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How to be sure a financial app is safe

Back to financial educationOportun 101, Save & invest

There are lots of apps that can help with your finances. We’re (obviously) partial to Oportun, but it’s still worth trying others to see which works best for you. Since most require you to connect your bank account, it’s always a good exercise to understand how they use your information and access to your bank so that you can be sure the financial app is safe.

We take safety and security incredibly seriously, so we’d recommend any financial app you use meets the same standards.

Make sure your money is insured

Always check to make sure your cash is FDIC-insured. The Federal Deposit Insurance Corporation (catchy name, right?) was established in 1933 to ensure that even if a bank goes away, your money doesn’t. FDIC-insurance is absolutely necessary if a financial app is holding your money in a savings or checking-type account.

Your cash savings through Oportun are FDIC-insured up to $250,000.

Check that your sensitive info is protected

Oportun, for example, features 256-bit encryption (some banks use 128-bit encryption). If you’re putting in sensitive information like your bank login (a necessary step for many apps to see and move your money), you should be sure the app’s security is up to industry-standard levels. Additionally, Oportun uses Plaid to securely connect to bank accounts, so bank login information is never stored in the Oportun app.

Understand how they make money

Are there any hidden fees? Is it a flat monthly subscription, or do you pay different amounts depending on how much money you have with the app? Are there incentivized offers? Are you locked into a contract, or can you cancel any time?

Oportun offers a 30-day free trial to show off how you can save effortlessly, then we charge a flat membership fee of $5 per month no matter how much money you save. And you can cancel at any time. We chose to have a low, upfront membership fee instead of making money in other ways because then Oportun’s only successful if you like using the savings tool and want to continue. We’re completely aligned in your journey toward financial health.

Bottom line, you’ve gotten to where you are by making smart money decisions. Secure financial apps like Oportun that have your best interests in mind can help you go even further financially. It’s always a good idea to do your due diligence research, and if possible, a trial.

That’s why Oportun’s 30 days free trial has no strings attached. Oportun’s savings app is designed to make saving easier for people. And we can even help you save on a tight budget. How much could you save in your first 30 days? Sign up for Oportun and see for yourself.

Ready to build a better future? Apply now.

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Ready to build a better future? Apply now.

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