ROUND UP A STASH OF CASH WITH SAVINGS APP
TWO Gold Coast guys are hoping their “BYO bank” model will help their savings app, uStash, take on the big banks.
Mates Mitch Herlihy and Ryan Goding began working on their idea two years ago and, backed by local investors, and plan to release it at the end of the month.
The app works by rounding up purchases you make to the nearest dollar, then stashing the spare change into an account of your choice.
Users can set financial goals and receive alerts and encouragement as they achieve them.
Roundup programs are becoming increasingly popular, with ING Direct launching their own in August, following the success of Acorns, which diverts roundups into stock investments.
Mr Goding said uStash’s bank neutrality was its key advantage.
“We’re not fixed to one bank, or to any particular investments, like the stockmarket,” he said.
“We are for saving and helping people reach their financial goals.
“Bring your own bank and we’ll work with what you’re currently used to.”
Mr Herlihy said the app would be free to download, with a monthly subscription fee of about $1.99/month.
“It’s pretty hard to save money out there, there is a household debt crisis,” he said.
“This is aimed at anyone who’s struggling with household debt or wants to save more.”