Change Roundup 🪙 ⬆️

Save the Change rounds up money you spend on things throughout your day and puts the extra change back in your savings.

More:

  • You can choose to round up to the nearest $1 dollar or $10
  • Choose where you want change to go, e.g. Savings or Kids
  • Change will earn compounding interest

OG comments from @DHarvey here and @Stormbear13 here.

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I’ve been waiting for something like this in NZ! I’ve even suggested it in surveys to my current bank a number of times!!! I would absolutely love this feature

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Until Debut launches, ASB have had this forever. It’s called ‘Save the Change’. You can select the rounding amount and once a day it transfers the rounded amounts into a suffix or ASB account of your choice.

It’s quite basic, but gets the job done and is certainly an ‘easy’ way to save money without realising you’re doing it. Currently net about $1000 per year this way.

If you could make “Save the Change” better, what would you do?

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  • Real-time savings transfer. If enabled, transfer the ‘roundup’ amount instantly, rather than banking it per suffix and transferring over once a day.
  • Have an option for the roundup amount to be donated to a list of charities.
  • Calculate round-up amounts based on percentages. For example, during setup, you could say "I want 50% savings, 25% kids spending account and 25% charity. Have Debut transfer accordingly.
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Have the rounded amounts evenly spread across short, medium and long term savings, and investments.

This idea is a real good one depending on how flexible it is.

UP in AU has had something similar for a long time too and it’s great. They even have a cool interaction that lets you do the pull down to refresh action on your main account and it rolls up the cents into your saver manually.

What I would love to see is the option to re-direct these roundups to a different account or service. eg, want to send it into your KiwiSaver or investment fund automatically.

Savvy people could also do things like have it auto deposited to credit their mobile phone account or repay things like tax bills. It’s not a great idea if you want to keep money in your ecosystem for as long as possible (the intention of a saver) but I think it’s a big win for the customer.

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I purchased something for $18.50. My default rounding is up to the nearest one dollar.
But I want to give my rounding an extra kick and round up to $20.
As long as the transaction is still pending, there will be a boost button, which rounds up to the nearest five denominator, such as $20. The boost button will not appear for transactions under $10.

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