New South African app Stash invests your cash based on your fitness data
There is a new app in town, and its called Stash. Stash, in basic terms is a new savings and investment app brought to us by powerhouse financial services company, Liberty, and it will help you save some money while you are on the move.
Stash was launched earlier this year, in May, and it basically saves your ‘digital’ spare change for you. Stash detects every swipe of your debit, cheque or credit card and collects the digital spare change.
What makes the app interesting for me is that everytime you move – as in exercising or walking – it saves your money. Look at it as almost being rewarded for trying to be healthy and getting that movement that our bodies need on the daily.
Imagine saving up to R33 000 a year . . . that’s a lot of money! That’s actually what Stash can help you do per year, between March and Feb of the next year. Best part, if Stash is your only tax-free savings account you won’t pay any tax on the money.
We love that the app works with FNB, Standard Bank, ABSA, Nedbank, Investec, RMB and DiscoveryCard, and these are the major banks in South Africa, so the masses would be covered.
“Every day, Stash checks the weather in your area. If it’s sunny, you stash spare change. If it’s un-sunny, you don’t.”
“Every morning Stash checks the weather in your area. If it’s sunny, you stash R5 – by default – but you can also choose to stash R10 or the maximum temperature of that day.”
I am imagining that those that live in Durban would stash more cash that say Joburgers? Maybe you are also wondering . . .
“It varies from city to city, but the average South African city has ten sunny days a month. In Johannesburg, winter is the sunniest season. Upington is the sunniest place in the world in December and January. That means that if the R5 is stashed on every sunny day, you’ll stash R50 in that month,” Liberty said.
I also love how the app “incentivises” activity or daily exercise. I know from my own life that exercise is one of my daily challenges, so if there’s a way to do it and get something off it, it’s great.
“The average person takes between 5,000 and 7,000 steps a day. So, if you walk 7,000 steps a day you’ll Stash R3.50 a great way to incentivise yourself to walk that little bit further,” Liberty said.
“Stash is the first app in South Africa where you can unleash the power of the stock market. There are zero fees. You can take your money out whenever you need it and the best part is you don’t pay any tax on the cash that is stashed,” it said.
The Stash app is free by the way . . . giving it a try, wouldn’t hurt!