A new app by London fintech company Squirrel Financial Wellbeing Ltd has been launched to help people avoid the temptation of dipping into their savings.
The Money Lockup is an app where users can store their spare money or savings to avoid spending it.
The money saved can be withdrawn by travelling to a predetermined location to make withdrawals.
The app has been created for people who are easily tempted to spend money they have access to, even though it has been set aside in a savings account attached to their current account.
Emanuel Andjelic, co-founder of the Money Lockup (pictured above), said: “People kept telling us they were too easily tempted to spend money they had easy access to, so we decided to build an app that would put it physically out of reach.
“We were inspired by stories of people stashing money at their nan’s house or in credit union book accounts two towns away, simply to avoid spending it.
“One guy we interviewed would buy lots of Oyster cards he could only cash in by going to the local underground station.
“Money Lockup lets you choose a place you know you won’t easily be tempted to go and withdraw it.
“That could be somewhere far away or the top of a steep hill, whatever works for you.”
The app works by following six easy steps:
- Download the app.
- Add some money to your savings locker using a debit card.
- Choose a location where your money should be stored.
- Forget about it until you need to withdraw it.
- Travel to the location your money is kept.
- Withdraw your money (it will take up to two hours to arrive into your account).
The money is stored in an FCA-regulated e-money account and held with Barclays with funds protected by the Financial Services Compensation Scheme.
The app is free to download and the service is also completely free.
You can read more about Money Lockup on the official website.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
OakNorth posts £10.6m pre-tax profit
OakNorth has announced that it made a pre-tax profit of £10.6m last year.
Revolut launches disposable virtual cards
Mobile banking platform Revolut has announced the introduction of a disposable virtual card feature to its premium service.
Masthaven teams up with Intrinsic Financial Services
Masthaven has announced a new partnership with Intrinsic Financial Services as the bank looks to enable more brokers to access its range of residential mortgages.
Cambridge & Counties refinances Oxfordshire nursery
Cambridge & Counties has refinanced an Oxfordshire nursery, which is creating 50% more places for local children.
How important are brokers in the specialist banking market?
Brokers are an important channel for newly launched banks, a number of industry professionals have claimed.
BFC Bank enters UK market
BFC Bank has launched into the UK banking market offering financial services to UK SMEs.
Liam Fox launches GREAT Innovation in Action Awards
International trade secretary Liam Fox has launched the GREAT Innovation in Action Awards to find the best partnerships between UK and Asia-Pacific companies.
Teachers Building Society names new board of directors chair
Teachers Building Society has named Julie Nicholson as the new chair of its board of directors.
Church of England introduces contactless payments
The Church of England has introduced contactless, virtual terminal and SMS mobile payments to over 16,000 churches, cathedrals and religious sites across England.
FIBA workshops to feature live deal room
The Financial Intermediary & Broker Association (FIBA) has announced that its upcoming regional workshops will give brokers the chance to interact with partner lenders in a live deal room.