Terms of Service

Effective date: 2026-03-01 Last updated: 2026-03-01

Please read these Terms of Service (“Terms”) carefully before using the Penny mobile application (the “Service”) operated by PennyAI (“we”, “us”, or “our”).

By accessing or using the Service, you confirm that you are at least 18 years old and agree to be bound by these Terms. If you do not agree to any part of these Terms, you may not use the Service.

1. Acceptance of Terms

By creating an account or using the Service in any way, you enter into a legally binding agreement with PennyAI on these Terms. If you are using the Service on behalf of an organization, you represent that you have authority to bind that organization.

2. Description of Service

Penny is an AI-powered personal finance tracking application that helps users:

• Track income and spending
• Set and monitor budgets and savings goals
• Connect bank accounts via Plaid for automatic transaction import
• Receive AI-generated spending summaries, insights, and nudges
• Engage with a community of users focused on financial awareness

The Service is designed as a financial tracking and education tool. It is not a bank, investment platform, insurance product, or regulated financial service.

3. Important Disclaimer — Not Financial Advice

PENNY IS NOT A FINANCIAL ADVISOR.

All AI-generated content produced by Penny — including spending insights, roasts, suggestions, forecasts, nudges, and any other output from the Penny assistant — is provided for informational and entertainment purposes only. This content:

• Does not constitute financial advice, investment advice, tax advice, or legal advice
• Is not produced by a licensed financial advisor, registered investment advisor, broker-dealer, or fiduciary
• Should not be relied upon as the sole or primary basis for any financial decision

You should always consult a qualified financial professional before making significant financial decisions. PennyAI expressly disclaims any liability for financial decisions made based on AI-generated content. Individual results vary.

4. Eligibility

You must be at least 18 years of age to use the Service. By using the Service, you represent and warrant that you meet this requirement. If we discover that a user is under 18, we will terminate their account immediately.

5. Account Registration and Security

• You agree to provide accurate and complete information at registration
• You are responsible for maintaining the confidentiality of your account credentials
• You are responsible for all activity that occurs under your account
• You must notify us immediately at support@savepenny.ai if you suspect unauthorized access to your account
• We reserve the right to terminate accounts that contain inaccurate or misleading information

6. User Responsibilities

By using the Service, you agree to:

• Enter financial data accurately to the best of your knowledge
• Use the Service only for lawful personal finance management purposes
• Not share your account with others
• Not use the Service in any manner that could harm other users or the Service itself
• Comply with all applicable laws and regulations in your jurisdiction

7. Prohibited Uses

You may not use the Service to:

• Engage in or facilitate financial fraud, money laundering, or any other illegal activity
• Abuse, harass, or harm other users of the community features
• Submit false or misleading financial data to manipulate AI outputs
• Attempt to reverse-engineer, decompile, or extract the source code of the Service
• Use automated scripts, bots, or scrapers to access the Service
• Circumvent rate limits, quotas, or access controls
• Impersonate any person or entity
• Post community content that is abusive, defamatory, or otherwise harmful

Violation of these prohibitions may result in immediate account termination and, where applicable, referral to law enforcement.

8. Plaid Bank Connection

Connecting your bank account is optional. If you choose to connect a bank account, you authorize PennyAI to access your account information (transactions, balances) through Plaid Technologies, Inc. (“Plaid”), subject to Plaid’s End User Privacy Policy. You understand that:

• PennyAI does not store your bank login credentials
• Plaid handles bank authentication directly using bank-grade security
• You can disconnect your bank account at any time in Settings

9. Intellectual Property

9.1 Our Property

The Service, including its software, design, text, graphics, logos, and AI model outputs generated in aggregate, is owned by PennyAI and protected by applicable intellectual property laws.

9.2 Your Data

You retain ownership of all financial data and content you input into the Service. By using the Service, you grant PennyAI a limited, non-exclusive, royalty-free license to process your data solely to provide and improve the Service for you.

9.3 Community Content

Content you post to community features remains yours. You grant PennyAI a license to display that content to other users within the Service.

