× Fact! Joining this forum will make you a happier person! - Register for FREE


Stash (by Liberty) ... automatically invest your change
#1
So the concept is nothing new. FNB has been doing something similar on their debit cards - as you swipe, the value of the transaction is rounded up to the nearest R10 and that which you pay extra is invested or saved for you. So if you buy a beer for R17.00, R3 is moved to a savings or investment account.

I think it is brilliant...in concept, but the implementations are rubbish, especially Stash. Now before I get quoted in a podcast as an imbecile, blogged about as an uninformed troglodyte or shunned by the Liberty recruiters, here's my reasoning... it's coupled to a TFSA account. And to make matters worse, look at this screen grab from their site:
JSE Finance Forum Attachment - Filename: Screen Shot 2017-10-02 at 08.46.20.png   

Now how is that sound financial "advice"? They're basically using the one thing you should not do with your TFSA as a nice banner to sell their product. They do make mention of it affecting your limits but it is located in a secondary menu amongst a list of other FAQs. Hidden basically. 

Maybe I understand their target market and reasoning wrong, but it is a bullshit solution in my opinion. Your savings should be part of your expenses at the start of the month (debit orders) banking your short change is not a TFSA worthy solution.

That brings us to FNB. WHY do they only have this feature on their debit cards?

So if FNB (or Capitec, Discovery Bank...) can implement a feature where I can flip a switch on any of my cards (including my credit card ) that all my "change" is pushed to my 32-day notice account or a non-TFSA Share Saver account that'll be epic, schweet and I'll give you some internet points and my financial business.


But, alas, not holding my thumbs. Maybe Stash reads this and allows us to "bank our change" in a non-TFSA account. Who knows...

#2
If FNB would allow that to be placed in a higher interest bearing account or something that would be awesome!

#3
So I mailed FNB (well, logged a "suggestion" from their site) asking if it is possible to implement something like this.

Their response (from the credit card department):

Quote:We acknowledge receipt of your communication and thank you for your query.

Please be advised that bank your change facility is not for credit card account.

Should you have any further queries, please feel free to contact us on 087 575 1111.

I'm inclined to reply with something along the lines of "Don't worry, I'll wait for Discovery Bank to do it first. #BringBackMichealJordaan".

#4
#BringBackMichealJordaan

#5
(10-18-2017, 10:35 AM)Bandit Wrote: So I mailed FNB (well, logged a "suggestion" from their site) asking if it is possible to implement something like this.

Their response (from the credit card department):


I'm inclined to reply with something along the lines of "Don't worry, I'll wait for Discovery Bank to do it first. #BringBackMichealJordaan".


I don't want to seem like a noob or anything, but wouldn't banking your change on a credit card essentially be the same as taking out a loan and then putting it into your savings account? Unless you mean it as banking your change while using your credit card linked straight to your cheque account.

I use the bank my change on my FNB debit card. It's quite impressive looking at how much you can save with it. The saved funds go straight to my linked savings account (5.6% or something like that). The TFSA at FNB is only 5.9% so there's not too much of a difference. And if I feel like it I just transfer from my savings to my tfsa.

#6
Yeah, it comes down to taking loaned money and saving it, but since I'm using g my credit card for daily transactions and settling it every month it's more like banking the change of money I've got.

Stash does this. Only problem is that it is a TFSA account it pushes the money to. If we can have something in between these two products we'll have a winner Smile

#7
Ok okay that makes sense now! It's a pity FNB won't hear you out on this...

#8
In exactly which etf or unit trust does Liberty stash our money? Someone know please?

#9
Bloody ABSA sms notification charges eat the wee profit..

#10
Not sure about the exact one but they mention the top 40. Given that it is liberty and their relationship with Stanlib/Standard Bank my guess would be STAN40.

#11
Thanks. Wonder why they short on details though.

#12
Top 40 Total Return Tracker. The developer of the app answered me on the review of the app on Google Play Store.






Users browsing this thread: 1 Guest(s)

Color Skins

Change Color:

Background Patterns:

Background Images:

Main Options: