Cache App - a New Way of Getting More out of Your Cash Savings

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cacheinvest.com.au

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  cuteseal on 19/11/2018 - 13:10

  +1

  Looks similar to Raiz (formerly Acorns). There's a few others which have sprung up since.

  I think general consensus is that it's good for doing small amounts on a regular basis.
  But if you're investing large chunks at a time, then it's better just to buy ETFs directly, and avoid the management fees on top.
  Some people do a hybrid - i.e. put small amounts into Raiz until you have a sizable chunk, then roll it into ETFs.

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    203132 on 19/11/2018 - 20:52

    INteresting, looking at Raiz, it works well for less than $5000, with no monthly fees or account fees.

    If that was the case, just chuck 5k into Raiz and if Cache was similar in fee structure, chuck another $5000 into that to avoid fees.

    But with Raiz, you don't get a card that you can use for day to day transactions.

    • 

      ozmian on 21/11/2018 - 13:59

      https://www.spaceshipinvest.com.au/ is another similar app.. keep in mind this is investing in the share market so one needs to be aware it is entirely possibly to lose money as well… investing works best long-term (years), where the average returns will eventually beat the banks… but if you invested say October 1.. you would likely be down at the moment (November) for example as we just had a large dip, hence most portfolios and supers are currently down.

      that can potentially be a bad thing if you have a day to day card too, and you are 'spending money', while invested in growth and spending more than your cash reserve… you would effectively be selling shares to fund your spending… which could mean you are selling low and not allowing time to recover.

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  Associatedcalebgibbins @ cacheinvest.com.au on 20/02/2019 - 10:43

  Hi all

  I am the Founder of Cache.

  Thanks for the write-up @20312! Pretty much nailed our offering.

  Yes, the key differentiator for our product is the ability to invest cash easily without locking it away. Our customers get a unique BSB/Account number and a Cache Card and can send and receive money from their investment portfolio using the banking payments networks.

  I haven't heard of anyone else offering an investment that allows you to invest and withdraw via a BSB/Acc number or card. A new experience where payments and investments meet. If you find it elsewhere, let me know!

  Yes, we will have options with various levels of risk and our customers can build a portfolio of those options to suit their needs. And yes, we are planning a cash option to provide our customers a way to avoid equity market volatility.

  Cache is an easy way to invest your lazy cash.

  If you would like any further questions, please let me know. I would be happy to answer them.

  Cheers

  Caleb

  • 

    lolcoaster on 21/02/2019 - 16:37

    Hi Caleb, what are the fees for using this? And what are the expected returns for the differing portfolio types?

    • 

      Associatedcalebgibbins @ cacheinvest.com.au on 27/02/2019 - 13:43

      Thanks @lolcoaster

      Unfortunately, I can't give you the specific fee and portfolio details just yet - ASIC wouldn't like it. Of course, these details will be set out in full in the PDS.

      But I can say that our portfolios will be designed to give typical market returns for the relevant level of risk - nothing unusual here. ASIC does provide some guidance for investors about the typical investment characteristics of different types of investments at the moneysmart website: https://www.moneysmart.gov.au/investing/invest-smarter/choos…

      I hope that's helpful for the time being.

      Cheers

      Caleb

  • 

    Easton on 27/02/2019 - 19:54

    Hi Caleb,

    Would Cache accounts be covered by the government's $250,000 deposits guarantee if Cache were to come into any difficulty? Also, would Cache support the New Payments Platform's instant transfers?

    • 

      Associatedcalebgibbins @ cacheinvest.com.au on 04/03/2019 - 11:20

      Hi @Easton

      Great questions.

      Our product will be structured as an Australian unit trust, registered with ASIC. Investments held by the trust will be held separately by an independent and registered custodian (and not by us). For more information about how a custodian protects investors, see https://en.wikipedia.org/wiki/Custodian_bank. As our product is an investment and not a 'deposit', we wont be covered by the Government guarantee.

      In relation to payment rails, we propose to launch with BECS (ie BSB/Account number for electronic funds transfers) and a scheme payment card (both digital and physical). We are looking into the NPP and BPay as additional payment rails down the track.

      Cheers

      Caleb