Looking to take control of your finances without drowning in boring spreadsheets? Trust me, I get it. Traditional budgeting apps often feel like listening to your parents lecture you about money—not exactly a recipe for motivation.
That’s where Cleo comes in. This AI-powered money management app has been making waves with its sassy chatbot and refreshingly different approach to personal finance. But is it actually worth downloading? After spending time testing the app, I’m breaking down everything you need to know about this unique financial assistant.
What Makes Cleo Different from Other Budgeting Apps?
Here’s the truth: most budgeting apps make managing money feel like a chore. Cleo flips the script by turning financial management into something you might actually enjoy.
The standout feature is Cleo’s AI chatbot that communicates with you like a brutally honest friend rather than a robotic financial advisor.
But Cleo isn’t just about personality. The app combines practical money management tools with an engaging interface that makes budgeting feel more like a game than a responsibility.
How Cleo Works: Features Breakdown
The AI Chatbot Experience
The heart of Cleo is the “Ask Cleo” feature, which allows you to have casual conversations about your money. I asked if I could afford to spend $500 on a gift, and after analyzing my accounts, the chatbot responded with a simple “Go for it, pal.”
This conversational approach removes the intimidation factor from financial decisions. You can also:
- Get roasted about your spending habits (yes, really)
- Receive encouragement when you’re making good choices
- Play quizzes to test your financial knowledge
- Ask practical questions about your budget and spending
Budgeting and Spending Insights
Like most budgeting apps, Cleo connects to your bank accounts through Plaid (a secure third-party service) and automatically categorizes your transactions. The app provides:
- Monthly breakdowns of bills, savings, and spending
- Merchant-specific spending analysis
- Custom spending limits
- Bill tracking
I was genuinely surprised (and slightly horrified) to discover I’d spent over $4,300 at Target last year. This kind of specific insight is exactly what makes budgeting tools valuable—they reveal patterns you might otherwise miss.
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Savings Challenges and Goals
Cleo’s approach to saving is where the app really shines. Instead of just tracking savings, Cleo actively challenges you to save more through:
- Custom savings challenges based on your spending habits
- Regular check-ins and encouragement
- A high-yield savings account1 (currently offering 3.33% APY2 as of April 2025)
- Automated savings features
For example, Cleo analyzed my spending and challenged me to limit my Target purchases to $158 for two weeks, estimating I’d save $40. Throughout the challenge, I received updates and encouragement to keep me motivated.
1Cleo is a financial technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC.
2The interest rate on your account is 3.28% with an Annual Percentage Yield (APY) of 3.33%, effective as of 12/19/2024. Rate is variable and is subject to change after account opening. Fees may reduce earnings.
Cash Advances and Credit Building
For those who need extra financial support, Cleo offers:
- Interest-free cash advances up to $5003 (depending on your subscription tier)
- A secured credit card4 designed to help build credit
- Credit score coaching
These features can be particularly valuable for people who are trying to avoid payday loans or rebuild their credit history.
3Cash Advance is subject to eligibility. Amounts are based on accrued, unpaid income and range from $150-$500 for existing users, and $150-$180 for first-time users. To qualify for up to $500 you must direct deposit at least $750/month. Amounts subject to change. Same day transfers subject to express fees. See our FAQs for more info.
4Cleo Card issued by WebBank, Member FDIC. Subject to approval.
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Subscription Options: What You Get at Each Tier
Cleo offers multiple subscription options to fit different needs and budgets:
Free Version:
- Basic budgeting features
- AI chatbot access
- Personalized budget creation
Cleo Grow5 ($2.99/month):
- All free features
- Savings challenges
- High-yield savings account6
- Save hacks
5The Cleo Grow subscription service offers users savings goals, hacks, challenges, and access to an annual percentage yield (APY) on savings.
6Cleo is a financial technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC.
Cleo Plus7 ($5.99/month):
- All Grow features
- Cash advances up to $250 8
- Credit coaching
7The Cleo Plus subscription offers saving goals, hacks, challenges, APY on savings, credit score insights, and access to cash advances if eligible.
8Cash Advance is subject to eligibility. Amounts are based on accrued, unpaid income and range from $20-$250, and $20-$100 for first-time users. Same day transfers subject to express fees. You may also request a Cash Advance without subscribing. See our FAQs for more info.
Cleo Builder9 ($14.99/month):
- All Plus features
- Cash advances up to $500
- ■ Cleo Card10
- Priority customer support
9The Cleo Builder subscription offers saving goals, hacks, challenges, APY on savings, credit score insights, cash advances if eligible, credit history, and priority support.