10. Subscription Plans and Billing

• All subscriptions are billed through the Apple App Store
• Prices are in USD and may vary by region due to App Store pricing tiers
• Subscriptions auto-renew unless cancelled at least 24 hours before the end of the current billing period
• You can manage and cancel your subscription in iOS Settings > [Your Name] > Subscriptions

11. Cancellation and Refunds

• You may cancel your subscription at any time through the Apple App Store
• Cancellation takes effect at the end of the current billing period; you retain access until that date
• Refunds are governed by Apple’s refund policy; PennyAI does not issue refunds directly
• Downgrading to Free tier does not entitle you to a refund for the current billing period

12. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW:

• PennyAI’s total liability for any claim arising from or related to the Service shall not exceed the amount you paid to PennyAI in the 12 months prior to the claim, or $50 USD, whichever is greater
• PennyAI is not liable for any indirect, incidental, special, consequential, or punitive damages, including but not limited to loss of profits, data, or financial losses arising from: (a) your use of or inability to use the Service; (b) any financial decisions made based on AI-generated content; (c) unauthorized access to your account; (d) service interruptions
• Some jurisdictions do not allow limitations on implied warranties or liability for certain damages, so the above limitations may not apply to you

13. Indemnification

You agree to indemnify and hold harmless PennyAI and its officers, directors, employees, and agents from and against any claims, liabilities, damages, losses, and expenses — including reasonable attorneys’ fees — arising out of or in connection with: (a) your use of the Service; (b) your violation of these Terms; (c) any content you submit; or (d) your violation of any third-party rights.

14. Service Availability and Modifications

• We do not guarantee that the Service will be available at all times without interruption
• We reserve the right to modify, suspend, or discontinue the Service or any feature at any time
• We will provide reasonable advance notice of material service changes where feasible
• We may impose usage limits or restrict access without notice in the event of abuse or technical issues

15. Termination

15.1 Termination by You

You may terminate your account at any time via Settings > Privacy & Data > Delete Account.

15.2 Termination by Us

We may suspend or terminate your account immediately, without notice, if you:

• Violate any provision of these Terms
• Engage in fraudulent, abusive, or illegal activity
• Fail to pay any applicable subscription fees
• Create risk or legal exposure for PennyAI

Upon termination, your right to use the Service ceases immediately and your data will be deleted in accordance with our Privacy Policy.

16. Governing Law

These Terms are governed by and construed in accordance with the laws of the State of Delaware, United States, without regard to its conflict of law principles, except where mandatory consumer protection laws in your jurisdiction provide greater protections.

17. Dispute Resolution

17.1 Informal Resolution

Before initiating any formal dispute, you agree to contact us at support@savepenny.ai and attempt to resolve the issue informally. We will respond within 30 days.

17.2 Binding Arbitration

If informal resolution fails, any dispute arising from these Terms or the Service shall be resolved by binding arbitration administered by the American Arbitration Association (AAA) under its Consumer Arbitration Rules. The arbitration shall be conducted in English. You waive the right to a trial by jury and to participate in class action proceedings.

17.3 Exceptions

Notwithstanding the arbitration requirement, either party may seek injunctive relief in any court of competent jurisdiction for intellectual property infringement or misappropriation.

17.4 GDPR/UK GDPR Users

If you are located in the EU or UK, you retain the right to bring disputes before the courts of your country of residence and to lodge complaints with your national data protection authority, regardless of any arbitration clause.

18. Changes to Terms

We may update these Terms from time to time. We will notify you of material changes via an in-app notification at least 14 days before the updated Terms take effect. Continued use of the Service after the effective date constitutes acceptance of the updated Terms. If you do not agree to the updated Terms, you must stop using the Service and delete your account.

19. Miscellaneous

• Entire Agreement: These Terms, together with our Privacy Policy, constitute the entire agreement between you and PennyAI regarding the Service
• Severability: If any provision of these Terms is found unenforceable, the remaining provisions continue in full force and effect
• Waiver: Our failure to enforce any right under these Terms is not a waiver of that right
• Assignment: You may not assign your rights under these Terms without our prior written consent. We may assign our rights to a successor entity

20. Contact

For questions about these Terms:

Email: support@savepenny.ai Response time: Within 5 business days