Swave is launching a three-month challenge to help Britain start a savings resolution in 2017. Swave have developed a unique app to help even the biggest spenders save more towards their financial goals.
Linking to current accounts and credit cards, the app monitors spending habits to help users identify the best opportunities to take immediate action and save. Co-Founder Kristina Bordas explains, “Unlike a budget, the app aims to work with existing habits, not against, to ensure the best chances of success. We hope to see challenge participants engaging daily with their personal finances to create better, long-term financial habits.”
The savings challenge is open to customers of a range of UK banks and users are encouraged to save towards their own personal goals. Co-Founder Kristina Bordas says, “The app is designed to work across banks so the customer has maximum flexibility to save into any savings account, pension, ISA or even work towards early debt repayment, whatever makes the most sense to them at this time.”
The challenge forms part of a test that Swave is undertaking as part of the first cohort of the FCA regulatory sandbox. More information on the FCA sandbox is available on the FCA website.
The Swave App is launching on January 1st to challenge participants.