10Cleo Card issued by WebBank, Member FDIC. Subject to approval.
The free version gives you a good taste of what Cleo offers, but the most valuable features are locked behind the paid tiers.
What I Loved About Cleo
After testing Cleo extensively, several features stood out:
The AI chatbot actually makes budgeting fun: The conversational interface removes the intimidation factor from financial management. Having an accountability partner—even an AI one—helps keep you on track.
Challenges provide real motivation: The app’s custom challenges based on your spending habits create tangible goals that feel achievable.
The interface is refreshingly different: From the casual language to the clean design, Cleo feels more like a fun app than a financial tool.
Security is solid: Cleo uses 256-bit encryption and partners with Plaid for secure bank connections.
Where Cleo Falls Short
No app is perfect, and Cleo has some limitations worth noting:
AI doesn’t mean hands-off money management: While the chatbot is impressive, the app’s automated understanding of bills and spending patterns isn’t perfect. I noticed it incorrectly categorized some one-time purchases as recurring bills.
Cash advances aren’t a long-term solution: While interest-free advances can be helpful in emergencies, they don’t address the underlying issues that might be causing financial shortfalls.
Paid features may not justify the cost: At $14.99/month for the Builder tier, Cleo is more expensive than many competing services. The secured credit card and savings account features can be found elsewhere for free or lower cost.
No joint account support: Cleo currently can’t accommodate joint spending accounts, which limits its usefulness for couples managing money together.
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Who Should Use Cleo?
Cleo is best suited for:
- People who find traditional budgeting apps boring or intimidating
- Those who respond well to challenges and gamification
- Individuals looking to build better financial habits
- People who need occasional cash advances without interest
- Anyone working on rebuilding their credit
If you’re already a spreadsheet wizard with perfect financial discipline, Cleo might not offer enough advanced features to justify the subscription cost.
Alternatives to Consider
If Cleo doesn’t seem like the right fit, consider these alternatives:
Rocket Money: Offers similar features with an easy-to-use interface for free or as little as $6/month. Learn more about Rocket Money here.
Chime: A banking app that offers a secured credit card, checking account, and high-yield savings without monthly fees. Its MyPay tool allows access to up to $500 of your paycheck early. Get a $100 sign up bonus with Chime here.
YNAB (You Need A Budget): More structured and detailed for serious budgeters, though it has a steeper learning curve. Read more about YNAB here.
Is Cleo Safe to Use?
Yes. Cleo uses industry-standard security measures including:
- 256-bit encryption to protect your information
- Plaid integration for secure bank connections
- No storage of banking details
- A commitment not to sell your data
The company has been in business since 2016 and available in the US since 2018, with over five million users according to their latest figures.
The Bottom Line: Is Cleo Worth It?
Cleo brings a fresh approach to personal finance that many users will find appealing. The app’s 4.6/5 stars on the App Store and 4.3/5 on Google Play suggest that users genuinely appreciate its unique approach.
The free version is definitely worth trying if you’re curious about the app’s personality and basic features. Whether the paid tiers are worth it depends on your specific needs:
- If you’re looking for savings challenges and a high-yield account, the $2.99 Grow tier offers good value.
- If you occasionally need cash advances, the $5.99 Plus tier might save you from expensive overdraft fees.
- The $14.99 Builder tier is harder to justify unless you specifically need the secured credit card and larger cash advances.
Remember: no app can completely automate your financial life. Cleo provides excellent tools and motivation, but you’ll still need to commit your own energy to make lasting financial improvements.
Have you tried Cleo or similar AI-powered financial apps? I’d love to hear about your experience in the comments below!
Let Cleo spot you (up to $250 11) and avoid your overdraft fees.
11Cash Advance is subject to eligibility. Amounts are based on accrued, unpaid income and range from $20-$250, and $20-$100 for first-time users. Amounts subject to change. Same day transfers subject to express fees. You may also request a Cash Advance without subscribing by contacting team@meetcleo.com
FAQs About Cleo
Is Cleo available internationally?
No, Cleo is currently only available to users in the United States.
Does Cleo charge interest on cash advances?
No, Cleo’s cash advances are interest-free, which sets them apart from traditional payday loans.
Can Cleo help improve my credit score?
Yes, the Builder tier includes a secured credit card designed to help build credit history when used responsibly.
How does Cleo make money if the basic version is free?
Cleo makes money through its subscription tiers and optional express fees for same-day cash advance transfers.
Can I use Cleo without linking my bank account?
No, you must link at least one bank account to use Cleo, even the free version.
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