Everything is transitioning to the digital realm. Cleo may now serve as your AI-powered financial assistant. We must control our spending; otherwise, we may end up paying more for something on which we might have gotten a better deal or even spending on items that we do not require.
Your cash management concerns will be put to rest with Cleo. Cleo can assist you in keeping track of your spending. In addition, it will make you more aware of your spending habits when you are about to go over your budget.
What is Cleo?
Cleo is an artificially intelligent bot that assists you in maintaining financial control. You can construct a budget, upcoming schedule bills, save money, and more using the mobile app.
Launch the app and ask Cleo any questions you have about your finances. It can tell you everything from your current account balance to whether you can eat out tonight.
How much does it cost?
Cleo free
- Monthly price – No fees
- Get tips on how to spend and save money.
- Make a financial plan.
- Limit your spending.
- Cleo Wallet allows you to save money manually or automatically.
Cleo plus
- Monthly price- $5.99
- A $100 salary advance
- When you shop at some particular stores like Nike, Airbnb, and Starbucks, you can get up to 7% cashback.
- Cleo Wallet savings earn 2% interest.
How do you sign up?
Follow these steps to sign up for Cleo on your phone:
- To apply, go to the provider’s website and follow the instructions.
- Select Get started right away.
- Continue after entering your email and password.
- Then go to Cleo and click Open my email.
- Select any alerts you’d like to receive, such as overdraft alerts, future payments, direct deposits, and then click. Let’s do it.
- Click Sign up now and use your username and password to access your bank account.
After you’ve signed up, type Cleo Plus into the chatbox to purchase a Cleo Plus subscription. After that, the bot will guide you through the subscription procedure.
How does it work?
Cleo’s developers are firm believers in emerging technologies to help us better manage our finances. As a result, Cleo has grown exponentially since its inception in 2016, now assisting over 400,000 US consumers in having a better and more positive connection with their budgets.
Cleo has plans to allow you to send money to pals, make investments, and keep track of your credit score in the future.
Cleo can securely examine your transaction data by giving it with your online banking credentials. Then, it uses the data to communicate with you on Facebook Messenger or in the app, where you can ask it to do things like:
- Make daily, weekly, or monthly budgets and stick to them.
- Make sure your direct debits are up to date.
- Look at your account balance.
- Check out the most recent trades.
- Organize your spending habits into categories.
Cleo’s free features
Cleo has two account tiers: a free account and Cleo Plus, which costs $5.99 every month. The free account grants you access to Cleo’s budgeting tool and digital wallet, as well as a weekly quiz with cash prizes. Cashback incentives and overdraft protection are included in the paid account.
Cleo budget tools
Cleo examines your finances and makes recommendations for a budget. It allows you to tailor the budget plan to your requirements. Although Cleo does not state whether it can support multiple bank accounts, you must link it to your checking account.
The app will recognize recurring bills and send you payment reminders. Unlike some other budget apps, which allow you to build many budgets for different categories, this software only allows you to establish one budget. Cleo organizes your spending habits and sends you monthly summaries by category.
Cleo’s digital wallet
Cleo’s digital wallet allows you to keep money in the account, but it does not pay an interest rate or provide FDIC protection.
The software will prompt you to set up recurrent, automatic transfers into your wallet and allow you to transfer money into this account on demand.
Cleo weekly quiz
You can take a quiz every week that asks you questions about your recent spending and saving habits. You’ll be entered to win a cash reward if you correctly answer all of the questions.
Cleo’s plus paid features
Cleo Cover, a sort of overdraft protection, and Daily Cash, a cashback rewards program, is available for $5.99 per month. If you need a little more cash to get by or if your checking account is about to dip into the red, Cleo Cover lets you borrow up to $100.
There is no interest charged on the loan amount as long as you repay it within three to 28 days. Cleo assesses your eligibility for Cleo Cover on a case-by-case basis, taking into account criteria such as your spending habits and whether or not you have a regular source of income.
Is it safe to use?
Cleo is granted read-only access to your account, which means it can only examine encrypted transactions and cannot transfer money in or out. In addition, your credentials will never be stored on Cleo’s servers, and your data will be protected using bank-level encryption.
Pros and cons
Is Cleo right for you?
Cleo tries to make money management more approachable by adding a chatbot with personality and offers activities – so if you’d instead get a root canal than create a budget, you might want to skip it.
Your finances, on the other hand, are not a game. Cleo has no interest, FDIC insurance, exorbitant interest rates on Cleo Cover loans, and a basic budgeting tool. ] Take your money management seriously and save the giggles for something else.
The bottom line
Cleo is a terrific free tool that can help you save money today and develop a healthier financial life in the future. There is no requirement to get anything, and there are no costs, so give Meet Cleo a try if it sounds like a helpful tool.
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FAQ
What is Cleo?
Cleo is an artificially intelligent bot that assists you in maintaining financial control. You can construct a budget, upcoming schedule bills, save money, and more using the mobile app.