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Digital piggy bank sevice broken into by cybercrooks – Naked Security


Saving money, at least in modest amounts, used to be a very simple business.

The easiest approach – many of us still do it, even in this online age – is the coin jar (or piggy bank, if you’re really old-school).

Instead of frittering away your small change on daily inconsequentials, you dump ununsed coins in the big glass jar in the corner of the living room, and just before it’s too heavy to pick up and move altogether…

…you drag it down to the bank and are often be pleasantly surprised how much money has accumulated in there.

But that’s a very 1990s approach! Why not put your money into a digital piggy bank, instead?

And, better yet, why not choose a piggy bank that deliberately starts out in debt?

It sounds bizarre – you essentially take out a loan you can’t touch, and clock up your “savings” by paying it off.

At the end of the period – a year, say – you’ve paid off the loan, so you not only get access to your loan capital as your “savings”, but also have a year’s worth of loan repayments that boost your credit rating.

By deliberately racking up debt to save against, your savings end up acting both as credit and as credit history.

That’s the business model of UK company Loqbox, which says it keeps the service free due to the affiliate fees it gets from the banks into which its customers release their funds after paying off a loan:

After making monthly payments for a year, your loan is repaid and you leave LOQBOX with an improved credit score and your money back into a new account for free.

[…]

We get paid by our partner banks for opening a new account for you, which is how we keep LOQBOX free. But if you’d prefer, you can opt for our Flexi Unlock premium add-on and unlock into an existing account for £30.

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