Fight inflation and grow your savings with two revolutionary new services in Debut!
Are rising costs eating away at your savings? Debut is here to help! We’re excited to introduce two game-changing features: Universal Interest and Savings PowerUps, designed to help Kiwis combat inflation and boost their savings.
🚀 Introducing Universal Interest – It’s out-of-this-world!
Imagine earning up to 5.10%* interest on every dollar in your Debut account, including your Cash Account and Savings Sheds. Sounds too good to be true? It’s not! Universal Interest is here to make it happen.
Awesome Interest Everywhere All at Once
- Cash Account Interest: Earn interest on every dollar, including money sitting in your everyday Cash Account!
- Higher Returns: Earn more than many traditional savings accounts without changing your spending habits.
- No Hidden Fees: Enjoy your interest without any lockups, fees, or penalties for withdrawals.
- Ease of Use: Continue using your account as usual, and watch your savings grow effortlessly.
- Funds Held in a Registered Bank: Money in Debut is held securely in a trust with a registered bank.
A breakthrough for Kiwis
We’ve been working tirelessly to make Universal Interest a sustainable service that helps Kiwis grow their cash and fight inflation. This launch is a huge win for all Kiwis, and we might even be one of the first to do it.
How Does Universal Interest Work?
Traditional banks earn interest from the money you deposit and keep most of the profits, paying minimal interest on savings accounts and often imposing fees and penalties. Debut is different. We’re on a mission to put $1 billion back in Kiwi pockets.
Universal Interest Explained:
- Earn Up to 5.10%: On every dollar in your Debut account, including your Cash Account. Interest rate is subject to change.
- No Restrictions: Use your account as you normally would, with no lockups or penalties.
- Monthly Payouts: Interest is calculated on a floating average of your balance and paid at the end of the month.
How is Universal Interest Paid?
Universal Interest is paid monthly into your Cash Account. Schedule a regular weekly or monthly top-up and grow your savings with Universal Interest.
How is Tax Calculated?
Debut handles the tax side for you, so you have one less thing to worry about. We are working on a tax facility within the app, but for now you can request records through the in-app-support.
Start Using Universal Interest Today
Get started in three simple steps:
1. Turn it on: Open the Debut App, go to the Home tab, find the Universal Interest banner, and tap Turn On. Ensure your app is up-to-date.
2. Provide Your Tax Details: Follow the prompts to provide your IRD number and NZ Tax Rate.
3. Done: Universal Interest will start working in the background, and you’ll be notified whenever you receive a deposit. Just use your account as usual.
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Boost your savings with PowerUps
Announcing Savings PowerUps — Level up your savings and boost your returns.
PowerUps are new flexible add-ons for Savings Sheds in Debut. You’re in control of how to grow your savings. Activate a PowerUp for any Savings Shed and earn returns through our investment partners.
* Interest rate is subject to change. Returns are not guaranteed.
Please note, Debut is not a registered bank under the Banking (Prudential Supervision) Act. This is about our future intentions. Investments with us are not supervised currently by the Reserve Bank of New Zealand.
