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. We also have a $0.20 cap on any transaction

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, 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;

In the absence of full open banking in New Zealand, Akahu (our Open Banking partner) has had to use what's called “credential sharing” for some banks—this means you may receive a text or notification warning that the process is insecure or possibly a scam - in particular if you are a BNZ or Westpac customer. While this can be unsettling, it’s a temporary workaround used across the industry, and your data is encrypted and protected - your password is never transmitted to or stored within Feijoa. If you’re ever unsure, we recommend contacting your bank directly.

These messages will no longer be an issue once New Zealand fully implements open banking under the Consumer Data Right (CDR) legislation. Until then, New Zealand remains years behind places like the UK and Australia, where regulated open banking has been in place since 2018 and 2020 respectively.

Please visit this link for more information/troubleshooting help: www.akahu.nz/troubleshooting

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.