We’ve put together a list of some of the best money saving apps in the UK. These include a range of open banking auto-saving apps that round up and save your spare change, and payment cards that enable you to save money through fair exchange rates, free ATM withdrawals and more.
All the apps listed here are regulated by the Financial Conduct Authority (FCA) and available on Android and iOS.
Compare some of the best money saving apps in the UK:
Raisin UK is a free, easy-to-use savings account marketplace that connects you with a range of banks offering deposit-protected savings accounts with competitive, high street-beating interest rates. With Raisin, you can apply to open as many savings accounts as you like and manage everything under one roof, with no fees. Once registered, you can choose from the wide range of savings accounts on offer without having to fill out a new application form each time you want to open a new savings account. Users can select from several easy access savings accounts, notice accounts and fixed rate bonds.
Promo: Raisin offers a £30 welcome bonus to all new customers who deposit £10,000 or more with their first product. Terms apply.
Chip saves you money by analysing your bank transactions, identifying spare change and automatically setting it aside for you. With Chip, you can access automatic savings, investments, and speedy withdrawals. Users who want to grow their savings with Chip can take advantage of its easy-access, non-interest-bearing account. For every £10 you deposit into the easy-access savings account, you will have a chance to win over £10,000 in prizes each month, provided you have at least £100 deposited at the end of each month. The account does not pay any interest, but on top of the £10,000 prize money, there will be 250 smaller prizes of £10 awarded each month. Previous winners are also eligible to win more than once.
Chip also offers investment products such as a Stocks and Shares ISA and a General Investment Account.
Monese allows you to save money in two ways - savings pots and interest accounts. Saving pots are a great way to put money aside, keeping it separate from your main account, but you do not earn interest on them. You can create pots in multiple currencies and withdraw money from them whenever you like. You can also round up your spare change and save the difference into up to 10 different pots per account. If you’re looking for a savings account with interest, Monese has a marketplace partnership with Raisin that allows you to open interest-bearing accounts. These interest accounts have FSCS protection, so you can rest assured that your savings are protected. All you need to open a Monese account is your ID and a selfie photo. No credit checks are required.
Monese also offers travel money, international money transfers and multi-currency accounts.
Revolut is a personal finance and money management app that allows you to budget, save, invest and withdraw your cash instantly. With Revolut, you can fund your account with one-off transfers to fund as you go or make it effortless with scheduled deposits and spare change round-ups. With the round-up feature, Revolut rounds up your card transactions to the nearest pound and saves the difference. Money deposited in Revolut Savings Vaults is protected by the FSCS up to £85,000 and deposited with a trusted partner bank. Revolut also allows you to stash your cash in 30+ currencies, including cryptocurrencies and commodities, and you can get 1% cashback stored with your Vaults when you upgrade to Revolut Metal.
It’s free to start saving with Revolut. However, to access more advanced features and cashback, you need to upgrade to Plus, