We're Keeping Our Word and Making It Cheaper: The Deposit Fee Is Over
Last October, we made a promise to you that we would abolish the deposit fee after reaching total deposits of €500 million. We are proud to announce that we have achieved this goal together. We are abolishing the payment processing fee for good.
Let me start with the story behind the creation of Finax. In the past, I worked at a firm whose primary goal was profit, even if it was at the expense of the client. When I was fighting fee increases at the firm, my boss would say to me: "Ďuri, do you see a red cross above that door? No! Then do what I tell you, we're not a charity!"
But in my company, I decided to change that. Since the inception of Finax, our mission has been to deliver a more profitable, higher quality, and more accessible service. We set our fee so that we could build a healthy, functioning firm and fulfill our mission of advantageous investing in a way that is sustainable over the long term.
This is because fee income ensures the sustainability of our business and helps us cover the costs of talent in the firm, improving product quality, bringing new solutions, and providing free education.
In order for us to effectively guide you on your financial journey, we have to combine it a little bit and make sure that we are meeting all of these goals simultaneously. Therefore, we needed to achieve a certain level of growth before making our services cheaper.
At the end of last year, we promised you that we would abolish the payment processing fee for good once total deposits of €500 million would be reached. This fee applies to deposits below €1,000 and its amount is 1% + VAT (1.2% in total).
We are pleased to announce that we have reached this key milestone. We are keeping our promise, forever abolishing the payment processing fee as of 1 July 2023.
The fee waiver is across the board, affecting all clients, existing and future. From now on, if you send a deposit of, say, 100 euros to Finax, we will no longer charge you a payment processing fee of 1.2 euros.
With this move, we want to prove to our clients that we are serious about our promise to make our services cheaper and simpler. We take our work as a mission and plan to behave accordingly in the long term.
In addition, the abolition of the fee is in line with our efforts to make investing accessible to the widest possible audience. We understand that not everyone has the ability to deposit more than €1,000 at a time, let alone send such a sum on a regular basis. By removing the fee, people who have not built up high savings and want to invest a regular amount from their paycheck according to their financial means will now not be at a disadvantage. We are introducing equality for all.
We will continue to pursue our mission even after this milestone has been achieved. If Finax continues to grow thanks to our collective efforts, this will definitely not be the last time you will see our services become cheaper.
With this blog, I wanted to take the opportunity to thank you, dear intelligent investors, for the trust and support we can rely on at all times. We notice that you write us a lot of supportive messages, share your ideas with us, and take an active interest in the development of Finax.
We also see that even last year's market turmoil did not push you into emotional mistakes and you have continued to build wealth responsibly by sending regular deposits. Several of you took advantage of the downturns to invest extra amounts at bargain prices. We greatly appreciate that you take our advice (which we generously provide to you via blogs, podcasts, and videos) to heart.
If you've been hesitant to send in regular deposits until now because you didn't want to pay payment processing fees, now is the best time to get started! Spending less than you earn and investing the excess regularly is a great way to build wealth. Set up a standing order and leave the rest to us.
Equally, if you're considering increasing your regular deposit but the fee has put you off doing so until now, you can go ahead boldly. Building wealth has never been so convenient!
Thank you for your trust, and I hope that this step will help us build even more wealth for you together.