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Earn up to 4.60% p.a. @ Dosh

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Dosh now offers interest on your money in addition to cash back!

With a Dosh Strive account, we make it freak-n-easy to level up your money game and get rewarded for your savings. No lock ins, no confusing rules, just grow your balance month on month and get rewarded. Simple.

Bonus interest rate: You can earn up to 4.60%*p.a. interest if your balance on the last day of the month is higher than the last day of the month prior.

Standard interest rate: If your balance is not higher than the last day of the month prior, you will receive the standard interest rate of 1.50%* p.a..

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  • +2

    Wow! They're starting to become a bank.

    • +1

      everyone and their dog ;)

    • they are using a bank

      "All money held in Dosh Everyday accounts and Stash accounts is backed up by BNZ, which is a service partner."

  • +12

    Squirrel has call accounts with a 5.25% rate if you want to get high rates from a second-tier company, and because it's a call account that rate applies to every dollar every day without conditions.

    Heartland has call accounts with a 4.6% rate (or 5% if you're OK with only one withdrawal per month).
    Kiwibank has call accounts with a 4.5% rate.

    Term PIEs with the big banks for 6 months are equivalent to 6%+.

    • Great summary. Thanks.

    • Rabobank also offers 5.25%, if you're OK with having to increase your balance by $50+ each month; no restriction on number of withdrawals.

      Kiwibank's and Heartland's call accounts have PIE versions, too.

  • Dosh is also starting to charge every time to load money on the card. They put that info at the bottom of the email about this savings acc.

    • TBH I was expecting for them to add a fee any time now, but with the new savings feature, it'll be worth leaving a decent amount of money to transfer whenever needed, seeing as the only requirement to get the full 4.6% is having a higher balance at the end of the month compared to the previous month with no fees for transferring out.

    • +2

      To be fair that's only for Windcave. I've been bank transferring to Dosh this whole time and it's super fast, more secure, and remains free.

      • How long does it take for you? Says a couple hours on the email which yeah isn't too bad, it's just that I'm the guy always loading my card up while actually in the shop. Simple enough fix I guess, I just need to try plan ahead more / load more money at a time.

        • Have just done today, it took around 1 hour from when i made the transfer to appear on my dosh account

        • Bank transfer for me is registered on every half hour.
          Ive had it apear within the minute because i did the transfer at xx:29 or xx:59

          Mind you i am with BNZ which above is mentioned as being the bank dosh is through

    • +1

      No.
      The interest rate is 4.6% p.a.
      The p.a stands for ‘per annum’ which is what the rate is over an entire year - not for just a couple of days.

      • There's also a limit to how much you can transfer to dosh per day but not sure if that limit still exists/what the limit is.

  • +2

    PSA: in order to use their card you need to choose “credit” at the store, if the store has surcharge for paywave or credit you will be effectively paying a fee to get the benefits from Dosh.

  • Any more clued in people than myself know if any money I hold with these guys is backed by the government if the company goes under? Cheers :)

    • +1

      They've got this on their site:
      "All funds held in your Dosh account, including Strive accounts, are held securely on trust with a registered bank."
      They don't say which bank, and they aren't answering their webchat today, so I assume it's the Totally Reliable Bank Of The Cayman Islands.

    • +1

      As far as I am aware, no retail bank deposits are backed by the government. If you're thinking about the Depositor Compensation Scheme , then that hasn't taken effect yet - it isn't due until "mid-2025" - and the old Retail Deposit Guarantee Scheme ceased at the end of 2011.

      • Interesting, thanks team! Assumed there was no legal guarantee which prompted caution. I need to research how these guys make their money as banking can get super complex at a high level - not keen on getting 2008’d lol

  • Are these B/BB/BBB rating Finance companies (at https://www.interest.co.nz/saving/term-deposits-1-to-5-years) safe to invest and backed by the government when things go wrong? The 7% to 8% interest rates are tempting

    • There’s a reason the rates are higher - they have more risk attached.
      That is something you need to weigh up before investing with them. Is the additional interest rate on offer worth it? Finance companies have gone bust before so not worth it in my opinion but only you can determine if you’re willing to go there.
      No rates are backed by government.

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