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.
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