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Liberty has revamped Stash, its app that allows clients to save and invest simply.

When the app was launched, it used client's bank's transactional SMSes to detect every swipe of their debit, credit or cheque card. It used this data to round up the purchase value to the nearest R10 and collected the spare change, which was invested in a tax-free savings account, said Glenn Grimley, chief specialist: ecosystem products at Liberty.

Changes to Google’s global privacy policy have prevented the app from being able to detect SMSes, which resulted in changes being made to the way the app determines how much money customers choose to invest.

Grimley said: “In addition to adhering to South African legislative privacy rules and Google’s new privacy policies, we paid close attention to feedback from Stash customers.”

The features of Stash include:

* There are no fees, administration charges or trading costs.

* Stash allows you to put away small amounts every day, which adds up over time. Your spare change is invested in South Africa’s biggest companies and will grow with them as they grow.

* Stash checks the weather in your area every day. If it’s a sunny day, you stash your spare change. If it’s overcast, you don’t.

* Link your Stash app to your fitness app on your phone and Stash 5cents for every 20 calories you burn, 100metres you walk and 100 steps that you take.

* Didn’t have time for your daily cappuccino? Friend cancelled lunch at the last moment? Invest that spare cash by tapping a button on the app.

* If you find a little extra money in your bank account at the end of the month, you can boost the amount you’ve stashed by up to R1000.

“Stash allows customers to have full control over how much they invest every day. Each feature can be paused, stopped and restarted directly in the app at any time,” added Grimley.

Once you have been Fica'd, which is done via the app, you can cash out whenever you need your money. There are no complicated cash-out rules, early withdrawal charges or delays. Money is cashed out to the same linked bank card from which your contributions are made.

Stash is a tax-free investment account, which means you don’t pay any tax on your Stash investment. You can contribute up to R33000 a year, and up to R500000 over your lifetime into this tax-free investment. All the capital growth and investment returns are tax-free, further maximising the value of your investment over time.

You can find it on the Apple Store or Google Play. 

PERSONAL FINANCE