No-fee investment and savings app Clink has made it easier for groups to save toward a common goal.
Clink invests account funds into a diversified investment portfolio composed of Exchange Traded Funds (ETFs). Te company said in a release there are no commissions or hidden fees.
Group members set a savings goal and each member is assigned a portion of that goal. Regular contributions can be made via the Clink scheduler or they can allocate a percentage of their credit card purchases to be added to their share. Clink shares updates and reminders for people behind in their goal.
“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.