Computerized Investing > June 21, 2014

SavedPlus for Android and iOS

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Android and iOS app forces you to save by automatically transferring a percentage of your spending to a designated savings account.

SavedPlus is a great way for people to save money without noticing that they’re “losing” any of their discretionary income. The program allows you to select a savings percentage between 5% and 20% of your spending. Whenever you make a purchase using a monitored account, SavedPlus will set aside the percentage of money you want to be saved. For example, if you choose to set the “saving slider” to 10%, the next time you go to Costco or the grocery store and buy $75 worth of items, $7.50 will automatically transfer from your checking account into your savings account.

My first question was: What if the bank I use charges me a fee for transferring money? Some banks only allow a specific number of transfers within a given period of time. After looking into this, I found that penalties are most commonly associated with withdrawals from some investment accounts or high-yield savings accounts. The SavedPlus application transfers money from regular checking accounts to a savings, investment or high-yield account. There are no penalties for frequent deposits.

Another positive aspect of the program is that users have the option to choose a spending cap or monetary limit for a qualifying transaction. For example, if you set the qualified transaction limit at $1,000, no percentage value of any transaction over $1,000 will transfer money into your savings. This is a way of preventing excessively high transfer amounts. You can also set a minimum reserve amount for the checking account. So if you set this limit at $200, no savings value will be taken out of your checking account if you have less than $200. This prevents users from ending up with negative balances or less than they need in their checking account.

How it Works

SavedPlus allows users to save money daily, but only initiates a savings transaction once a week (every Monday) for the total amount saved for the week. According to SavedPlus staff, the application consists of three key components:

1)      Monitored accounts

2)      Source account

3)      Destination account

The monitored accounts can be any accounts that you currently use for spending, such as checking accounts, credit cards, and debit cards. To select a monitored account, you need to choose your bank and then log in into your account there. Once the account is verified by the bank, all accounts associated with your login will be automatically added.

The source account is usually your checking account, and it is the account that your automatic savings will be taken from. You will need to input your checking account number and routing number. This is done by tapping on the menu in the top left corner of the application and choosing “select checking account.”

The third key component is the destination account, which is the account that you want your savings to go into. You will need to input the account number and routing number for your destination account. In terms of security, the company says it does not store your personal security information. All transactions are encrypted and secured by Thawte. SavedPlus’ servers are hosted by OVH, a leading business infrastructure provider. There are four levels of security that SavedPlus highlights: strong encryption (256-bit), SavedPlus online login and password, masked account numbers when you log in, and an automatic time-out that will terminate your session. There is more information available on their website if you have other questions concerning security.


Accounts can be easily added through the app, but you can also change your profile settings on the SavedPlus website. The application is free to use and free to download. According to the SavedPlus staff, they intend to create a version where users can, for a small monthly fee, control the frequency of transfers, make split transfers and set limits on the accumulated transfers. The app is available for iOS and Android phones.

SavedPlus for Android and iOS



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