Booster Savvy Analytics Review
Our comprehensive review of Booster Savvy's analytics explains how the investment and budgeting app product works. We explain how it compares to other budgeting apps and bank offerings, with insights on features, cash flow analysis, and user-friendly tools to help you manage your finances effectively.
Updated 7 June 2024
Summary
Our guide covers the following:
Disclaimer: The account balances shown in the screenshots below are example accounts and are for illustration purposes only.
- For the longest time, New Zealand budgeting and analytics apps haven't been linked with providers that offer credit or debit cards. However, this has changed with the introduction of the popular Booster Savvy (and a few other providers which we detail below).
- This guide reviews Booster Savvy's analytics and budgeting functionality in comparison to other card-linked budgeting apps. For further details specific to Booster Savvy and Budgeting Apps, please refer to our guides:
- Booster Savvy Review
- Best Budget Apps for New Zealanders
Our guide covers the following:
- Understanding the Features of the Booster Savvy App
- Booster Savvy vs Revolut
- Booster Savvy vs Bank Apps
- Must-Know Facts about Booster Savvy Analytics
- Frequently Asked Questions
Disclaimer: The account balances shown in the screenshots below are example accounts and are for illustration purposes only.
Know This First: What is Booster?
Booster is a New Zealand-based financial services group and Government appointed default KiwiSaver provider offering KiwiSaver, investment funds, UK pension transfer services, socially responsible investment funds, insurance, financial planning tools and financial advice.
Booster also provides tools like mybudgetpal for personal finance management. Booster’s aim is to help New Zealanders achieve their financial goals and build financial resilience.
Booster also provides tools like mybudgetpal for personal finance management. Booster’s aim is to help New Zealanders achieve their financial goals and build financial resilience.
Booster’s Investor Offerings
What is Booster Savvy?
Booster Savvy is a digital and physical debit card and app based smart account offering by the investment manager Booster that merges everyday transactional capabilities with an investment fund. Traditional banks often do not offer interest on transactional accounts. Savvy however offers an attractive rate of return.
Why would I use Booster Savvy over other credit or debit card providers?
Why would I use Booster Savvy over other credit or debit card providers?
- Our view is simple - the biggest benefit of using Booster Savvy over the providers is the deep analytics and insights platform that the app offers (which we detail below). This is by far one of the most advanced budgeting and analytics financial apps in the New Zealand market.
- Further, it's one of the only financial offerings fully integrated with a debit card (so your spending, savings and budgeting can be done all in one app/place).
Understanding the Features of the Booster Savvy App
Booster Savvy, available on the Booster NZ app has several features and functionality to help investors save, analyse their spending and make better decisions. We outline each feature below:
1. Booster NZ’s Net Worth Tracking (Assets/Liabilities)
Booster's wealth tracking is simple and easily laid out, allowing you to get a helicopter view of all your assets and liabilities. Whether it's your term deposit with a bank, the equity in your property or your mortgage associated with that, you can add and integrate all your financials to show your net worth.
The screenshots below illustrate what this app functionality looks like:
The screenshots below illustrate what this app functionality looks like:
Booster NZ’s Net Worth, Assets and Loans Input Functionality
Booster NZ’s Asset (Property, Shares, Other) Integrations
Booster NZ’s Bank Integrations
2. Booster Savvy’s Cash Flow and Forecast Analysis
- In contrast to other banking apps that just show the deposits and withdrawals, Booster Savvy analyses and learns to predict your expected expenses and bills, letting you know how much you have to spend and how long until your next payday.
- This functionality can be incredibly useful when planning interim cash flow before your next payday (and whether or not you can afford that discretionary purchase or extra morning coffee).
- Booster Savvy also shows the cash flow in and out of your accounts, providing snapshot views of your spending habits on a monthly, weekly, and daily basis.
Booster Savvy’s Cash Flow Forecast Analysis
3. Booster Savvy’s Stacks and Insights
- Booster Savvy’s Stacks functionality allows you to easily create accounts (known as Stacks) to separate various expenses and savings funds, and set specific individualised targets for each discretionary area.
