TFT’s weekly solution of product news and offers 17/02
Welcome to Fintech Fridays! Fintech Times new weekly roundup serves up something for the weekend – a shopping list with the latest offers, product launches and service updates.
Chase to expand rewards program
Digital banking Chase, the consumer banking business to JPMorgan Chase & Co, has introduced a new monthly cashback offer for existing customers.
Under the monthly cashback offer – also available to existing customers after their first 12 month offer expires – customers must pay £500 into their Chase current account each month to qualify for cashback. Chase caps cashback at £15 per month.
In addition, Chase is introducing interest on its current accounts for all new and existing customers from April. Customers can earn one per cent AER interest on all their current account balances, with no fees.
Shaun Port, executive director of everyday banking at Chase, said: “We’re expanding our rewards program so our customers can continue to enjoy cashback on their everyday debit card spending. At a time when everyone wants their money to work harder, the introduction of one percent interest on checking accounts another way customers can be rewarded for banking with Chase.”
The new offer comes into force for existing customers from 1 April 2023.
Starling Bank unveils fixed savings for business customers
Starling Bank launches its first savings product for small businesses. If offers a fixed rate of 2.5 per cent over a year on balances of £2,000 or more.
Account holders can transfer money instantly in the app or using Starling Online Banking from their primary business account to a dedicated savings account.
Funds deposited in the Business Fixed Saver will not be available for one year. Accrued interest will also be paid at the end of the full 12 months, and customers can see the final value at maturity. Companies can open several regular savers to get the most out of their savings.
“We launched our first retail savings product just over a month ago, now is the time to reward our business account holders with guaranteed returns, especially in this period of economic uncertainty,” says Anne Boden, CEO of Starling Bank.
Yellow Card rolls out Bitcoin giveaway
Pan-African fintech Yellow card new contest gives customers the chance to win one Bitcoin (BTC) worth approximately $23,000.
Its “WHOLE in your wallet” contest runs until March 26. It is open to all customers who buy, sell or send a minimum of $10 on the Yellow Card app.
John Colson, marketing manager at Yellow Card, says that over the years the customers have been an integral part of the company’s success, and this campaign is an opportunity to give back.
Pennies and Trust Retail will match donations on Random Acts of Kindness Day
Trust retail has teamed up with charity for micro-donations Pennies help encourage charitable donations when you pay in cashless ways.
Pennies and Trust Retail will match the sums donated by customers of independent pharmacy chain Well using cashless payments on Random Acts of Kindness Day (February 17).
Well customers can donate 9p on top of their purchase when paying by card or digital wallet.
DanielHolden, CEO of Trust Payments, said: “At Trust Payments, we strive to build a better, more sustainable tomorrow by helping businesses drive social and environmental change. We look forward to helping Well achieve its fundraising goals and expand this technology across our Trust Retail portfolio.”
The fintech charity has enabled over 158 million micro-donations. It has also raised over £39 million for charities in the UK, Northern Ireland and the Republic of Ireland.
Hargreaves Lansdown launches online share exchange service
Hargreaves Lansdowns the new HL Share Exchange service aims to make it faster and easier for customers to protect their investments and use their tax-free allowances.
Customers can sell shares in their general investment account and move the cash into a stocks and shares ISA or SIPP as part or all of their annual subscription. They can also buy back the same shares in the ISA or SIPP via an online instruction.
Tom Leehead of trading proposition at Hargreaves Lansdown, says: “Given the cut in capital gains tax (CGT) and dividend allowances coming in April this year, the benefits of the Share Exchange to protect your investments from tax are even stronger.”
TakeOff collaborates with the reforestation company One Tree Planted
Take off, an impact payment fintech company, has teamed up with One tree planted.
For every TakeOff card subscribed from the TakeOff app, the company will donate $1 to One Tree Planted to plant one tree in Africa and the Middle East.
The trees are planted by local partner organizations and community volunteers in areas where there has been deforestation.
The TakeOff Card is an upcoming eco-friendly payment card coming spring/summer 2023. With a built-in carbon footprint monitor, the card helps people manage, cut and offset their CO2 emissions.
Compound Banc launches savings bonds for private investors
Fintech company Composite Banc hair launched its platform together with its first product, Compound Real Estate Bonds (CREB).
Compound Banc was founded to make alternative wealth building products more accessible to retail investors.
Accredited and non-accredited investors earn a fixed return of seven percent on invested money with no fees and no minimum requirements. Composite as well offer tax-deferred accounts that allow investors to save for retirement tax-free.
MoneyLion partners with Column Tax to provide free tax services
MoneyLion offers qualified users free tax registration services after a partnership with Column taxa personal income tax software company.
This integration means that eligible users can file directly in MoneyLion’s app without having to rely on external services. In addition, users who file taxes through MoneyLion have access to their return up to two days early.
MoneyLion also pairs its offering of tax filing services with a range of educational content.
Adyen expands partnership with FREE NOW for Visa corporate travel cards
Adyen has expanded cooperation with FREE NOW, tbe European Mobility Platform, to offer card issuance for mobility.
With Adyen’s issued Visa business card, companies can retain full control over when, where, up to how much employees can spend on travel.
To enable total mobility, the cards can be stored in employees’ digital wallets. Once loaded, employees can use their FREE NOW-branded Visa business cards to pay for taxis, train tickets, subway stations, buses, trams or other transportation options.
