With Hnry's "Allocations" feature, you can set aside a percentage of your income to be deducted each time you get paid. You can choose to set up as many Allocations as you'd like, and at any percentage you'd like, so long as your total Allocations don't exceed 45% of your gross income.
To set up an Allocation with Kernel, an index fund manager, you'll need to indicate an Allocation percentage and give your Kernel Reference – which should be 8 characters, either all letters or a mix of numbers and letters, and will look something like this: RC3ARZEF.
Follow these simple steps in order to set up a Hnry Allocation to Kernel:
If you do not yet have a Kernel account:
- First, you'll need to set up an account with Kernel. This process only takes a few minutes.
- In order to sign up to Kernel, you'll need an IRD number, a New Zealand driver's license or passport, and your personal bank account details.
- When you sign up, you'll go through a brief online verification process. If there are any issues with your verification, the Kernel team will be in touch to help sort them out.
- Once you're all set up, you'll get a unique Kernel reference code so you can start allocating money directly into your Kernel Wallet. Use this code when setting up your Kernel Allocation in Hnry.
If you already have a Kernel account:
- You can find your Kernel Reference number on your Kernel Dashboard, underneath your 'Wallet'
- Enter this Reference in the Allocations window on the Hnry app and then select the percentage you'd like to Allocate.
Once your payment clears through Hnry and your money is in your Hnry Bank Account, that portion of income you’ve Allocated will automatically be added to your Kernel Wallet, ready to invest. Note: the money may take up to 24 hours to appear in your Wallet. You'll also need to set up Auto-Invest options on your Kernel Dashboard, so that any money going into your Wallet will be automatically directed to specific index funds.
If you have any questions regarding Kernel and how to Allocate money between platforms, feel free to reach out to email@example.com.