New Zealand financial services business, Booster, has launched Booster Savvy, an innovative smart account and Mastercard debit card. The new product provides a better way to manage how New Zealanders save and spend for the here and now, while also earning competitive returns, without penalty.
“With Savvy your money is working harder for you – but is still available. Booster Savvy is designed to take away the guesswork and help customers save and spend better by providing personalised insights, a way to portion out your money, savings tools and competitive returns. The account is tailored to each customer’s needs, forecasting, tracking, and nudging them towards better habits everyday,” says Diana Papadopoulos, Chief Customer Officer at Booster.
Savvy is underpinned by an investment account but with a debit card and NZ bank account number, providing customers with access to their money to enable day-to-day payments and transactions, while still making a return.
Booster has addressed the likely concern from customers that an investment account means their balance will bounce around. Every dollar put in is always worth a dollar. Offering a 5% return at launch, Booster is excited to be offering a more competitive return on every dollar, something different to what Kiwis have typically seen from standard on-call accounts.
“We saw a gap in the market to offer something that no one else is doing. While technology is creating so many new opportunities, the way we save and spend has stayed the same. With Savvy, we are bringing customers a new and powerful way to manage their money,” adds Papadopoulos.
Kiwis can feel confident that Booster Savvy will be accepted in more than 210 countries and territories, with cardholders able to make purchases everywhere Mastercard Debit is accepted. Booster Savvy is also supported by a trusted financial services partner network, including Banzpay, Moneythor, Apple Pay, and Google Pay, ensuring that customers can feel safe and secure using Booster Savvy.
The launch of Booster Savvy marks an important step for Booster.
“This is our way of helping Kiwis get on top of their daily finances to get ahead. New Zealanders will be familiar with Booster as one of the nine default KiwiSaver providers and the creator of the budgeting app, mybudgetpal. This latest innovation is our next step toward helping Kiwis build their financial resilience.
“Our aim is to help New Zealanders live with financial confidence, no matter what stage of life they’re at. One of the things our customers kept telling us, was how hard it was to manage day-to-day spending and saving. This is what Savvy is focused on.
“We piloted Savvy with family, friends and our existing members and the response has been extremely positive. We’re looking forward to the reaction from Kiwis – we think it’s a bit of a game changer,” says Papadopoulos.
Ruth Riviere, country manager, New Zealand and Pacific Islands, Mastercard, “We are excited to work alongside a local partner who’s breaking new ground in the personal finance space. At Mastercard we’re all about powering innovation and Savvy will bring an extensive range of new services and tools. Today, people are looking for more from their payment cards. Booster Savvy provides a lot of extra value on both the savings and spending side. That’s unique and we believe Kiwis are going to really benefit.”