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 identify 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.
Is my data safe?
We use 256 bit, bank-level encryption so your data is kept secure and safe at all times.
How often will Cleo save for me?
Cleo will aim to bank savings for you once a week.
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 whether you’d like to go ahead. You can stop Cleo from moving money into savings at any time.
How much does it cost to use Cleo?
Cleo is totally free to use! No fees, no subscriptions. Just free.
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.
How do I access my Cleo savings?
You can say "withdraw £amount" to Cleo and she'll transfer that amount back into your bank account. The money will usually be back in your account by the end of the day, but can take a little longer depending on your bank. Look out for an incoming payment from MangoPay and if you can't see it within 2 days, give us a shout.
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 long do withdrawals usually take?
Normally less than 12 hours but can take up to 2 working days.
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.