Millennial money app Wildcard launches new feature that multiplies your savings

author-avatar By on March 11,2020
save-tip
Millennial money app Wildcard launches new feature that multiplies your savings

Image by Wildcard

Popular budgeting app Wildcard has launched a new feature which allows you to lock your money away by giving a friend or family member the ability to block debits from the account.

With interest rates on savings accounts falling, Wildcard says its new Locked Savings account feature is an alternative way to encourage savings. 

Described as a first of its kind, the feature allows customers to lock their money away into an account they can't access, and gives a friend or family member the ability to block debits from the account. 

Wildcard co-founder Nathan Tesler said the customers may be better off using the feature than trying to chase the highest interest rate savings account.

"24% of my generation has under $1,000 in savings, which means that even with the best high-interest savings account they’ll earn less than $2 per month in interest," he said. 

"If our Locked Savings feature makes someone think twice about just one online purchase, they’re already better off."

Looking for a place to stash your cash? Below are savings accounts with some of the highest interest rates in the market.

Provider
Total interest
rate p.a.
Base interest
rate p.a.
Bonus interest
rate p.a.
 
2.00% 0.25% 1.75% More details
2.00% 0.40% 1.60% More details
2.00% 0.30% 1.70% More details
2.00% 0.20% 1.80% More details

*Data accurate as at 03 April 2020. Rates based on a savings balance of $10,000. Introductory bonus interest rate products not included. Sorted by total interest rates. Refer to providers' websites for bonus rate conditions.

To lock a savings account, users can nominate a friend or family member to be their 'Defender' in the Wildcard app.

If a user wants to transfer money from their locked account, their Defender will receive an SMS link to approve or reject their request. 

Since the beta version launched in late November, Wildcard says more than 1,200 users have added a Defender to their savings account and the amount in people's savings accounts has multiplied by 10. 

thumbnail_transfer-approve

Image by Wildcard

Wildcard user Jackie B said the feature has made her think twice before spending money.

“The Wildcard Defender is the saviour I’ve been waiting for to stop myself from blowing my savings on useless stuff," she said. 

"I was a bit anxious about “locking” my money away at first but it’s made me so much smarter about how I spend my money."

With savings account interest rates plummeting in the wake of recent RBA rate cuts, Wildcard co-founder Randall Maccan said it may only be a matter of time before 'high' interest savings products become irrelevant.

“The whole industry is in a race to the bottom, competing on unsustainable interest rates," he said. 

"With the cash rate so low, we question how relevant ‘high’-interest savings products will be in the coming years."

The Locked Savings feature will be made available to all Wildcard users in the app from today.


Latest Articles

author-avatar
Emma joined Savings.com.au as a Finance Journalist in 2019. She is a journalist with more than five years experience across print, broadcast and digital media, with previous stints at Style Magazines, 4ZZZ radio, and as editor of The Real Estate Conversation. She's most passionate about improving the financial literacy of young women and millennials by writing about complex financial topics in a way that's easy for the average Joe (or Jill) to understand. When she's not writing about finance she's watching Greys Anatomy (again).

Get free insights & tips monthly

By subscribing you agree to the Savings Privacy Policy

Loading data please wait...

{{returnData.productName}}

Overview

Current Rate

{{returnData.currentRate | percentage:2}}

Comparison Rate*

{{returnData.comparisonRate | percentage:2}}

Rate Type

{{returnData.rateType}}

Advertised Rate

{{returnData.advertisedInterestRate}}

Comparison Rate*

{{returnData.comparisonRate}}

Monthly Repayment

{{returnData.monthlyRepayment}}

Interest Type

{{returnData.interestType}}

Total Interest Rate

{{returnData.totalInterestRate | percentage:2}}

Base Interest Rate

{{returnData.baseInterestRate | percentage:2}}

Bonus Interest Rate

{{returnData.bonusInterestRate | percentage:2}}

Total Interest Rate

{{returnData.totalInterestRate | percentage:2}}

Introductory Rate

{{returnData.introductoryRate | percentage:2}}

Introductory Term

{{returnData.introductoryTerm}}

Base Interest Rate

{{returnData.baseInterestRate | percentage:2}}

Term

{{returnData.term}}

Advertised Interest Rate

{{returnData.advertisedInterestRate | percentage:2}}

Interest Frequency

{{returnData.interestFrequency}}


Fees and Features

Ongoing Annualised Fee

{{returnData.annualFee}}

Upfront Fee

{{returnData.upfrontFee}}

Offset Account

Redraw

Principal & Interest

Interest Only

N/A{{returnData.interestOnly}}

Max loan to value ratio (LVR)

{{returnData.maxLVR | percentage:0}}

Lump sum repayments

N/A

Additional repayments

Maximum Loan Term

{{returnData.maximumLoanTerm}}

Upfront Fee

${{returnData.upfrontFee}}

Ongoing Monthly Fee

{{returnData.ongoingFees}}

Early Repayment Fee Applies

N/A

Vehicle Types

{{returnData.vehicleType}}

Maximum Vehicle Age

{{returnData.maximumVehicleAge}}

Pre Approval Available

N/A

Online Application

N/A

Account Keeping Fee

{{returnData.accountKeepingFee}}

Minimum Monthly Deposit

{{returnData.minMonthlyDeposit}}

Linked Account Required

N/A

Interest Calculated

{{returnData.interestCalculated}}

Interest Paid

{{returnData.interestPaid}}

Online Application

N/A

ATM

N/A

EFTPOS

N/A

Account Keeping Fee

{{returnData.accountKeepingFee}}

Minimum Monthly Deposit

{{returnData.minMonthlyDeposit}}

Linked Account Required

N/A

Interest Calculated

{{returnData.interestCalculated}}

Interest Paid

{{returnData.interestPaid}}

Online Application

N/A

ATM

N/A

EFTPOS

N/A

Minimum Deposit

{{returnData.minDeposit | currency : '$' : 0}}

Upfront Fees

{{returnData.upfrontFee | currency : '$' : 0}}

Annual Fees

{{returnData.annualFee | currency : '$' : 0}}

Notice Period to Withdraw

{{returnData.noticePeriodToWithdraw}}

Online Application

N/A

Automatic Rollover

N/A

Maturity Alert

N/A