Saving for big financial goals can be tough.
In addition to actually earning and saving money, you have to remember to move the money into various accounts and keep track of what everything is being saved for. And if you don’t see progress, it can be discouraging.
That’s where Dobot comes in. It’s a new personal finance app aimed at users looking to reach their financial goals through smart saving and investing.
Want to know if it works and makes sense for you? Check out our Dobot review below to learn more.
What is Dobot?
Dobot is an Android and iOS app designed to make saving easier and more exciting with the help of a bot. It focuses on budgeting, saving, and investing for specific goals like a wedding, big trip, or major purchase.
Dobot helps you transfer cash from your checking account into savings accounts earmarked for your specific goals.
The app also connects to your existing bank and investment accounts using high-level security connections with 256-bit encryption. It also holds your funds in FDIC-insured accounts, so you don’t have to worry about your money’s safety.
I decided to kick the tires myself and try out Dobot using my Android Nexus 6P smartphone. I was able to quickly install the app from the Google Play store through my laptop and onto my phone.
When you open the app for the first time, you have the option to log in to an existing account or swipe through to see how the app works.
The app then explains that you will create goals and connect to your checking account to see how much you can save. Then, Dobot will set aside small amounts of money automatically to help you reach your goals.
Finally, you reach the signup screen, where you are prompted to enter your name, email, and a password. On the next screen, you are prompted to add your phone number so you can be texted a signup code.
I got the seven digit code moments later and landed on the screen to create my first goal.
I decided I wanted to go on a trip to Iceland which will cost $3,000 and that I wanted to have the money saved by April 2019. Entering all that information was pretty simple.
Afterward, you can add a photo already on your phone to inspire you to reach your goal. A cool feature Dobot might want to consider in the future is having a gallery of photos to choose from.
Once your goal is created, you can add another goal or link your checking account. I connected my Charles Schwab Bank account instantly by adding my username and password. However, I had to go through the process twice due to an apparent bug.
If your bank is not supported by the Dobot app (which supports about 15,000 banks), you can connect the old fashioned way with your account and routing numbers.
When you connect your bank account, you have the option to “kickstart your savings” by adding $5, $10, or $20 to your Dobot savings account.
I added $5 and allocated them to my “buying a plane” fund, a second goal I created. I’m a private pilot, so having a plane would be pretty awesome. When I did, five little green dots fell across my screen and landed in a circle representing my progress.
That’s it. Now I’m up and running! The entire setup took just under five minutes from installation to adding my bank account. After finishing the whole process, you can add additional goals if you’d like.
How does Dobot work?
Dobot works similar to Digit, another automatic savings app.
The Dobot app checks your account balance behind the scenes, and then makes small transfers from your checking into your Dobot savings automatically once each week. Digit does it on a more randomized schedule.
You can turn automatic savings on and off with a toggle in the app. I left it on to see how it does over the next few weeks. After all, it is saving for two actual goals I have.
But it’s good to know that you can turn it on or off any time you’d like. This is a benefit over Digit, which only allows you to pause savings for a short period before it reactivates automatically.
In addition to viewing your active savings goals and bank settings, there is a transfers tab where you can view your past transfers. I see the $5 I approved a few minutes before on that tab, and plenty of room for additional savings in the future.
By clicking on the “D” logo you can go to a menu to add a new goal, add money to goals, transfer into Dobot, or withdraw from Dobot.
Dobot has no fees and it’s free to use. However, it does not pay you interest on your savings. But with current interest rates as low as they, you’re not missing out on much anyway.
Dobot is currently only available for U.S. residents with U.S-based checking accounts.
Is Dobot right for you?
If you have the income to support savings in small increments but lack the discipline, Dobot is perfect for your needs. Those little transfers add up fast, which could make Dobot perfect for your financial goals.
What’s more, it looks like they have some new features in the works to further enhance their platform. Currently, the only major gap in the app is that you don’t earn any interest on your savings.
Outside of that, it is a great way to build up cash for any big or small financial goal. You connect accounts, create goals, and Dobot does the rest. Give it a try at MyDobot.com.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 6.97% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.30% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.47% – 6.30%1||Undergrad & Graduate|
|2.51% – 8.09%4||Undergrad & Graduate|
|3.02% – 6.44%2||Undergrad & Graduate|
|2.69% – 7.21%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|