New Savings Platform Wedge Money Launches Today To Help New Zealanders Reclaim $1 Billion In Lost Interest

A new digital savings platform, Wedge Money, has launched today with the bold ambition to return up to $1 billion in interest income annually to everyday New Zealanders.

New Zealand has long struggled with one of the lowest household savings rates in the OECD. Recent research shows that 52% of New Zealanders would not have sufficient savings to cover two months without income.

According to Wedge Money, this savings gap is compounded by the major Australian banks, which are estimated to be short-changing New Zealand savers by approximately $3 billion in interest annually, by offering extremely low returns on on-call savings accounts while collecting record profits year on year.

To combat this “daylight robbery”, Wedge has launched a new app and web-based savings account, designed to disrupt the banking status quo and deliver better outcomes for Kiwi savers.

The Wedge Savings Fund blends the accessibility of a traditional on-call bank account with the higher returns typically associated with professionally managed, low-risk investment funds.

On launch, the Fund will offer a return of 4% annually, when the current average unconditional savings rate with the banks is 2.04% (source: RBNZ).

Co-founded by brothers Dave and Andy McLeish, Wedge brings together deep financial expertise and a shared vision to improve the financial wellbeing of everyday New Zealanders.

Dave McLeish is a seasoned fund manager with decades of experience managing low-risk investment portfolios. He says that collectively, New Zealanders miss out on billions of dollars every year due to a lack of viable savings alternatives on the market.

“While there’s been a wave of innovation in the savings sector internationally, with money managers providing smart, flexible alternatives to traditional bank offerings, it hasn’t hit New Zealand’s shores yet. But we’re proud to be changing that with Wedge,” he says.

“We’ve created the Wedge Savings Fund as an option for people who want to maximise their savings, by delivering a consistently competitive savings rate with on-call flexibility,” he says.

The Wedge Savings Fund offers:

• A set rate of return that outpaces traditional on-call bank accounts.
• Customers ready access to their funds.
• An account backed by high-quality global cash and fixed income investments, typically difficult for personal savers to access.
• Peace of mind, with a Fund that carries a weighted average credit rating aligned with that of the major banks.

“Our goal was to develop a savings offering that combines performance, security and ease of use. For too long, access to quality financial tools has been limited to the wealthy or institutional investors. With Wedge, we’re putting those tools directly into the hands and pockets of all New Zealanders,” says McLeish.

Built with user experience at its core, the Wedge mobile app has been designed to appeal to both first-time savers and experienced investors. Savers just need to deposit $1 in to start their savings.

A key feature of the website is the Wedge Savings Calculator, which allows users to forecast their savings growth and see a direct comparison against the returns offered by traditional bank savings accounts.

The app is now available for free download on both iOS and Android platforms.

To learn more visit: www.wedgemoney.co.nz

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