We've compiled a list of some of the best automatic savings apps in the UK. These are open banking auto-savings apps that help save spare change by regularly moving small amounts of money into a separate savings account or rounding up your purchases and automatically saving the difference.
Compare some of the best automatic savings apps in the UK below.
All the apps listed here are available on Android and iOS and regulated by the Financial Conduct Authority (FCA).
Chip saves you money by analysing your bank transactions, identifying spare change and automatically setting it aside for you. By adjusting the save level, you can decide whether you want to take things at a steady pace or go full speed ahead and save money faster. You can review and tweak each auto-save before Chip moves your money, or choose to skip a save altogether. Chip's technology will learn from your tweaks and adjust your future saves to fit. Chip has some fun deposit features such as Payday Put Away and Save Streaks. And you can withdraw your money from the app whenever you want.
Chip also offers automatic investments.
Plum calculates how much you can afford to set aside and automatically saves it for you. The app gives you an overview of your finances and analyses your spending to help you keep track of your money. Plum also identifies if you're overpaying on bills and can switch you to a better supplier automatically to help you save extra. If you feel the app is putting away too much or too little, you can always adjust the save amount. You can also withdraw your money from the app whenever you want. Plum has some fun deposit features such as Round Ups, Pay Days, 52-Week Saving Challenge, and Rainy Day Savings Rule.
If you're interested in automatic investments or want to earn interest on your savings, Plum Plus or Plum Pro might be for you.
Cleo is a fun automatic savings and budgeting app that helps you save money through personalised budgets, spending breakdowns and saving suggestions. When you set a saving goal, Cleo can identify exactly how much you need to put aside within a set period of time, without breaking your budget. The app also has a smart chatbot that helps you manage your finances in an entertaining way. The "Roast Me" feature is particularly comical. The app turns red when you switch to roast mode, and Cleo begins to help you identify poor spending patterns and recommend ways to improve them. If you find finance, budgeting and saving money boring, this app might just change your mind forever.
While Cleo does not offer FSCS protection like the other automatic savings apps listed here, it pledges to cover you up to US$250,000.
Moneybox's Round Up feature allows you to save spare change by rounding up your card transactions to the nearest pound and saving the difference. (e.g. if you spend £2.30 on a coffee, Moneybox automatically saves 70p for you). You can choose to save your money in either a 45-Day Notice Account or a 95-Day Notice Account. If you want to take a break from saving or feel the app is putting away too much, you can always turn off Round Ups. You can withdraw your money from the app once a month.
Moneybox also offers automatic investments.
Monzo Bank has a Savings Marketplace within the Monzo app where you can pick from an ever-growing number of providers and competitive interest rates to suit your savings goals. With the Monzo app, you can set savings goals, round up your spare change and automatically save the difference into a savings pot.
An auto-savings app helps you save small amounts of money regularly by estimating how much you can afford to save and moving it into a separate savings account or wallet for you.
You usually have easy access to the money, and if you choose one of the standard savings accounts on offer, most of the apps will provide full FSCS protection.
The apps we feature on Koody are open banking auto-savings apps that help save spare change by regularly moving small amounts of money into a separate savings account or rounding up your purchases and automatically saving the difference.
Banks such as Barclays and HSBC have the full £85,000 Financial Services Compensation Scheme (FSCS) protection, which means that if you bank with them, you can get your money back up to £85,000 per financial institution if they go bust.
Automatic savings apps are quite different. They only have FSCS protection on the money you keep in a standard savings account with them, not an e-wallet or electronic money account.
This doesn't mean your money in an e-wallet isn't protected. Instead of the FSCS protection, your money is held in a bank account ring-fenced from their operating cash - this is normally with a big bank such as Barclays or HSBC. Should the automatic savings app go bust, your money will be protected since it's held separately from the firm's own money.
Apart from FSCS protection, these apps also claim to use the same encryption technology as all major banks to protect your personal information. They are also regulated by the FCA, so you can rest assured that their activities are monitored by the financial watchdog.
Yes. All the apps listed on Koody are regulated by the Financial Conduct Authority (FCA).
There are two ways to automate your savings:
You should automate your savings if:
Here are some of the best apps for saving spare change:
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