6% p.a. Return on Investment (No Account Balance Cap, No Monthly Qualifying Requirements) @ Bobbob

Go to Deal

Associatedbobbobfinance on 19/10/2022 - 09:05 bobbob.co (104 clicks)
Last edited 19/10/2022 - 11:22 by 1 other user

october22

What

To celebrate the launch of our updated App, customers using the promo code will start earning at 6.00% p.a.!

Promotion

By using the code october22 during the sign-up flow, your interest rate starts at 6.00%.

Download Here

Who is Bobbob?

Bobbob is a fintech startup based in Sydney, backed by Antler and Luno Expeditions and regulated by ASIC. Already trusted by thousands of Aussies, our approach to finance, offering customers all the interest their money makes and trying to nudge people to spend and consume less to help the planet, has been well received.

New features like 1-step to crypto, earning free carbon credits and Save What You Don't Spend, a novel budgeting tool, has helped grow Bobbob into the top 150 Finance Apps in Australia and growing daily!

How Bobbob Works

Terms
You can read the full promotion terms here.

Disclaimer
Bobbob Pty Ltd, ACN 652793318, is a Corporate Authorised Representative (AR No: 1296199) of Sanlam Private Wealth Pty Ltd (AFSL No. 337927). The Bobbob Account is not a bank deposit or bank account. Any investment entails financial risk and your capital may be at risk. Please read our T&Cs and information statement before using Bobbob.

Financial Cryptocurrency Interest Investment

31 Oct 2022

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Bobbob

closed Comments

M00Cow on 19/10/2022 - 09:07

+11

Blackjack is more fun and just as risky.
TThomas on 19/10/2022 - 09:20

+8

For a company stating "We're not a bank!" you like to compare yourself to bank interest rates, which obviously have far less risk. I'm assuming deposits with you aren't guaranteed like the banks are
- Associatedbobbobfinance @ Bobbob on 19/10/2022 - 09:24
  
  -6
  
  Hi - If we ever were to be a bank, we would run things very differently.
  
  We're just trying to show how unfair they are and how unfair finance is in general. Our investment accounts, like any investment, comes with risk, which we try our best to mitigate by working with world-class partners.
  
  You can read more here
  - jv on 19/10/2022 - 09:49
    
    +3
    
    Hi - If we ever were to be a bank, we would run things very differently.
    
    things like due diligence would suddenly be important…
  - TThomas on 19/10/2022 - 09:57
    
    +3
    
    Maybe the banks do take a big cut but for the 2% difference in interest rates between yourselves and someone like ING, I find it hard to justify the risk.
    Especially when with Bobbob I need to wear the risk of AUD/USD fluctuations impacting my deposit.
    
    Savings Maximiser 4.05% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
    https://www.ozbargain.com.au/node/725628
    - Associatedbobbobfinance @ Bobbob on 19/10/2022 - 10:00
      
      -2
      
      Thanks for that.
      Our max rate of 7.6% is 3.55% higher than ING, nearly double. Plus, no:
      - Monthly minimums, or hoops to jump through
      - Balance limitations
      
      Finally, we are working with our partner to try to increase the rate!
      - TThomas on 19/10/2022 - 10:16
        
        +2
        
        @bobbobfinance: You are very quick to push maximum potential rates rather than run speak to the risks that are brought up.
        * You skipped over my comment on deposit guarantee which the banks off
        * You skipped over the AUD/USD risk that I mentioned
        * You skipped over my comment around not comparing yourselves investments with similar risks
        
        It's no wonder people are finding it hard to trust.
        
        If I had invested 10K with you 2 months ago I would already be down ~10% on my investment. You even mention on your site that if you offered an AUD account you would provide a lower return.
        
        "As our Vision details, we plan to add an AUD account in the future, which will come with less foreign exchange risk but also a lower return."
      - FloatingPoint on 19/10/2022 - 12:14
        
        +1
        
        @bobbobfinance:
        
        Plus, no:
        - Monthly minimums, or hoops to jump through
        - Balance limitations
        
        Same for casino. All-in.
bemybubble on 19/10/2022 - 09:22

+7

I'm just going to leave this here…
ozbargainking on 19/10/2022 - 09:23

what if the battery goes down ?
fluffycat on 19/10/2022 - 09:23

+7

Wow! … sounds like a great deal to me! So many reassuring elements -
* based on crypto
* one gets more return the more people one helps pull into the scheme
* as the promoters point out, nothing is guaranteed and everything is at risk - such honesty! … must be completely trustworthy
* impeccable grammar “thousands of Aussie”
* their “simplifying the complex” diagram on their webpage makes so much common sense! … why have so many tiresome, traceable links in the travels of ones money, when it can just go straight to a friendly looking emoji wearing a bobbob hat!

Not a single warning bell goes off in my mind! If only I had a few spare million to invest!
- Associatedbobbobfinance @ Bobbob on 19/10/2022 - 09:29
  
  -2
  
  We implore you to take a read to understand How Bobbob Works before you bash it.
  The reason for a referral mechanism:
  - We want to grow our customer base, but also want to make some revenue
  - Customers on 7.60% p.a. take every single cent of what their money generates. Meaning we're left with nothing, so in order for us to be able to afford this model, our customers pay us back in referring new people.
  - This is how we are different to banks and funds who take most of the money your cash generates, wastes half of it on empty branches and ATM machines, and extreme salaries with low productivity…
  - ONEMariachi on 19/10/2022 - 09:42
    
    +3
    
    7.6% of nothing is nothing.
  - kerfuffle on 19/10/2022 - 09:46
    
    ATM machines
    
    Automatic teller machines machines?
    - m9 on 19/10/2022 - 11:13
      
      +1
      
      Thanks Bobbob from the Department of Redundancy Department.
Bdawg on 19/10/2022 - 09:24

Yeah how about no Scotty!
johnyBgood on 19/10/2022 - 09:25

If it sounds too good to be true…….
- Associatedbobbobfinance @ Bobbob on 24/10/2022 - 08:58
  
  Is 7.60% too good to be true?
  Nope, we’re just fair!
  We help you put your money to work, we just give you the returns you deserve, that’s really it.
  
