Banking Money-Saving

Cleo Banking App Review: Your Budgeting Buddy

Cleo App Review

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Save money without noticing? It is possible with the Cleo banking app. I was pleasantly shocked to see I’d saved £54. But what is Cleo, how does it work, and more importantly, is it safe? Read on for the cleo banking app review: your budgeting buddy.

I was pleasantly shocked to see I’d saved £54.

Keeping Track of Spending

No matter how hard we try, it can sometimes be difficult to keep track of our spending. Personally, I like to manually log my spending, and then put it into pretty pie charts so I can see trends of where the most of our money goes.

track spending

Some people like to draw cash and separate budgeted money into cash envelopes. Yet, some people prefer to use their debit card, as having envelopes and coins all over the place can get fiddly.

It’s often easier to simply swipe, but that also means it’s less easy to keep track. Even with a carefully-planned budget, there are still sometimes things that you mightn’t have considered or something you’ve missed off your grocery shop.

That’s why Cleo can help you by categorising your spending and updating you of key expenditure trends.

What is Cleo and How Can it Help Me?

Cleo is a banking app that connects to your bank account and monitors your income and expenditure by categories and merchants.

Using artificial intelligence, Cleo (in read-only mode) can analyse your transactions and discover spending patterns. She can also tell you when you’ve spent quite a bit of money in one particular supermarket (which is often the downfall for many of us!).

This is great in identifying overspending habits and where you may need to reign it in!

How to stop overspending
Supermarket spends can add up

Cleo can also help you set up a budget. You can confirm your regular or expected income, and record your budget for your bills or regular spending on any category, such as food spend.

You can set up your budget as payday to payday, monthly, every 2 weeks, weekly, or as a one-off with custom dates. Once your budget is set up correctly, the app will tell you what your weekly, and daily limit is.

She’ll also tell you if you’re going to run out of money, and whether you can afford to splash out on a pizza!

Is Cleo Safe to Use?

Cleo is registered with and regulated by the Financial Conduct Authority. All of your data is encrypted and accessed on a read-only basis. You do of course have to connect your bank account. (Otherwise, it’s not possible for the app to obtain your data). Only you, the user, and Cleo can view your transactions in the app. You can read more about it via their FAQs here.

How can Cleo Help Me Save?

Cleo Banking App Reviews
Save Money with Cleo

By monitoring your spending and whether you’re likely to go over or stay under budget, Cleo will send you a message to let you know if you can afford to put a little bit of money away each week. She’ll then ask if you want to proceed.

Unless you say otherwise, the app will do this automatically. The money will be sent and held in your secure e-wallet.

Cleo Banking App Review – My Opinion

I’ll be honest, I haven’t got to grips with the budget section yet. Cleo is connected to the bank account I use for food, fuel, and any other spending, and we have a separate bank account for our bills.

I think I’ll be putting my £54 into an investment pot.

When it comes to saving money for me, though, Cleo gets a big thumbs up. Based on your spending, the AI assistant will tell you what you can afford to put away, then ask your permission to do so, first.

You then have the option to transfer it to a savings account or send it back to your bank account. I think I’ll be putting my £54 into an investment pot.

Try Cleo for yourself and sign up here. When you connect your bank account and create your own Cleo wallet, you’ll get £5! 

(this is an affiliate link. By clicking on and signing up via my referral link you may enable me to earn a commission at no extra cost to you).

Cleo Banking App Review
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About Author

Miss Penny Money is a personal finance blogger on a debt-free journey to financial independence, whilst juggling a writing career and bringing up a young family on a modest budget.

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