What is Cleo?
Cleo is an artificial intelligence tool that helps you manage your financial data, provides you guidance on topics such as budgeting, and helps you make decisions to improve your credit score. This app is used by more than 5 million people to improve their financial habits and make budgeting-related decisions.
This artificial intelligence tool also offers high-yield savings accounts, and you will get to know some hacks that will help you meet your financial goals and budget your money properly. It also helps you to save money for emergency situations.
Cleo high yield savings account overview
Cleo’s high-yield savings account is very useful for users as it helps them to save money, not only for their present use but also for future use. The annual percentage yield of the Cleo’s high-yield savings account is 4.11%. There is a very nice system in the app where you can set the date and your respective goal for a particular, and you can track them, and this will help you to meet your goals.
In addition to these features, Cleo also provides four saving hacks that help to save money. All we four hacks are independent of one another and they can be turned off or on independently. Thus, you can use these hacks anytime you want, according to your needs.
This feature allows you to transfer a sum of money from your checking bank to your high-yield savings account. You can select the amount that you want to transfer from your checking bank to your high-yield savings bank every week. This helps you to save money each week, and you can change this anytime you want.
This feature helps you to know about the spending that you have done using your checking account, which you’ve linked to your high-yield savings account. In this, if you purchase something, then its value will be rounded up to the next dollar and the remaining amount is automatically sent to your high-yield savings account.
Cleo looks at your spending and determines the amount that you can send from your checking account to your high savings account automatically every week.
Cleo fines you if you spend more than your limit and automatically sends a particular amount of money from your checking account to your high-yield savings account. This feature is a very unique feature that is only provided by the Cleo app, and it will help you to save money if you are prone to overspending.
The Cleo app cannot be used for free. You have to buy a subscription to this app, although the subscription to the app is not very costly. The subscription costs only $2.99 per month. Also, there are no monthly maintenance fees for using this tool.
Factors while choosing an account
Now, let us look at various factors that must be considered when choosing a high-yield savings account.
You should choose a savings account that offers high APY. This is because if the APY is high, then you can earn more interest. For this, you have to compare the rates of different banks to find an account that provides you the highest APY. Also, you should check whether the API applies to the entire amount or only to a portion of the amount.
Another factor to consider while choosing a savings account is the fees that the account charges you. There are several banks which charge you a high amount of fees. Thus, you should choose a bank that does not charge any fees for your account maintenance. This is because if you have to pay such a high amount of fee, then your savings will automatically decrease.
In addition to the above-mentioned factors, you should also check what features are provided by different banks. The savings account, which has saving helpers, is best suited for you as it helps you to save a good amount of money and reach your goals faster.
If you want the highest rates on your savings account, you can get them from online-only banks. However, online-only banks do not have any physical branches and generally do not offer free ATM access. So, in such a case, you can choose hybrid banks that have both mobile apps and physical branches as well.
If you have large amounts of cash and you deal with it very frequently, then make sure to choose a bank that allows you to deposit such a high amount of cash.
Is Cleo’s savings account worth it?
Cleo provides you with artificial intelligence tools, which help you to improve your financial condition and make the management of your money easy. It also provides you with a budget tool with the help of which you can manage your budget by creating a personalised plan.
It also provides you with an advance of $250, for which you do not have to pay any interest. There are many good things that you will get only in Cleo’s high-yield savings account. But it is better to not choose this account.
This is because the APY provided by Cleo’s high yield savings account is very low as compared to the top HYSAs. Moreover, the APY is only available if you have a subscription to Cleo.
The way books were sold in the bookstore, similarly, people thought of selling their digital stuff. Due to the growth of the internet, various things came into force, such as e-books and other digital stuff.
The MMR courses are very popular on social media platforms, such as Instagram, Facebook, TikTok, etc. These are also very popular among youngsters who want to make money. But a major drawback of these courses is that they are not as good as they seem to be. They promise to provide huge success to the users, but most of the time, they fail to do so.
Are MRR courses a pyramid scheme?
The MRR courses are not pyramid schemes. Pyramid schemes are not legal, and they are considered scams. MLMs are generally linked to pyramid schemes, but both of them are different from each other. If the MLM pays you based on the sale of your products and services, then it is not considered a pyramid scheme.
MLM allows you to earn commission and money by selling products and services.The MRR courses are a type of MLM. The MRR courses attract those people who want to earn a huge amount of money in a short time interval.
They show those people who have earned huge amounts of money in a shorter time interval and attract people to buy the MRR course. But the reality is different. The people who bought this course were not able to earn that much amount of money as claimed.
The MRR courses are generally not scams, but in some cases, they may be considered scams. But if the purpose of buying the course is to learn new skills such as affiliate marketing, you should first do thorough research about the company or the person from whom you’re buying that course. This is because the course may not work the same for you as it worked for someone else. You must consider a few factors before buying the course.
The first thing which you should notice is whether the company or the person who is offering the course is doing good work or not by the reviews which are given by the users who have past experiences of the course.
After this, you should find a course that meets your requirements and teaches you what you actually want to learn.
Another factor to consider is that you should check whether the course provides any extra help in any form, such as doubt classes, etc., where you can ask your doubts to gain more clarity about the concepts that are taught to you during the course.
Finally, you should evaluate whether the fees that you have to pay for the cost are really worth it or not and whether the fees are refundable in case you don’t like their teaching or not.
Most common digital payment app scams
In this type of scam, you get a message over social media platforms such as your Instagram account or Facebook. The scammers ask you for a specific amount, and they claim that they will return you five times that amount. But this is not true at all. They don’t give you a single penny back.
In this scam, you get an email that contains a link, and they ask you to click on the link in order to update the information to upgrade your account. If you click on the link, then your phone may get hacked by hackers with the help of various software.
For example, you want to buy a new couch for your house, so you look for it online, and the person asks you to pay in advance. You pay the amount to the person who is selling the couch, but what you see is you do not get any couch in return, and that was a fraud, and you lost your money.
In this type of scam, they offer you tickets for popular shows such as that of Taylor Swift at very low prices, and if you are a fan of the star who is coming to that show, you would definitely buy that ticket that you’re getting at a low price. But in reality, that is a fraud, and you neither get the money back nor any tickets.
In this, you get an email with a link, and you are advised to open the link. The mail says that it is important to update your software, but in actuality, there is nothing like that. But by doing so, your phone can get hacked.
The digital payment services will never call you to say that you have won a prize, and you need to click on the given link. Whenever you get such links that say they will help you to claim the price, do not click on them. Be aware always that such links are always a fraud.
Many dating apps are in trend nowadays, such as Tinder, bumble, etc. The person tends to be in love with you, but actually, he is not in love with you. Rather, he is in love with your money, and on the first date, he tries to steal your money.
Conclusion
In this article, we looked at the Cleo app which is an artificial intelligence tool that helps you to make money. This is very much liked by youngsters because it helps them to earn money in a very short time. After that, we had an overview of the high-yield savings account Cleo and learned whether the Cleo app is worth using or not.
After this, we studied MRR courses and whether they are a pyramid scheme or not. Also, the scams involved in these courses are discussed, and at last, we came to know about several different types of scams that can happen to anyone. We all need to be aware of these types of scams and frauds so that we can protect ourselves against such scams.
