What is Longevity App?
Longevity App is a mobile app that helps you save extra money for your retirement.
How does Longevity App work?
Longevity App helps you proactively boost your Superannuation but in such a kick-arse way that you barely even realise you’re doing it. We automatically top up your Super account based off your everyday spending and transactions, calculated as a percentage of your spend (default 1%). So if you spend $100 on groceries, an additional $1 (or 1%) would get tallied up to go into your Super at the end of the month.
What makes Longevity App different?
That one’s easy! There’s no other app around that automatically that tops up your Super calculated as a percentage of your everyday purchases – into whatever super account you choose.
Why should I use Longevity App?
Did you know that most Australians think they have 23 years’ worth of retirement savings when in fact they only have 10? That’s a whopper of a shortfall!! But we get that you have other things to think about and spend your money on now, which is why we developed Longevity App so that you can let the wonders of compound interest work hard on your nest egg and bridge that retirement gap without you feeling the pinch. Importantly, we’re an independent, Super fund agnostic start-up, led by a remarkable team that gets the problem (we’re stuffed in the Super department at the moment too just quietly).
We’re not a bank, we’re not a super fund. We’re Longevity App.
Who is Moneytech?
We use Moneytech as our payments provider to get the top ups into your super account. They’re one of Australias best payment providers, offering a safe and secure payments gateway.
How does Longevity App know how much I’ve spent?
We have partnered with Yodlee – the same technology chosen by 600 leading banks, financial institutions and companies around the globe – to be able to see what your transactions are so that we can calculate the top ups. Yodlee is the industry leading data aggregation provider which allows us understand your bank account transactions so we know how much to top up your Super, as well as see what your current Super balance is. Yodlee has no known security breaches to date, which is rather impressive.
Can I make a one-off contribution through Longevity App?
Not at the moment. Do you want to? Let us know! And if there’s any other features you’d like us to build let us know at email@example.com so we can get that done while we’re at it.
What if I’ve got no money in my funding account when you want to transfer the top ups?
We do whatever we can to make sure we’ve got you covered. Our default setting is to transfer your top ups at the beginning of each month so that you can plan ahead to have enough cash in your funding account that we direct debit from. We also send you an email prior to the direct debit to remind you to make sure you have the funds available.
Alternatively you can in the settings page of the app transfer your top ups into your super account from as low as $20 (e.g. every time you accrue $20 worth of top ups we will automatically add it to your super instead of waiting until the end of the month). We won’t transfer any money into your Super account until you have accrued at least $20 worth of top ups. So if you don’t accrue $20 worth of top ups that month, no money will go into your super account until the minimum $20 has been reached.
Also, you can also set a cap in the settings page of the app to limit how much you top up into your Super each month to help with your budgeting too. Another phew!
Whatever you do, it’s up to you to make sure you have enough funds in your funding account when the top ups are deducted to go into your Super account. Your financial institution may charge you fees if this occurs. Longevity App will not be liable for these fees and you should contact your financial institution if this occurs.
What happens if I delete Longevity App from my device, or get a new phone?
Longevity App is in the cloud and your account is safe even if you delete the app or get a new phone or device. Automatic top-ups into your Super fund will still be processed even if the app is not currently installed.
How secure is my money and personal information?
Longevity App has multi-layer, bank-level security. All information is encrypted using 256-bit AES encryption. Your personal information is entered through Secure Socket Layer (SSL), which creates an encrypted connection between your browser and our servers. This information is kept encrypted at all times. Your bank login credentials are stored securely using multi-layered hardware and software encryption. We only store the information needed to save you the trouble of updating, syncing or uploading financial information manually.
I’m already using another app that uses round ups, can I still use Longevity App?
Yes, of course, though we top up as a percentage of spend rather than round up to the nearest dollar. The maths is easier that way! Using other similar apps will not affect how you use Longevity App at all. And we’re the only one that connects to your existing Super. Simply sign up and connect your accounts and watch your nest egg grow.
How much does the app cost?
Longevity App is absolutely free to download and we only charge a small monthly service fee of $1.99, or if you want to save more you can take out an annual subscription of only $19.95. Best of all you get a 30 day free trial so you can make sure it’s right for you first.
When do the top ups get taken out of my account?
We tally your top ups daily and deduct it at the end of the month as long as you’ve accrued the minimum $ of top ups in that month (default $20). If you haven’t, we’ll deduct $20 from your savings (funding) account and put it into your super account when you reach the transfer amount. You can change this amount in your settings page.
