What does Hugosave actually do that is different from other saving accounts, and what are your thoughts on the pros and cons?

Yo! I'm glad to see that you are curious about our soon-to-launch Wealthcare app! Hugo is an app with a debit card to help you spend smarter, budget better and grow your wealth faster. With our personal current accounts and other features, you will find many reasons to use Hugo regularly. Here's why:

• Smarter Spending: Our Roundups feature saves money silently and intuitively while you spend. Save more frequently and actively on top of your existing saving strategy. Read more about it here.

• Better Budgeting: The Money Pots feature is useful for reaching your goals. Money Pots helps you set priorities, visualise your progress, and deposits money on your behalf. Hugo regularly nudges you to work towards your saving goals. Here is how Money Pots work.

• Sustainable Saving: Hugo allows you to save your money in gold via our Gold Vault feature:

1. We make gold buying accessible to all! You will be happy to know that you can start buying gold from just $1.

2. The gold you buy through Hugo is physical gold, stored in an LBMA-accredited vault in Singapore.

3. Our Gold Vault allows you to buy and sell gold in seconds (for real).

4. Read more Hugo's features here (with screenshots)!

Assuming you are a savings account holder with either of the 3 main banks (DBS, UOB, OCBC), you may be getting about 0.5-1% interest per annum (sure, some accounts offer higher, but so is their threshold). To compare, the value of gold has appreciated 4.5% over the past 10 years.

In conclusion, you can buy things, budget for goals, and save money in gold via Hugo. We provide you with all the tools you need to get started on your personal Wealthcare journey!

Have seen it frequently in my ads lately, so I took a quick look.

First of all, Hugosave is NOT a savings account, and is not covered by SDIC. It is similar to Revolut, and some of its features such as Money Pots and Roundups are features I have seen on Revolut before. There is also no indication if any interest will be paid at all.

The cashback promo is also a bit odd - you get $20 back in the form of "Goldback". To me it feels like they are trying to encourage users to buy, sell and hold gold. And if you look at their terms and conditions, they are stated to be a wholly owned brand of Atlas Consolidated Pte Ltd. Atlas Consolidated (in the Philippines) is a company that engages in metal mining, though this may be just a coincidence.​​​