HOW DO REWARDS WORK?
Based on a combination of achieving your savings goals and interaction frequency with the app, we will reward you with points. Accumulation of points lead to your choice of (a) in-app rewards, (b) discounts or gift cards, or (c) small donations to a cause. We are constantly on the hunt of adding partner companies to give you rewards and discounts that you like.
When we launch the investment platform, your investing goals and interactions will also give you points.
HOW DOES SALARY ADVANCE WORK?
HOW DOES SOCIAL BANKING WORK?
Seeing your friends go on holidays, eat out, or shop have made social media an influence for consumption and spending. Fox Money reverses this and uses the power of social media for the good to help you achieve your financial goals. Once you set your savings goals and if you decide to make it visible, your friends can see it (only as a percentage) and encourage you to achieve them — and vice versa. This is done through social profiles, social accountability mechanisms, peer-to-peer interactions, and leaderboards. The different leaderboards will be according to percentage saved, number of months of achieved savings in a row, and other customized ones. If you decide to, you can be invisible to others or switch the social feature off — but where is the fun in that?
WHAT DATA CAN MY FRIENDS SEE?
Your friends can see only as much as you allow them. No direct information about your account will be visible to anyone else other than yourself.
If you decide to turn the social feature on, we show savings percentage goals, months budget achieved, and other indirect statistics that socially encourages you but keep your privacy paramount.
HOW SAFE IS MY MONEY?
We use the highest standards of security and privacy as required by the authorities (plus more). Your money will be as safe as in any other bank. We will partner with Solaris Bank as the holder of your account which includes all the necessary and required insurance and protection in banking.
WHEN WILL I BE ABLE TO ACCESS THE APP?
We are busy building the app and we will launch it vey soon. A few of you will be selected to try the app for free on an early launch — of course with rewards based on the goals that you set and on how you use the app. Please sign-up on the early-access list for the chance to be selected.