Savings rates have soared but only for some people. According to a recent Times article, “Americans have historically struggled to save money, for a number of reasons. According to a 2019 report by the Federal Reserve, four out of 10 Americans would be unable to pay an unexpected $400 bill out of their savings.”
We all know how important it is to save money but many of us still find it challenging to save. Even if we have extra dollars to save we may not have the right savings tools to help us do it with less effort. I’ve learned the power behind using apps that make it easy and do it automatically. Less thinking about saving and more automation.
Table of Contents: Best money saving apps
There are many different money saving tools available. They all serve the same function which is taking money from your checking account and placing into a savings account of some sort. The major difference is how the savings transfers are done and where the money goes.
Many of the apps on this list have a monthly fee. I share with many that it’s okay to pay a fee if the service helps you. In other words, pay for the product that does exactly what you need for it to do. This also ensures the company behind the app is a viable solution that can be around for a long time.
Here is my list of the best money saving apps based on the main feature that makes them unique.
Acorns Core: Best for Spare Change Saving
Acorns is one of the best micro-savings apps that rounds your purchases on linked credit or debit cards and invests the amount. For example, you bought coffee for $3.75, Acorns will round up the purchase to $4.00 and move $0.25 into your Acorns account. Once the “Round-Up” amount is equal $5.00, it’s invested into an ETF. An ETF is an exchange traded fund which is a collection of different companies.
- Easily rounds up purchases and invests automatically.
Account Fees: $1 per month
Minimum Balance: $0
New Account Bonus: $5 for new and funded Acorns account.
>> Get started with Acorns.
Read complete review of Acorns
Stash: Best for Saving and Investing Experience
Stash is one of the best neo-banking apps with core features tied to investing. With Stash, you get an integrated banking experience that allows you to save money using auto-features and invest in the marketing with as little as a penny.
- Use tools like round-ups and auto-invest to help build wealth.
- Separate your cash by wants and needs to budget better.
- Earn “stock-back” for purchases using your debit card
Account Fees: $1 per month
Minimum Balance: $5
New Account Bonus: $5 after completing the signup process.
>> Get started with Stash
Read complete review of Stash
Chime: Best Free Checking and Auto-Savings Feature
Chime offers a connected checking and savings account with automatic savings rules such as roundups for purchases. With Chime, you can get paid 2-days earlier too. Get surcharge-free ATM access to thousands of ATMs, out-of-network has fees
Account Fees: No monthly account fees
Minimum Balance: $0
New Account Bonus: None
>> Get started with Chime
Digit: Best Use of Artificial Intelligence to Save
Digit is unique as it analyzes your spending and automatically saves the perfect amount each and every day. It transfers the money from your linked checking account directly into a savings account with Digit. The algorithms learn how you spend and know when to save.
- Create multiple savings goals
- Artificial intelligence does the work
Account Fees: $5 per month
Minimum Balance: $0
New Account Bonus: None
>> Get started with Digit
Qapital: Best for Rule Based Auto-Saving
Qapital allows you to create multiple savings goals and automatically contribute by setting up transfers or use rules-based triggers through IFTTT (If This Then That). Basically, set a rule like walking 10,000 steps triggers a savings transfers.
- Create unlimited, personalized savings goals
- Make fun rules to trigger automatic saving
- Transfer money between goals easily
New Account Bonus: $5 after completing the signup process.
>> Get started with Qapital
GoalSetter: Best for Teaching Kids About Saving
Goalsetter believes kids who are early savers will be lifetime savers. The goal is to educate and help kids start off financially healthy. With Goalsetter, a parent or guardian can set up an account and child can create savings goals. Anyone can contribute to help a child reach their goals. Additionally, parents/guardians can “pay” their children for chores done.
- Goal-based savings: kids can sign up to save for goals in 3 big categories: saving for the future, sharing with others, spending on things that matter.
- Auto-save/Round-Ups: parents can connect their bank account to set up auto-save or round-up their purchases, to help kids save for big goals over time.
- Allowance: parents can set up an allowance to help kids learn to earn their own dreams.
Account Fees: No set monthly account fees. Pay what you want.
Minimum Balance: $0
New Account Bonus: $5 after completing the signup process.
>> Get started with Qapital
Want more ideas? Visit our financial marketplace for more savings account options.
What other money saving apps do you use and recommend? Let me know in the comments.
