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Cinch Financial App Review 2020: Your Finances On Autopilot

Cinch Financial App Review 2020: Your Finances On Autopilot
Nathaniel Marceau Jan 19, 2019
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The rise of artificial intelligence has brought on a new wave of companies, sites, and apps that offer automated financial management. Cinch is one such company that is making waves in the financial world, and for good reason.

Through machine learning and AI, cinch automates savings and investments and puts your finances on auto-pilot.

Autonomous financial management is the way of the future, and Cinch is leading the way in cutting-edge artificial intelligence. Not only does Cinch help you save money, but it can also help you earn more money as well. You’ll get suggestions on ways to reduce your bills and make your money work for you.

We’re here to tell you everything you need to know about Cinch and why it’s such a great tool to use for your financial success.

An Introduction to Cinch

Cinch was designed with consumers in mind, and the founders of Cinch truly care about helping consumers and their financial situations.

The app was created to be your own financial advisor, analyzing your spending habits, savings, and other financial data to give you personalized suggestions for improvement. At the end of the day, Cinch is going to recommend what’s right for you, not what’s right for them.

Cinch was founded in 2014 in Boston, and for the past four years, the team at Cinch has been working tirelessly to perfect the software for its users. The team strategically launched Cinch with just a few key features and has slowly been releasing additional features to users.

The development of artificial intelligence has allowed the field of financial management to grow exponentially, and Cinch is leading the way in using artificial intelligence for its customers.

Let’s take a look at some of the features that Cinch has to offer.

Current Cinch Features

What makes Cinch so useful is that it automatically analyzes your spending and savings and gives you personalized suggestions to help improve your finances. It can help you reduce interest rates on your credit cards, find insurance savings, and create a custom savings plan.

Cinch plans to release several more features and updates to add on to the already impressive lineup of features. Through cutting-edge automation, Cinch can make a big impact on your personal finances.

Cinch has a wide range of incredible features that it offers its users. These features give you the ability to take control of your finances and manage your money effectively.

Cash Flow

Cinch automatically tracks and analyzes your cash flow. The app tracks where your money is coming from and where your money is going. You can review reports based on your spending and track your money over time. When you log into the app, you’ll be notified if you’re spending more money than you’re making, or if you’re spending less.

Part of the cash flow analysis includes your savings. More specifically, how much you have in savings and how long that will last in case you lose your regular income. It gives a nice breakdown of your monthly expenses, how many months your current savings balance can last, and ways to increase your savings based on your current cash flow trends.

Tracking your spending and earning doesn’t have to be complex. With Cinch’s automation, you simply open up the app to view how you’re spending and saving for the month, and you’ll get recommendations on how you can meet your personal saving goals.

Hidden Fees

The average American spends over $300 per year on hidden fees. These fees include paper bill fees, ATM fees, and transaction fees, to name a few. Most of these fees are not clearly explained or are hidden in the fine print. You may be paying fees to your bank, credit card company, or loans that you’re not even aware of.

When you link your accounts to Cinch, your accounts are automatically reviewed for hidden fees, as well as any recurring charges that you might be paying. When Cinch does identify a fee, you’ll be notified and will be given tips on how to avoid those fees, or even other financial institutions that don’t charge those fees.

While it may not seem like a lot, these fees can add up quickly. Fees that consumers may not be aware of include returned mail fees, investment fees, and even fees for redeeming reward points. Cinch can help you identify and eliminate unnecessary fees.

Bill Payments

Getting behind on bills is one of the biggest, and most common, financial mistakes that people can make. Whether it’s simply missing the due date or not having enough money to pay the bill, missing a bill can not only hurt your credit, but it can add even more fees and interest to the original payment.

You can link your banking, credit card, and service accounts to Cinch to track your payment due dates. You’ll get reminders of upcoming bills to ensure that you never miss another due date. Cinch can also help with financial planning to prepare for upcoming bills.

Cinch is particularly useful for student loans. Simply link your student loan accounts and Cinch will track payments, due dates, and remaining balances. You can even get suggestions on refinancing or consolidating your student loans.

Savings Opportunities

If you want to set savings goals and get great tips on meeting your goals, you can do just that through Cinch. Cinch will help you identify areas of opportunity and set attainable savings goals. By analyzing your earnings, spending, and your bills, Cinch can help you effectively strategize and spend your money wisely.

In addition to financial management suggestions, Cinch can also find ways to save on your monthly bills. Currently, Cinch can identify savings on your car and life insurance policies. Not only will Cinch look for savings, but Cinch can also analyze your policy to make sure it’s the right policy for you.

Rather than solely looking for savings, Cinch analyzes your finances to make the most of your money – sometimes spending less isn’t always the best option. Cinch makes your money work efficiently, making the most out of your finances.

