I saw this come up on my FB feed the other day. It gets linked to your bank account and rounds up purchase amounts to invest the difference.
Eg. $4 will come out for the $3.60 coffee and $0.40 will go into your account.
Looks interesting - but then again I have no idea about these things.
What does everyone think? Anyone had anything to do with it overseas?
Same way put extra bit of money to your Super and it will grow quicker then you think.
But this could be good idea to invest spare changes into some handy cash in emergency.
Has anyone started using this yet? Seems like the fees are $15 per year. It seems no sense for holding a low balance.
Yes - I'm using it now. Started using it when it was finally live in Australia, maybe a fortnight ago. Yes $15 in fees a year (if less than $5k bal), but just giving it a go for a year out of curiosity. And my first exposure to the share market.
So far, I much prefer Ratesetter! 8.2% interest for three years, and I just got a $500 Welcome bonus too.
How much did you have to invest to get the welcome bonus? .. If you don't mind me asking.
Any idea whats the risk levels?
Interesting concept - Would be interested to know what people think as well.
Also it would be interesting to understand what the fee's are for amount >5K.
$2 per month between $1 and $5K seems pretty reasonable to me.