SOURCE: Clink

Clink

April 19, 2016 09:00 ET

Clink Adds New Group Saving Feature to No-Fee Investment App

Users Can Now Set Up Savings Goals Among Multiple People for That Next Big Trip or Split Purchase

SAN FRANCISCO, CA--(Marketwired - Apr 19, 2016) - 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. 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.

Clink is available for download on iTunes and Google Play.

About Clink
Clink is a no-fee investment app that simplifies the saving process for individuals by allowing them to take control of their personal investment plans. Clink is customizable and users can invest pre-specified amounts of money from their checking account and/or a fixed percent every time they use their credit cards. These funds are added to users' Clink account then invested into a portfolio of Exchange-Traded Funds (EFTs) depending on how aggressive or cautious a user would like to be with their investments. Clink streamlines the process as users have the ability to set and change the amount and frequency of investments at any time. Clink uses bank-level security so users' personal information is protected. Clink is available on iOS and Android.

Clink is based in San Francisco. For more information, please visit www.clink.com.

Contact Information

  • Katie Blair
    PAN Communications for Clink
    407.767.0452 ext. 229
    Email Contact