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CRA Smart Saver FAQ’s

What do I need to set up an account?
- Identification such as a license or passport so we can verify who you are - this is standard for any financial institution in line with the Anti-Money Laundering Act (AML/CTF Act 2006)
- Your online banking login information (this generates transaction feed for round-ups)
- A bank account and BSB number (this is your funding account and where we pull money from for goals and the monthly fee)

What is a Funding Account?
This Bank account funds your Round-ups and Top-ups plus your monthly subscription and is the destination for your redeemed Goals. It cannot be a credit card. The Round-ups and Top Ups are calculated over 7-day cycles and then withdrawn weekly. The $1.50 fee is withdrawn from this account monthly.

What is a Spending Account?
All Round-ups are based on transactions from your Spending Account. You can have more than one Spending Account and it can be any type of bank account including a credit card.

What is a Round-up and how do they work?
Round-ups are a way to save whilst spending.  Every transaction made on your Spending Account is Rounded Up by a percentage of your choice and then moved into a Savings Goal.
The Round-ups accumulate over seven days and the total is withdrawn from your Funding Account each week, then split evenly between your active Goals. You can switch this function on and off in each Goal.

Where can I see my Round-up amounts?
You can view the Round-up amounts in Settings>History or in the Goal itself.

What is a Top-up?
A Top-up is an amount you choose, sent to your Goals on a regular basis from your Funding Account. Choose from weekly, fortnightly or monthly deposits. (It’s common to align a top-up with a regular deposit into your Funding account, like your salary)

How do I set up a Goal?
Click on the plus symbol in the bottom right corner of the home screen and follow the prompts.
You can fund your Goals with Top-ups or Round-ups or both.

How many Goals can I set up?
As many as you like!

How do I redeem a Goal?
Click on the Redeem Goal button and the funds will be processed and returned to your Funding Account within 5 working days. Your Goal will continue to generate savings until you Delete the goal.

How do I pause a Goal?
Go to the Goal, click Edit in the top right, turn off round-ups, change top-ups to zero.

How do I delete a Goal?
Go to the Goal, click Delete Goal.
If your Goal has zero balance, it will be deleted instantly.
If the Goal has a balance or pending transactions, it will not be deleted until you have redeemed funds.

How long does it take for my Goal money to be returned to my Funding Account?
Allow two to five working days for your Goal money to reach your Funding Account.

Why does my current Goal total display more than what’s been withdrawn from my Funding Account?
Round-ups are calculated daily and displayed on the app but the funds are withdrawn weekly, therefore if you try to redeem a goal, it might tell you that some Round-ups have not yet been processed.

What percentage should I Round-up?
We suggest starting with 1-2% to start because we tend to spend more than we think!

What is the Rainy Day goal?
The Rainy Day goal is a default goal that we set up for you. Click Edit and then add your Round-ups and Top-ups

Where does my money go?
Your goal money sits safely in a Savings Account at ME Bank. (Members Equity Bank Limited).    Goals are more likely to be achieved when the savings are not easily accessible so you can’t be tempted by impulse buying.

Why does the app need my bank login information?
This is to give us access to your transaction feed which generates round-ups. The information is not stored and we cannot view or make changes to your bank account.

Can I update my bank accounts?
Yes. All available accounts from the one bank are displayed once you link your Spending and Funding accounts. You can simply toggle them on or off.

To add a new Spending Account from a new bank, you need to click unlink, then relink a new bank account.

To update your Funding Account to a new bank, click ‘change’ and then ‘Use a Different Bank’ button.

Do I need to provide my Tax File Number?
It is not required however it is recommended for tax reporting at the end of each year.

Why did I get a message saying my Account is Suspended?
Your subscription fee of $1.50 is charged each month to your Funding Account. If this subscription payment dishonours over two consecutive months, we suspend your subscription as a precaution against possible overdrafts from your bank. You will be contacted prior to this action being taken.

Can I use the app if I have Two Factor Authentication with my bank?
We do not currently support multi-factor authentication as our primary focus is on maintaining an updated feed of a user's bank transactions - which is not practical with multi-factor authentication. This may change in the future with open banking.

What should I do if my bank card gets stolen?
If it is one of the linked bank accounts, you can unlink them in Settings>Linked Accounts

Who can I get in touch with to speak about my account?
You can get in touch with Credit Repair via the app in the Support tab
or email This email address is being protected from spambots. You need JavaScript enabled to view it.
or call support 133 493

What happens if I get another phone?
We operate in the cloud so your account and details are safe and the app can be downloaded on another phone. The round-ups and top-ups will still be processed even if the app is not currently installed.


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