- These stacks are customised to each user, so whether you're looking to save for a new set of skis, or are saving up for a house deposit, stacks ensure you've got a line of sight to your savings targets and are focused on your savings goals.
- Booster Savvy also has its own tab for Insights and analytics drawn from your spending patterns and assets/liabilities.
Booster Savvy’s Boost, Sweep and Salary Split Functionality
Booster Savvy’s Stacks Functionality
4. Boost, Sweep and Salary Split Features
Booster Savvy has additional functionality to help you continue saving toward your goals, all of which can be easily turned on and managed in the app:
Boost
Sweep
Salary Split
Booster Savvy’s Card and Transfer
Boost
- Boost helps to grow savings while you spend. The boost functionality works by rounding up expenses and allocating that small portion to your Stack of choice.
- For example, if you spend $4.50, Boost will round it up to $5.00. The extra 50 cents will go directly into your selected stack. You won't notice an extra 50 cents here or there, but these minor increments accumulate over time and help accelerate your savings journey. You can round up to the nearest 50 cents, $1 or $5.
- Additionally, Savvy displays your accumulated boosted savings daily, providing a sense of fulfilment from your savings regularly. The more seamlessly you can contribute to your savings goals, the easier it will be to reach them.
Sweep
- Sweep nudges you to transfer any leftover money into a specific savings stack before your next payday helping you to reach your savings target faster.
- Savvy will always get your approval before initiating a sweep (e.g. it won't move your money without your explicit permission). The more you sweep, the faster you'll reach your stack's saving target.
Salary Split
- Salary Split divides your funds before spending to reduce stress and anxiety around planning. If you're struggling with balancing your monthly expenses and savings, the Salary Split functionality can help you manage this. Salary Split automatically distributes and transfers money to your chosen Stack each payday, removing uncertainty and ensuring you don't overspend your paycheck as soon as it hits your account.
- Booster allows you to configure your Salary Split settings into the appropriate percentages. For example, 50% of your paycheck goes to your main spending stack, 30% to your stack for the travel fund to Europe, and 20% to your emergency fund stack.
- Rather than having to tediously track and manually transfer each amount into each savings account, Salary Split does this automatically, reducing the stress of managing your monthly paycheck. Knowing the amount you can spend on discretionary "enjoyment expenses" whilst leaving enough for your regular expenses is a huge benefit of the Salary Split function.
Booster Savvy’s Card and Transfer
- Booster Savvy supports Apple Pay (as outlined below) and Google Pay, enabling faster payments for anyone with tech-enabled devices (like smartphones or watches with payWave functionality). This can be especially useful if you don't have your wallet with you.
Booster Savvy’s Card Tab Functionality
5. Returns Earned on Account Balances
Returns on Booster Savvy accrue daily and are paid aroundthe start of each month (which comes through as “Investment Returns” in the respective stack account - which can be seen below). Booster's 0.60% capped management fee is taken from the investment returns of the Savvy fund, not deducted from the return rate you receive. In addition there are no monthly account or card fees* and loads of free domestic transactions.
*Some transaction fees apply, including international transaction and FX fees. Merchants may apply surcharges which Savvy aren’t involved with.
*Some transaction fees apply, including international transaction and FX fees. Merchants may apply surcharges which Savvy aren’t involved with.
Interest Earned on Booster Savvy stack balances as “investment returns"
6. ​Spend Insights
Booster Savvy has a dedicated tab for spending analytics that helps you to stay on track with your savings goals (see below). Over time, as you use Booster Savvy, further insights will be generated on things like spending variance, goal tracking and other cash flow related analytics.
Goal Achieved on the Booster Savvy Insights Tab
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Booster Savvy Analytics Breakdown and example expense categories
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A MoneyHub user gives candid comments on the functionality and features of Booster Savvy:
“The app seems to have lots of unique functions (like rounding up purchases, sweeping leftover money into savings buckets and splitting pay as soon as it hits your accounts) that apps like Revolut don’t have. These functions mean I can continue to save without really having to think about it or transfer any money - always a nice benefit.
