Cleo app review

Meet Cleo, the AI friend you can text about your finances

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Cleo
Cleo offers intelligent insights into your spending patterns, trends and budgets all via text message or Facebook Messenger.

What is Cleo?

Since its launch in 2016 Cleo has grown exponentially, currently helping 90,000+ users have a clearer and more positive relationship with their budgeting.

Cleo uses artificial intelligence to analyse transaction transaction data on your bank account. It’s creators strongly believe in the power of new technologies to help us manage finances better.

How does Cleo work?

By providing Cleo with your online banking login it is able to securely analyse your transaction data. Cleo will then use this information to provide users with a clear insight to their spending habits. Once you are connected you can contact Cleo via text or Facebook Messenger.

  • Set and keep track of daily, weekly or monthly budgets.
  • Check your direct debits.
  • View your balance.
  • Check latest transactions
  • View your spending habits split up into categories.

Cleo is free to use, quick to set up and makes it easy to keep an eye on your spending.

Is Cleo safe?

Cleo gain read only access to your account, meaning they can only view encrypted transactions. They use bank-level 256-bit encryption and security services. No one can every move money in or out of your account.

Your data will never be stored on Cleo’s servers.

Cleo are in fact so confident in your safety that they pledge to cover you up to £85,000, equivalent to the FSCS deposit and savings guarantee.

Pros and Cons

Pros

  • Easy to use, sign up in less than 2 minutes and contact Cleo from your mobile phone.
  • Intelligent insights into your budget and spending.
  • Bank-level security with the £85,000 pledge.
  • Great for those who aren’t particularly engaged with their money.

Cons

  • Cleo may not be useful for people who are already in the habit of saving
  • Some may not be comfortable giving Cleo access to their online banking.

The verdict

If you’re looking for a money app that helps you save, you have a few options, but Cleo is one of the most fun and easy to use, as it mostly works through a chatbot.

While some may prefer something more elaborate, with more features and options, if you’re just starting your financial education (and are quite the chatty type), it can be great. Otherwise, you could perhaps consider a budgeting app like Yolt, which requires a bit more work on your side but also offers a wealth of features and data Cleo cannot quite match.

While not necessarily the best option for money app junkies, Cleo can help beginners get a better idea of their spending patterns and save money hassle-free.

Compare Cleo against its competitors

Data indicated here is updated daily
Name Product Ratings Interest (AER) Arranged overdraft Key benefits Link Representative example
We say
★★★★★
You say
★★★★★
0%
15% EAR variable
Award-winning current account, apply in minutes
Go to site
Current account switch service guarantee badge
No fees for spending or withdrawing cash overseas - currencies are converted at Mastercard’s standard exchange rate
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 15% EAR variable.
We say
★★★★★
You say
★★★★★
0%
39.94% EAR variable
Interest and fee free overdraft
for first four months when you switch
Go to site
Current account switch service guarantee badge
Up to 15% cashback at a range of major retailers
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable.
We say
★★★★★
0%
N/A
Guaranteed acceptance plus a credit building feature
Go to site
Account fee of £5.95 per month.
We say
★★★★★
0%
N/A
Guaranteed acceptance
Go to site
Current account switch service guarantee badge
Earn cashback on your purchases when you shop through the ThinkMoney rewards portal
Account fee of £10 per month or £15 per month.
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