Fitness apps and activity-monitoring trackers have become all the rage among fitness enthusiasts globally. With over a quarter million wearable fitness devices being shipped by suppliers to be delivered to consumers all around the world in 2014, this trend doesn’t seem to be fading anytime soon.
And what do you get if you combine a fitness app with an opportunity to help you save more? – A pretty good combination.
CBD has recently introduced such an app called the Active Saver App – the first of its kind in the UAE.
Introducing CBD’s Active Saver App in the UAE
CBD has put a new and interesting spin on fitness in the UAE, by introducing the Active Saver app. The aim is to encourage UAE residents to stay active through a series of ‘goal-based’ challenges and at the same time allowing customers to save more by earning higher interest rates on their account balance.
How does the Active Saver app work?
If you are a CBD customer, you can use any activity tracking device from Fitbit or Jawbone Up to enroll into the Active Saver program. Just activate the Active Saver app with the mobile number registered in your CBD account, and link the app to your fitness tracker. This will allow the app to sync your daily activity with your CBD account. CBD will set goals for daily activity which can range from 5,000 to 15,000 steps a day.
How can it help you save more?
Every time you meet a certain goal (# of steps specified by CBD) specific amounts of money will be unlocked from your regular savings account for you to transfer to you Active Saver Savings Account where you can earn higher interest rates. Essentially, the more your walk the higher your interest rates. For example, the first goal requires you to walk at least 5,000 steps to unlock a certain amount that you can transfer from your regular account to your Active Saver account at the higher interest rates. You can earn up to 1.50% on your average monthly balance under the tiered interest rate structure, starting from 0.20%. The app allows you to transfer a maximum amount of up to AED 3,000 in a day. Once you achieve the given goals, the app will add more challenges for you every week!
What you should know
The only way to deposit funds from your regular CBD account into the Active Saver account is through the use of this app. You can easily withdraw the accumulated funds in your Active Saver account, by transferring them to your CBD account through online banking.
If you’re not a CBD customer, you can still see how the Active Saver app works by downloading and using it for a trial period of one month, and to continue using the app you can open a CBD current account or a CBD savings account.