Everything you might want to know about Feijoa

Feijoa is available to anyone and 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, if your KiwiSaver provider is MAS, this fee will be fully covered for you and Feijoa is free to use ongoing. Rewards are completely free for everyone, regardless of your provider, so you can start enjoying the benefits from reward partners as soon as we announce them.

Round-Ups – After the first free month and if MAS is not your KiwiSaver provider, then the fee is 0.5% of transaction, capped at 15% of the Round-Up amount or 20c - whichever is less. For example if you buy a coffee for $5.50, with your Round-Up set to the nearest $1.00, your Round-Up will be 50c and your fee will be 3c.

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 – These 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.

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 your accounts, you will be securely redirected through our open banking provider, Akahu. Where possible, Akahu connects to banks using New Zealand’s regulated open banking system, allowing you to authorise the connection directly with your bank. This means you do not need to provide your internet banking credentials to Feijoa or Akahu. For banks or account types that are not yet supported by the regulated system, Akahu may use alternative connection methods to enable the service

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;

New Zealand has now begun implementing regulated open banking under the Consumer Data Right (CDR). Where possible, Akahu connects to banks using this regulated system, which allows you to authorise access directly with your bank instead of sharing credentials. However, the rollout is happening in stages, and some banks, account types, or features may not yet be fully supported. Feijoa is working closely with Akahu, banks, and regulators to support the rollout of regulated open banking and ensure regulated connections are available across as many institutions as possible.
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Please visit this link for more information/troubleshooting help: www.akahu.nz/

¹ There are occasional connectivity issues with AMEX that we're hoping will resolve as soon as Open Banking becomes more mainstream

² Can be used to monitor transactions for rounding and rewards but cannot be used as a funding account

Many of your transactions will be a whole dollar amounts like $5 or $10. With Feijoa you can still round up. Use the slider in the app to choose an amount between $0.00 and your Round-Up amount to invest whenever a transaction is an exact whole dollar amount.

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 the median round-ups and rewards from the past 365 days (or less if you're a new user) and projected them through to the recipient’s retirement age, based on the settings you’ve provided. If you’ve indicated that the recipient doesn’t receive the government contribution via PAYE, we’ve added $0.25 for every dollar contributed through Feijoa, capped at $260.72 per year.

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.