Having said that, given the ability to link spending to one card and see all the analytics associated with budgeting and spending, I’ll definitely continue to spend on Booster Savvy (whilst earning a return on my money)” - I just won’t keep a whole lot of money in it.”
“The app seems to have lots of unique functions (like rounding up purchases, sweeping leftover money into savings buckets and splitting pay as soon as it hits your accounts) that apps like Revolut don’t have. These functions mean I can continue to save without really having to think about it or transfer any money - always a nice benefit.
Having said that, given the ability to link spending to one card and see all the analytics associated with budgeting and spending, I’ll definitely continue to spend on Booster Savvy (whilst earning a return on my money)” - I just won’t keep a whole lot of money in it.”
Our Top-Rated Savings Account With Day-to-Day FlexibilityBest Account for Wealth Creation and Flexibility:
What sets Savvy apart?
Savvy arguably redefines how we think about money management, merging the convenience of a debit card with the benefits of an investment fund, all while offering impressive returns. It's a forward-thinking solution for those who want their money to work harder for them without sacrificing accessibility or ease of use. More details: Our Savvy Review explains the product in detail, as does the Savvy website. |
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Booster Savvy vs Revolut
When comparing other debit cards integrated with budgeting capabilities, Revolut comes close to Booster Savvy, but we see it as less focused on saving and doesn’t pay returns on any balances. However, Revolut offers similar budgeting and spending analysis with the ability to set aside distinct accounts to save for discretionary expenses (like a trip to Europe). Further, like Booster Savvy, the app is seamless and easy to use.
A MoneyHub User comments about their experience with Savvy vs Revolut:
“Honestly, I was surprised that the app had so much functionality. Most New Zealand based apps either aren’t very functional (like ANZ or Westpac CashNAV) or aren’t New Zealand based (like Revolut).
The biggest thing I like about Savvy is the ability to set goals and see how you’re tracking towards them. Getting notifications when I’ve reached my savings goals is a really cool feature of the app (something that platforms like Revolut don’t really offer)".
A MoneyHub User comments about their experience with Savvy vs Revolut:
“Honestly, I was surprised that the app had so much functionality. Most New Zealand based apps either aren’t very functional (like ANZ or Westpac CashNAV) or aren’t New Zealand based (like Revolut).
The biggest thing I like about Savvy is the ability to set goals and see how you’re tracking towards them. Getting notifications when I’ve reached my savings goals is a really cool feature of the app (something that platforms like Revolut don’t really offer)".
Revolut Home Screen and Card Functionality
Revolut Budgeting Categories
Revolut Spending Functionality by time (Weekly, Monthly, Yearly)
Revolut Budgeting Functionality and Widget
Booster Savvy vs Bank Apps
Booster Savvy vs Westpac CashNAV
CashNAV is Westpac's budgeting app, linked exclusively to Westpac accounts. It aims to assist Westpac clients in better monitoring and controlling their expenditures. CashNav usually operates by connecting to the user's bank accounts, classifying transactions, and offering insights into expenditure patterns.
Key functionalities of CashNav typically include:
Key functionalities of CashNav typically include:
- Automated Transaction Classification: This feature sorts transactions into categories such as groceries, bills, and dining, simplifying expenditure tracking for users.
- Expenditure Analysis: Delivers overviews of spending behaviour over time, aiding in more effective budgeting and pinpointing potential savings areas.
- Budget Management Tools: Enables the setting of budgets for various expenditure categories and monitors them in real time.
- Alerts: Provides notifications regarding spending and account activities, aiding financial management.
- However, as seen below, the app is arguably outdated and clunky - not offering high-resolution analytics and limited budget/forecast capabilities.
Westpac CashNAV Spend Tracking and Spikes
Westpac CashNAV Spend Categorisation
Booster Savvy vs ASB Spend Tracker
- The ASB mobile app now provides spend tracking, showing how your funds are allocated. There's no requirement for manual transaction categorisation - the spend tracker will automatically organise your expenditures into different categories (similar to Revolut above).
