The Cleo Wallet is *not* a savings account, in that your wallet balance doesn't accrue interest and is not FSCS guaranteed.
How do I set up a Cleo Wallet?
Just say 'Wallet' to Cleo to get one up and running. We'll ask for three bits of information:
- Basic identifying information, including your address (to make sure you are who you say you are!)
- Your debit card details (so you can move money to your Wallet)
- Bank account details (so you can withdraw any funds in your Wallet back to your bank account)
How do I use the Cleo Wallet?
The Cleo Wallet supports two types of saving - manual and Auto-Saving
👉 Manual Saving:
If you want to move money to the Wallet manually, you can say 'save' followed by the amount you want to put away e.g. 'save 5'. You can do this in both Messenger or the App, and Cleo will move the amount from the account you have attached to your Wallet.
To withdraw any money from your wallet, just say 'withdraw' followed by the amount you would like to take out e.g. 'withdraw 5'. Cleo will then move that money into the bank account associated with your Wallet.
If you have Auto-Saving turned on, Cleo will aim to move money to your Wallet once a week. She will send you a notification on Wednesday if she thinks you can afford to put money in your Wallet, and the transfer will be made the following day unless you decline the saving.
⏰ Please note that funds can take up to four business days to land in your Wallet from your bank account, and the other way around!
How does Auto-Saving work?
To start Auto Save just say "Auto Save" to Cleo in messenger and it will take you through the steps to get set up. If you don't have a wallet set up already you will have to set one up to use Auto Save.
Auto save is totally free to use with a Cleo Wallet 👌
Once you have Auto Save set up Cleo will scan your accounts and calculate what’s OK to move into your wallet based on your spending habits. Cleo will never transfer more than you can afford and never take you into your overdraft. She will give you a heads up about any funds she thinks you could move before making the deposit.
The money you save will go into your Cleo Wallet which you can view on your accounts page here.
It can take up to four business days for these transfers to show on your Cleo Wallet but you should be able to see the pending transaction on your accounts page.
How do I stop Auto-Saving?
Say "disable autosaving" to Cleo at anytime to stop any auto save messages or transfers.
How do you know what I can afford?
Cleo calculates how much to move into your wallet based on your spending. Cleo will never transfer more than you can afford, so you don't have to worry about going into your overdraft.
Where does that money go?
Any money you move by asking to do so manually, or via the Auto-Savings feature, goes into your Cleo Wallet. You can use these funds to pay for Cleo Plus. You can withdraw money to your bank account at any time - just say 'withdraw' to Cleo, followed by the amount you would like to take out e.g. 'withdraw 5'. Please note that it can take four working days for deposits to, and transfers from, the Cleo Wallet to process.
Where is my Cleo Wallet balance held?
In the UK, the money is ringfenced with Barclays by our FCA-regulated partner MangoPay in the UK, so its kept secure.
How often will Cleo move money for me with Auto-Saving?
If you have Cleo's Auto-Saving feature turned on, Cleo will aim to transfer funds to your Cleo wallet for you once a week - but it's dependent on you having enough in your account!
You can also manually move money by saying 'save' to Cleo, followed by the amount you'd like her to move e.g. 'save 5'. Please note that deposits to, and withdrawals from, the Cleo Wallet can take up to four business days to clear.
How much control do I have over Cleo’s Auto-Saving feature?
Cleo will detect how much you can afford to put away, and will ask you every Wednesday whether you’d like to go ahead. We'll transfer the money unless you hit cancel.
How do I stop automatically transferring money to the wallet?
You can turn off automatic payments on your Wallet menu.
To access your Cleo Wallet, just say 'Wallet' to Cleo.
How do I withdraw from my Cleo Wallet?
If you'd like to withdraw money from your Cleo Wallet, just say 'withdraw' to Cleo, followed by the amount you would like to take out e.g. 'withdraw 5'. The money will then return to the account attached to your Cleo Wallet within four working days.
I've put in/withdrawn over 250 EUR, how do I submit verification documents to withdraw my money?
We're legally required to ask you to submit proof of identity documents to our third-party payment provider at this point. Just follow this link to do so.
Can I move money if I am overdrawn?
Cleo will not move any funds into your wallet if you're in your overdraft. Cleo will also make sure that you do not go into your overdraft in the course of transferring funds.
Can you guarantee that you will not take me into overdraft?
Cleo will not move any money if you are near your overdraft or overdrawn.
Why do I have to add my bank details again?
You need to add your bank details in order to set up payments and withdrawals to your bank account.
How do I update the card and bank details associated with my Cleo Wallet?
You can also go to your Cleo dashboard in your browser, click on the 'Wallet' tab and click the corresponding update details buttons.
We currently do not pay interest on your Cleo wallet balance. The wallet is primarily designed as a little pocket, where you can put aside money easily.
We're also working on an investment product, so you'll be able to invest your Cleo wallet funds.
How much does it cost to use the Cleo wallet?
The Cleo Wallet is free to both set up and use 👍