Product Update: Round-ups 🤑

Last week tickr launched Round-ups to the world, allowing you to round-up your spare change and have it automatically invested into your tickr impact portfolio :earth_americas:

Round-ups works by securely connecting to your bank, and rounding up the spare change on your transactions to the nearest £1! For example, spend £2.40 on a coffee, and the remaining £0.60 will be put aside to be invested into your tickr portfolio.

It can feel daunting getting started with investing, but Round-ups are a great way to save without even noticing. By our calculations, we reckon having Round-ups enabled for a year will allow you to add an extra £400 to your year’s savings!

It’s super easy to get started;

  1. Head to Settings and tap on Round-ups
  2. Follow the steps to securely connect to your bank
  3. Start rounding up your spare change!

We hope you enjoy!

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Here’s what happens when you boost it with the 5x Multiplier and Pound-Ups for a whole week :no_mouth: :rofl: maybe I should start spending less on the weekend…

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Think this might be my first post here, but wanted to chip in on round-ups.

I love the idea of round-ups, but I have a fundamental problem because of how I manage my spending. I buy almost everything on my Amex, not the debit card linked to my Monzo account. I have Monzo round-ups on, sticking money into my Cash ISA for the rare transactions that happen there. And that doesn’t cost a quid. :wink:

Until switching over to TrueLayer, Tandem offered round-ups on Amex. It was a strange concept to get my head around initially, but they connected to both Amex and Monzo, totted up the round-ups from Amex but transferred the value from Monzo into a savings account held with Tandem. It felt a bit clunky, but it worked.

So if you can offer something like that when all the appropriate APIs come on stream, I’m in!

Oh and another thing. The notifications have been a little much pushing round-ups. I don’t know how many there have been, but it feels like too many.

I am actually new to tickr but I think the app is great, nice and clear. I was just setting up round ups but then saw I had to pay a £1 a month for them. I currently use Chip so assumed it would be free like them and even if chip isn’t free, that I don’t see the cost effecting what I round up

Afraid I have to chime in on this too. £1 a month charge not quid understanding why this is a paid feature?

Hey all! (@sfmorris, @Jonesy, @neilarch)

Thanks for your messages and sorry for my tardy reply.

Regarding Round-ups being a free service on Monzo and on Chip, we hear you. In our eyes, placing a £1/month charge on Round-ups with tickr feels a fair price as you have the opportunity to ring fence that money and invest it into a higher growth Stocks & Shares ISA / GIA.

I bank with Monzo too and I don’t know about you guys, but most of my Round-ups change gets spent towards at the end of the month when there is no month left at the end of the money! The money is so easy to access making it so easy to spend - for me it rarely actually gets put into any form of savings. This could just be me.

With other non-bank saving apps (there are a few), the fee is also £1/month if you want to invest this money into a higher growth pot. As for Chip, I’m not very clued up on their revenue model.

We are simply trying to remain competitive, and also build a sustainable business that lasts the tests of time! The more revenue we can create, whilst providing a great service for our users, the more we can grow and the greater the positive impact we can have together. We hope you can see our position :slightly_smiling_face:

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Regarding American Express, currently the only way to connect to them is via something called “Credential Sharing”. This basically involves you handing over your login details to us (we never want to touch these), and then a service like Yodlee or TrueLayer would essentially screen scrape the data. We only use Open Banking APIs to access your data which is much more secure and means you don’t have to hand over your private details to tickr - they never touch us.

Credential Sharing is soon going to be disallowed for every bank when SCA (Strong Customer Authentication) comes into full force in March 2020.

American Express currently isn’t supported via Open Banking but TrueLayer (our data intermediary) tells me this should be done in Q1 2020. At that point, we should be able to support American Express for Round-ups!

Nice response on round ups. Happy with my setup just now as its going straight into the wedding fund but will consider in the future when I get a bit more data on how much my roundups are coming to. Just now it’s all going towards overpriced flowers and unnecessary table decorations!

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Thanks for your understanding Neil and huge congrats on your engagement!

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Totally. My comment was intended more as an observation than a criticism. :slightly_smiling_face:

Again, I was expecting this to be the case. I think a lot of people are going to be very happy when Amex and True Layer get this over the line! Fingers crossed it’ll be soon so I can take top-ups for a spin! :crossed_fingers:t2:

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Thanks for your understanding Stephen :slight_smile:

I have just heard from TrueLayer, American Express and Barclaycard are due to be released in Beta over the next couple of months so watch this space :eyes: