Frequently Asked Questions

SAVING
It's always nice to know that there is some extra cash waiting for you in case you need it, regardless the amount. But seriously, why is it so important to save? First, we never know what will happen tomorrow. It’s impossible to plan everything. The good unplanned things that suddenly drop on your head are called surprises, and the bad ones - problems. We might need some extra cash to close the month or even put the first down payment for purchasing a house. Second, it's a nice habit that keeps you on track of your finances and gives you extra security as well as peace of mind.
We are all prone to instant gratifications. It's so easy to surrender to the impulse and buy this amazing thing RIGHT NOW. Specially, considering the constant encouraging we get literally from everywhere to spend our money… It's hard. The commercials scream at us "you need me, buy me, I'm on sale".
USING THE APP
The signup process takes 5 minutes. And then you are good to go!
The purpose of any step is to take you closer to your goal. Our steps in Oval are no different. Through these steps you get closer to financial independence and a better future. Steps are personalized pledges that automatically assign a micro-transaction to a spending or behavioural habit. Steps automatically create a saving balance that will be moved into a personal 100% guaranteed and secure digital wallet. Steps are set up by you and based on your personal preference and spending habits. For example you can set up a "step" to save 10% on each time you go to a restaurant with your friends or 5% each time you receive deposit/ salary to your account. Or, you can decide to set aside your money each time you go for a jog That's way more fun than putting aside the same fixed amount every month, isn't it? Our steps are there to help you save and accumulate money. Let's walk together, starting from the first step.
- First, you need to register and connect your bank account. (So you can see all your transactions automatically organized in one place.)
- Now you are ready to set up your steps!
- Steps will help you to put some money aside. You can set them up only once. Of course if you want to add steps or change the steps that you created it's 100% customizable at any time. Enjoy.
When you sign up to the Oval app, the information you provide allows us to create a digital saving wallet through our partner Mangopay. This account has bank level security and is 100% guaranteed. If you save more than £2500 on the account we will ask you to fill on your profile page some extra information that is required by regulation to identify you.
It is the same as the one you have in your purse, but digital. Wallet is a container of digital money, in your smartphone. No more need for carrying cold hard cash around but if you need the money back you can ask Oval to withdraw back into your account.
Oval is set up also to help even the laziest to start saving. The first step is already inserted in the app and is designed to automatically round-up your transactions to the closest unit and save you the spare change.
- You will need to go to your profile page and select Direct Debit
- Insert your details and when asked confirm the mandate
- This will allow Oval to debit your bank account and move money to your personal saving account automatically
- This will be done once every week
Your saved money is transferred to your saving account on a weekly basis You will find details on the history tab of the app on the top right corner of the app, and you can be updated on the transactions that went through or that are still pending
Your account data is updated every 20 minutes to keep you always on track, if your account is active (at least a login every two days). If you open the account less than this, the data will be updated less frequently.
This is super easy and accessible!
- Select our Agent on the menu
- Choose to withdraw and then select the amount
- The money will be deposited back to your account within 24 hours
- You will incur a small fee for the withdrawal of £1
- You can also use our Agent to make one time or recurring deposits in your saving account at any time and completely for free.
SECURITY
TThis allows the app to give you a solution that is tailored for you. No more of boring and time consuming manual transaction input!! In order for you to sit back, relax and see the magic happen instead of manually entering all your transactions you need to link your checking or card accounts to Oval. Our algorithms automatically scan through all your transactions and analyze them so you will be able to access a clear picture of your finances. Can it be any better?
All the data that we process is highly protected and encrypted by the highest standards.
- Do we store bank login information on our servers? Never
- All the data is strongly encrypted (not only the transaction data, everything), in fact we use encryption on the physical database layer. Our security is FIPS140-2 level 2 compliant, some would call it military grade encryption
- How do we use your data? Oval will use your anonymised data to extract insights, statistics or to better train our automatic agent to personalize the app for you
Yes, your account has bank level security and is 100% guaranteed. Your credentials are safely stored with our third party partner Yodlee, a public company and FCA regulated entity. Oval does not have access to your personal login details, but can read the transactions to allow you to have the best picture of your spending. Your expenses details are encrypted therefore only you have access to them through the app.
GENERAL
NO. Oval Money app is 100% free.
Currently we support only iOS, but pretty soon we will be launching on Android! Check out our social pages to stay update or signup to our form
Freedom to track your money spending and save with the same easiness!
We want to re-think finance for the independents like you!
SANDBOX
In registering to use the Oval app when contacted by our partner Oakam, you will be participating in a test that we are undertaking as part of the FCA’s regulatory sandbox. The regulatory sandbox allows firms to test innovative offerings in a live environment. More information on the FCA’s regulatory sandbox can be found here.
Oval and Oakam have decided to partner until the end of April 2017, and will be sharing information on the FCA Sandbox test participants on an ongoing basis between them , and with the FCA, to ensure a smooth running of the test.
- Save small amounts regularly: You can start with as little as a £0.01 as the app will automatically save the spare change on your transactions
- Fun steps: Create fun savings “steps” such as save £2 every time you buy movie tickets and watch your savings grow automatically
- In a secure manner: Your data is secure with bank grade protection and your savings are held in a wallet, 100% guaranteed by the regulator
- At your convenience: Start saving or withdraw cash anytime at the touch of a button
- Advance your credit history: Use your savings to avoid arrears or repay your loan early to improve your credit score
- Free gift on sign-up: We’ll contribute £5 to your new savings account when you download the app and sign up. You should be rewarded for being financially savvy!
Every week you will receive a communication via email or via app notification about your saving balance. You can decide to hold the balance in the wallet or to use it to pay the upcoming loan weekly payment as well as settle the loan early.
- Simply go to our Agent and ask to withdraw for the amount you need.
- You will then receive this balance within 24 hours back onto your account.
You can make a weekly payment to Oakam by direct debit, card, cash (in-store) or bank transfer
- You will contact Oakam to request the valid settlement figure of your loan
- You will make the repayment by the following:
  • Card (for over the phone repayments)
  • Cash (in store)
  • Bank transfer (you will be given the bank account details for transfer/deposit)
    • - If the payment matches the settlement figure noted on your account, then Oakam will close the loan as an early settlement
      - You will have made a HUGE saving on your loan interest!
Of course and we expect you too! We believe that once you can get in the positive habit of savings, only great things can happen. Oval Money is on a mission to help anyone become money wise. As part of the process of achieving financial health, we allow you to use the saving to make smart financial decisions. Paying loans faster is just one of the options that Oval offers allowing you to save on interest costs and improve access to credit in the future.