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Mobile app review: SavedPlus

By Alissa Fleck · Bankrate.com
Friday, May 23, 2014
Posted: 2 pm ET

App name: SavedPlusmobile-blog-savedplus-app

Publisher: SavedPlus Inc.

Price: Free

Available on: iOS, Android

What's it supposed to do? Whenever you make a purchase, SavedPlus transfers a preset percentage from your checking account into your savings account. The app is intended to allow users to save automatically and then track their transactions over time to provide spending and saving trends.

Ease of Use (3/5): The setup process is not very user friendly. The first step is to choose your bank, but the numerous banks listed are not in alphabetical order. Then, SavedPlus can take as long as an hour to locate and connect to your bank. Once you make a transaction, it takes five days to show up, which could be problematic for some users. It also has occasional glitches that require you to log out of the app altogether in order to move between pages. Some of the features are confusing.

Features (4/5): For its fairly basic task of helping you automatically boost your savings, SavedPlus has the necessary features. It connects securely to your bank account (works with all banks), allows you to see past checking and savings transactions, allows you to set predetermined amounts and intervals of deposit and provides reports and forecasts, including average monthly savings, relating to your spending. SavedPlus only works in the U.S. and does not allow transfers to IRAs, though it says it eventually plans to do so.

Effectiveness (3/5): For someone unfamiliar with apps or financial apps, SavedPlus can be quite confusing. It allows you to choose how much banking information you'd like to share but does not clarify upfront what is necessary to make the app work for you and how much of this information it actually needs. You need to manually enter your checking and savings account information even after you've connected to your bank. Adding your credit card information is "optional." (You need it if you want to track credit card transactions.) Once you've got the app figured out, it completes its task effectively enough -- you can choose when to save and when to stop.

Value (3.5/5): This app is free, which is a plus, but it doesn't do much you can't already do manually. Probably the best feature is that once you've set the app up according to your desired settings, you don't have to think about it or worry about your checking account getting overdrawn (from the app, at least). SavedPlus does have some fees that could take you by surprise. If you do not enter your savings information and allow money to accumulate over a period of time without making the transfer, SavedPlus will charge you a fee to put the money back in your checking account.

Verdict (13.5/20) Take it or leave it: The setup process is complicated for the average user and requires reading a lot of fine print. There is also a lot of useless, redundant information. Still, SavedPlus is good for anyone looking for a simple method of putting money away and watching it pay off over time.

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