LIt Savings - save money automatically, only for Canadians
Hello Everyone,
I'm currently working on an mobile app that helps you set aside money and put it into high interest savings account automatically.
From my personal experience, saving takes a lot of planning and you just never know the exact amount to save without affecting your daily expenses. Our algorithm figures out the smallest amount of money you can save based on your income and spending, without affecting your lifestyle.
I'd love to get feeedback from other Canadians and see what I can do to improve it.
Sounds pretty cool.
Couple of questions:
Feedback:
Thanks for asking.
I haven't seen any other apps that help you save automatically and work with canadian chequing accounts. I'm actually building it for myself because I really need this.
Lit does interac e-transfers in the background, it will move your fund from the chequing account to the savings account which we will open on your behalf. Later, I plan to add the feature where you can just send it to your savings account if you have one already.
I'm going to be using plaid or flinks.io to handle authentication with your bank account. I will be using 256-bit encryption method to keep your data safe. Most banks use such encryption method to keep your data encrypted.
For your feedback, the goal isn't to save a lot so that you have nothing to spend for the day. Goal is to save a small amount of money each day which gets compounded in the long run.