Sprive App Review 2024: Is It Worth Using?

Jen Graudenz

Hi, I'm Jen! I'm a personal finance expert and money coach aiming to help you take control of your money. I went from being broke to a six-figure net worth and am now on track to be financially independent at age 40. Discover Jen's story

In this Sprive review, you can discover all about this mortgage and cashback app. It will take average Brits until age 64 to pay off their mortgage. That means the average homeowner spends most of their life in debt.

If you want to be mortgage-free sooner, Sprive promises to help. The app calculates how much you can overpay and gives cashback. But does it work?

Sprive

Sprive is helpful if you want to overpay your mortgage without thinking about it. The cashback also helps, although there are few partnered retailers.

Jen Graudenz

Ease of use

Usefulness

Customer support

4.3

What Is Sprive App?

Sprive is a free app for Android and iOS. It can calculate how much you can afford to overpay on your mortgage. Then, Sprive can automatically make these payments. You can also use Sprive to find cheaper mortgage deals and get cashback.

Jinesh Vohra started Sprive in 2019 in London, UK. Sprive aims to help you reduce your debt.

Is Sprive Legit?

Sprive is legit and not a scam. Sprive Limited is a registered UK company with the company number 12102682. Sprive is also a representative of Albany Park Limited and Prepay Technologies Limited.

On Trustpilot, Sprive has an average score of 4.6 out of 5.0. Overall, 96% of users rated the app as excellent. There is only one negative review which complains about cancellation issues.

Is Sprive Safe?

Sprive app is safe. Sprive is regulated by the Financial Conduct Authority (FCA). FCA regulation means that Sprive must comply with the FCA’s criteria.

Your money and data are also safe. Sprive connects to your bank account via open banking. Open banking allows third-party companies to view customers’ banking data safely.

However, Sprive is not a bank. Your Sprive account is not protected by the Financial Services Compensation Scheme (FSCS). Should Sprive go bankrupt, you may lose money.

How Does Sprive App Work?

Sprive works by connecting to your bank account through open banking. Based on your statements, it can then calculate how much you can afford to save. You can also set a maximum limit. The transfer is made via direct debit.

Sprive will collect your savings in your Sprive account. You can send it with a tap to overpay your mortgage. The minimum transfer amount is £25. If you need the money for something else, you can withdraw it.

How Can You Join Sprive?

You can download the app from Google Play or the App Store. Simply click the button below and follow the steps to sign up. Sprive is free and never charges you. You can cancel anytime.

How Does Sprive Make Money?

Sprive is free for users, so you may wonder how it makes a profit. When you remortgage with Sprive, the app receives a commission from the mortgage provider. Additionally, Sprive may earn a commission or advertisement fees from partnered cashback retailers.

Which Banks Does Sprive Support?

Sprive can connect to supported banks. These include the most popular banks, including:

• Barclays
• Danske Bank
• First Direct
• Halifax
• HSBC
• Lloyds
• M&S
• Monzo
• Nationwide
• Natwest
• Revolut
• RBS
• Santander
• Bank of Scotland
• Starling
• Tesco
• TSB
• Ulster Bank

Which Lenders Does Sprive Support?

You can only use Sprive if you have a mortgage with a supported mortgage lender. These include:

• Nationwide
• HSBC
• Lloyds
• Barclays
• Santander
• RBS
• Virgin Money
• Halifax
• Natwest
• Yorkshire Building Society
• TSB Bank

How Can You Get Cashback With Sprive?

Sprive offers cashback to help you pay off your mortgage faster. The app also lets you buy gift cards. You’ll get cashback each time you make a purchase.

This works similarly to the JamDoughnut cashback app. While you can withdraw cashback with JamDoughnut, with Sprive, you can overpay your mortgage.

I recommend buying gift cards for yourself. Then, use them for your daily shopping. This way, you can make money every time you spend. You can buy gift cards from the following brands on Sprive:

• Costa
• Deliveroo
• Halfords
• Ikea
• John Lewis
• Just Eat
• M&S
• Morrisons
• Primark
• Uber
• Waitrose
• WH Smith

What Are the Pros and Cons of Sprive?

Sprive App Review Pros

• Helps you to find the best mortgage deal
• Easy way to overpay your mortgage
• Earn cashback by buying gift cards

Sprive App Review Cons

• Does not work with all banks
• Does not work with all lenders
• Not needed if you are on top of your finances
• Time lag when updating mortgage balance

Is Sprive App Worth It?

Sprive is worth using to overpay your mortgage and get cashback. It helps you pay your house off faster without much hassle. You are also in control of how much you save.

The cashback feature is a nice addition, but it is not worth using Sprive because of it. You can find more cashback options on other apps. Sprive also doesn’t work with many banks and mortgage providers. This means many people are unable to use it.

Are There Alternatives to Sprive?

If you want to save money and get cashback, there are alternatives to Sprive:

• Chip. Chip is an automatic savings app that deposits money into savings accounts. Read more in my Chip review.
• Snoop. Snoop is a budgeting app that helps you get better with your money. Read more in my Snoop review.
• JamDoughnut. As mentioned above, JamDoughnut is a cashback app similar to Sprive.

Sprive App Review Summary

Sprive is a free app that helps users to overpay their mortgage. It works similarly to auto-saving apps. You automatically accumulate savings within the app. Then, you can use this money to overpay your mortgage or withdraw it.

If your finances are under control, you may prefer to make mortgage overpayments manually. But if you don’t want the hassle, Sprive may be for you.

Read next about the best budgeting apps.

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