Automated saving & investing via bots and apps (Oval app)

InItForTheMoney

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Hi all,

Has anyone looked into using Apps or Bots for automated saving &/or investing?

I've used OnTrees before to get an overview of my accounts, but not used the budget feature yet.

In the last few months I've started using Oval which aims to 'help you monitor spending' and 'automate saving based on when you spend and your usual activity'. You can set different 'steps' (e.g. Everytime I post on Facebook save 50p) or simply ask it to round up your purchases.

I go for the latter and save about £15-20 a week without noticing.
As it's a free app I think it's worth a short, but it is just saving. There's no interest offered. As such once the app has done the painful part of putting money aside without me noticing, I'll usually withdraw it and bung it into a higher paying savings account.

There's a referral code (JE7LYGU) in my signature if anyone's keen on trying it?
(Edit: Apparently the referral gets you £5 free, if you have at least 6 successful direct debits within the first 3 months)

I'd also be keen to hear if any of you fine folk have dabbled with MoneyBox (although the fees seem a tad high to me) or similar?

IIFTM
 
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InItForTheMoney

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Replying to my own message like the sadsack I am.

I've just signed up with Chip, another automated savings app. Rather than Oval (above) which is action based, Chip uses an algorithm to work out how much you can spare and automatically takes money and puts it into a (potentially) interest earning account.
They add an extra 1% interest for each referred sign up (up to 5%), so do use my link if you'd like to help me out: M168UF

I'll give it a shot for a while and report back.
 
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KNPhoto

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Ive been with CHIP since end of October and have just short of £300 saved. I have had no issues so far, but i haven't attempted to withdraw. However, judging by the customer service so far, I doubt there'll be any issues with this. its collected weekly, you can pause when you like and I seriously haven't missed the money. I planned on using what I had saved for xmas but hadn't needed to cos the money has gone without me missing it.

I wont leave my referral here so as not to highjack the above poster but if you use their link, you both get an extra 1% on your savings, not just the referrer, so could be worth it.
AFAIK money is held by Barclays and withdrawals can be part balance, not just full amount.
Happy to answer any questions about my experience with them.
 

KNPhoto

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Addendum (youre not the only sadsack)
I have and am using Moneybox also. Again, i don't notice and am still in the free trial period. It's best for long term (very long term) as it saves into a stocks and shares ISA so you wont see any increase in your funds in a short space of time. The fees are high but i dont think they are extortionate. That said, i probably will close this before the fees hit and put the money in a savings account until i find something similar but free, like CHIP or OVAL. i'd be interested to see what your comparison of the two will be like.

Shamefully, I didnt notice that you were the OP on this thread. My speedreading isn't what it used to be.
 

RickyRaj

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I signed up to Moneybox recently too. I like the idea of saving without realising that you are so this is perfect for me.
 

KNPhoto

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I signed up to Moneybox recently too. I like the idea of saving without realising that you are so this is perfect for me.
CHIP might be better for you. Moneybox is ok at what it does but i find CHIP more user friendly and customer focussed. Plus.. free!
 

RickyRaj

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CHIP might be better for you. Moneybox is ok at what it does but i find CHIP more user friendly and customer focussed. Plus.. free!
I prefer Moneybox and like the investment aspect. In addition it doesn't look like you can add more than one account, which you can with Moneybox. CHIP is good if you are looking to specifically save I think.
 

InItForTheMoney

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Thanks both.
I'd looked into Moneybox but was put off by the (proportionately high) fees for what is (I believe) essentially a tracker fund?

@KNPhoto, I might steal your strategy however and just use it for the free period to get the wheels turning.
 

InItForTheMoney

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I logged into Oval this morning to the news that they are about to start crowdfunding "to integrate an innovative one-click investment marketplace for you to access a full range of financial products and services to help your savings grow".

Sounds like they're about to do a MoneyBox.
 

KNPhoto

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I logged into Oval this morning to the news that they are about to start crowdfunding "to integrate an innovative one-click investment marketplace for you to access a full range of financial products and services to help your savings grow".

Sounds like they're about to do a MoneyBox.
CHIP did that a month or so ago did they not? There was no talk of them introducing fees or anything at that point though. My Moneybox free period runs out soon so I’ll be withdrawing and looking to open somewhere else. I haven’t looked at Oval yet but I’m sure there’ll be other players in the market emerging soon.
 

InItForTheMoney

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I saw that Chip were using Crowdcube to fund their banking licence application at the tail end of last year, but I'd not heard any more since?
 

Cas

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I saw that Chip were using Crowdcube to fund their banking licence application at the tail end of last year, but I'd not heard any more since?
i think they are still waiting on their application to be accepted
 

InItForTheMoney

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Just got notification of that sweet, sweet 2p interest that Chip will be paying me later today!
To be fair though, I have got less than £30 saved in there currently.

Even so, compound interest for the win!
 

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Just got notification of that sweet, sweet 2p interest that Chip will be paying me later today!
To be fair though, I have got less than £30 saved in there currently.

Even so, compound interest for the win!
JEALOUS!
 

InItForTheMoney

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Just found the manual save option. Slowly stashing my emergency fund in Chip... although £100 each day, as that's the limit.
 

Cas

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Just found the manual save option. Slowly stashing my emergency fund in Chip... although £100 each day, as that's the limit.
where do you find that ?

not that i would use it ,my balance looking a bit funny
 

InItForTheMoney

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On the 'Chip chat' screen, cck on 'Save' at the bottom. You can also adjust your saving level if you want them to increase the amount they take out.
 

InItForTheMoney

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Just as an FYI if anyone's keen to know timescales: I asked to take some cash out of my Oval account yesterday and it was back in my current account today.
 

InItForTheMoney

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Chip app (the automated micro-savings app) are running a lottery until 12pm tomorrow (13/4/18) based on referred new sign ups.
Prizes are:

1x Dream Holiday;
10x £100, and;
50x extra 3% interest (no matter your current savings rate with them)

Multiple tickets from multiple referrals are allowed. The referree has to download the app, connect their bank account -to allow for the automated saving-, and input your referral code (mine is: MI68UF ;) ).
 

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