28, 2023 at 9PM EST.
  • Any previously earned HomeCash rewards will still be active and able to be redeemed for one year—until August 1, 2024.
  • To continue saving for a home, our friends at Gravy offer home savings accounts with perks like 5% back on your rent payments, and savings rewards to get you closer to buying a home. (Check‘em out at https://www.gravy.co/)
  • No other Lower.com services (Mortgage, Insurance, Realty, etc.) will be affected by this closure.

What are the important dates I need to know?

  • Monday July 3, 2023 – Deposits ceased at 9pm EST. This is the last day to EARN any remaining HomeCash rewards.
  • Friday July 28, 2023 – Withdraws ceased at 9pm EST. Any remaining balances will be distributed via mailed check to the address on file. Delays may occur, so we recommend withdrawing your full balance prior to accounts closing.
  • Monday July 31, 2023 – All open accounts will be automatically closed.
  • August 1, 2024 – Last day to redeem HomeCash rewards. (See details below on how to redeem.)

What does this mean for me?

Your funds, as well as all personal information, are safe and secure. If you take action to withdraw your funds before Friday, July 28 at 9pm EST, your funds will be returned directly via ACH. If you do NOT take action to withdraw your funds, they will be returned to you via mailed check. To avoid delayed access to your funds, please open the Lower app and withdraw your full balance before withdraws are ceased.

How do I withdraw my funds?

Simply enter the Lower banking app (links below) and select “WITHDRAW FUNDS” and withdraw your full balance. Most accounts have a linked bank account on file. If you don’t have a bank account linked, you can add one to initiate the withdrawal. Upon successful withdraw, your account will automatically be closed with no additional action needed.

Lower App on the Apple App Store

Lower App on the Google Play Store

Do I need to close my account?

No. After you withdraw your full balance, your account will automatically close on July 31.

What happens to my previously earned HomeCash rewards?

“HomeCash rewards” describes the credits that Lower may have matched throughout your savings journey. If you have a HomeCash balance displayed in the Lower app, these reward dollars can be redeemed against future home financing with Lower—like a home purchase loan or a home equity line of credit. Just tell your Lower loan advisor you have HomeCash you would like to redeem. If you don’t already have an assigned loan advisor, you can apply online at Lower.com. All HomeCash earned prior toJuly 3, 2023 will be redeemable for one year—until August 1, 2024.

What happens if I don’t withdraw my funds?

To avoid delayed access to your funds, we strongly recommend transferring your full balance before your account is closed. If there are funds in your account at the time of closing, we will make efforts to return these funds to you via check mailed to your address on file. You can email our support team at banking@lower.com if you have any questions.

How long do I have to withdraw my funds?

You have until FRIDAY JULY 28, 2023, at 9PM EST to complete the withdrawal process. We highly recommend acting as soon as possible to avoid any disruptions to your banking services.

What happens to my funds if I don’t withdraw them?

Using the app is the best way to access your funds. If you are unable to access the app, we will return them via mailed check to your address on file. However, a check will take longer and will rely on your address being up to date. Because of this, accessing your funds via the app is highly recommended. If you need help accessing the app, please contact us via email at banking@lower.com.

Does this impact my home loan?

No, your loan is unaffected. No other Lower.com services (Mortgage, Insurance, Realty, etc.) will be affected by this closure.

Can I access my transaction history and statements after the closure?

Yes. Your monthly statements were emailed to you each month that you were a customer. If you are unable to find a particular statement, please reach out to banking@lower.com

Thank you for your understanding and for being a Lower customer. If you have any questions, please reach out to us via email at banking@lower.com.