There are times when we could all do with a hand to save money and now many apps are out there that can make it even easier. We’ve rounded up the best savings apps in the UK, what each of them offers and how set up an account. With different types of savings apps, knowing which feature you want can help you choose the best app to suit your needs.
Account type comparison
All of these offer free versions of their apps, while some also have premium versions that come with more features. Most of them have FSCS protection up to £85,000 on savings balances. Some offer a whole range of savings accounts and ISAs, while others only offer simple accounts. See which ones you’re most likely to use when you’re deciding which is best for your needs.
Chase
Plum
Moneybox
Chip
Starling
Revolut
Monzo
Fees
None
Free (basic plan); paid plans available
Free (basic plan); paid plans available
Free (basic plan); paid plans available
None
Free (basic plan); paid plans available
Free (basic plan); paid plans available
Interest rate
1% AER on current account, 5% AER on linked savings account
Up to 4.70% AER depending on which plan
Varies based on investment choice
3.75% AER with Chip Instant Access, 4.85% with Chip Easy Access Saver, 4.58% with Chip Cash ISA
4% AER on linked savings account
Up to 5% AER in linked savings account, depending on plan
Standard rate for savings pots is 3.6% AER, 4.10% AER for Plus, Premium, Perks & Max
Investments
Easy access savings account
Cash ISAs
Fixed-rate savings
Notice accounts
FSCS protection
Savings features comparison
These all offer a very similar set of features, with round-ups, different savings pots and being able to set up autosaves proving popular. Only some of these have group savings features though, so if that’s important to you, have a look at those apps.
Chase
Plum
Moneybox
Chip
Starling
Revolut
Monzo
Round-ups
Savings pots
Autosave features
Group savings pots
Budgeting tools comparison
You can categorise your spending, set spending goals and look at savings and spending insights with all of these. If you want a children’s savings account, you’ll have to look elsewhere. Likewise with mulitcurrency savings accounts and cashback, with only 3 of these providers offering either of those tools.
Chase
Plum
Moneybox
Chip
Starling
Revolut
Monzo
Categorised spending
Set spending goals
Insights features
Children’s savings
Multicurrency savings
Cashback program
Reviews of apps with automatic savings features
Plum
Plum combines budgeting, saving and investing all in one app. It uses artificial intelligence to analyse your bank account transactions and understand patterns in your income and spending habits. It calculates an amount it thinks you can realistically save each week and automatically transfers this to a Plum account.
You can then put this money into pockets that are assigned to different savings goals, some of which now pay interest (how many interest pockets you can have will depend on whether you are using the free or paid-for version of Plum).
The other option is to invest your funds in an ISA or the stock market. Again, there’s a minimum Plum subscription fee of £1 a month for this, plus fund management and provider fees. As ever, be mindful that your capital is at risk if you choose to go down the investment route.
The Chip app is designed to a be a hassle-free way to save small amounts of money on a regular basis. You connect Chip to your current account and it uses a smart algorithm to look at your finances and work out how much you can realistically afford to save.
Chip then moves this money from your current account into your Chip account as frequently as you choose. Once you’ve reached your ultimate savings goal you can withdraw that pot of money back out and into your current account to spend.
There’s no fee for downloading and using the Chip app, although it will charge £1 if it sets aside more than £100 for you during a 28-day period. This means your maximum charge over one year could be £13.
Pros
Build up savings in small amounts over time
Algorithm works out what you can afford to save
You can choose the frequency and cancel a transaction at any time
Reviews of savings apps that round up spare change
Moneybox
Moneybox is a savings and investment app that aims to make both of those things easier by linking them to your everyday spending. It does this through its round-up feature.
So if you spend £2.60 on a coffee, you can ask Moneybox to round up this transaction to £3. It takes that 40p of spare change and puts it in your Moneybox account – the balance of which you can choose to either save or invest in a number of ways, ranging from ISAs to the stock market.
You’ll need to set up a Moneybox account and link it to your bank card, so the app can track your spending and round up your spare change for you. There are also charges if you choose to invest, which include a £1 monthly Moneybox subscription, a 0.45% platform fee and then various fund provider fees. And remember, if you choose to invest money in this way, your capital could be at risk.
This digital banking app not only has a full current account with helpful round-up features but also a linked savings account with a decent daily interest rate. Part of one of the largest US banks, Chase is an app which has a broad range of features.
For the first 12 months of the account, you can earn cashback on your debit card spending and interest on savings generated by its round-up feature, where your transactions are rounded up to the nearest pound and the money set aside in a linked savings pot. What makes Chase stand out is its linked easy-access savings account. Here you can have up to 10 savings accounts so that you can focus on your individual savings goals.
Pros
Interest on savings generated from its round-up feature
24/7 in-app customer support
Fully FCA-licensed and FSCS-protected
Cons
Need a current account to access the savings account
With Monzo you can keep a close eye on your money, sort it out into pots and also take advantage of its savings marketplace. If you’re after budgeting tools, Monzo is the app for that. It has a Salary Sorter which helps you to divide your spending, savings and bills. You can then pay bills like direct debits directly from one of your Pots. These are sub-accounts that sit within your main Monzo account. Alternatively, you can take advantage of its Savings Pots, which are actual savings accounts with providers Monzo has a partnership with. You can open these accounts and view your balances directly through the Monzo app.
