Woolsocks is a money management app with features that automatically help you to monitor your spending, save on your purchases, increase your savings, cancel unwanted subscriptions. It also allows you to earn cashback and donate to the charity or cause of your choice. Woolsocks is available on Android and iOS devices and can be used from different devices at the same time.
In the old days, managing your finances was as simple as stacking up some cash under a mattress or, like in some cultures, stuffing it into a wool sock. Today, there’s a whole host of smart tools that can help you spend less, save more, and know the score when it comes to your money. Woolsocks is where to find them.
How to Sign Up to Woolsocks App
To sign up to Woolsocks, you will first need to download the app and click on the “Sign Up” button. You will be asked to select your preferred language and choose the country in which you are located. Next is to add your personal details such as your first and last name, phone number, and your email address. Then read through the Privacy Statement and Terms & Conditions and accept them. You will receive an activation email to verify the email address you provided. Click the link to activate your Woolsocks account.
Woolsocks Key Features
The Woolsocks app has a set of key features that help to manage your money.
- Insights. Woolsocks gives you spending insights. it allows you to connect all your bank accounts to the app and automatically groups your income and spending into categories and shows it to you in graphs. This helps you see where your money is going each month. You will see what’s going towards online shopping, groceries, medical bills, entertainment, etc.
- Savings. Woolsocks allows you to set up Savings Socks in the app that you can use to save money to reach your savings goals. Your Savings Socks are kept separate from the rest of your money but you can access the savings any time you want.
- Cashback. It is one of the apps that save you money when shopping. The Woolsocks’ cashback feature allows you to get cashback up to 50% at 35, 000 stores. Woolsocks has the Woolsocks Cashback Sock where your cashback piles up. It gets 3% bigger every year by just being in Woolsocks savings sock. You can redeem your cashback whenever you like and use it for whatever you want.
- Donations. Woolsocks has made donating to charity as easy as possible. You can use the app to set up automatic donations on your cashback to support a cause of your choice. You can support both local and global charities.
- Subscriptions Cancellation. Woolsocks checks your accounts to spot and stop any unwanted or forgotten subscriptions.
- Data Protection. Woolsocks lets you control your data while they keep it safe. You can change or delete your data any time you want.
How Woolsocks Works
Woolsocks has a set of smart money tools that help to save money. This is how the app works:
Connect Bank Accounts
When you sign up for Woolsocks, you can connect your banks. To connect your bank, find your bank by selecting the country of your bank. Next, agree with the terms and conditions of BudgetBakers. BudgetBakers is Woolsocks’ partner that creates the bank connection. Then, authorize your bank to connect with BudgetBakers. You can connect almost every bank available in your country. Connecting your bank accounts to the app helps you see all your finances at a glance.
When you make a purchase through Woolsocks’ Cashback deals, merchants will return a portion of your spending. The amount of cashback you receive may vary by store, by service or type of product, or as a percentage of purchase amount. Cashback is usually calculated on the total purchase amount excluding shipping and VAT. When your cashback is available in your cashback sock (the destination for all the cashback you earn), you can transfer it to one of your accounts, to your savings sock account, or to a charity of your choice.
Woolsocks helps to cancel unwanted or forgotten subscriptions. To allow Woolsocks cancel your subscription, go to your transaction panel and Woolsocks will detect available subscriptions. They will ask if you want to proceed with the cancellation. If you select yes, a cancellation letter is created automatically. Woolsocks will send the cancellation letter to the company on your behalf. You will receive an email confirming the cancellation.
The Woolsocks donate feature allows you to give a portion of your cashback to charity. Donations are always anonymous. To donate, access the in-app Donate section and select the fundraiser you want to support. Next, activate future donations for the selected fundraiser. Your cashback is split equally among the fundraisers you decide to support, plus your cashback sock. You can donate to up to 5 fundraisers.
Woolsocks lets you can create and name a Savings Sock for a specific goal. Savings Socks allow you to deposit funds to reach your saving goals. Cashbacks transferred to your Savings Sock earn bonus rates. The yearly bonus from these cashbacks is 3% while direct transfers from your bank account earn a 0.1% yearly rate.
Is Woolsocks Safe?
Yes. Like most money management apps, Woolsocks gives priority to security. They use the same security and encryption technology as the world’s biggest banks. They use the following:
- Mutual Authentication (mTLS). If you connect your bank accounts to the Woolsocks app, you will enter your banking credentials but Woolsocks servers will not see this information. Mutual authentication ensures that Woolsocks never sees or stores your banking details.
- Cloud Computing. Woolsocks hosts their servers on Google Cloud. This ensures that no one can get access to your data.
- Secure Authentication. Woolsocks uses high security levels to protect your account. To make this possible, you log in using your PIN, fingerprint, or use face recognition. Additionally, accessing your Savings Socks, requires you to use your phone number. All this adds to your account’s security.
Woolsocks Fees: How does Woolsocks make Money?
Woolsocks, just like many other money savings apps will need money to keep running and to offer the best services to clients. In this case, they have ways in which they make money. Woolsocks earns commission on cashback. The amount will depend on the deal. Woolsocks supports giving to charity and therefore does not take a commission if the cashback is donated.
Woolsocks Supported Countries
To open a Woolsocks account, you must be a resident of a country within the European Economic Area and have a SEPA associated bank account. Supported countries include Austria, Croatia, Belgium, Republic of Cyprus, Bulgaria, Czech Republic, Greece, Denmark, France, Finland, Germany, Estonia, Hungary, Italy, Iceland, Luxembourg, Iceland, Ireland, the Netherlands, Liechtenstein, Poland, Malta, Latvia, Portugal, Norway, Romania, Lithuania, Slovakia, Spain, Sweden, and Slovenia.
Woolsocks app is among the best money management apps in the EU. However, the choice of a money management app will depend with your financial needs and even its availability in your country. If it happens that you cannot use Woolsocks for any reason, the following are other apps that will help you manage money:
Final Thoughts on the Wool Socks App Review
Money management can be challenging and time consuming. However, money management applications like Wool Socks app makes it easier by keeping track of your spending and helping you stick to a budget. In addition, the money saving app has beneficial features such as savings, cashback, donations, and subscriptions cancellation.