1. WHAT IS USTASH?
uStash is an app that assists you in implementing an automated savings regime. Our aim is to help people reach their financial goals and relieve some of the financial stress that is so common in today’s society.
2. HOW DOES USTASH WORK?
uStash utilises a concept known as “round ups”. Once connected to the app, uStash automatically rounds up each of your transactions to the nearest dollar and at the end of the week deposits the total sum of those round ups into an account of your choosing (“destination account”). See below for examples of how a round up works.
E.g. 1) If you spent $3.50 on a coffee, uStash would round up $0.50 for you.
E.g. 2) If you spent $20 on petrol, uStash would round up $1 for you.
3. WHAT IS A BOOSTER AMOUNT AND HOW DOES IT WORK?
If you want to achieve your financial goals even faster you can add a booster amount to your round ups. A booster amount ranges from one dollar ($1) up to five dollars ($5). By default no booster amount will be selected.
E.g. you select a booster amount of $2. If you spent $3.50 on a coffee, uStash would round up $0.50 for you and then add $2 (the booster amount). The total round up to be transferred for that transaction would be $2.50.
4. WHAT IS A MANUAL TOP UP?
A manual top up is available if you would like to transfer money manually from your funding account to your destination account. All you have to do is nominate the amount and uStash will take care of the rest. This feature is available on the home page of the app.
5. WHAT IS A FUNDING ACCOUNT?
This is the account where your round ups will be withdrawn from at the end of the week. The funding account cannot be a credit card, it must be a transaction/savings account. uStash will not allow the funding account to be any type of credit card, overdraft account or other type of loan account or source of borrowed funds.
6. WHAT IS A SPENDING ACCOUNT?
These are the accounts that uStash will monitor for round up opportunities. Each transaction that takes place in these accounts will be automatically rounded up to the nearest dollar. You can add as many spending accounts as you’d like. In fact, if you use multiple cards for everyday purchases we recommend you add all of those cards. The total of all the round ups that take place in your spending accounts will then be withdrawn from your funding account at the end of the week.
7. WHAT IS A DESTINATION ACCOUNT?
This is the account where you’d like your round ups to be transferred to at the end of each week. Having difficulty deciding where to send your round ups? See Question 10 below for more information on this.
8. CAN MY FUNDING ACCOUNT AND SPENDING ACOUNT BE THE SAME?
Absolutely. If you only have one account that you use for all of your transactions then it is likely that these two accounts will be the same. However, if you use multiple cards for everyday purchases we would recommend adding all of those cards as your spending accounts.
9. CAN MY FUNDING ACCOUNT AND DESTINATION ACCOUNT BE THE SAME?
No, uStash won’t allow you to set your funding and destination account as the same account. This wouldn’t make sense as your round ups would be withdrawn from your funding account and then simply deposited back into the same account. If you don’t have a separate savings account we’d recommend you speak to your bank for financial advice and about the possibility of opening a separate high interest account.
10. I DON’T KNOW WHERE TO SEND MY ROUND UPS, WHAT DESTINATION ACCOUNT DO YOU SUGGEST?
Great question! We would suggest you speak to your bank for financial advice. However, if you have downloaded uStash to help pay off some type of debt we would suggest you make the destination account that debtor account, whether it be a credit card or personal loan account.
Likewise, if you have downloaded uStash to save for something such as a holiday or a new car then we would suggest you make the destination account a high interest savings account, if you have one. If you don’t have a high interest savings account separate to your everyday transaction account we would recommend speaking with your financial institution about what accounts they may be able to offer you. Once set up you can have your round ups deposited into that account where they can be left untouched to accrue additional interest.
11. HOW LONG WILL IT TAKE TO TRANSFER FUNDS FROM MY FUNDING ACCOUNT TO MY DESTINATION ACCOUNT?
If you are transferring between financial institutions, the time it takes to process and be deposited into your destination account is at the discretion of your financial institution. It can vary from 1 – 5 business days. If you are transferring between accounts with the same financial institution this should occur much quicker and in some cases almost instantaneously.
12. CAN I CHANGE MY FUNDING, SPENDING OR DESTINATION ACCOUNT?
Yes, if you’d like to change any of these accounts, you must first unlink the current account you are using and then add the new one you’d like to use.
13. HOW DOES USTASH CONNECT WITH MY BANK ACCOUNTS?
We use a third party provider called Fabric to help us out processing the round ups and accessing your transaction details. Fabric is an Australian service provider who only service Australia. They provide the infrastructure that allows us to collect and manage your bank account details and enable the transfer of round ups.
14. HOW SECURE IS MY PERSONAL INFORMATION?
uStash is serious about security and protecting your personal information. Our app has bank level security with state of the art app and browser encryption.
All of your data is stored with Amazon Web Services using AES-256 and SSL encryption. None of the data is stored on your phone so if your phone is stolen or you lose it you have nothing to worry about. Your peace of mind is very important to us so we have used only the highest standard of security and encryption when safeguarding your personal information.
15. I’M HAVING DIFFICULTY WITH THE APP PLEASE HELP
If you’re having problems with the app and it’s not related to connection issues, drop us a line so we can help to get you back on track and getting the most out of our app. Please email us on firstname.lastname@example.org.
16. I’M ALREADY USING ANOTHER APP THAT UTILISES ROUND UPS AS WELL. CAN I ALSO USE USTASH?
Absolutely. That will not affect how you use uStash at all. Simply sign up and connect your accounts and watch your round ups grow.
17. IS THE APP FREE TO DOWNLOAD?
The app is absolutely free to download and we only charge a small monthly service fee of $1.25. For more details please see our Terms and Conditions available on our website.
18. WHAT HAPPENS IF I LOSE ONE OF MY CARDS OR IT IS STOLEN?
Your account with uStash is not at risk if you lose one of your cards or it is stolen. However, you should still unlink the card in your uStash account. Once you receive the new card you can simply just reconnect that card.
19. WHAT HAPPENS IF I DON’T HAVE ENOUGH MONEY IN MY FUNDING ACCOUNT WHEN THE TOTAL ROUND UPS ARE DEDUCTED AT THE END OF A WEEK?
Unfortunately this is out of our control and it is up to you to ensure that there will be sufficient funds in your funding account when the round ups are deducted at the end of the week. Your financial institution may charge you fees if this occurs. uStash will not be liable for these fees and you should contact your financial institution if this occurs.
20. I’VE TRIED TO CONNECT MY BANK AT SIGN UP BUT CAN’T SEEM TO FIND IT, WHAT DO I DO?
We use a third party provider called Fabric to help us process the round ups and access your transaction details. Fabric is an Australian service provider who currently only services Australia. Fabric currently supports 18 financial institutions which covers approximately 99% of Australia’s financial institution’s customer base. The full list of those that are supported can be accessed at www.fabric.ac Unfortunately, there are some financial institutions that fall in the minority that are not currently supported by Fabric and cannot be accessed on the uStash app. If your financial institution is one of those that fall in that category please feel free to send us an email at email@example.com with your request to add your financial institution and we’ll do our very best to accommodate you.