Money Clouds, which the company calls “the next generation of goal-based saving,” is a free money management app which is designed to help users save their money. The app is currently available only for iOS 8 devices.
The concept of saving money in the app works like saving money using envelopes. The user can set up different Money Clouds allocated for small goals which are part of the big goal. The user can create and fund as many clouds he as want for the big goal. For example, if a user is planning for a marriage, he creates separate clouds for the apparel, location, food, etc. This way, he can plan and deposit money into the clouds as per the requirement.
The minimum requirements to use Money Clouds are users who are at least 18 years old and having a checking account with a banking institution in the United States that is a member of the Federal Reserve's ACH system.
To deposit funds into a cloud, the user needs to choose the cloud in which he would like to deposit. Secondly, he needs to click the “Add Funds” button at the top of the screen and then choose the option for the funding source. He then needs to insert the amount of funds he wants to transfer and press the “OK” button. Finally, the user needs to provide the Money Clouds PIN, which is important from a security perspective.
To do the funding automatically, the user can set up a schedule for automatic funding. In this process, the user needs to first choose the cloud. Then he needs to click on the calendar icon in the “Automatically Fund This Cloud” section. Then he has to make appropriate selections with the options provided before clicking the “On” switch and then click the back-arrow button. Finally, the user has to click the “Update” button at the bottom of the screen.
Most of the company’s services are free except for some. To know about Money Clouds’ pricing, please visit the company’s pricing page.
The company’s website says the app is “coming soon to the US,” but users can sign up for an iPhone beta version as of now.
This new way of saving is quite exciting and, at the same time, easy to use for the youth. The company understands the mass demand and is working towards fulfilling that requirement.