Welcome to a new way of saving with Stash.
Per above, it’s a bloody good product. There’s no ifs or buts, no strings or confusing stuff, just a great ongoing rate.
As always, we want to get our new stuff into your hands ASAP, so there’s one unfinished thing I want to draw your attention to…
In order to disable direct debits from the Stash account, it actually requires additional configuration and dev time.
We plan to stop direct debits from the Stash account in the next few weeks however we wanted to get Stash out to you so decided not to wait until it’s switched off.
There are two main reasons we don’t want to leave direct debits enabled:
- Stash is designed to help you save and make more out of your money. We want to help people develop great savings habits with Stash… so, money in = easy, money out = a little harder, in that you have to transfer it, (instantly!) to your transaction account.
Testing showed that the small extra step gave us as users a tiny moment of mindfulness and a chance to rethink spending our savings - or at least really own that we’re doing it.
- The reason Xinja, and indeed all banks, offer savings accounts, paying you for your money by way of an appealing interest rate, is because we use that money to lend out. If a bank was to offer these big interest rates on accounts where your money zoomed out through tap and go, direct debits, Apple Pay etc, the bank couldn’t use the money and would lose a big chunk of cash.
So you win by getting a great savings account with a great rate and we win because your money stays in the Stash, letting us lend it out at a slightly higher rate and make a bit of a profit (hopefully!). It’s why term deposits that tie up your money for even longer, usually have a better interest rate than a savings account (although maybe not better than ours ).
Our updated T&Cs say direct debits aren’t available from Stash as we intend to disable this functionality shortly. We won’t be providing any warning when we do, so please don’t set them up.
TL;DR Please set up any direct debits to come from your transaction account, as they wont work from the Stash account in a few weeks time.
The Xinja Fam have tested the hell out of Stash so now it’s over to you. We’d really appreciate your feedback. If you spot bugs send the Xinjarati a message in the app and tell us what you think here.