Acorns feature set

Although a different product, features on Acorns i like

  1. roundups
  2. found money - special deals when shopping online with different companies
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Hi @psychsplash - great suggestions! We have big plans to roll out lots of exciting app features and we’re using feedback from our customers (and soon-to-be customers) to help us decide what to spend our time on. We’ll make a note of these and come back to you!

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Thanks Gareth - roundups have been on our list from the start -we’re very keen on mindful, everyday small actions which improve financial well being - this is a classic example. As soon as we know when this will be out, we’ll let you know. Also, found money is interesting - lots of ways to skin this cat!

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In the future maybe crypto acorns too

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Interesting to see Acorns rebranding to Raiz.

I wonder what’s behind that and whether there’s a need to have a separate product in there that complies / fits better with Australia’s market?

Thought it worthwhile mentioning in case Xinja is looking into this roadmap wise.

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Hi Steve - why not the bitcoin jar as you say? When the dust settles on cryptos, counting crypto pennies could be as normal as any others. I guess the coin jars are going to need to be multi currency…Lots to think about there!

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Hi Jason - think it was a necessity with the Aussie buy out - https://www.businessinsider.com.au/fintech-acorns-australia-rebrands-raiz-invest-2018-4 - will be interesting to see how customers react.

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Oh! No idea. Interesting. Probably makes sense though.

One of the things that I kind of didn’t like about Acorns was that you really didn’t get too much of a sense of the underlying assets.

Interesting that they’re going to offer their own super product given that they had a partnership with GrowSuper. Feels a bit strange.

I mean you’re either doing super or you’re not doing super. If Xinja had a product, I think I would just want it to be a great savings product, and leave the investment options or super to a trusted partnership.

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I am an Acorns/Raiz fan but you are correct. They are a little cagey about the underlying assets although you can see a basic breakdown in the app.

I guess the underlying philosophy is that assuming low management fees, ETF which diversify across different assets will probably equal the performance of a managed fund (with higher fees).

It is more the behavioural aspects of Acorns/Raiz that I like - setting automated savings routines, encouraging saving/investing.

Fee-wise, the service is really only competitive if you start with a $5000 lump sum.

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I guess another feature would be close tie-ins with crowd-funded investment, part of the origin of Xinja itself.

From within the app, being able to review and participate in crowd-funding other companies.

I have mixed feelings about my own idea though.

Your savings account is probably a place where you want to promote safety and security and being financially conservative and careful. Crowd-funding is inherently risky, as I might discover with Xinja :slight_smile: - sorry guys - lighthearted ribbing I promise.

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Agree, which is why I’m pro being able to just dump it in as voluntary super contributions into your existing super fund of choice. This way chances are it’s not going to be fee-eaten.

I would say though that this is a little bit sketchy, in that Acorns/Raiz never really checks whether you can in your existing tax position make a deductible contribution etc. There’s tax advice here.

I think it would be better placed to simply be a way to save up 3-6 months of expenses as your emergency fund / cushion.

Maybe each month it is swept away to your higher interest bearing Xinja savings account, or another account (with another bank of your choice). And it’s always 0-ed out each month?

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Hi Gareth - agreed - crowdfunding is risky as we were at pains to point out #sickoftheasteriskbutweneededit - so not sure launching our customers off to look at this stuff would be in their best interests…will talk to #riskyxinja about that one!

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Yup - we’re looking closely at the auto or swipe to save round up function - maybe with option of ‘charity of your choice’ as an alternative - also might be nice to ringfence the round ups so you can see them within a savings account - super is an interesting one - makes sense but as you say, without knowing tax situation, not valid.

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Oh - - i like the “charity of your choice” idea.

I LOVE the ‘Charity of your choice’ idea also!!

Does that mean you’d want Xinja to be your ‘go to’ for savings / day to day spend management?

Anything else you’d want to use Xinja for as your ‘go to’?

In an ideal world, Xinja would be able to track activity across all my accounts and provide some useful intelligence about spending habits, or potential places for cost savings.

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Are there any other tools / apps that you are using for that at the moment? If so, would be great to hear what your current experience is?

Acorns and apps like pocketbook try to autocategorise spending and provide insights. The problem is they get stuff wrong and quite a bit of fussing around needs to happen to get them to work well. Also the insights aren’t really much better than what I’d get from just doing my own budget.

Perhaps it should be about smart prompts to review things like insurance, electricity, mobile provider etc.

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I used Acorns (now Raise) but got rid of it.

I definitely would use Xinja for budgeting potentially, the difficult is that if you have more than one bank you use, then Pocketbook is good because it aggregates them all.

Would highly recommend making sure the pocketbook link up works well :slight_smile:

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