Question: Is there a cost for using Payd?
Answer: Payd is generally free for students to use. We charge a monthly fee of $3 as a processing fee when your cashback is sent to you. The program is funded through what we call the “gravy” the program provides. One of your supporters can choose to pay this fee for you as well.
For supporters, Payd costs $3 per month and is charged monthly and can also be funded through the “gravy” of the cash back program.
For employees, Payd is free! Your company has partnered with us to give you access to our program to provide added value to your work experience. They want you to succeed as much as we do. If your company isn’t our partner yet they can connect with us by emailing [email protected]
Question: Why do I need to add a payment card to use Payd?
Answer: The Payd program uses the data from your purchases to identify offers you are eligible for so we can reward you, and to calculate your round-ups.
Answer: The Payd program uses the data from your everyday purchases to identify offers you are eligible for so we can reward you, and to calculate your round-ups. You simply sign up your cards and let us do the rest! “Set it and forget” and we keep you up to date on how your savings journey is going.
Question: Can I use Payd if I’m not a student?
Answer: Yes. Payd is all about helping people save towards their goals. While our focus is on helping students put money aside for their loans and other post-graduation goals, we also here for parents and family members to help the children in their lives or to save towards their future education-related ambitions.
Question: Can I use my savings to do more than pay off a student loan?
Answer: Of course! Not everyone has student debt, but they do have some financial goals they want to achieve. Payd is a simple way to save little bits of money like your piggy bank, just a really smart piggy bank. Put your savings towards the down payment for a trip or purchase, or to generally help you get a jump start on life after school. It’s your money, so you have the control over what to do with it.
Question: Do I have to create an investment account to use Payd?
Answer: Creating an investment account is optional. However, our roundup is our core offering and to utilize this feature of our program you will need to set up an investment account. This will
accelerate your savings and ensure you are growing your savings faster. We’ve partnered with Questrade to provide industry leading managed wealth portfolios to help you with your savings goals.
Question: Where does the money for my round ups come from?
Answer: Round ups come from a linked savings or checking account that is pre-authorized by you when you set up an investment account. Payd does the roundup calculations, and then sends the instructions to the investment manager so they can move the money from your linked account to your investment account. This happens at the end of each month. You can always set what the maximum withdrawal can be and how much you would like to roundup as well – you are in full control of the program.