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The money saved can be withdrawn by travelling to a predetermined location to make withdrawals.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.
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