Unexpected expenses can pop up out of nowhere and put a real strain on our wallets. Whether it's a busted car, an unexpected medical bill, or a leaky roof, these things can catch us by surprise and leave us scrambling to find a way to pay for something new on top essentials, like rent, mortgage, groceries and regular bills. That’s why we’re so excited to tell you about a new addition to the roadmap called Rainy Day. Weather life’s unexpected storms and gain some much-needed peace of mind.
Quick Poll: What should we call our Rainy Day Reserve?
How Rainy Day Reserve Works
The idea behind Rainy Day Reserve is to help you set aside some cash in case of an emergency. Here’s how it works.
We help you to figure out how much you need.
Sorted recommends setting up an emergency fund to cover three months’ expenses. Debut will help you focus on reaching that first month first. After that, we’ll help you do the same for the second and third months. We can help you determine how much money you’ll need to set aside in case of an emergency. You’ll also be able to adjust this.
Grow your Rainy Day Reserve the easy way.
Like Savings Sheds, your Rainy Day Reserve can be topped up automatically, or you can use Money Maestro to sort your payday with a tap. Things like Boosts - change left over when you keep to your budgets – or Keep The Change – to round up expenses and disperse the change to your savings accounts. These are just a couple of the ways we help you to reach your goals faster.
Your Rainy Day Fund keeps growing.
With Debut, you’ll have the option to earn bonus interest on your Rainy Day Reserve. This interest will continue to grow after you’ve reached your goal. After you meet your reserve goal, you can let your Rainy Day Reserve keep growing or assign the extra cash to top up your Savings Sheds. Cool huh?
Why set up a Rainy Day Reserve
Peace of Mind
Whether it’s a breakdown on the road or in your kitchen, a natural disaster or a health issue, having a reserve set aside can help to alleviate some of the additional financial stress and anxiety these types of situations can bring.
Keep your savings goals on track.
When emergency strikes, it can be tempting to tap into your savings. Uh oh!: There goes the trip to Japan you’ve been planning or those new trainers you’ve been saving up for. A separate reserve allows you to tap into that instead of de-railing your savings progress.
When will Rainy Day Reserve become available?
Rainy Day Reserve is a new product on our roadmap to build New Zealand’s next-gen bank. Debut will start to become available later this year. Invite friends to help us make Debut Bank and move up the waiting list.
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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.
