Tuesday, June 25, 2024
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Introducing Communion, The New Saving App That Rewards Commitment And Community

Today sees the launch of Communion, a new app created to arm the nation with an ‘F.U.nd’ – a financial buffer against the world.

Founded with the belief that ‘saving is freedom’, Communion is the first app of its kind to provide the right conditions for building wealth including habit formation and behaviour change training as well as the tools to save and grow earnings.

The launch comes at a time of great financial uncertainty fueled by rising interest rates, cost of living hikes and pay freezes. Communion’s own research* found that 94% of 18-40 year-olds have suffered from money anxiety and for one in four of them, there’s not a day that goes by when they don’t worry about money. Half of those surveyed believe they will never have enough money.

Founder and CEO of Communion, Daniel Hegarty, says: “We believe everyone has the ability to take control of their money and build a buffer against the world, so long as they’re given the right conditions, tools and support to do so. We created Communion for people to fix their relationship with money and live life with more autonomy and less fear.”

“You want to go on holiday. You want to move to a nicer area. You want to quit your day job. You just want to feel less anxious about money. The difference between doing the thing you’ve always wanted to do, and never having the chance isn’t hustling, get-rich-quick-schemes or meme stocks – it’s saving. But as simple as that sounds, saving is a really hard thing to do. Pretty much everything around us prevents us from being able to hold on to what we earn and no one is currently tackling the underlying pressures and biases that are at play when it comes to money.”

Unlike any other finance app, Communion delivers:

  • Mindset, skills, knowledge: unlike any other finance platform, Communion uses psychology and behavioural science to tackle underlying and pervasive money anxiety. Members are coached through a personalised 12-step wealth-building plan and explore their own unique relationship with money with the help of Communion’s community and unlimited access to its team of Money Guides
  • Up to 5.66% on savings: earn 3.66% AER in an FSCS-protected easy-access savings account from day one. Unlike any other savings account, Communion has integrated a unique top-up bonus feature which allows each member to earn up to an additional 2% on their standard rate of 3.66% AER by inviting friends to join them in the app. Friends who sign-up and remain members of Communion also benefit from a 0.2% bonus and can, in turn, boost their standard rate by inviting their friends. Returns of up to 5.66% make Communion’s savings account one of the most competitive on the market today
  • Financial autonomy: all members build an ‘F.U.nd’ that will ultimately give them the control and confidence to say “eff you” to anyone or anything that’s holding them back. Communion’s unique autosave technology allows savers to incrementally reach their personalised saving target over time

Dr. Ricardo Schäfer, partner at Target Global, said “We’re thrilled to be supporting Dan and his team at Communion on their mission to arm people with a financial buffer against the world. Fintech and the finance industry at large are awash with money apps and tools but none that go to the heart of what it really takes to build wealth with confidence and control. With the backdrop of the cost living crisis and rising concerns about the nation’s financial future, there has never been a better time to address the advice gap in the UK.”

All members start their Communion experience the same way: by opening an FSCS-protected savings account and practising a daily saving ritual for 10 days. During this time, members are encouraged to reflect on beliefs they hold about money and the way they spend while ritually saving just £1 a day. This small act of saving repeated daily is designed to embed and reward good money habits. After this initial saving ritual, members are invited to automate their saving and start personalising their own wealth-building plan in line with their goals and values. Communion’s proprietary autosave technology allows people to increase their savings incrementally over time so that they reach their personal saving target steadily and painlessly.

Members have unlimited access to Communion’s team of Money Guides – real people with personal finance experience – for all-important help and answers to their burning money questions. Habit-forming ‘Doses’ developed by Communion’s in-house economist deliver important knowledge whilst embedding good money behaviours and unpicking harmful beliefs about money. Communion’s curated content feed features ‘On the street’ interviews, ‘Confessionals’, psychology of money deep-dives and member AMAs. All are designed to lift the lid on money stories and attitudes and offer a place for Communion’s community to interact and spark important conversations about money.

Hegarty continues: “Of course, money is a deeply personal and complex thing for all of us. No two people’s experiences of it are the same. But one thing is almost universally true: we all feel anxious about it. That’s because whether you have a little or a lot, the anxiety we feel is never just about money. It’s about our life, our hopes, our purpose. It’s about our emotions, mindset and behaviour. The world doesn’t need another money app that fails to address this. We’re here to help people fundamentally understand their relationship with money and the role it can play in their life.”

iPhone users can download the Communion app now from the App Store. Android users can join the waitlist for the Android app at communionsaves.com

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