Homewards is a London-based company that has created a mobile application that rewards users with money when they use it while shopping or eating out at restaurants that can be used for a home deposit.
Users can sign up for the mobile application to receive monetary rewards from 4,000 different companies and vendors, such as amazon, booking.com, ticketmaster, and uSwitch. These rewards are put towards a home deposit. The rewards are a result of retailers paying Homewards a commission when its users shop with them. Once users earn the monetary rewards, they can be transferred into a Lifetime Individual Savings Account (Lifetime ISA), which is a savings program through the government of the United Kingdom.Homewards uses bank-grade security and data compliance so that users' information is safe when they sign up for the application .
Users can also invite family members to use the application in order to pool the cashback to the original user. This increases the user's rewards while family members are purchasing goods or services that they would be purchasing anyway.