Money. How to save through mobile applications?

On October 17, 2022, Cashbee announced the increase in the rate of its paid booklet to 1.2% gross. “Completed by the opening offer of 3% for the first four months, the net yield of its booklet exceeds 1.3% in the first year”, was it detailed in a press release.

Artificial intelligence

Founded in 2018, Cashbee is one of those French fintechs specializing in mobile savings that have developed in recent years. Among them, we also find Yeeld, PlumIsmo or Birdycent.

Their common point? Facilitate savings through fun and simple smartphone applications. In relation to the user’s current account, they operate using artificial intelligence to detect, for example, cash surpluses and offer savings solutions or analyze your financial situation in order to advise you on investments.

Precautionary savings

Born for the most part at the end of the 2010s, these applications first wanted to rethink savings for the generation of “millenials” (born between the 1980s and the 2000s), allowing them to set aside small sums to finance their projects.

Yeeld (formerly Piggou) has made it a specialty through several features such as automatic rounding: by rounding your expenses to the next euro, you credit your Yeeld account with the difference. Its “I save and then I forget” function also allows you to choose an amount to put aside each week with the possibility of modifying it at any time.

birdycent also works on the principle of automatic rounding that can be inflated to the next ten euros. Above all, the app generates precautionary savings by promoting piggy banks corresponding to given projects (holidays, large purchases, etc.); piggy banks that can also be fed by free deposits.

Scholarship or life insurance

Also using rounding, Ismo goes further by offering savers the opportunity to invest in the financial markets through their own management company approved by the Autorité des marchés financiers (AMF). Three investment funds are available according to the degree of risk (prudent, balanced and dynamic), favoring socially responsible investment.

Even more developed, Cashbee offers a remunerated savings account backed by My Money Bank as well as a range of investments in partnership with Generali. These investments are conveyed by life insurance contracts, either in managed management or in free management, making it possible to invest in real estate, SMEs, health or raw materials.

A sector still unstable

At the turn of the 2020s, many players had entered this savings app market, making the offer abound. Already, two of them have closed shop. Launched in September 2019, the application Bruno ceased to operate on December 31, 2020.

As for Mochaoriginally founded in Canada and then opened to France in 2020, it has already announced to its French users that they have until December 12, 2022 to withdraw their funds from the application before a closure on the following December 31.

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Money. How to save through mobile applications?

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