7 Qualities To Look Out For In A Savings App

There are too many financial apps on the internet and we’re not sure how much more you’ll have to deal with in a few years.

Some will promise heaven and earth to only deliver the size of a tile, others will ask you to “bank on them” and the exact opposite will be your experience. Some will lure you in with freebies but you might end up paying with your hard-earned money.

This is why we wrote this short article to help you navigate all these apps and help you make the best decision —?one that helps you meet your financial goals and also keeps your money safe.

Security

One of the first questions you may want to ask yourself is, “Is my money safe here”?

You want to start by researching the company. Look through their website. What do they say they do? Is it different from what is displayed on the app?

Go through their social media to check if they are responsive.

Can you reach them through texts, emails, or even DMs?

Do they respond to customers in the comment section?

If you’re going to put your future in a company’s hands, you need to be sure they can respond to your queries.

You also want to make sure you’re downloading the actual app because there are a lot of lookalikes.

Make sure to download an app from a company’s website. The company’s website should always include links to its mobile apps, along with details about the app’s features and how you can use it. You should also use a trusted platform when downloading and installing the app, like the App Store for iOS users or the Google Play Store for Android users.

Lastly, make sure to go through reviews and related information about the app before downloading it to ensure it’s legitimate.

Did you know that the savings feature on the Moni App is called the Moni Vault?

Ease of Use

There are already stressors in life. A savings app shouldn’t be one of them.

Saving on an app should be as simple as ABC. You shouldn’t have to pull up a manual or watch various videos for you to understand the app you are putting your money in.

What’s the user experience like? You know those apps where you click on an icon and it hangs or takes forever to load? Please delete them.

If the process isn’t seamless, there’s no point in investing your time and energy in the app.

Easy Access to Funds

Almost everyone can relate to the wild gap between the withdrawal and deposit pace of funds from banks. This is one of the things that fintech savings apps have removed from the equation.

But speed doesn’t mean easy access.

You want to be certain you won’t hear stories that touch when it’s time to withdraw your money.

I’ll advise testing the waters with a little amount of money like “urgent 2k”.

Set a target for a week and try to withdraw your money right after. See how easy it is to access your funds before putting in a large chunk of money.

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