HSBC has launched a new iPhone app, with the ambitious aim of helping people save, even when they’re spending.
Dubbed SmartSave, it’s a standalone app that can be used by customers of any bank. The idea is to help people put money away for a rainy day without thinking too much about it.
You can either tell the app to move cash from your current account savings on a structured basis, or tell it to use a string of smart options.
The latter include the ability to round up recent spending to the nearest pound, putting aside the difference.
If funds are running low, SmartSave will tell you to stop saving. And if there’s a surplus, it’ll give you a push to start putting more away.
You can list a number of ‘guilty pleasures’ stores where if you spend, SmartSave will ‘punish’ you by putting a set amount aside to offset your splurge.