Everything you might want to know about Feijoa

It is free for the first month. After that, there is a small fee to use the Round-Up feature. Like paywave but a lot less. However, rewards are completely free to you, so you can start enjoying the benefits from reward partners as soon as we announce them.

Round-Ups There is a small fee to use the Round-Up feature. The fee is 0.5% of transaction, capped at 15% of Round-Up amount, rounded to the nearest cent. For example if you buy a coffee for $6.55, rounding up to the nearest $1.00 to $7.00 and therefore round up 45c, your fee will be 4c.

If your fee is less than 1c we will round that down to $0. For example if you buy something for $0.95 and you round up to $1.00, your Round-Up will be 5c and your fee will be $0.0048 which will be $0.

Rewards are completely free so start enjoying the benefits today and build your future or the future of your loved ones as soon as we onboard partners.

You can always see the fees that have or will be charged in the Feijoa app on your transactions page.

Absolutely, you can use the Round-Up settings to pause round-ups or reconfigure the amount to be rounded up. You can also easily close your account under settings in the App.

Projections are calculated in accordance with the requirements of the Financial Markets Conduct Regulations 2014 and are displayed in today’s money (real terms). We’ve used your average round-ups and rewards from the past 365 days (or to date if you have been contributing with Feijoa for less time) and projected them through to the recipient’s retirement age, based on the settings you’ve provided or default age of 65. If you’ve indicated that the person doesn’t receive KiwiSaver contributions through PAYE, we’ve included a contribution of $0.25 for every dollar added through Feijoa, up to a maximum of $260.72 per year. The chart assumes an annual return rate of your fund based on your setting in the app and annual spending growth of 2.75%. The total shown reflects the estimated future value in today’s dollars, adjusted for 2% annual inflation

To use the Round-Up feature, you need to link both a transactional bank account (where purchases are monitored for Round-Ups) and a funding account (which covers the Round-Ups and associated fees).

Your transactional and funding account can be the same, however you cannot link a credit card or similar account as a funding account.

When linking, you'll enter your online banking credentials through our open banking provider Akahu, but Feijoa and Akahu do not store or retain these details.

The app uses this information to import spending history and facilitate round-up transfers. You can link multiple accounts as needed.

Summary:
‍Transactional Account(s) - The accounts you monitor for round ups. Can be a credit card.
Funding Account - Where the round ups are drawn from. Noting a credit card cannot be used for funding

When you sign up with Feijoa, you’ll need to connect one of your existing accounts via our NZ-based open finance provider, Akahu. It's a simple, one-time process that takes a minute or two.

Feijoa doesn't see or store your login credentials.

Feijoa works with;

ANZ
ASB
BNZ
The Co-operative Bank
Heartland
Kiwibank
NZHL
Rabobank
SBS
TSB
Westpac

Akahu has been independently certified as compliant with ISO 27001:2022, a global standard for information security management.

Both Feijoa and Akahu use modern cloud services (AWS) in order to leverage their world leading infrastructure and security controls, use modern encryption standards like AES 256 and TLS to keep your data safe and private, and carry out regular internal and external security testing.

Further Feijoa never handles your financial account credentials (all access is managed via Akahu), encrypts your data both in transit and rest and performs regular monitoring of all transactions to highlight any irregularities.

Feijoa provides automated transaction services to facilitate Round-Ups from your linked bank accounts to your configured recipients KiwiSaver accounts .

Feijoa does not access your KiwiSaver account directly or provide financial advice. It does not hold or manage KiwiSaver funds.

Feijoa generates revenue primarily through the small fees charged on Round-Ups. There may also be opportunities for revenue through partnerships with businesses that offer rewards through the platform - but this won’t diminish your reward.

Nothing. Things still work the same. Your account is cloud based. However, you will not be able to reconfigure things and stop round-ups without the app.

We’re a team of six passionate Wellingtonians with deep expertise in financial markets, determined to help Kiwis grow their future wealth in a way that feels natural. We know that small changes add up, and by gamifying the process, we’re making saving for retirement something you’ll actually want to do.