Up Bank’s “addictive” new savings feature
The neobank has also made its 2019 product roadmap publicly available.
Digital bank Up has this week introduced a change to its savings round-up feature to allow users to send spare change into their accounts more easily. Announced on Twitter and added to the latest version of the app, Pull Up to Save simply means users need to pull down on their activity feed to send spare change into their savings account.
PULL TO SAVE IS HERE
Pull down on your activity feed to send your spare cents flying to the high heavens and straight into your round up enabled Saver. Download the latest version of the app and have more than $10 in your account to start pulling
⚠️Warning⚠️ Dangerously addictive pic.twitter.com/3Y5gl5FUvf
— Up (@up_banking) March 14, 2019
Savings round-ups have been available at Up since its launch when new sign-ups were guaranteed a bonus interest rate of 2.75% p.a. for four months. However, the conditions for continuing to receive the bonus interest rate were not confirmed until mid-January when the bank announced customers would need to make five or more transactions from their linked account.
The reactions to the Pull Up to Save feature have been positive, with users on Twitter calling the feature "addictive" and "rewarding".
The new feature comes as the bank released its full product roadmap, called The Tree of Up, on its blog. Product roadmaps are not a new thing for neobanks, with UK challenger bank Mondo making its product roadmap publicly available via a Trello board in 2016. Other banks and fintechs have also followed suit.
Up's blog explained that it opted for a tree roadmap to show that certain products and features needed to be developed before others could.
"It occurred to us that this evolution of technology is similar to our development approach with Up. A lot of the basics – sometimes called "table stakes" features – need to be developed in order to open up the more enticing, world-changing features down the track. You've got to walk before you can run, as they say," the blog said.
Up's tree is split into eight categories which then branch out into different products and functionalities. Some interesting ones to note on the tree are joint accounts and additional accounts, the ability to split bills and request money, shared savers, and right at the top an elusive "secret project".