Are you bad at saving money? Don't worry, you're not alone. In fact, according to a recent study, almost 60% of Americans have less than $1,000 in savings. But there's good news: there are now automatic savings apps that can help you save money without thinking about it.
In this blog post, we'll share the best automatic savings apps to help you save money effortlessly. We'll also share some tips on how to use each app to make the most of your savings. So if you're looking for an easy way to boost your savings account, read on!
Setting up An Automatic Savings Plan
If you have been fruitlessly trying to get your finances in order, the tool to help you with this could be right in your hand – your smartphone. There are now a number of apps that can help you automatically save money.
You don't have to do anything except sign up and link your bank account. These apps will then transfer a set amount of money from your checking account to your savings or investment account each week or month.
Different apps have their unique approaches, so it’s up to you to find an app that best suits your needs. When picking the right money-saving app for you, it is vital that you consider the following factors:
- Ease of use
- Options to pick goals
- Monthly fees
- Platforms supported
- Interest rates
The best part is that most of these apps are free! And if you're not sure where to start, we've put together a list of the best automatic savings apps below.
App-Based Banking: Automatic Savings Apps That Will Help You Save
This app is a favorite for many people as it is simple to use and very beginner-friendly. Acorns rounds up your purchases on linked credit or debit cards to the nearest dollar and invests the spare change into a diversified portfolio of exchange-traded funds (ETFs).
You can start with as little as $5, and there is no minimum balance required to keep your account open. The great thing about Acorns is that it has no hidden fees. You sign up for a personal or family subscription plan and pay $3 or $5 per month!
Acorns also offers bonus investments when you shop through the free Chrome extension. And if you refer a friend, you and your friend will both receive a $5 bonus!
One great way to get your kids started on the road towards financial freedom is by enrolling them in the Acorns Early Investors program. It's an easy-to-use program that allows children to make small investments with Monetized Accounts, which compound over time!
Acorns: Best for investing
Trust Pilot Score: 2.4 out of 5 stars
Qapital is an app that helps you save for your short- and long-term goals. You can create different “rules” to automate your savings, such as transferring $5 from your checking account to your Qapital account every time you go for a run.
There is no minimum balance required to start using Qapital, and you can start with as little as $1. You can also set up recurring transfers from your checking account to your Qapital account so that you can save automatically on a regular basis.
Qapital also has a unique feature called the “Roundup Rule”, which rounds up your purchases to the nearest dollar and invests the spare change into your Qapital account. For example, if you spend $3.75 on coffee, the app will round up to $4 and invest the 25 cents into your savings account.
Qapital has an innovative new feature that will help you to budget your money without the complications of a spreadsheet. You can set a budget that fits your needs, whether it's spending limits or weekly goals. With their helpful tool called Spending Sweet Spot, they give users a target amount of money to spend each week and you get to pocket what's leftover.
Qapital: Best for setting goals
Trust Pilot Score: Currently no reviews
Digit is a great app for those who want to save money without thinking about it. The app analyzes your income and spending patterns and automatically transfers small amounts of money from your checking account to your Digit account.
The great thing about Digit is that you don't need to have a minimum balance in your account to start saving. You can also choose to have your money transferred back into your checking account whenever you need it. All you need is a phone number and email address to get started!
Digit is also one of the more affordable apps, with plans starting at $5 per month.
By the time we’re writing this article, over $1 billion has been saved by app users. Every three months, you will receive a .10 annualized saving bonus. The app is available on both Android and iOS platforms to US residents.
Digit: Best for simplicity
Trust Pilot Score: 3.3 out of 5 stars
“Chime is a financial technology company. Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.“
Chime is a modern take on the traditional banking system. It’s an app that helps you manage your money and automate your savings.
One of the great things about Chime is that it has no monthly fees or minimum balance requirements. That means no monthly fees, no foreign transaction fees, and no overdraft fees!
You can also use the Chime Visa debit card to make free withdrawals from over 60,000 ATMs.
Chime also offers a unique feature called “Automatic Savings”, which automatically transfers 10% of your paycheck into your savings account. This is a great way to save money without having to think about it!
You can also round up every purchase you make to the nearest dollar and invest the spare change into your savings account.
If you want to learn more about Chime, read our review.
Chime: Best for saving spare change
Trust Pilot Score: 3.9 out of 5 stars
Current is an app that allows you to connect all of your bank accounts, and investments in one place. This makes it easy to track your spending and saving habits.
The app also offers a unique feature called “Savings Pods”, which allows you to set financial goals and track your progress over time. This is a great way to stay motivated and make progress on your financial goals!
Another benefit is that you can access your money at any time with no restrictions on moving it in and out of the Savings Pods. Overdrive is a feature that allows you to overdraft up to $200 with no fees.
If you have teens, they can also use the Current app to manage their own money. This is a great way to teach them about responsible money management!
Current: Best for alternative banking
Trust Pilot Score: 3.0 out of 5 stars
After downloading and signing up, this money-saving app syncs with your checking account. The Qoinz app then rounds up your purchases on linked debit and credit cards to the nearest dollar and automatically puts the money towards your debt.
The company is primarily focused on credit card and student loan debt, but it's possible to add other types of accounts.
The app charges a monthly fee of $1.99. The fee is deducted from your savings. For instance, if the app saves you $100, you will receive $98.01.
Qoins: Best for paying off debt
Trust Pilot Score: Currently no reviews
Wally is a money management app that helps you keep track of your spending. The app connects to your bank account and automatically categorizes your transactions.
You can also manually add transactions and set spending goals. The app will then give you insights into where you are spending your money and how you can save more.
Wally is a great option for those who want to get a better handle on their finances and learn more about their spending habits.
Wally: Best for tracking spending
Apple App Store: 3.9 out of 5 stars
Benefits of using automatic savings apps
- When you use an automatic savings app to save your money in a separate savings account, you teach yourself to be financially disciplined. You will no longer view the money as spending money.
- When you save a portion of your income with a money-saving app, you learn to work with whatever’s left. When you make it a habit to live on less, you will stop missing the extra money.
- Saving your money will be effortless since it happens automatically. You will not have to do math or remember stuff. These apps give you much-needed peace of mind by letting your savings take care of itself.
- Automatic saving apps allow you to save for different goals at once. Maybe you want to save up for a better car or a vacation. By setting up a different savings account and allocating a fixed amount monthly, you will be on track to save for different goals.
Are money-saving apps safe?
While most money-saving apps are safe, there are always risks associated with any type of financial technology.
When choosing a money-saving app, make sure to do your research and only use apps that are reputable and have good reviews. Also, be sure to read the terms and conditions before signing up for an account.
Be sure to keep your login information safe and secure, and never share it with anyone. If you think your account has been compromised, be sure to contact the customer support team for help.
How do I put money in savings automatically?
There are a few different ways you can put money in savings automatically.
You can set up a monthly automatic transfer from your checking account to your savings account. This is a great way to make sure you are always saving some money each month.
You can also use a money-saving app like Chime or Qoinz, which will automatically round up your purchases and put the spare change into your savings account. This is a great way to save money without having to think about it!
Finally, you can also invest your spare change into a micro-savings account like Qapital or Acorns. These accounts allow you to invest small amounts of money on a regular basis, and the accounts grow over time. This is a great way to start saving for long-term goals.
Summary Of The Best Automatic Savings Apps
Automatic savings apps are a great way to save money without having to think about it. All of the apps listed above have different features, so be sure to read through and find the one that best suits your needs.