- By bucketing your spending into various categories (like general spending, dining out, account transfers, utilities, entertainment, etc.), you're able to monitor trends in your earnings and outgoings (and figure out whether you're saving enough or spending too much).
- You can reassign a single transaction or a group of similar transactions to a category that fits your preferences better.
ASB Spend Tracker Screenshots
​Booster Savvy vs BNZ App Spend Activity
Similar to other apps above, BNZ’s app also provides spend tracking, projections, forecasting and categorisations:
- Cash Flow Management: Gain a comprehensive understanding of your financial inflow and outflow and determine whether you're experiencing excess or deficit. Analyse your cash flow weekly or monthly, detailing the sources and uses of your funds. Set a weekly or monthly goal to improve your financial surplus.
- Monitor Your Expenditures: Keep track of your expenses across various accounts, identify your spending areas, and review your average expenditure on a daily, weekly, and monthly basis, including any fluctuations over time.
- Organise Your Expenditures: Your transactions will be automatically sorted into categories, but you can modify them, and the app will remember your preferences for future transactions. For example, you can reclassify your online streaming expenses under bills instead of entertainment simply by adjusting it in the app.
- Sort Your Expenses by Category: Use category filters to understand your spending habits and assist in budgeting. This feature lets you see how much you spend on things like utilities, groceries, dining out, or leisure activities.
- Assess Your Spending Categories: This feature allows you to compare up to five spending categories simultaneously. It helps you identify where you're spending the most or least or create comparisons to better understand your spending patterns and timing.
BNZ Spend Tracker Screenshots (Source - BNZ)
Must-Know Facts about Booster Savvy Analytics
1. Expect new features in the near term
Booster is working on introducing new features to Booster Savvy. If you have any suggestions on what features you'd like to see, contact the Booster Savvy team via email.
2. Booster isn't a bank (which has implications for reporting and deposit-taking)
While Booster NZ’s app and functionality are similar to those of banks (like ASB, BNZ, etc.), the Booster Savvy program does not function as a bank account, and Booster is NOT a banking institution.
Booster Savvy operates as a managed fund, with Booster Investment Management Limited acting as its manager and issuer. Key details about Savvy, including its Product Disclosure Statement and a comparative analysis that underscores certain distinctions between Savvy and a traditional bank account, should be reviewed before deciding whether to allocate funds to Booster.
Booster is working on introducing new features to Booster Savvy. If you have any suggestions on what features you'd like to see, contact the Booster Savvy team via email.
2. Booster isn't a bank (which has implications for reporting and deposit-taking)
While Booster NZ’s app and functionality are similar to those of banks (like ASB, BNZ, etc.), the Booster Savvy program does not function as a bank account, and Booster is NOT a banking institution.
Booster Savvy operates as a managed fund, with Booster Investment Management Limited acting as its manager and issuer. Key details about Savvy, including its Product Disclosure Statement and a comparative analysis that underscores certain distinctions between Savvy and a traditional bank account, should be reviewed before deciding whether to allocate funds to Booster.
Frequently Asked Questions Related to Booster Savvy Analytics
How Does Booster Make Money from Savvy?
Booster receives a fee of up to 0.60% per annum for managing money in the Savvy fund, unlike traditional banking models that profit from transaction margins. This fee is not taken from your balance but from the returns on investments in the fund and is not taken from the set return.
How does Booster Savvy Compare with Traditional Bank Accounts
Booster Savvy differs from typical bank accounts in its legal structure and investment approach. As a Managed Investment Scheme, it operates under the regulation of the Financial Markets Authority and offers a different risk profile than bank deposits. The fund invests in cash, bank deposits and shorter-term bank and government debt securities, offering a different financial product than traditional bank accounts.
Our Top-Rated Savings Account With Day-to-Day FlexibilityBest Account for Wealth Creation and Flexibility:
What sets Savvy apart?
Savvy arguably redefines how we think about money management, merging the convenience of a debit card with the benefits of an investment fund, all while offering impressive returns. It's a forward-thinking solution for those who want their money to work harder for them without sacrificing accessibility or ease of use. More details: Our Savvy Review explains the product in detail, as does the Savvy website. |
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