I would like the option of having my cards with other banks round up to a specified amount when I make a payment, and then transfer that roundup amount to my Xinja account automatically
You should probably be speaking to your other bank. Xinja doesn’t have any visibility of what you’re spending elsewhere.
Interesting to see round ups become so popular. A bit like cash backs I’m not a fan. Linking saving to spending does not make sense to me. The best way to save serious money is actually not to spend !
I have to say, round ups are one of those features that I’ll freely admit I was utterly wrong about. I myself used to think it doesn’t do much in terms of savings. I use a scheduled payment from my transaction account to my savings account the day after my salary is deposited. I like to set aside either a percentage of your salary or an amount that you have remaining after you deduct upcoming payments and set yourself some spending money etc.
However, a number of years back, I finally became more flexible. I used to impose my views on others if they asked me for advice. Took me ages to realise advice is best given by looking and trying to think like the other person, the one who came to you rather than assuming that your ways must fit them. I realise many people simply would rather just get out there and spend, your friends are going out, it sucks to be the one in the group who timidly admits that they can’t afford to go out because they’ve already put their money aside for savings that week.
People like to spend. Rather than trying to change their habits, you work around their habits. They go out spending and bit by bit, you’ve got them saving unknowingly. Then one day that week, they go to tap and it is declined and they actually check their phone and realise ‘oh, hey. It’s all in my savings.’ Maybe they move it back across to spend but maybe they don’t. All I know is, it has become wildly popular. Therefore, it must be a feature that the majority of people enjoy.
It seems the new mantra for the current generations is ‘Small amounts, more frequently’. Saving without realising. It’s like exercise, when you say you’re gonna do a run every morning at 4am, that’s lip service. If you start getting of your bus, every morning, say 5 stops before your workplace, and simply walk the last 1km suddenly you’re exercising. It’s because you’ve worked the exercise into your existing habit/routine instead of trying to change yourself/routine to fit the exercise.
Yes I think the same way … I am spending what I would spend anyway, so it is linked to my spending but I use the round up funds for one specific thing. I would also like to be able to pick the roundup amount.
There are other online banks that allow roundups to be transferred to customers with an account with them.
Welcome to the community @uvtube!!
Thanks for your feedback. I’ll pass this onto the team and get back to you if it’s something they’re already looking at.
This isn’t exactly the same thing you’re looking for, but we do have round-ups for Stash ready to upvote here, btw : https://trello.com/c/N0X4gjwg
@uvtube We don’t have control or full visibility over the round up functionality other banks have. If they were to implement “round up to anywhere”, we imagine it’d then be up to individuals to set up transfers to Xinja
Yeah I guess so … I was thinking that ‘Raiz’ was a banking app that I used to use and recieved round ups from other banks that I had cards with … but it isnt really a bank, more of a savings and investment set up, so different model.
@uvtube we take inspiration from business models like Raiz so it’s great that we’re on the same wavelength