Welcome to Fintech Fridays! The Fintech Times new weekly roundup serves up something for the weekend – a shopping list of the latest deals, product launches and service updates.
Chase to expand rewards programme
Digital bank Chase, the consumer banking business of JPMorgan Chase & Co, has introduced a new monthly cashback offer for existing customers.
Under the monthly cashback offer – also available to existing customers after their initial 12 month offer expires – customers need to pay in £500 to their Chase current account each month to qualify for cashback. Chase caps cashback at £15 per month.
In addition, Chase is introducing interest on its current accounts for all new and existing customers from April. Customers can earn one per cent AER interest on all their current account balances, with no fees.
Shaun Port, managing director for everyday banking at Chase, said: “We’re expanding our rewards programme so our customers can continue to enjoy cashback on their everyday debit card spending. At a time when everyone wants their money to work harder, the introduction of one per cent interest on current accounts adds another way in which customers can be rewarded for banking with Chase.”
The new offer comes into effect for existing customers from 1 April 2023.
Starling Bank unveils fixed saver for business customers
Starling Bank launches its first savings product for small businesses. If offers a fixed interest rate of 2.5 per cent over one year on balances of £2,000 or more.
Account holders can transfer funds immediately in-app or using Starling Online Banking from their primary business account to a dedicated savings space.
Funds deposited in the Business Fixed Saver will not be accessible for one year. Interest accrued will also be paid at the end of the full 12 months, and customers can see the final value at maturity. Businesses can open multiple Fixed Savers to make the most of their savings.
“We launched our first savings product for personal customers just over a month ago, now it’s time to reward our business account holders with guaranteed returns, especially in this period of economic uncertainty,” says Anne Boden, chief executive of Starling Bank.
Yellow Card rolls out Bitcoin giveaway
Pan-African fintech Yellow Card’s new competition offers customers the chance to win one Bitcoin (BTC) worth approximately $23 000.
Its ‘A WHOLE in Your Wallet’ lucky draw competition runs until 26 March. It is open to all customers who buy, sell or send a minimum of $10 on the Yellow Card app.
John Colson, chief marketing officer of Yellow Card, says that over the years its customers have been an integral part of the company’s success and this campaign is an opportunity to give back.
Pennies and Trust Retail match donations on Random Acts of Kindness Day
Trust Retail has teamed up with micro-donation charity Pennies help encourage charitable donations when paying in cashless ways.
Pennies and Trust Retail will match the totals donated by customers of independent pharmacy chain Well using cashless payments on Random Acts of Kindness Day (17 February).
Well customers can donate 9p on top of their purchase when making a payment by card or digital wallet.
DanielHolden, group CEO at Trust Payments, said: “At Trust Payments, we strive to build a better, more sustainable tomorrow by helping businesses drive social and environmental change. We look forward to helping Well reach its fundraising targets and expanding this technology across our Trust Retail portfolio.”
The fintech charity has enabled over 158 million micro-donations. It has also raised over £39million for charities in the UK, Northern Ireland, and Republic of Ireland.
Hargreaves Lansdown launches online share exchange service
Hargreaves Lansdown’s new HL Share Exchange service aims to make it quicker and easier for clients to protect their investments and use their tax-free allowances.
Clients can sell shares in their general investment account and move the cash into a Stocks and Shares ISA or SIPP as part, or all, of their annual subscription. They can also buy back the same shares in the ISA or SIPP via an online instruction.
Tom Lee, head of trading proposition at Hargreaves Lansdown, says: “Given the cut to the capital gains tax (CGT) and dividend allowances coming in April this year, the benefits of Share Exchange to shelter your investments from tax are even stronger.”
TakeOff works with reforestation firm One Tree Planted
TakeOff, an impact payment fintech company, has joined forces with One Tree Planted.
For every TakeOff Card subscribed from the TakeOff App, the company will give $1 to One Tree Planted to plant one tree in Africa and Middle East.
The trees are planted by local partner organisations and community volunteers in areas where there has been deforestation.
The TakeOff Card is an upcoming eco-friendly payment card coming in spring/summer 2023. With a built-in carbon footprint monitor, the card helps people manage, cut as well as compensate their CO2 emissions.
Compound Banc launches savings bond for retail investors
Fintech company Compound Banc has launched its platform alongside its first product, Compound Real Estate Bonds (CREB).
Compound Banc was founded to make alternative wealth building products more accessible to retail investors.
Accredited and non accredited investors earn a fixed seven per cent yield on invested money with no fees and no minimums. Compound also offers tax-advantaged accounts that allow investors to save for retirement tax free.
MoneyLion partners with Column Tax to offer free tax services
MoneyLion is offering eligible users free tax filing services following a partnership with Column Tax, a personal income tax software company.
This integration means eligible users can file directly within MoneyLion’s app without having to rely on external services. Additionally, users who file their taxes through MoneyLion have access to their return up to two days early.
MoneyLion is also pairing its offering of tax filing services with a suite of educational content.
Adyen extends partnership with FREE NOW for Visa corporate travel cards
Adyen has broadened its partnership with FREE NOW, tbe European mobility platform, to offer card issuing for mobility.
With Adyen’s issued Visa business cards, companies can retain full control of when, where, up to how much employees can spend on travel.
To enable total mobility, the cards can be stored in employees’ digital wallets. Once uploaded, employees can use their FREE NOW branded Visa business cards to pay for taxis, train tickets, tap-to-pay metros, buses, trams, or any other transport point-of-sale.