  We work with Luno who partners with sister company Genesis (a Prime Broker) who lends your money to their clients.
  
  Their institutional clients (Hedge Funds, Institutional Investors, etc.) use the funds for things like hedging, arbitrage, float and growth capital and operational expenses; and pay a fair price for it.
  
  We simply connect you with them and give you your fair share.
  
  And because we have lower overheads than brick and mortar businesses, we can offer a greater share of the interest made on your money.
  
  https://www.bobbob.co/how-bobbob-works
Bruceflix on 19/10/2022 - 09:25

Yeah nah…
tranmerlance on 19/10/2022 - 09:28

+1

One word, Celsius…
- Associatedbobbobfinance @ Bobbob on 19/10/2022 - 09:30
  
  -2
  
  During our Due Diligence, we purposefully ignored Celsius due to the risk we saw there.
jv on 19/10/2022 - 09:28

+1

I'm just going to leave this here…
Mouse123 on 19/10/2022 - 09:29

+3

I wonder who actually fall for this?

Hate banks is one thing, throw money away is another.
- Associatedbobbobfinance @ Bobbob on 19/10/2022 - 09:34
  
  -2
  
  Don't bash it before you try it!
  - kerfuffle on 19/10/2022 - 09:35
    
    +2
    
    I'd rather invest my money in more trustworthy sources; thanks
jv on 19/10/2022 - 09:30

+3

Digital dollars move at the speed of the internet

This bit is true…
WatchNerd on 19/10/2022 - 09:30

+2

Seems more like using this website for free advertising than a bargain.
- kerfuffle on 19/10/2022 - 09:33
  
  +1
  
  Surprised they're back after the last (not unpublished due to reasons) post they had was poorly received
bemybubble on 19/10/2022 - 09:36

Hey Op,

Assuming your business model is sound. You can understand peoples sentiment and how there's a bigger mountain to climb to win over public trust?

P2P lenders face the same kind of criticism - but at least Plenti, for example, has a provision fund to help mitigate risk and build public trust.

What do you have to mitigate such risk?
Raj09 on 19/10/2022 - 09:44

Based on crypto? Luno expeditions? Lots of critics here but most of us are strapped for cash at the moment.

There's always reassurances that the currency is backed by collateral but then there's none. The example was Luna. There's so much one can lose
- Associatedbobbobfinance @ Bobbob on 19/10/2022 - 09:49
  
  The flow:
  - Deposit AUD
  - Get USDC
  - USDC sent to partners, a Prime Broker
  - They either lend converted to USD or actual USDC to their clients (hedge funds etc.)… this is how the yield is generated.
  
  No definitley not, Luna was a legitimate ponzi.
  Luno owns Luno Expeditions…
  - Raj09 on 19/10/2022 - 09:51
    
    OK. Thank you
  - M00Cow on 19/10/2022 - 09:58
    
    +2
    
    Luna was a legitimate ponzi.
    
    Oh I didn't realise there are illegitimate Ponzi's. The b@$tards!
- Associatedbobbobfinance @ Bobbob on 19/10/2022 - 09:50
  
  +1
  
  The people that lend from the prime broker deposit 110-120% collateral to borrow.
  And the underlying USDC is backed by USD in banks in the USA (BNY Melon, Blackrock, etc. etc.)
  - Raj09 on 19/10/2022 - 09:51
    
    Thank you for the clarification
    - Associatedbobbobfinance @ Bobbob on 19/10/2022 - 10:01
      
      Sure thing!
fluffycat on 19/10/2022 - 10:02

+2

Another perspective …
* there are now a number of 12 month term deposit offers from govt guaranteed Australian banks that sit just under 4% inc with monthly interest payable - let’s round the return to 4% for simplification
* so, if I had $10K to invest, bobbob @ 6% (I wouldn’t in a million years think of trying to suck friends and family into this just to try and make extra bucks off of risking their money as well) would over 12 months return me an additional $200 - $600 earned vs $400 from a bank
* decisions, decisions … get $400 guaranteed and sleep soundly every night never having to worry about losing a cent, or potentially make $200 extra while risking everything with a hat wearing emoji which is located somewhere (?), where my money has disappeared to at the speed of the internet

Seems to me the bank will have earned every fraction of the $200 difference, for the peace of mind that it will have given me.
tranmerlance on 19/10/2022 - 10:20

Don't forget AUD/USD currency risk.
alvian on 19/10/2022 - 11:18

How does one get to the 7.6% p.a. interest return tier?
pegaxs on 19/10/2022 - 13:20

+3

Why does this stink of one huge pyramid scheme?

Why the hell would I invest something where my "capital is at risk"?? It's like you're trying to start a bank, but with blackjack and hookers, but only got as far as blackjack…
blahhhhh on 24/11/2022 - 20:19

"from 1 December 2022, the Bobbob Account will reduce to a 0% (zero) rate." lol

This was posted 1 year 6 months 10 days ago, and might be an out-dated deal.