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Oval Money Review – Budgeting And A Promo Code For A Free £5

If you’re looking to keep a tighter leash on your spending and want help saving, then an app may be worth considering. Take a look at this Oval Money review to see what’s included, plus, there’s a promo code so you can claim a free £5!

Oval Money review

Many of us need an extra hand when it comes to our finances. Whether it’s tracking our spending, keeping an eye on our bills or getting a hand with putting money aside, there er plenty of apps available to help out. But which is the best? I joined Oval Money to see what it offers.

What is Oval Money?

Oval Money claims to be a free app that helps everyone be “money wise”. Not only does the app allow you to track your spending, but it also allows you to save money too without lifting a finger.

Oval Money is a UK company based in London and was incorporated back in 2016.

Taken from their website:

Your financial future is in your hands. Choose the smartest way to manage your personal finances.
Track your spending, Save and Invest automatically.

Which banks does Oval Money work with?

You’ll be pleased to know that it’s quite an extensive list for UK customers. Currently supported banks:

  • American Express
  • Bank of Scotland
  • Barclaycard
  • Barclaycard Business
  • Barclays
  • Barclays CSV
  • Capital One Bank
  • Co-operative Bank
  • First Direct
  • First Direct CSV
  • HSBC Business
  • HSBC Expat
  • HSBC
  • Halifax
  • Lloyds Bank
  • Lloyds Bank Business
  • MBNA Bank
  • Metro Bank Personal
  • Monzo
  • N26
  • NatWest offshore (international)
  • Nationwide Bank
  • Nationwide CSV
  • Nationwide Historical CSV
  • Natwest CSV
  • Natwest business
  • Natwest personal
  • RBS Bankline (Business)
  • Revolut
  • Royal Bank of Scotland (Digital Banking)
  • Santander Business Banking
  • Santander CSV
  • Santander Personal Banking
  • TSB Bank plc
  • Tesco Bank
  • Triodos Bank
  • Ulster Bank
  • Virgin Money Bank Credit Cards
  • Virgin Money Bank Investments
  • Virgin Money Bank Saving

Is Oval Money safe?

I know safety is a major concern for everybody when it comes to these types of apps. After all, it was only a couple of years ago that banks were telling us never to share our banking details with anybody else – especially 3rd party apps.

is oval money safe

However, there has been some backtracking on this recently. In fact, many banks seem to be promoting Open Banking now.

But how safe is your money?

Taken from the Oval Money website:

Your savings are stored in a segregated account at Barclays. Neither Oval Money, our partner MangoPay, nor the bank have direct access to the funds in your account.

As an FCA regulated institution, we are subject to strict requirements and monitoring and your savings are safeguarded as per the Electronic Money Regulations 2011 and the Payment Services Regulations 2009. In case of insolvency, you will be able to claim access to the funds in your account.

So, if Oval Money or MangoPay should go out of business, you can claim your money back from Barclays. But, if Barclays went out of business too, you would probably lose your savings. If the government didn’t step in that is…

The Oval app uses SSL encryption and data is never stored on any of their devices.

How does Oval Money work?

The app will monitor the money going in and out of your accounts. It will provide a breakdown of how much money you earn and where it is spent. This information is provided to you in the form of a rather snazzy pie chart.

The chart is broken down into categories such as Home and Family, Goods, Food and Drink, Leisure, Fees, Transfers and Other.

Now the clever part. You can set the app to save money when you spend on certain categories. For example, you could set the app to save 10% every time you spend money on clothes. At the end of the week, the app will calculate how much you have spent and send 10% of this money to your e-wallet.

You can even link it to your health app. At the moment, 50 pence is transferred out of my account every time I complete 1000 steps.

If that doesn’t do it for you, you can link Oval Money to your Facebook account and it will take money every time you post.

Failing that, you can allow Oval to take a fixed amount from you every month.

Saving money with the Oval app

You can even set yourself a challenge with Oval Coach. Complete missions (such as saving a certain amount each week) and you earn points. And what do points mean? That’s right, some Oval stickers and pins. But that’s not the big prize. Go all out and you could earn an Oval T-Shirt. Whoop. Still, the app is more about saving rather than prizes.

