How do I set up a Cleo wallet?
Type 'home' to Cleo & then swipe right to the savings card. Click the button, then follow the instructions. We'll ask for three bits of information:
- Basic identifying information including address. (To comply with KYC regulation)
- Your debit card details. (To deposit money to your account)
- Bank account details. (To withdraw funds back to your bank account)
How do automatic savings work?
Every week, Cleo’s algorithm will detect how much you’d afford to save based on your spending, and will put it away for you, in a separate Cleo wallet.
How do you know what I can afford?
Cleo scans your accounts and calculates what’s OK to move into savings based on your lifestyle and spending habits. Cleo will never transfer more than you can afford, so you don't have to worry about going into your overdraft.
Where does that money go?
The money you save goes into a Cleo wallet. You can use the account to withdraw money to your bank account at any time.
Where are my Cleo savings held?
The money you save is ringfenced by our FCA regulated partner MangoPay and held in insured Barclay’s accounts so it’s kept secure.
How often will Cleo save for me?
Cleo will aim to bank savings for you once a week.
In addition to this, you can say "save £amount" to Cleo at any time and she'll transfer this amount to your Cleo wallet immediately.
How much control do I have over Cleo’s automatic saving?
Cleo will detect how much you can afford to put away, and will ask you every Wednesday whether you’d like to go ahead with the saving. We'll transfer the money unless you hit cancel.
How do I stop auto saving?
Say "disable autosaving" to Cleo at anytime to stop the process.
How do I withdraw my Cleo savings?
Say "withdraw £amount" to Cleo and she'll transfer that amount back into your bank account.
We process withdrawals via Faster Payments, and so if you withdraw your money on a weekday, it's typically in your bank account by the end of the day. If you make a withdrawal on the weekend, you should receive your money on the following Monday.
Look out for an incoming payment from MangoPay and if you can't see it within 2 working days, give us a shout.
I've saved/withdrawn over 1000 EUR, how do I submit verification documents to withdraw my money?
Congrats. We're legally required to ask you to submit proof of identity documents to our third-party payment provider at this point. Just follow this link to do so.
Can I save if I am overdrawn?
Cleo will not save any money if you're in your overdraft. Cleo will also make sure that you do not go into your overdraft by saving.
Can you guarantee that you will not take me into overdraft?
Cleo will not move any money as savings if you are near your overdraft, or overdrawn.
Why do I have to add my bank details again?
You need to add your bank details in order to set up payments and withdrawals to your bank account.
How do I update the card and bank details associated with my Cleo Wallet?
You can also go to your Cleo dashboard on your PC, click on the Wallet tab and click the corresponding update details buttons.
We currently do not pay interest for this account. We're in the early stages of talking to potential partners who could offer savings interest, and it's something we want to build in the next six months.
How much does it cost to use Cleo?
Cleo is totally free to use! No fees, no subscriptions. Just free.