Oval 7: how the new app works

Oval’s new homepage is even easier and more intuitive, allowing you to check all your finances at a glance.

Your Account’ at the top shows your total Oval balance.

This includes the total of all the app sections - Save (savings), Invest (investments), and Pay (your Oval Pay account). The green card on the homepage shows how much you are setting aside towards your Goals and investments in the current week.

With Oval 7.0, Oval Future evolves into two separate sections: Save and Invest. In Save you can see a summary of your savings Goals, while in Invest you can monitor the progress and total balance of your investments. Pay shows you your current available balance (net of savings and investments) and your latest transactions. Finally, in Open Banking you can see all your linked bank accounts, cards and related banking services, and monitor their balance and transactions.

Smart Rules are the features that allow you to build up your savings and investments independently, in a personalised, automatic and recurring manner.

You can achieve your Goals or increase your investments through these Rules. Whenever you create a new Goal or open a new investment position, you will be prompted to activate the Weekly Top Up Rule to set aside or invest a weekly fixed amount.

Please note: you will only be able to set the Round Up Rule once, on either a Goal or an investment product.

You can set other Smart Rules by tapping on the ‘Smart Rules’ card within a Goal or investment product. You have total control over your Rules and can delete or modify them at any time.

The Save section helps you keep track of your savings and your savings Goals. You can create as many savings Goals as you like, customise them and set one or more Smart Rules on each one.

In Save you will also find a preset Goal that cannot be deleted, your Reserve Fund, where you can keep savings that are always at your disposal for any need or eventuality. A Weekly Top Up Rule is already set, allowing you to set aside a minimum of €/£1 and a maximum of €/£100 per week.

Good habits pay off, so we think it is important to save even just €/£1 per week with regularity. If you need the savings in your Reserve Fund, you can transfer them to Pay by tapping on ‘Manage funds’. The money will be transferred to Pay instantly, and you will be able to spend it straight away with the debit card linked to your Pay account, or transfer it to another bank account of your choice within 2-3 working days.

This is where your dreams come true. Tap on Create a Goal or on the + icon at the top. Name your Goal, set the amount you want to reach and a due date. You can also customise your Goal with colours and emojis to make it even more special.

Once the Goal has been set, you will see the Smart Rules tab. Now, all you have to do is set your Rules according to your specific needs to set savings aside and reach your Goal. Your savings in the Reserve Fund and other Goals are always at your disposal, and you can transfer them instantly to Pay at any time.

The Invest section lets you invest in an innovative way. To make your life easier, we have introduced a new feature in Oval 7, replacing the percentage-based recurring investments with a fixed amount of your choice. In this way you always have full flexibility and control over the amounts you invest. If you want to invest, enter the app and tap on Invest → Opportunities. Once you have chosen the investment product, just set an amount you want to invest.

Oval does not provide advice on the choice of investment products, you can find all the information documents in the app in the section dedicated to each product.

Now you make your own Rules on your recurring investments. You can choose to apply one or more Smart Rules to your investments, for example, setting the Round Up Rule to increase your investment.

Pay becomes the centre of your availability in Oval. From Pay you can make and receive bank transfers, make instant payments with your smartphone, make withdrawals throughout the Euro Zone, exchange money with friends, and manage the card directly in-app, wherever you are.

When you reach a Goal, you can transfer the savings to your Pay balance. Pay is also where your savings will be credited when you close an investment position. Once there, you can spend them immediately using your Pay debit card, or transfer them to another bank account of your choice within 2-3 working days.

If you use Oval as one of your main accounts, you can also use your availability to feed your weekly savings and investments as an alternative to a direct debit with an external bank account. You can set Oval Pay as your source account in Profile > Source of funds.

From Pay you can make outgoing transfers for free throughout Europe. Select ‘Bank transfer’ and enter the beneficiary’s full details (full name or company) as shown on the beneficiary's bank account details. Once you have entered an amount and a reference, you will see a pop up screen asking you to check that all the details are correct. Tap on ‘Make transfer’ and confirm with your PIN code.

From Pay you can also make instant outgoing transfers, at the cost of €/£1. Instant transfers can only be selected if they are accepted by the receiving bank. You will see the instant transfer option directly in-app if it is available. You can download your bank transfer receipts in PDF format, the link will be in the transfer’s details.

If you want to transfer money to your contacts who have Oval in less than a second, select ‘Pay to Pay’ and enter the amount - your contact will immediately receive a notification of the transfer!

Oval Pay is a fully fledged payment account. You can top it up via a simple bank transfer, using the details you can see by tapping on ‘To Oval → Top up by bank transfer’. Also, if you live in Italy, you can top it up in cash at an affiliated shop - there are 17.000! For this operation you will need your Italian tax code (codice fiscale) and a valid Italian ID. Ask for an  Oval top-up under Oval Services. To find the affiliated shops closest to you, check the map directly in-app, in ‘To Oval → Deposit cash’.

By using Oval Pay as your main account for your expenses, added to the various features and our smart debit card, you can enjoy the Oval experience to the fullest.

In Open Banking you can view the balance of all the accounts, cards and banking services you have linked to Oval, and you can monitor your transactions.

You can manage your account from the green tabs at the top. From there you can modify the account settings, update the connection, check your income and expenditure Statistics divided by expense categories, or add a new account or card.

Please note that banks are still adjusting to the PSD2 regulation, therefore, the connection with your bank account may be unstable, or you may not find your bank at all in the list. Don't worry, though: we are working on integrating them all!