Like regular visits to the dentist, saving is something we all know we ought to do, but tend to put off. And like not visiting the dentist, years down the line not saving can come back to bite you. How do you avoid getting bitten? If you’re an Android user, you download Stash today.
Link Stash to the credit, debit or cheque card you use most and every time you spend with it Stash will round up the amount to the nearest R10 (or R20, R30, R40 or R50) and stash the difference for you in a tax-free investment account that tracks South Africa’s top 40 companies on the JSE.
Money for nothing
Stash works with all major banks except Capitec (though Liberty says it's looking to add Capitec in coming months, along with an iOS version of the service) and costs you nothing to set up. There are also no fees down the line. Why? Because Liberty is hoping it’ll introduce youngsters to saving and investing, and of course that these youngsters might pay for other Liberty products (like life insurance or a retirement annuity) down the line.
And because Stash uses a tax-free account, there are no fees on your earnings either. But do remember, if you have an existing tax-free savings or investment account you need to make sure you don’t exceed your annual allowance (currently R33 000) across the two, or you’ll get penalised come tax season.
Sign up and Liberty will put R50 in your Stash account to get you started. Plus referring friends earns you an additional R10 for each signup.
Tap to top up
Tap the 'Stash R10' button on the landing screen once every 24 hours to add to your stash, or enable 'Sunny Money' and stash a predefined amount every day that’s sunny – or choose to stash that day’s maximum temperature in rand. And at the end of each month you can top up if you’ve still got a little bit of extra money languishing in your account.
To get started all you need is an Android smartphone and the app. When it comes time to complete the FICA process for a withdrawal, you can supply proof of address by taking a picture of your proof of address documents, or have Stash email your landlord if you don’t have proof.
Saving has never been easier. And it’s definitely never been this much fun.
Download it for Android.