If you prefer, you can send you top ups to your Super whenever you reach a dollar amount (e.g. every $20 or $50 worth of top ups that you have accrued).
What if I buy something really big and expensive, will a massive super contribution go into my super account?
Good Question! Don’t worry, we have a range of user settings so that you can control the top ups that get sent into your Super account. For instance, if you set your max monthly top up amount to $20, no matter how much of a blow out you may have had through your various spending accounts synced to the app, a maximum of $20 would go into your super. Phew!
I have an SMSF, can I use Longevity App?
Not yet – but soon! As we use BPAY to transfer your top ups into your Super, it doesn’t work for SMSF’s but with a quick tweak and polish we’ll have a new version out there for you soon. Stick your name on the list here if you want us to let you know when it launches.
What happens if one of my cards linked into the app is lost or stolen?
Your Longevity App account is not at risk if you lose one of your cards or it is stolen. However, you should still unlink the card in your Longevity App account. Once you receive the new card you can simply just reconnect that card.
Set up and troubleshooting FAQs
Can I change my funding and or spending account?
Yes, you can change your funding and spending accounts. If you wish to change accounts, you must first unlink your current funding or spending account, then add a new one.
Can my savings/funding account be the same as the spending account that I link up with Longevity App?
For sure. If you only have one account that you use for all of your transactions then it is likely that these two accounts will be the same. However, if you use multiple cards for everyday purchases we would recommend linking all of those cards as your spending accounts.
What is BPAY and how do I find my BPAY reference number for my Super account?
A Bill Payment (or BPAY for short) is a way to pay your bills and is used by Super funds to allow members to make a voluntary contribution. It is Australia’s most widely used bill payment service which enables bill payers to transfer funds electronically from their bank accounts to billers.
To top up your super we need your BPAY biller ID and reference number. If you grab your statement from your super fund (or look up your membership online) you’ll see your BPAY information on your statement. Failing that get a bit old school and pick up the phone and call your super fund.
IMPORTANT: There are a few different types of reference numbers for different types of contributions that you can make into your super account. Make sure you enter the reference number for something called your voluntary/member/personal contribution (super funds like to call them different things it turns out).
Still stuck? Find out more information about your Super fund’s BPay details here: http://www.bpay.com.au/Personal/Find-Biller-Codes-or-Financial-Institutions.aspx or get in touch with us and we’ll see if we can help.
I’ve changed Super funds. What do I do?
Super simple, we support virtually all Super funds – just go into the Super accounts in the menu within the app and enter your new BPAY biller code and reference number associated with your new super fund.
Also make sure that you hook it up in the track my super balance screen so that you can watch your super account grow and grow and grow on our dashboard.
What do you mean by funding account?
This is the account where your Super top ups will be withdrawn from, either each month of whenever you reach your savings top up threshold, depending on how you’ve set it up. The funding account cannot be a credit card/overdraft account/loan account, it must be a transaction/savings account. Basically, we don’t want anyone to be getting themselves into debt through their super contributions!
I’ve tried to add my bank and/or super accounts to Longevity App when signing up but can’t find them on the list?
We use a third-party provider track your spending and super account balances. There may be occasions where your financial institution isn’t supported. If you can’t find your financial institution or super fund get in touch at firstname.lastname@example.org with your request to add your financial institution and we’ll work extra hard to sort it out!
How long will it take to transfer funds from my funding account to my Super account?
It will take a few business days for the top ups to show up in your Super account.
My transactions aren’t showing up in the app when they were before?
Sounds like the connection between the bank may have stopped. In this case we need you to login in to your bank again via the add another bank function of the app. If after 24hrs transactions are still not showing up please get in touch at email@example.com and we will get onto it.
Help! I’m having problems with my app!
If you’re having problems with the app and it’s not related to connection issues, drop us a line so we can help to get you back on track and getting the most out of our app. Please email us on firstname.lastname@example.org.
Why does Longevity App need my bank login information?
We need to know your banking details so that we know how much to top up your super account and let you see it all in the fabulous dashboard. However, your login information is not stored and is not viewable by Longevity App – it’s simply used to understand your spending activity. This will not enable money to be transferred from your bank account.
How do I close my account?
Longevity no longer? We’d be super sad to see you go and would love to know why if you wish to close your account. If you have recently created an account with us, you have 30 days from sign up to request in writing at email@example.com that your account be closed to exercise the cooling off period that was agreed to upon sign up. After than that you can choose not to renew your subscription after your subscription period ends.
Also note, that uninstalling the app does not close your Longevity App account, or cancel any pending/scheduled transactions into your Super.