You spend. You invest. Easy as it should be.
 

Click here for FAQ for Financial institutions

FAQ for users

Q: how does it work now?

A: Sign up to Limitless, connect your bunq account and your designated "savings" account and set your goals. With every debit card transaction, we calculate an agreed amount to be automatically transferred to your "savings" account which is scaled on a sliding scale from 2-20%, depending on the size of the transaction. This amount goes from the current account (the one associated with your card) to your designated "savings" account at bunq.
The smaller the transaction, the larger the percentage saved and vice versa. This way you can reach your goals faster. On top of this, you are free as a user to save any additional amount as you wish directly to one of your savings goals.


Q: How much gets saved?

A: Based on your spending, Limitless automatically saves a certain % from each transaction. This would be 20%, if you spend between € 0-10, 15% between € 11-50, 10% between € 51-100, 5% between € 101-500 and 2% above € 500.


Q: Is it safe?

A: Yes, your money is kept in your bank accounts and not ours.

 

Q: Is my personal information safe?

A: Yes, we keep your information safe with banking level TLS/AES encryption and our infrastructure has the following certifications: FIPS, ISO 27018, PCI DSS Level 1 and SOC 3.

 

Q: How do I choose my goals?

A: It’s up to you. You can save for your birthday, for travel, a deposit for a car or home, a charity of your choice or any other goal. Limitless just helps you achieve them.

 

Q: How much do I need to save?

A: There is no minimum or maximum amount, you have the freedom to decide.

 

A: Where is Limitless currently available?

A: You can download it from the App Store however currently you can only use it in the European Union if you have a bunq account . Not a bunq customer or live outside of the EU? We are working hard to bring Limitless closer to you! Please get in touch , and follow us on LinkedInTwitterInstagram and Facebook to stay up to date.


Q: how will it work in the future?

A: Sign up to Limitless, connect your bank account and set your goals. With every debit card transaction, we calculate an agreed amount to be automatically transferred to your savings account which is scaled between 2% to 20%, depending on the size of the transaction. This amount goes from the current account of your bank (the one associated with your card) to your investment account at our partner bank, with a small amount invested into an appropriate fund (made up of a diverse selection of low cost ETFs) with the balance into very low risk savings-type accounts for short term goals as before. Over time, the proportion going into investments will rise.
The smaller the transaction, the larger the percentage saved and vice versa. This way you can reach your goals faster. On top of this, you are free as a user to save and invest any additional amount as you wish directly to one of your savings goals.

 

If your question hasn’t been answered - We are happy to help you. Contact us via mail or use our live chat service through our website or via the Limitless app.

 

 

FAQ for financial institutions

Q: how does it work?

A: With every purchase made by the user, we calculate an agreed amount to be automatically transferred into a separate account. This is scaled between 2-20%, depending on the amount. The percentage moves from their current account to their investment account at the partner bank and is invested into an appropriate fund of highly diversified ETFs.


Q: How do you decide on where the money should be invested?

A: We carry out a MiFID II compliant risk appetite and investor profiling exercise during the online customer onboarding process (to determine client "appropriateness and suitability.")

This will determine the right category for the user (which may be fed into our partner bank's own systems), and hence which simple, low cost, highly diversified ETF-based funds to direct their long term investment savings to. Given the strong and growing interest in ESG investing among Millennials, we are also considering a portion of the funds being allocated, at the user's choice, to green, impact or ethical funds.


Q: what are the benefits of implementing limitless?

  • A: Banks and other financial institutions need to engage with their customers, especially Millennials, which is what we specialise in
  • They can also offer and cross-sell attractive and suitable financial products to them based on the information we have (with permission from the customer, nowadays willingly granted in return for offers of a wide range of goods and services)
  • Finally they can monetise data with superior credit decisions for individual customers as well as through aggregated data about their customer base


Q: What level of integration is required?

A: Our development team can easily integrate  with any banking system as already showcased with bunq.

 

Q: How do you get customer data?

A: Limitless exchanges customer transaction data with banks through fully secure banking communication channels, using current banking API's and in the future through the PSD2 standard.

 

Q: Will this be regulated as an investment advisory service?

A: As a white-label product, we are operating under the local bank partner’s overall regulatory umbrella. We consult with each organization on specific local licensing issues regarding what constitutes "advisory services". The initial product offer consists of 4 - 5 passive index funds ranked by risk appetite for the user to select from.

 

Q: How much is the fee of your service?

A: Please contact us at hello@limitlessapp.io for more details and to discuss how we can tailor Limitless to suit your organization.