Sweep technology

Any change of setting up ‘Sweep technology’ (similar to UBank)? If a transaction amount requested is higher than the total amount in my debit account, it automatically sweeps money from my linked savings in real time so the transaction does not bounce. It’s been a real life saver.

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This is a great idea. I find it quite tedious to have to manually move money between debit and savings accounts to make sure there’s enough in debit to cover all possible expenses while keeping as much as possible bearing interest in savings.

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Down for this, as long as it’s not forced down my throat like UBank does. I’m using Xinja primarily as a savings account not spending so having the minimum $100 sitting in my spending account doing nothing for 0% interest all the time is a right pain.

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Add my vote for automated sweeps, particularly for direct debits, BPay, & other regular payments.
As @CallumD says, having a $0 minimum for the Bank account would be good.

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I also support sweep technology (similar to UBank) being added, along the lines of previous posters in this thread ie optional sweeps and no minimum amount required in the cash account. Having a sweep functionality is a highly effective means for Xinja customers to maximise the interest which they can earn from their Stash account.

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+1 (I’ve like the original post too)
How do we get this on the roadmap? I’m thinking we get as many people as we can to like the original post by @AJ85; hopefully that’ll bring it to the top of the forum list at least! It would be a super useful feature and will truly maximise savings without having to think about it.

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+1, this is the number one user experience improvement for me I think.

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Oooh this sweep revolution is taking hold!!
We’re exploring it at the moment and will come back to this thread about adding it to the roadmap when we have an update :moneybag: :broom:

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Agree. I find the “sweep technology” the most annoying thing on Earth. Even more annoying when UBank tells you it can’t be switched off. Interestingly, when I spoke to UBank tech support about it, he did say their feedback had been that more than half their customers hated it and they were looking at removing it or at least changing it so you weren’t forced to use it.

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BUT, you’d want to be able to put a limit on the sweep amount, otherwise someone could empty your Stash account. I think this is a potential problem with UBank’s sweep feature.

BUT, you’d want to be able to put a limit on the sweep amount, otherwise someone could empty your Stash account. I think this is a potential problem with UBank’s sweep feature.

BUT, you’d want to be able to put a limit on the sweep amount, otherwise someone could empty your Stash account. I think this is a potential dangerous problem with UBank’s sweep feature.

Despite the quote from @AJ85 above, Ubank does NOT permit unlimited automatic sweeps. It only applies to some more “fixed” transfers like direct debits.
Any debit card transactions are only permitted up to the current balance of the transaction account, and do NOT sweep from the attached USaver. An overnight sweep would restore the configured balance in the Ultra, then it all starts again…
Also, a user can configure email/SMS notifications of every sweep transfer.
So, there is no way that the savings account could be “cleaned out” by some bad actor, without plenty of notification and limitations.
Obviously I disagree with @Xinjamoves. I find it way more useful than annoying. Sure, you leave some $$ to use in the transaction account without interest, but that is the same at Xinja.

If Xinja do go for this, can we make it optional please? A feature like this would infuriate me…

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I would love to see some kind of solution along the lines of UBank’s sweep function.

Having to move funds from Stash to the bank account to make a payment is unnecessary friction. I know it’s first-world problems but it seems really tedious having used UBank where this gets taken care of automatically. UBank’s sweep implementation is far from perfect but it’s a great idea that Xinja should adopt.

Hi @mostly-analogue - duly noted! It is on the ideas list - this kind of automation (“optimise my money in my sleep”) is definitely an area to explore, but the debate remains that sometimes friction is good. Should we automatically dip into savings if someone’s at danger of going overdrawn, or should we instead let them know, so there’s a mental trigger at that moment that they’re eating into their savings/potentially living beyond their means? However, again, this could be solved with multiple stashes - we could recommend people have a slush fund, but it’s a limited amount (and there IS friction when it runs out?). We’ll look at this in the context of multiple stashes in fact.

Thanks @CaptainXinja. I recognise I’m an outlier when it comes to banking and generally very unprofitable as a bank customer. I’m trying to minimise funds that don’t earn interest. The main account is at $0 and all funds are in the stash. I just don’t buy things I don’t already have funds for.

There are various ways this could be addressed. Here’s a few ideas off the top of my head but I’m sure there are others:

  • sweep capability from stash to main
  • enable transfers directly from stash to external accounts
  • multiple stashes where one is a slush fund
  • a dialog box if you’re trying to transfer more than is available in the main account. “Your have asked to transfer $x but you only have $y available. Would you like to top up your main account with $x-y from your stash?” Proceed / Cancel Transaction.
  • some combination of the above

I can also see that some of these options could be undesirable from your perspective. I guess the challenge is understanding how different customers use the products. Everyone is a bit different but I don’t need a product that tries to protect me from myself.

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Hi @mostly-analogue actually doing this properly for customers is exactly what we are about :_ninja_emojis_lblue_01: We want people to optimise - pay least interest, earn most - so alerting you is EXACTLY what we want to do (don’t forget that bill, don’t go overdrawn, you’re ahead on last month, so you could consider putting that into Stash (what we CAN say in that regard however is regulated so take that as an idea nothing concrete!!). We’ve modelled it and we can still run a perfectly good business whilst doing this, as a) there will be people ultimately who want to borrow money in the form of some sort of loan including home loans - so we make money in the traditional way there b) we are looking at other revenue streams including premium services and c) our cost base is very low compared to a traditional bank so we can run a perfectly good business on lower revenue. So we like this stuff! It’s actually very connected to the multi stash/ bills account discussion here you might be interested in.Get Stashing! 💰 With a 2.25% interest rate

Personally, I think the sweep technology is pointless and should not be a feature. I believe it undermines the purpose of being fiscally responsible and aware of your cash flow situation. If this feature were to even come into existence, I believe it should be an option item that the customer can opt in or out of much like the round up feature (which I like :slight_smile:).

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@wasdman opt in or out is the way to go :+1:.

I’m in the opposite court to you on these features. I have no interest in round up and have turned it off. OTOH sweep is something I would really like to see added since I use it regularly with other banks.

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