Homewards - boost your home deposit, effortlessly


(Benjamin Milsom) #21

Hi Micky,

Our core differentiation is getting the family involved, therefore multiplying the cashback saved, and then automatically transferring the funds directly into a Lifetime ISA (initially).

Otherwise you’d have to get your family to sign up to a cashback site, withdraw the money, transfer it to you, and then you’d have to transfer into your LISA. That may well work for you, but we want to help more people access cashback on their spending effortlessly.

Hope that explain why we’re different.

Thanks,

Ben


(Micky) #22

Interesting idea and maybe suitable for some people. Despite saving for a house deposit at the moment this isn’t something I would use


(Benjamin Milsom) #23

No problem. Hopefully you might be more interested once we launch. If you have any suggestions about what would make the difference for you then please let me know.

Thanks again,

Ben


(Matt) #24

Hi Ben

The following Lifetime ISA providers don’t accept third party payments:

AJBell
Transact-Online
Hargreaves Lansdown

Having a third party pay in could also result in an ISA oversubscribe - say I top up my LISA before tax year end and then cashback gets paid into it?

Yes, it would be interesting to see the breackdown of spend to achieve £7,000.

It sounds an interesting idea and I would be keen to see it when it launches fully.

Matt


(Benjamin Milsom) #25

Hi Mark,

We are in discussions with some of the ones you mentioned, and we have been told that it is a case of changing the T&Cs - of course not something that can be changed overnight. Fortunately there are however LISA providers that do not have the restriction, so we will just launch with those that can accept third party payments initially.

WRT oversubscription - the cashback will be held in a Homewards account before being transferred. We are still working on the exact workflows, but our current thinking is that we can hold onto any surplus until the next tax year and make available to transfer then. But, all ears for alternative solutions :slight_smile:.

RE breakdown - I’ll try and get you more details.

Separately, if you’d like to chat about Homewards and your company then please DM.

Thanks,

Ben


(Matt Jones) #26

I don’t use a LISA for FTB saving but I would be interested if the money could goto a SIPP or another savings account - will that be possible?


(Benjamin Milsom) #27

Hi Matt,

We are starting with the LISA, but we hope to expand to other types of accounts as we progress. It is largely due to us keeping things simple for launch :slight_smile:.

However, feedback like this really helps understanding where we should focus our attention next.

Thank you,

Ben


(Nick Slade) #28

Do you have a definitive list of companies that currently or will be offering Cashback through your platform, and what sort of % are we looking at?

I use Quidco and like the fact I can get my money as soon as it is available, but if the cashback offered via Homewards was better I would be interesdted in signing up - I just want to know what I am getting for signing up (I.E if I never shop at the retailers you are working with, it wouldn’t be worth my while to go through the hassel of signing up)


(Benjamin Milsom) #29

Hi Nick,

I do not have a full list I can share with you today, but you will recognise many of the brands and discounts that you are familiar with on Quidco (our website gives you a favour of some of them).

Where we differ from other cashback sites is that our proposition involves making it easier for your family to contribute too. The more barriers, the less likely they’ll take part - so we reduce those barriers i.e. cashback transferred directly into your Lifetime ISA.

Secondly, we are focusing not only on online cashback, but offline (in-store) too. There’ll be a range of local restaurants that you’ll be able to get cashback on when you spend with your linked card that are not currently available with the other online sites.

Hope that explains better where we differ.

Thanks,

Ben


(Nick Slade) #30

Thanks for replying. I’m sure this would be very useful for a lot of people, but personally, I don’t think it is for me. I will be keeping an eye on what happens next though!


(Richard Cook) #31

Hi all :wave:

I’ve confirmed @mil5om’s account.

And to be clear: we’re not working with Homewards at the moment. Nor do we offer an ISA (yet…).

But we’re happy for you to talk about this idea and give Ben your thoughts/feedback.


(Benjamin Milsom) #32


(lewis oconnor) #33

Got me very interested! Will it be avalible with the money box ISA? and is there any indication on how long cashback would take to credit?


(Benjamin Milsom) #34

Hi Lewis, we cannot confirm the full list of LISA providers that we parter with, but we hope to offer as wide a range as possible for launch (sorry for vagueness). Cashback length is dependent on retailers - normally post return period e.g. Hotels pay after the stay

Hope that helps.

Ben


(Matt Jones) #35

Sounds really interesting - look forward to see how this develops :+1:

I’m currently waiting for Moneybox to roll out their pension product (non LISA) as I want to use my round ups to contribute to my pension pot. Lots of potential innovation in this space in terms of helping people add to their financial future positively without even thinking about it.


(Stefano) #36

Probably not a product I will use, but I just wanted to say that I love the name Homewards, really clever! :slight_smile:


(John Biondini) #37

Nice idea, I just signed up although it would be great to use an API to apply cashback on online transactions too.
My referral link is https://vrlps.co/w8OfXM6/cp


(Benjamin Milsom) #38

Thanks @stefanocarlo! Curiously, can I ask why you wouldn’t use it? Because it’s cashback, you’re not saving for a home, or any other reason? Thanks, Ben


(Benjamin Milsom) #39

Thanks for signing up @johnbiondini. Currently online cashback is earnt through click-throughs, whereas in-store is through paying on an existing linked card.

There is other technology we could use for online transactions, however, we found that adoption from retailers is much less. We had to decide on a balance between ease and value, hence why we opted for value, providing our members with cashback from over 4000+ online retailers from day one.

Please let me know if you have any other thoughts/suggestions :slight_smile:

Thanks,

Ben


(Stefano) #40

Hi Ben, simply because I’m not planning to buy a house in the foreseeable future.