So it’s really useful then?

Well, I’m not sure how accurate the app really is. For example, in October, my total expenses came to £11,255.65!

The issue is that I transfer money around my accounts to earn a bit of easy money. Oval Money can’t seem to compute this, so it gives out a slightly skewed reading. Some other apps allow you to edit this, but Oval doesn’t.

Oval money expenses summary

Saving with Oval Money

I use other apps, such as Money Dashboard, to keep an eye on my accounts so monitoring wasn’t one of the main features that appealed to me. What really interested me was the option to save money.

Being able to spend and save at the same time seemed like a great idea. I decided not to change any of the money-saving settings to see what would happen.

In the space of 14 days, the app took £97.59 from my account. Now, I’m not a wealthy man, so this seemed like a fairly substantial amount.

So, I adjusted the settings so that I wouldn’t be declared bankrupt within a few months.

Since then, Oval Money has been far more reasonable when taking from my account and has actually led to me building up a nice little sum.

Investing with Oval Money

Like many other personal finance apps, Oval Money now gives you the chance to invest your money. The investment products are called ETNs (Exchange Traded Notes).

There are several choices of funds you can invest in, which offer varying returns.

investing with oval money

As you can see from above, the Creative Thinking fund increased in value by 14.77% over the last year – far more than a cash ISA would have earned. Although when working out how much you can earn, you need to consider that you will have to pay a 1% management fee for your investment. This is considerably more than going to some providers directly. Fidelity charges (0.35%) and Hargreaves Landsdown (0.45%). If you’re thinking of long-term investing, the difference in cost could be considerable.

Although ETNs offer the potential of greater returns compared to a normal savings account, your capital is also at risk. Investing is something I often do, but only with an amount I’m willing to lose. Always check you know the risks before investing.

What other people say

Trustpilot currently holds an average rating of 3.8 stars out of and is rated as ‘great’. Positive comments include:

Very useful and fun way to save money

Amazing app and service

Great company and service

Negative reviews state:

Overpromises and underdelivers



As always, take some reviews with a pinch of salt. Some of the negative reviews talk about fraud from bank accounts after joining Oval. However, there is no proof this is linked. And equally, there lots of positive reviews as people try to share their own promo code to earn a little more money.

My Oval Money review conclusion

This isn’t my favourite money app, but it’s worth considering. The budgeting side didn’t help much, but I’m a fan of how the savings work (especially the steps) and the investments have worked well for me so far.

Oval money promo code

If you fancy giving it a try, use my Oval Money promo code PCVMV8U when you join, and we both receive a free £5. And who can say no to free money? Please note though, Oval only pays the bonus once you have made 6 automatic transfers.

Alternatively, if my Oval Money review hasn’t convinced you, why not take a look at my review of the best budgeting and personal finance apps.

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Tuesday 12th of February 2019

Been using Oval money for 6 months now & I love it. Takes the planning and budgeting out of saving.


Thursday 8th of February 2018

Dear Pete, First of all thank you for the candid review. We always look for feedback. Just to clarify, we used to have a £1 fee to take the money back that we had tested with our beta users as a good way to try dis -encourage users to take out their savings to rapidly. We realised very quickly that many users did not like it and thus removed the fee. I am the co-founder and the link I had sent was to our FAQ that explained the fee (obviously now that we have removed it it does not have this information any longer). I love responding to our users and I think that you will not find that you can actually see that much interaction with the founding team with the community as we prode ourselves in Oval. Also, in terms of your expenses, we have created a number of categories to allow you to feel like you have a better idea of where you spend your money. The data that feeds into Oval is the one from your bank statements so it should be correct to what you spend. We allow you to go into every expense to make changes to the category, add a personal tag that is then searchable and also decide to take it away from the calculation of expenses in the pie chart. This last feature is useful if you linked a credit card to Oval, because on the app we read each expense on the credit card and then also the amount that is charged by the card to your account. This means that there is double counting if you linked both, allowing you to adjust. We hope that our soon to be released marketplace will give you the confidence that we have a very unique value proposition. Best, Benedetta

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