Editorial Team

Editorial Team

Manage Your Money Better — Without The Pain Of Moving Banks

People don't stay with banks because they’re happy; they stay because they can't stand the thought of moving. Unifimoney and Astra have removed the need to switch at all, so you can get the best of both worlds.

Unifimoney conducted hundreds of customer interviews and more than 85% of respondents stated that moving their salary and direct debits like mortgages were the most significant barriers to switching their primary bank, regardless of how much they disliked their current bank or how much better a new bank could serve them.  

So, Unifimoney has solved for the pain of switching through automation. Now you can get all the features and functionality of a cutting-edge investment and money management platform like Unifimoney but without the pain of moving your primary bank. Unifimoney has partnered with Astra to automate money movement between accounts securely and easily with funds arriving next day (and soon, same day and realtime).

There is a huge paradox about people and money — we sacrifice the best years of our lives and time with people we care most about in the world to work to get more of it. We’ll do almost anything to get money — but we won’t move their bank. No, we won’t do that.

Change city, move job, study for exams and qualifications? No problem. Spend the time moving your salary and mortgage over? No way. Even though doing so and managing your money better could radically increase your speed to financial independence and the ability to control your future.

So when a new investment and money management service is launched that can help you better manage your money with less effort, you don’t do it because just the act of changing banks is perceived as too great. And it’s not as if the legacy Big Brand Banks make it easy. 

Unifimoney’s philosophy and purpose is to make saving and investing as easy as paying for an Uber. It is now so easy to pay for things that, in many cases, the act of paying itself has disappeared — automated recurring subscriptions, stepping out of an Uber or walking out of Amazon Go — there is no moment of payment. It's automatic and in the background. Have you ever wondered how the financial services industry, without any government legislation or regulatory pressure, has managed to solve the friction in payments? It’s because it's in the economic interest of banks and merchants to make it easy for people to pay. The easier it is, the more they spend, and the more frequently they buy.

But Big Brand Banks make nothing if your deposits are invested somewhere else — investing may be better for the consumer but not the bank. Without an economic incentive to make saving and investing easier for consumers, it's not going to happen.

So how can we solve for the pain in moving banks? 

We think the answer is in removing the need for moving banks at all. Keep your old bank, don’t change your salary deposits, keep your mortgage.  

Instead, move the money automatically, quickly and in the background. So, you can benefit from the innovation offered by the most advanced “self-driving” product experience without the need to disrupt your existing legacy banking relationship

To do this Unifimoney has partnered with Astra. Astra’s platform allows consumers to easily and securely move money between linked accounts, like between your legacy Big Brand Bank and Unifimoney. The rollout is in 2 phases:

Phase 1 (in latest release) - deposits initiated from the Unifimoney app will be available next day (T=1) when completed before the 2pm PST (5pm PST) cut off. Funds sent before the cut off will be available in your account the next business day. The maximum transaction value is $10K but there is no restriction on how many transactions. 

Phase 2 (over the next few weeks) - set your own programmable rules for transferring funds e.g:

  • Move a fixed amount on a specific day or days in the month like payday
  • Automatically move money when your Unifimoney balance is less than a target amount
  • Sweep any funds over a certain threshold to your Unifimoney savings account at the end of the month
  • Transfer a certain percentage of inbound deposits from your existing checking account into Unifimoney
  • Send money to an individual using their email address

Astra also includes enhanced security and fraud protection for linking accounts and money transfers.

Big Brand Bank checking or savings accounts aren’t built to build wealth - at least not of their customers. They’re a storage locker for your money; with inflation slowly eroding the value of the funds held there.

We recognize the pain involved in moving banks despite this.  So, we’ve made it simple to move money each month to your Unifimoney account, so your money can be put to work and grow. 

Partnering with Astra means you can keep your old bank account but still get all the benefits of Unifimoney without effort.

So, sign up today!

*Important information and disclaimers

The above does NOT constitute an offer, solicitation of an offer, nor advice to buy or sell specific securities. The opinions listed above are not the opinions of Unifimoney Inc. or Unifimoney RIA, Inc. but represent the opinions of independent contributors. These contributors may or may not hold positions in the stocks discussed. Investors should always independently research any stocks listed and form their own opinions, while recognizing that any investments made may lose value, are not bank guaranteed and are not FDIC insured.