Looking for an app to help you budget and save? Take a look at this Cleo review to see how it could help you manage your finances. Plus, you can earn a free £5 just for joining!
I have been a little slow recently in reviewing budgeting apps. It’s not because I don’t like them, but because I already have so many on my phone, it’s difficult to keep track.
Cleo is a personal finance app that I have heard plenty of people talking about. Actually, the term “app” isn’t quite correct. Cleo (like some other budgeting/financial aides) is actually run through Facebook messenger. However, there is an app being developed as I type this and I am on the waiting list. Although using messenger may seem like a pain when it comes to budgeting, it is actually very simple to use.
But not only will Cleo help you budget, it can help you save money too.
How does Cleo work?
Taken from their website:
Cleo securely analyses your transaction data in read-only mode. That means it can only view your encrypted transactions. Cleo does this by using a world-leading financial software called SaltEdge. Cleo then uses her smart AI brain to scan your transaction history, calculating and spotting interesting spending trends, habits and lets you keep track of budgets. Cleo also allows you to view your balance, check direct debits, latest transactions, and see your spending per category.
And if you choose to, you can enable a feature called auto saving. This allows Cleo to calculate how much you can afford to save each week and withdraws this money into something called a ‘Cleo wallet’.
Is my money safe with Cleo?
Cleo offers an £85k security pledge, so if anything should go wrong, your money (well, anything under £85k) will be returned to you. This is the same amount of cover that mainstream banks offer under the FCSC scheme. However, the FCSC scheme is backed by the UK government, which is very unlikely to become insolvent. And if it does… panic!
The Cleo pledge only seems to cover losses if they don’t keep your account secure. So, if they mess up (and admit to it) you will get your money back. On the other hand, if Cleo should go out of business, you probably wouldn’t see your money again.
Signing up is very quick and painless to do and it won’t cost you a bean. Once you’ve linked your account, you will start getting notifications about your spending. And if notifications become too much, you can reduce them or turn them off all together.
Cleo will tell you when large sums come in and out of your account. This can be incredibly useful if you don’t check your current account regularly and you worry about fraud.
Cleo also breaks down your spending so you are able to see where you are spending your money. And if you think you’re spending too much, you can create your own budget. With just a few clicks (well pushes) of a button, you can let Cleo know how much you’re willing to spend over a set period. This can be set between paydays, monthly, fortnightly or weekly and is great for anybody on a strict budget or looking to reduce their spending.
There is also a fairly generous referral fee on offer. Convince your friends to join and if they use your Cleo referral code (or link) you receive £5.
Cleo isn’t really ground breaking. There are plenty of similar apps out there that do the same and in-fact, more. Plus, I’m not keen on the fact that you need to use Messenger. Apps are generally easier to use as you don’t have to remember what you need to type to find a certain feature.
You don’t receive interest on money kept in your Cleo wallet, which is a little disappointing when you consider Chip offers between 1-5%.
My Cleo review conclusion
I like Cleo and the budgeting tool is extremely useful. However, the lack of protection for any money in your Cleo wallet slightly concerns me. Because of this, and the fact you don’t receive interest, it’s only a budgeting app that I would be happy to keep small amounts of money with. Any large sums and I would feel quite nervous.
It’s certainly a budgeting tool worth trying though. And if you use the link below, we both earn £5 when you join.
But if my Cleo review hasn’t convinced you then why not take a look at my Oval Money review? This is a budgeting app that pays you £5 to join!
*Please note that this post contains affiliate links.