Clink, a no-fee investment and savings app, today announces group savings, a new feature that turns passive saving among family and friends into a routine practice.
The new feature allows Clink users to set a group savings goal with a target date, and then invite friends and family to join the endeavor. Clink takes funds added to a user's Clink account and invests it into a diversified investment portfolio composed of Exchange Traded Funds (ETFs) which expedites the saving process. The longer funds are in a user's Clink account, the better the return on investments. With no commission or hidden fees, saving for family vacations, weekend getaways, or even expensive gifts, is much easier.
Here is how it works. Based on the size of the group, each member is assigned a proportional dollar target to reach the overall goal. For example, if five friends set the goal of saving $2,500 for a summer cruise, each member of the group will be assigned to save $500. Users can contribute funds on a continuous basis from their checking account using the Clink scheduler. Alternatively, users can allocate a fixed percentage from credit card purchases to be added to the assigned target goal. So if a user sets it at 10 percent, the next time they charge a Taco Tuesday dinner or a new pair of shoes to their credit card, 10 percent of that purchase price will be tacked onto their credit card bill and placed toward the group savings goal.
Leading up to the group savings goal deadline, Clink motivates users by tracking their progress and sending periodic reminders if they're not meeting their goal. After the target goal is reached, everyone in the group receives a notification and can then withdraw their contributions and get ready to enjoy some much deserved fun.
"The group savings feature was designed for our users who want to simplify and add transparency to the process of raising funds between multiple people," said Eyal Fruchtman, founder and CEO of Clink. "Group savings is able to make the process of saving for important moments -- like the next big vacation or even a wedding present -- seamless. This is especially useful for long-term goals and can reduce some of the burden associated with putting money away."
Clink's stock selection is based on the Modern Portfolio Theory and the platform's investment algorithm applies a portfolio for each user based on how aggressive or cautious they would like to be. Investments with Clink are insured through the Securities Investor Protection Corporation (SIPC) for up to $500,000. Clink uses bank-level security and data is encrypted using SSL and 256-bit encryption to protect a user's personal information.