Personalized Suggestions

The personalized solutions and suggestions are what truly set Cinch apart from other financial apps. Cinch is truly like having a personal financial advisor, without the cost. You’ll get personalized, tailored suggestions and recommendations based on your current financial situation.

Credit card debt and student loans are two of the biggest forms of debt that we have as consumers. Cinch will analyze your credit card and student loan information, as well as your earnings, spending, other bills, and overall financial health to create a custom payment plan for your debts.

These custom payment strategies can help you pay off your debt faster by allocating extra money to your debts. Rather than making the minimum payments every month, Cinch analyzes your finances to find extra money that you can put toward your debt, helping you pay it off faster.

Free Credit Monitoring

If you don’t regularly check your credit score and credit report, you may be missing errors and other issues with your report that can impact your interest rate on credit cards, car loans, and mortgages.

Part of planning your finances involves knowing your credit score and creating strategies to improve your score. You can also review any errors and have them corrected, which can certainly help raise your score. The best part about viewing your credit score in Cinch is that all of your financial information is in one place, making it easy to see an overall view of your financial health.

Unlike some free credit monitoring sites, the credit score and information that you receive for free on Cinch is extremely accurate. You’ll see balances, creditor information, payment history, and your overall credit score in a clean, easy to read format.

Signing up for Cinch

Cinch is one of the best financial management apps that we’ve tried, and truly puts you and your interests first. In fact, they’re required to do so as a fiduciary. That means you won’t be steered toward Cinch financial products and you’re not going to see advertisements. What you get is a completely tailored financial experience.

That experience comes not only from the in-depth financial analysis that Cinch performs when you link your accounts, but also by asking you a series of questions when you sign up for Cinch. You’ll be asked how much money you currently put aside for savings, if you pay off your credit card balance every month, and questions targeted to understand your spending and saving habits.

While your account information and credit score certainly give Cinch insight into your financial health, part of the equation that many other financial management apps don’t consider is your personal habits.

It’s refreshing to see that Cinch takes your personal habits, opinions, and trends into consideration by asking these targeted questions when you sign up.

Signing up for Cinch is incredibly easy. All you need to get started is your email address. You can choose to connect as many or as few financial accounts as you’d like, but remember, the more accounts that you do connect, the more Cinch can help you realize savings, detect hidden fees, and formulate custom suggestions.

Cinch does also require a soft credit check to get a holistic view of your finances. This credit check does not impact your credit score and allows Cinch to personalize your experience even further.

You can sign up for Cinch to being a 90-day free trial to see if it’s something that would work well for you. After the trial, Cinch is just $4.99 per month. There are no contract requirements and you can cancel your Cinch account at any time. Considering how much Cinch can help you save and the services that Cinch provides, $4.99 per month is a steal.

Using the Site

The site itself is one of the best parts of Cinch. It’s easy to use, very straightforward, and provides a lot of options for financial analysis. Rather than navigating through screens to find what you need, Cinch presents your information in a dashboard-like approach, making it very easy to see and understand.

You’ll be able to quickly navigate to financial analyses, suggestions, and your credit report, all from one screen.

Information Security

Information security is extremely important, especially when it involves your sensitive financial information. Cinch understands how important it is to protect your information, which is why they utilize bank-level 256-bit encryption on their site. That means everything you enter into Cinch is protected on a secure server.

In addition to keeping your information safe and secure on their servers, Cinch will never sell or distribute your information to their partners or vendors. That means you’ll never get contacted through email by partnering companies, and your financial information won’t be sold for marketing purposes.

Cinch is focused on helping users understand their finances, create meaningful strategies, and meet savings goals.

Is Cinch a Scam?

We’ve tested countless financial management apps and we can confidently say that Cinch is not a scam. In fact, it’s one of the best financial management apps out there.

The incredibly low monthly fee, partnered with a robust list of services and dedication to information security means Cinch is a legitimate, even revolutionary financial management company.

While this level of financial automation can certainly sound intimidating, Cinch’s advanced artificial intelligence has proven extremely successful for many users. You won’t see paid sponsorships or suggestions for products that Cinch is paid to advertise.

You’ll get honest, insightful suggestions on ways you can save more money, reduce your spending, and meet even your toughest financial goals.

Our Assessment

When it comes to financial management apps, and even more specifically, automated financial management apps, there are few that can even come close to the level of insight and sophistication that Cinch provides.

You’ll get custom suggestions and ways to save that you’re not going to get through many other financial apps. Cinch is truly changing the way that we save, invest, and manage our money, all while being automated.

Check out these amazing features and more by signing up for Cinch today.

For even more ways to save more, earn more, and plan your financial success, check out some of our other blog posts.

Nathaniel Marceau

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