What is the Cleo Wallet?
The Cleo Wallet (which is no longer available in the UK) is a handy place for you to put money aside to pay for the things that matter. You can either put money aside manually, or turn on the autosave feature.
If you have a savings goal (no longer available in the UK), the Wallet is where your money will be held. If you're subscribed to Cleo Plus and have opted into Daily Cash (cashback from everyday purchases), the money is stored in your Wallet.
The Cleo Wallet is *not* a savings account. Your Wallet balance does not accrue interest and is not FSCS guaranteed.
To check on your Wallet balance or adjust settings, say "wallet" in chat or head to the Save tab.
Where can I find the Cleo Wallet?
The Wallet is located in the Save tab of your app. You can also say "wallet" in chat to get there.
How do I set up a Cleo Wallet?
Just say "Wallet" in chat to get one up and running. You can also head to the Save tab, where the Wallet lives. We'll ask for three bits of information:
Basic identifying information, including your address (to make sure you are who you say you are!)
The last four digits of your SSN (so Dwolla, the payment partner used for the Wallet, can verify your ID)
Bank account details (so you can deposit and withdraw any funds between your Wallet and bank account)
How do I use the Cleo Wallet?
The Cleo Wallet, which is located in the Save tab, supports two types of saving: manual and autosave:
👉 Manual Saving:
If you want to move money to the Wallet manually, you can say '"deposit" followed by the amount you want to put away (e.g. "deposit $5"). Write this in chat, and the specified amount will move from the account attached to your Wallet.
To withdraw any money from your wallet, just say "withdraw $" followed by the amount you would like to take out (e.g. "withdraw $5"). That money will then move into the bank account associated with your Wallet.
If you have autosave turned on, money will be moved into your Wallet once a week. If it looks like you can afford to save that week, you'll get a notification on Wednesday before the deposit happens. The transfer will be made the following day unless you decline the saving.
⏰ Please note that withdrawals and deposits can take up to four business days to land in your Wallet or your bank account
How does autosave work?
To get set up, just say "autosave" in chat and follow the steps. If you don't have a Wallet set up already, you'll be asked to set one up to use autosave.
Autosave is totally free to use with a Cleo Wallet 👌
Once you have autosave set up, Cleo will scan your accounts and calculate what’s OK to move into your wallet based on your spending habits. You'll never be asked to transfer more than you can afford, which will prevent you going into your overdraft. You'll always receive a notification before any autosave deposit is made.
The money you save will go into your Wallet, which you can view on the Save tab or by typing "wallet" in chat.
It can take up to four business days for these transfers to show on your Wallet but you should be able to see the pending transaction from your chosen account in the Spend tab.
What are savings goals and savehacks?
Savings goals (no longer available in the UK) are a way for you to assign a goal to what you autosave. These can be things like a new pair of shoes, a vacation, or more.
If you set up a savings goal, you'll be asked to attach a savehack. Savehacks are just a type of autosave. They're usually based on your existing spending behaviour, so you don't need to do anything extra to save more.
There are four types of savehacks:
Smart save sets money aside automatically. This is the most basic savehack
Round up rounds up every spend to the nearest dollar, and puts the difference towards your savings goal
Swear jar saves a little money every time you spend at a merchant of your choice
Set & forget lets you pick an amount to automatically put away each week
If you have a savings goal with Cleo, you can add as many savehacks as you want.
Track your savings goal in the Save tab or by saying "savings goal" in chat.
How do I stop autosave?
Say "stop autosave" in chat at anytime to stop any autosave messages or transfers. You can also head to the Save tab to adjust Wallet and autosave settings.
How does Cleo know what I can afford?
Your potential autosave deposit is calculated based on your spending. You'll never be asked to transfer more than you can afford, so you don't have to worry about going into your overdraft.
Where does that money go?
It goes into your Wallet. You can withdraw money to your bank account at any time – just say "withdraw" in chat, followed by the amount you'd like to take out (e.g. "withdraw $5"). Please note that it can take four working days for deposits and transfers from the Wallet to process.
How often will Cleo move money for me with autosave?
If you have the autosave feature turned on, funds will transfer into your Wallet once per week, but only if you have enough in your account. You'll get a notification each Wednesday before this autosave transfer happens.
You can also manually move money by saying "deposit" in chat, followed by the amount you'd like her to move (e.g. "deposit $5"). Please note that deposits to and withdrawals from the Wallet can take up to four business days to clear.
How much control do I have over Cleo’s autosave feature?
Cleo will detect how much you can afford to put away, and will ask you every Wednesday whether you’d like to go ahead. The money will be transferred unless you hit cancel.
How do I stop automatically transferring money to the wallet?
How do I withdraw from my Wallet?
If you'd like to withdraw money from your Wallet, just say "withdraw" in chat, followed by the amount you would like to take out (e.g. "withdraw $5"). The money will then return to the account attached to your Wallet within four working days.
Can you guarantee that you will not take me into overdraft?
If you are near your overdraft or overdrawn, your money won't be automatically moved.
How do I update the card and bank details associated with my Wallet?
To update card and bank details associated with your Wallet, head to the Save tab and select settings.
There's no interest paid on your Wallet balance. The Wallet is primarily designed as a little pocket, where you can put aside money easily.
How much does it cost to use the Wallet?
The Wallet is free to both set up and use.
Who can use the Wallet?
If you're in the UK, Wallet is no longer available to use. Read more about that here.
Want more? Check out our blog for all things personal finance.