With so many apps on the market that claim to help you with your finances, why would you need another one? Take a look at this Gosavex review to see why it has some of the best features… with a terrible one thrown in too.
I kid you not, I currently have 28 financial apps on my phone. They are an even split between banking apps and apps that help with my finances – either by helping me save or keeping track of my spending. And in all honesty, they do a good job so when I saw another app available, I felt a little underwhelmed.
But what did Gosavex have that others didn’t? What would convince me to switch over?
What is Gosavex?
An app that allows you to monitor your finances and transactions, as well as giving you live access to your credit score. There is also an option to request a loan from friends and family.
According to their website:
Gosavex analyses your transactions to give you the full list of recurring payments
Gosavex helps you to pay your obligations on time. It will also automatically figure out the most appropriate limits for you and send notifications if you are not on track and will be unable to make repayment.
Borrowing from a family member can provide emergency money and help you avoid forms of borrowing with very high-interest rates, such as payday loans and doorstep lending.
Gosavex helps you to put clear repayment terms in place and create formal agreements.
Is Gosavex safe?
Gosavex is a British company based in London and was incorporated in January 2020.
The app uses 256-bit encryption – the same level of security that most banks use. The app also only has read-only access to your accounts, which means that payments can’t be made whilst using Gosavex.
Which banks does Gosavex work with?
The app works in the UK, France, Ireland and Spain. The UK banks/cards it will currently work with are:
- Bank of Scotland
- Barclays Business
- Capital One
- Danske Bank
- First Direct
- HSBC Business
- Lloyds Business
- M&S Bank
- Royal Bank of Scotland
- Tesco Bank
- Ulster Bank
How does the app make money?
As we all know, financial apps aren’t created just to help us out, they’re made with a view to making money. They have costs too, so why shouldn’t they?
I put the question to Gosavex and this is their reply:
Gosavex plans on earning money through improving your credit score. This will be done through family and friends loans, users savings or through charity donations.
Users will be able to complete this transaction for free when their saved or loan money is transferred to a new open saving ISA account at the end of the contract (minimum of 1 year), provided by our partners. As a result, Gosavex will then receive a commission.
Alternatively, users will be able to transfer this money to their existing bank account, however Gosavex will charge a one off yearly fee of £25 to do so. There will also be a small fee from each direct debit transaction if the user is building a credit score based on a charitable donation.
My experience with the app
After a quick sign up process, I linked my two main current accounts without a hitch. Then, it was a case of going through Gosavex’s analysis.
The homepage gives you a breakdown of your accounts through a month by month summary. It will tell you your starting and ending balance, as well as your latest transactions and your top merchants for that month.
From here, you can go into a more detailed look at your accounts, such as seeing all your subscriptions, the categories where you spend the most (such as groceries or bills) and the shops or merchants you spend at.
The ‘wallet’ page gives you more of a general overview of your financial health. Not only does it give you your credit score, but also gives you a comparison of your income and spending compared to the rest of the UK population.
The page also tells you how much cash you have available across your accounts as well as available credit. Finally, it will give you a projection of your monthly income compared to your expected spend.
The last page lists family and friends loans. This shows you active loans you may have or any request you’ve made.
A breakdown of your finances can always be useful, but the app is just one tool you can use. To get a better breakdown and understanding of your accounts, it’s best to use the Gosavex site.
Here, you can get a full list of transactions over the last couple of years and allows you to filter by merchant, provider, category or even location. That’s right, there’s even a map that will show you where you have made your purchases.
If you really want, you can turn the information into a printable report and keep the information as a hard copy.
Out of all the finance apps I have used before, this is probably the most comprehensive.
There are a few issues that I have with the app – although most of them can be ironed out.
First of all, I transfer money between my current accounts in order to take advantage of several benefits. Gosavex just sees this as money in and out as if it’s normal earnings and spending. That means that Gosavex thinks that I earn more than 95% off the British population… if only that was true. But it also thinks I spend more than 93% of people.
Now, this isn’t an issue to me, but it does skew the figures. So people that are bothered by how much they earn compared to others, may think they’re being underpaid.
It isn’t only the Gosavex app that has this issue, but the Emma app has managed to exclude these transactions, so there’s no reason why it can’t be fixed.
Notification of transactions can also be an annoyance. I was woken up one morning as my phone went on a buzzing spree as Gosavex decided to tell me when my direct debits left my account at 1 am.
The credit score
Gosavex uses its own algorithms to calculate your credit score by checking the transactions going in and out of your accounts. Compared to major credit agencies, they have limited access to your full financial details, so it should only be used as a rough guide. Although I think that goes for any credit score.
The dreaded loan…
Finally, there’s the loan option.
This is not something I’m comfortable with. My dad always said “Neither a Borrower Nor a Lender Be” and I still live by that. Well, I will borrow money from a bank but that’s more like business.
I’ve read too many stories where friends and family have fallen out over loans. If you take a look at the loans forum over at Money Saving Expert, there are numerous threads where people have shared their woes.
I can never picture seeing myself in a situation where I need to borrow £200 and I would feel more comfortable by sending a template message, rather than asking the person to their face.
How would you feel if you received one of the messages below?
The fact is, just because the loan is recorded on an app, it doesn’t make it any more likely that the borrower will pay it back.
My Gosavex review conclusion
I really dislike the loan feature. But it looks as if Gosavex plan to use it to help improve credit scores. How this will actually work, I will be interested to see.
But that aside, Gosavex is probably the most comprehensive budgeting app I have used. Okay, so you will need to access these tools through a computer, but that is a minor point for most of us.
For anybody serious about keeping a tight-hold on their finances, this is a great app to consider.
If my Gosavex review has tempted you to try a finance app, why not take a look at my review of the best budgeting and personal finance apps.