Dying for an app that takes the math out of budgeting? Albert would be the best choice for you. After connecting your financial accounts to the app, Albert analyzes your income, spending, budget and overall financial health. It uses proprietary algorithms to decide how much you can safely save each month, then automatically transfers that money into Albert Savings, which lives directly in the app.
These transfers occur up to two or three times per week, and range from $5 to $30 per transfer. Funds held in your Albert Savings account are FDIC insured up to a balance of $250,000. If you prefer to have a more hands-on approach with your savings, you can ask Albert to set aside a specific amount each week. These funds can be withdrawn at any time with no fees.
New to the platform is Albert Genius, a paid premium service. (Albert asks users to pay what they think is fair for Genius, but suggests a minimum of $4 a month and says most users pay $6 a month.) The service allows users to text money questions to Albert’s human financial experts at any time, such as “Should I buy or lease a car?” or “What’s the cheapest mover in LA?”
Albert also pays users a small reward for saving money. The app pays a bonus of $1 for every $100 Albert Genius subscribers save over the course of a year, and a bonus of 25 cents for every $100 non-Albert Genius subscribers save.