It does that by analysing your spending to spot if you have cash languishing in your current account that would do better in a linked savings account, which pays 1%. It will also tell you if it reckons your finances might be getting tight.
If you want convenience and simple money management, it could be tempting. But Hannah Maundell of money.co.uk warns: “If you do go for it, watch out for the cheeky £2 a month fee that kicks in after a year.”
Charity Age UK has warned the move to online and continuing branch closures are hitting older people. That’s because many remain digitally excluded, put off by the cost of getting online, lack of digital skills or concerns about security.
While a minority of older people use internet banking, most like to visit a branch, preferring the chance to talk to bank staff and the security of seeing their transaction take place and getting a paper record to prove it.
As well as not leaving people without a nearby branch, the charity wants banks to adopt practices that are friendly to older people, such as good customer service. That includes listening carefully, speaking clearly, better call-handling systems and the ability to be sensitive to customer vulnerability.
“The increasing reliance on online is difficult for many older people and bank branch closures can leave them feeling high and dry,” says Caroline Abrahams, Age UK’s charity director at Age UK. “Putting ‘age-friendliness’ at the heart of their propositions is not only good for older people, it can make great business sense as well.”
