This was posted 8 months 18 days ago, and might be an out-dated deal.

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Bonus $20 When You Sign Up for a New Saving/Investing Account & Make $100 Minimum Deposit @ Squirrel

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Bonus $20 When You Sign Up for a New Saving/Investing Account & Make $100 Minimum Deposit @ Squirrel
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Aba22 on 04/04/2024 - 13:29 squirrel.co.nz (610 clicks)
Last edited 04/04/2024 - 14:30 by 1 other user

https://www.squirrel.co.nz/invest

Successfully complete new registration after 10th March 2024 and make your first deposit on Squirrels peer-to-peer platform (the ‘Platform’) and be
eligible for $20 incentive in your Squirrel on-call account.
2. Each newly registered participant is only eligible for a single $20 incentive under this Promotion.
3. Squirrel will notify the participants by email within 2 working days after the $20 incentive has been deposited into their Squirrel on-call account.
4. The $20 incentive will be deposited into the Platform on-call account of each participant under this Promotion within 5 working days of their first deposit into their Squirrel on-call account.
5. Successful registration includes the completion of all verification processes in relation to your identity and personal information to our satisfaction.
6. If the participant begins their registration but does not make their first deposit before the Promotion ends for any reason, they will not be eligible for the $20 incentive.
7. This Promotion is only open to permanent New Zealand residents and participants must be over 18 years old on the date of their registration. All other standard terms and conditions of the Platform will apply and must be met and accepted by any new registration.
8. A deposit into their new Squirrel on-call account is required by participants registering on the peer-to-peer platform under this Promotion.
9. Squirrel will not be held liable for any failure to fully complete a registration and Squirrel takes no responsibility for any registrations which are delayed, incomplete or otherwise invalid.
10. Subject to any terms implied by law which cannot be excluded, Squirrel will not be responsible or liable, in contract, tort (including negligence), equity or otherwise for any direct, indirect, incidental, consequential, special, or punitive damage, or for any loss of profit, income or savings, or any costs or expenses incurred or suffered by you or any other person, arising out of, or in connection with, your access to, or use of, the Platform, it’s website or any linked websites, other than claims arising under the Consumer Guarantees Act 1993, where applicable.
11. In the event of unforeseen circumstances beyond Squirrel’s reasonable control, Squirrel reserves the right to cancel, terminate, modify or suspend the Promotion or amend these terms and conditions, either in whole or in part, with or without notice.
12. By registering on the Platform under this Promotion you agree to be bound by these terms and conditions and the standard terms and conditions of the Platform.

https://www.squirrel.co.nz/media/4729/20-credit-tcs.pdf

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closed Comments

  • Wakrak on 04/04/2024 - 13:35
    +2

    Last time this was posted (by you OP)
    https://www.cheapies.nz/node/45126

    Deposit is still $100 I believe.

    • memske on 04/04/2024 - 13:39

      Wonder if the referral for squirrel will get set up this time.

      • Wakrak on 04/04/2024 - 13:53

        Did anyone request it?

      • ace310 on 04/04/2024 - 14:04
        +1

        I don't see where or what the referral link is. I can't see anything on my squirrel account

      • Moderatorscrimshaw on 04/04/2024 - 19:04

        Please pop request in https://www.cheapies.nz/node/8153 for Neil to look at
        along with details:

        The URL format for the referral link
        Instructions to get the referral link
        Benefit for the referrers and referees.

        • AssociatedDave from Squirrel @ Squirrel on 05/04/2024 - 09:22

          Hi, I'm Dave Tyrer from Squirrel. I'll attempt to answer the questions posed.

          No referral is required, simply register, deposit, and get yourself verified and you're good to go.

  • P0KEMON on 04/04/2024 - 15:48

    Would anyone recommend squirrels on-call account over the westpac bonus saver? Obviously squirrel has a higher % but are there any other benefits with squirrel? thanks all

    • justaddwater on 04/04/2024 - 15:49
      +1

      bonus savers usually has restriction is how much money you can take out etc, this does not and is calculated daily (but only shown at the end/start of the month - i forgot)

      i recommend

      • P0KEMON on 04/04/2024 - 16:36

        That alone is worth it. Thank you

      • AssociatedDave from Squirrel @ Squirrel on 05/04/2024 - 09:24

        Justaddwater is correct. Westpac's Bonus Saver product requires you to make a deposit each month and not make withdrawals to earn the maximum interest rate. With Squirrel, you earn 5.25%p.a. on every cent in your account regardless of deposits and withdrawals you make during the month.

    • ace310 on 04/04/2024 - 16:01
      +1

      Squirrel is better, westpac has restrictions as mentioned above.

    • eh on 04/04/2024 - 19:17
      +2

      I’ve been using squirrel for a few months to pop my paycheck into and slowly withdraw over the month 😅 quick same day transfers, no issues after verification

  • jackvdbuk on 04/04/2024 - 19:12

    usual question - is this safe compared to say direct with bnz?

