Frequently Asked Questions

About Vesto

¿What is Vesto?

Vesto is an app that helps you plan, save and invest in a collaborative and automated way for your most important goals such as home, car, a trip or that master you've always wanted to do. We want to be by your side from the beginning to the end in the greatest investments of your life. We do not depend on any bank, so we are very committed to always offer what is best for you.

Plan your goals in the medium and long term, we will give you free guidance on how to make it happen. You can automatically save and invest through Vesto.

For example, would you like to buy a house in four years?

Vesto helps you define how much you need to save based on the location, type of house, and how much you're willing to take on a mortgage. Afterwards, you will need to set up your saving methods and we will offer you the best investment products to keep you on track to meet your goal as soon as possible, without taking more risk than you can. By the time you are ready to buy your future home, we will stay next to you to make sure you get the best mortgage available.

¿Why is Vesto better than your bank?

Vesto is not a bank, it is much better. We guarantee the same security, and offer you the best saving and investment products in Europe. And why doesn't your bank offer it to you? Because banks only work with their own products, which are not always the best for you, and they will charge you high commissions, while we are independent and focus just on what is best for you.

Is it for free?

Absolutely. Vesto advises you and allows you to save for free. You can add money to the app and withdraw it at any time without any hidden cost or commission.

How does Vesto earn money?

By looking for the best products for you, so that you can get more out of your money. We do not charge the user, but rather the companies that are connected to our platform. And we never share personal information with third parties.

In which countries is Vesto available?

For the moment we are only available in Spain, but with expectations of expanding to other countries, starting by Southern Europe.

Your money, safe

Where is my money stored?

Your savings will be safe at BBVA, one of the most solvent financial groups guaranteed by the Bank of Spain, allowing you to withdraw your money whenever you want and at no cost. We are also regulated by the Bank of Spain, so you have nothing to worry about.

Vesto meets all the security requirements of the European Directive PSD2. Vesto security is verified and validated by the greatest specialists in digital security. In addition, the information is protected with a 256-bit bank security level, which is the same level of protection as the most advanced banks.

What about my data?

Your personal data is protected by the European Data Protection General Regulation (RGPD); they are strictly confidential and impossible to transfer to third parties. Also, if you decide to cancel the application, all your banking information, connections and access data are permanently erased from our systems.

Your account

What are the requirements to create an account?

To create your Vesto account you only need to have a Spanish bank account and a Spanish phone number, which is the one we will use for your register. This way you won't have to remember a username or password, much easier!

How to create an account?

Creating your account is very simple. First of all, you will have to enter your mobile. We will send you a message with a code to confirm that it is you. Then, you will have to fill in your name and email, so that we can contact you. And last but not least: you will have to choose an avatar to represent you (you can exchange it for a photo afterwards). 

What´s the best? No need to remember any username or password. If one day you want to log in on another device, all you have to do is remember your mobile number and we'll validate it again with an SMS.

Three simple steps and you will already have created your account at Vesto to start saving. 

Why do I need my bank account?

We need your bank account to transfer back to you the money you have saved when you need it. In addition, by providing your account, our robots will be able to anonymously analyse your movements in order to calculate round-ups, retentions and other automatic saving methods, and suggest you how to save quickly and without even thinking about it!

Why do I need my card?

Transfers to your Vesto account will be made from your card. Let's think for a moment about how money moves. You pay for a coffee with the card, but you cash your paycheck with your bank account. We do the same thing for your savings, we save from your card and transfer the savings to your bank account.

How can I withdraw my money?

You can withdraw your savings at any time, totally free of charge. It's as simple as logging into the main account and indicating how much money you want to withdraw, and we'll transfer it immediately to your bank. Sometimes banks take up to 48 hours to make the transfer effective, but don't worry because it always arrives. 

Remember that, to withdraw the money, you must have it in your main account, without being associated to any objective. Before withdrawing the money you must withdraw it from one objective and your money will immediately move to your main Vesto account.

What are the benefits of inviting my friends?

We want you to encourage your friends to save with you. That trip together, that giant TV to watch your favorite football games, or a professional photography course. 

Invite your friends to Vesto and get 5€ every time a new friend saves his first 20€. Your friend will also receive 5€!

I don't live in Spain, can I still have an account?

We're currently only able to support Spanish phone numbers for use with Vesto accounts, and Vesto account holders must have a Spanish bank account. We're working to expand our availability as much as possible as Vesto continue to grow, and hopefully we'll have the opportunity to get you signed up in the future. Still need help? Contact us!

How to save money with Vesto?

How can I add money to my Vesto account?

Once you have linked your card and account, you can start saving at Vesto. 

Adding money to a goal is very easy. You have two simple options:
You can make a deposit with no minimum amount, or you can set up any automatic saving methods; whether rounding up, recurring savings or retention; and Vesto will save for you, while you won't even notice.

How can I create a goal? 

To create a saving goal, you must first select the category your goal belongs to. 

Once you have your objective defined, it´s time to choose a title for it and decide if you want to save alone or in group with other people. Afterwards, you have to define how much you want to save and set a deadline for this goal (by when you need to have the money saved). To finish, of course, we let you choose the photo that best represents your objective.

What is the difference between life plans and other goals?

The main difference you will find between life plans and other goals, is that life plans come with a specific configuration to advise you how much you have to save to achieve your goal. In addition, these life plans offer saving and investment alternatives to help you reach your goal as soon as possible. Our life plans have been pre-selected according to what we consider most important, we will add some others in the future. 

For other objectives, you will be able to set automatic saving methods, either in group or alone, to achieve everything you want.

How can I save for a goal with my friends? 

The first important step is to select the option of saving with friends and family on the main screen while you create the goal. Once the goal is created, you need to go to the bottom part of the goal page and invite your friends to participate. From then on, they can already start saving with you. It's that simple.

Will my friends be able to withdraw my money?

No, never. In shared goals you can keep track of your contributions, saving methodologies and progress, but your money is only yours. The same way that you are the only one who can decide your saving methods and how much you want to save, it´s you the only one who is able to choose how much to withdraw and when.

Vesto Emergency Fund

What's the point of having an emergency fund?

The aim of an emergency fund is to have savings in order to cover any unplanned expenses, for not to ask for a loan and compromise your finances in case of an unexpected event.

Who should have an emergency fund?

Everyone should have an emergency fund. You never know when an unexpected event might come, and if you have no savings to cover it, you may have to use your credit card or ask for a loan, which will be much more expensive.

How much should I save for my emergency fund? 

We recommend to have enough savings to cover a minimum of 6 months of your current life. This means you should take an average of your monthly expenses and multiply it by six.

How is Vesto helping me to make it happen? 

We have created the Vesto Emergency Account, where we give 2€ for every 100€ you save, until you reach 2000€. Afterwards, you will be able to continue saving in order to complete your emergency fund, but without keep having this extra help. 

Don't worry, you will be able to withdraw your money whenever you want. To withdraw the money that Vesto gave you there are just a few requirements: you have to save 25 € per month for a minimum period of 3 months.