Pros
Compare, apply and manage savings accounts in-app
Sub-accounts to put your money aside
Pay bills directly from your Bills Pot
Cons
Get better rates if you apply directly with the provider
Revolut’s app is designed with users in mind. It caters not only to the individual but to the group. Its Savings Vaults feature allows you to put money aside to save towards a savings goal. You can do this either by topping it up with regular payments or by rounding up your spare change from transactions and automatically adding it to your Vault. These are interest-earning deposits you place with banks via the Revolut app, so they are covered by the FSCS scheme. You can also create a Group Vault with your friends and family to save for a common goal, such as a holiday. Meanwhile, its standard account has budgeting tools and spending analytics to help you stay on track.
Pros
Individual and group savings pots
Round-ups feature
Savings held at licensed banks
Cons
No interest on standard account balance
No face-to-face customer service
Revolut’s features
Automatic saving
Automatic round ups
Savings pots
Budgeting tools
Investing features
Starling
The Starling Bank app offers you a full current account with a bunch of features to keep your spending in check and savings goals in sight. It has also created virtual spaces where you can put your money aside towards a savings goal. To help you achieve that goal quicker, you can round up your day-to-day spend to the nearest pound and transfer the difference to your Savings Space. Meanwhile, its Bills Manager feature allows you to put money for bills aside and pay them straight from a Savings Space.
Reviews of savings apps that help you pay off your mortgage faster
Sprive
This savings app is designed to help homeowners make overpayments on their mortgage. Once it’s linked to your bank account it will analyse your spending and put money aside based on your spending. The less you spend, the more money will be set aside. You can then use these funds to overpay on your mortgage, saving you interest and helping you to become mortgage-free more quickly. The app also lets you see live mortgage deals personalised to you and will alert you when it’s the right time to switch to a better deal. You can also earn extra cash when you shop at selected retailers.
Pros
Free to use
Could help you pay off your mortgage faster, saving you interest
Will tell you when it’s time to switch mortgage deals
You can earn extra cash at certain brands to put towards your mortgage
Cons
Currently only works with certain lenders
FSCS protection does not apply
Reviews of savings apps from the high street banks
Halifax, Lloyds and Bank of Scotland Save the Change
If you register for Save the Change and buy something with your debit card, the amount you spend will be rounded up to the nearest pound. The difference will then be transferred from your current account to your nominated savings account the next working day. For example, if you spent £2.20, this would be rounded up to £3 and the extra 80p would be transferred to your savings account. This makes it a completely effortless way to save money. If you’ve registered for online banking, you can simply switch Save the Change on or off and change your nominated savings account whenever you like online.
Pros
Easy to switch on or off
Available on a range of different current accounts
Cons
Your nominated savings account must be with the same bank as your current account
You must be registered for online banking
Nationwide Impulse Saver and Round Ups
The Nationwide banking app offers a couple of tools to help you save. With Impulse Saver, you can quickly move money from your Nationwide current account to your Nationwide savings account at the tap of a button. What’s more, built into Impulse Saver is Round Ups, a handy tool that lets you save as you spend. This enables you to round up any spare change from your card transactions and the difference will be moved across to your savings account. This makes it an effortless way to save money and watch your savings grow.
Pros
Available on a range of accounts
Easy to set up
Cons
You’ll need to use the banking app
Your savings account and current account must both be with Nationwide
NatWest and RBS Round Ups
Round Ups is a savings tool in the bank’s mobile app that will round up your debit card spend to the nearest pound and send the spare change to your savings account. For example, if you spent £4.50, this would be rounded up to £5, and 50p would be sent to your savings account. You can also choose to double this amount through Double Ups. You must have an eligible current account and instant access savings account with the bank to use Round Ups and you can easily switch it on and off via the app. Round Ups will only work if your current account is in credit.
Pros
Easy to switch on and off
Option to double your round-ups
Cons
You’ll need to use the banking app
Your savings account and current account must both be with Natwest or RBS
TSB Save the Pennies
With TSB’s Save the Pennies, every debit card payment you make is rounded up to the nearest pound. The spare pennies then go straight into your savings pot or any other eligible TSB savings account you have. For example, if you spent £2.30, this would be rounded up to £3 and 70p would be transferred to your savings. You can set this up through the TSB mobile app, internet banking or in branch. Your bank account and savings account must both be with TSB to qualify. Transfers will not be made if they would take you overdrawn or further overdrawn.
Pros
Easy to switch on and off
Transfers will only be made if your current account is in credit
Cons
Your current account and savings account must both be with TSB
If your card transaction is later cancelled, your saved pennies won’t be transferred back
Why should I use a saving app?
There’s usually something on our wish list that we’d like to save up for, whether it’s a house deposit, a holiday, a new pair of shoes or even just for a rainy day. But putting money aside can be difficult, especially if you get to the end of the month and find there’s no money left over to go into your savings pot.
Fortunately there are now apps available which aim to take the hard work out of saving. Some will look at your income and outgoings, and then automatically put money aside based on what you can afford. Others will round up your spare change, so you barely notice you’re adding to the total in your piggy bank until you get a nice surprise at the end of the month. If you’re reading this and budgeting is more your thing, then we have a more comprehensive guide on a range of budgeting apps.
Bottom line
Savings apps can help you stay on track with your financial goals. Tools such as automatic savings or round-ups mean you could be saving without even really thinking about it. These types of apps can be a great way to start a savings habit, but they may not have the most competitive interest rates.
If you want to take the hard work out of saving, savings apps can definitely help. But if you want your money to work hard for you, it could be worth taking a look at other savings accounts.
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Michelle Stevens is a deputy editor at Finder, specialising in banking, credit, loans and mortgages. She has a journalism degree from the University of Sheffield and has been a journalist for 15 years, writing on topics including fintech, payment systems and retail. In her spare time, Michelle likes to travel, explore new foodie experiences and attempt to improve her own culinary skills. See full bio
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