Oportun Savings App Review 2024
Oportun is a great savings app for people who have trouble saving money on their own. Its technology analyzes your spending and balance daily to determine how much you can afford to save. It also offers investment tools that help you choose a portfolio of exchange-traded funds (ETFs) based on your risk tolerance.
It’s FDIC insured
Oportun is an app that helps you save without having to think about it. After learning your spending habits, the app automatically transfers money to a savings account held at one of 18 partner banks. The app also allows you to name specific goals, such as vacations, emergency funds, or college savings. It even has a generic goal for rainy days, which is a great way to build a cushion and avoid overdraft fees.
The Oportun app is FDIC insured, so your funds are protected up to $250,000 in the event of a bank failure. This means that the Oportun app is a safer choice for your savings than other apps, such as Qapital or Acorns. These apps are designed to automate your savings and aren’t FDIC insured, which could make them more vulnerable to hackers. The Oportun app is secure, with security features such as military-level 256-bit encryption and touch or face ID on the mobile app.
Unlike many personal finance apps, Oportun considers more than just your credit score when considering eligibility for a loan. It also looks at your current expenses and income to determine if you’re able to save. If Oportun believes you’re in financial trouble, it will try to help you get back on track by transferring funds from your savings account into your checking account.
Another feature that sets Oportun apart is its overdraft protection, which can save you money on costly overdraft charges. If you overdraw your bank account, Oportun will transfer a small amount from your savings to your checking account until it reaches a balance that you feel comfortable with. The transfer is usually instant or within a few business days.
The Oportun app is free to use for 30 days, after which it costs $5 per month. You can cancel the service at any time. Standard data charges apply. If you’re unsure whether Oportun is right for you, try out its free 30-day trial. You can also sign up for a new Oportun credit card or personal loan to see how it works.
It’s easy to use
Whether you’re looking to save money for a rainy day fund, pay down debt, or reach a savings goal, Oportun makes saving effortless. The app analyzes your income, expenses, and upcoming bills to calculate exactly how much to withdraw from your bank account each day. It also allows you to set multiple savings goals and shows you how far you’ve come towards meeting those goals. The app is easy to use, and it only takes a few minutes to connect your checking account.
The Oportun app automatically transfers small amounts of money into a savings account, which is FDIC insured by Pathward. Its algorithms consider a number of factors when deciding how much to transfer, including your current account balance, upcoming income, expected irregular income, and recent spending. The app also evaluates your current habits, such as the amount of coffee you drink or how often you order takeout.
Oportun’s automatic savings tool is free to use, but you will be charged a $5 monthly fee after a 30-day trial period. Depending on your circumstances, this may seem expensive, but it is a good way to start building an emergency fund or reaching other financial goals. The app also offers a retirement investing option that is included in the subscription fee.
Unlike many other financial apps, Oportun is secure and user-friendly. It uses state-of-the-art security measures to keep your personal information safe, and its customer service team is available 24/7. Its mobile app is also secure and offers a variety of features, including budgeting, spending trackers, and a savings calculator. It is an excellent choice for those who want a simple savings app that doesn’t offer as many investment options as other apps, such as Juno and Acorns. However, it would be nice if Oportun offered higher interest rates on savings accounts. Right now, it pays 0.10% every three months on average, while online banking apps like Juno typically pay 1% APY or more. The app’s ease of use and low fees make it an excellent choice for anyone who wants to automate their savings.
It’s easy to set up
Oportun is a microsavings app that automatically moves small amounts of money from your checking account into a savings account. It then uses an algorithm to set aside the funds for a variety of personalized savings goals. You can also choose from pre-existing goals like building a nest egg or creating a rainy day fund. The app also offers overdraft protection, which moves funds back to your bank account if they drop below a threshold you set.
Oportun’s savings account is FDIC-insured through its partner bank, Pathward, National Association. The company also provides firewalls and other security measures to keep your information secure. However, the savings accounts don’t earn as much as a traditional savings account.
Unlike other personal finance apps, Oportun doesn’t invest in individual stocks or mutual funds. Instead, it uses an algorithm to determine a comfortable amount of monthly investment funds and then picks a portfolio of exchange-traded funds (ETFs) based on your risk tolerance and investing goals.
Its goal is to help you build a solid savings habit and invest for the long term. While it won’t get you rich, it will help you save for a summer vacation or even small emergencies like car repairs. The service costs $5 a month, but it may not be worth it if you don’t need its bad credit personal loan or debt consolidation features.
You can use Oportun’s savings tool to automate your daily spending, allowing you to stay on budget and avoid overspending. It can also identify debts and help you find a solution to pay them off without paying high interest rates. It also helps you make smarter purchases by showing you what you’re spending on each product.
The savings app is simple to set up and easy to use. After you connect your banking accounts, it will analyze your spending habits and determine if there is money that can be saved. It will then transfer that money to a savings account at one of its partner banks, which is FDIC insured. It will then allocate the savings towards your various goals, such as a vacation or a rainy day fund. You can customize your settings and even “Boost” specific goals, which will ensure they receive more than others when Oportun decides how to divide up the save amounts it allocates.
It’s easy to cancel
Oportun is an all-in-one budgeting and savings app that analyzes your spending habits to determine a comfortable amount of money you can safely save. The app also offers a way to start investing in exchange-traded funds based on your risk tolerance and goals. The service is free to use for 30 days and $5 per month after that. Standard data rates may apply.
The Oportun savings account is FDIC insured and held at partner banks. Oportun uses your banking information to determine a safe amount of money to save and automatically moves the money into a dedicated Bills account. The rest of the money stays in your Spending account and can be used as you please. Unlike some other automated savings apps, Oportun does not charge fees for overdraws or overdrafts. It also makes it easy to cancel your savings plan by sending a message to the company with your request.
If you want to stop saving from Oportun, you can do so by sending a text message with the word “Cancel” or using the company’s website. You’ll need to follow the steps to close your account, remove your linked bank accounts, and have your saved money returned to you. This process is much faster than trying to contact customer support via email.
Previously known as Digit, Oportun offers personal loans and savings to help individuals reach their financial goals. The company focuses on serving consumers with low incomes who might not have access to traditional banking services. They also offer transparent and fair loan terms.
It’s possible to get a loan with Oportun even with a thin credit history. The lender reviews information such as your income, expenses, and upcoming bills to make a decision. It also offers small loans, which are a good alternative to payday lenders.
One downside of Oportun is that it doesn’t let borrowers change their payment date once they sign their loan agreement. However, the company does report loan payments to credit bureaus, so on-time payments will help your credit score. If you’re worried about missing a payment, set up automatic payments to protect your credit.
