Families pooling cashback together — the fastest way to boost a home deposit with Homewards

Anyone on the waitlist planning to pool cashback together will get priority to use the product first when we launch later this year

Since we’ve been taking signups to our waitlist, we’ve had a fantastic response from people keen to let their spending lift them onto the property ladder.

It’s a simple idea to automatically collect cashback from retailers when people spend as usual and to put all of these rewards into a Lifetime ISA (LISA) — a savings account used to buy a first home. The LISA also provides a tax-free bonus of up to 25% from the government to help people get there even faster.

We wanted to write an article to briefly talk about the next best thing people should be doing once they’ve signed up: invite family and (if relevant) partners who they may buy their first home with, so they can pool cashback together with them to boost their deposit even faster yet.

Illustrative group all pooling cashback together towards one home deposit

Admittedly, we’re not live yet and will be launching later this year, so it’s natural to hear people asking:

“What’s the rush? I’ll refer my family and partner later when we can actually start using the product”.

Our goal for the first version of the product is to show that not only does the product work but that people can work together to boost their home deposit and they get significantly more value from doing so, with no effort required at all.

Anyone on the waitlist should know that we’ll be giving priority access to groups of people who are planning on pooling cashback together. They’ll get to use the product first, when it’s available.

That means that if you sign up today, you should get anyone involved that could be working together with you towards one home deposit — straight away. They just need to be on the waitlist for now and, before we launch, we’ll link you all together and put you to the top of the waitlist as a group.

Are you considering helping someone else get their home deposit quicker?

We know that the website has been very focused on the people saving for a deposit themselves, so we’ve made some changes to be a bit more widely applicable.

However, to the parents, grandparents and anyone else who might get involved to help someone else reach their dream of homeownership faster, we hope the below will answer some questions you might have and help you understand what’s being asked of you today.

Homewards is essentially a cashback service. You shop with our partner retailers — most of whom you’ll know well and shop with regularly today — and they give you back a percentage of your spending as a reward. Homewards is a way to put that cashback on your existing spending towards a meaningful goal — someone you care about’s dream to become a homeowner.

Your involvement will dramatically increase the rate at which they build a sizeable enough home deposit to buy their first home, with no effort required and nothing to lose for you. The more people pooling cashback together, the further a deposit is boosted.

And in case you were thinking it, we’re not advocating and rewarding frivolous spending. We’re champions of sticking to a budget and consistent saving to reach your financial goals. But we also recognise that spending money is inevitable and there’s so much value to be harnessed that can be put towards something meaningful.

To put your mind at ease:

It’s completely effortless, just shop online or in-store as usual.
It’s totally secure. We use bank-grade security and have the highest levels of data compliance so your information is completely safe.
It won’t cost you any of your other rewards, like Avois points.
Now everyone can have access to the Bank of Mum and Dad without having cash-rich family that can provide you with a huge windfall.

All you have to do to make sure that you are top of the waitlist when the product’s available later this year — so you can all start making your spending work towards someone’s first home as soon as possible — is to follow the link you’ve been sent to our website and sign up with your email address.

That’s it for now, it’s as simple as that. We’ll be in touch later this year to let you know when the product’s available and to invite you to use it first.

If you have more specific questions, please feel free to get in touch with the team hello@homewards.io

Thanks for reading!