    • Slogan on 04/04/2024 - 19:55

      It's about the same - the money is held with one of two major banks (they don't say which ones).
      This means that even if Squirrel goes out of business you'll still be able to get your money back.

      • felixfurtak on 04/04/2024 - 20:10
        +1

        Does it actually mean this? Surely their secured creditors would be paid first from their assets if they were to go under. I could be wrong, but I don't have the same legal protection of saving at a bank.

        • Jexla on 04/04/2024 - 21:47

          It says it's held "on trust" what that means exactly I don't know…

        • Slogan on 04/04/2024 - 22:01
          +1

          On their website they say:

          "Any money that you put into your Squirrel On-Call account is held in a bank deposit with S&P AA- rated NZ registered main banks. To be 100% clear, the money isn't invested anywhere other than at a bank."

          "Your money is held on trust with major New Zealand AA- rated banks, which Squirrel earns interest on. We may deduct a Service Margin from the gross interest rate we receive from the banks, and we pass the rest on to you in accordance with the interest rates published by us from time to time on our website."

      • kfr23 on 04/04/2024 - 21:12

        They are going to be splitting on call accounts between multiple banks

        • AssociatedDave from Squirrel @ Squirrel on 05/04/2024 - 10:03
          +3

          Hi, yes we are splitting the money across two banks. It's a prudent thing to do given the balance in this account is now around $130m. We beleive this is in the best interests of our customers. Both banks are AA- rated.

    • AssociatedDave from Squirrel @ Squirrel on 05/04/2024 - 09:30
      +3

      With Squirrel, your money is held on Trust for you. To simplify things, that means the money is yours, and Squirrel is a custodian of the money for you. We act on your instruction to receive deposits into the Squirrel account, and make withdrawals back to your bank account, and will pay you interest as outlined in our agreement.
      All funds in the Squirrel On-call Account are held in a trust account split across two AA- rated banks.
      In the highly unlikely situation where Squirrel the company were to be liquidated, a receiver would be appointed to wind up operations. They would verify all On-call funds in the Trust were as expected and then make those funds available for withdrawal by customers. That process may take a few weeks - this is an assumption.
      Squirrel is audited every year by KPMG from both a financial and custodial perspective. We're also licensed by the FMA to provide these services.
      Hope that helps.

      • Bill on 05/04/2024 - 22:34
        +1

        Just out of interest, how are you able to provide a higher interest rate than banks if you are just putting the money in another bank?

        • AssociatedDave from Squirrel @ Squirrel on 06/04/2024 - 21:08
          +1

          Hi Bill, there is a reasonable chunk of change in that account, at the moment around $130m. We publish this on our website, so you can go look for yourself. That gives us some 'buying power'. In addition, we take a very modest margin, way smaller than the banks. All of that adds up to a better deal for our customers.

      • jackvdbuk on 07/04/2024 - 09:11

        To understand more , why would the savings go directly back to the saver and not say to other debt obligations i.e the ird if the worst was to happen?

        • AssociatedDave from Squirrel @ Squirrel on 07/04/2024 - 12:20

          Hi Jackvdbuk,

          When you invest in the Squirrel On-call Account, the money is held on Trust for you. This means your funds are ringfenced away from Squirrel the company, so if Squirrel the company was to fail your funds are separated already. We're acting as a custodian for your funds, so you're giving us the right to manage it for you. The underlying risk is that the banks we hold the funds with fail, and we're certainly not expecting that to happen int he foreseeable future.

          If you invest in Squirrel's Term Investments or Managed Funds, the risk profile changes, however your money is still held on Trust for you. If Squirrel the company were to fail and the loan book is performing well, then you're unlikely to suffer a loss.

          Clearly we do not expect Squirrel the company to fail, it's a profitable organisation!

          Hope that helps!

  • Bobtherobber on 05/04/2024 - 17:18

    Can you withdraw straight away?

    • ace310 on 06/04/2024 - 08:57

      Not for the $20 promo

      1. Squirrel will notify the participants by email within 2 working days after the $20 incentive has been deposited into their Squirrel on-call account.
      2. The $20 incentive will be deposited into the Platform on-call account of each participant under this Promotion within 5 working days of their first deposit into their Squirrel on-call account.

      Normally you can withdraw straight away without any issues. I have been using it for few months now.

    • AssociatedDave from Squirrel @ Squirrel on 06/04/2024 - 21:14

      Hi Bobtherobber, for our customers when they withdraw funds from their on-call account, it usually takes about 2hours to make it back to their bank account. Thats as fast as we can make it go as we're dependent on the banks payment systems to get the money to you. It may take longer with some smaller banks, however thats well outside our control.
      If you were referring to simply going through the motions to get $20, well, thats on you to decide. We think we offer an awesome savings proposition, and I'd love to have you as a customer leveraging what we have.

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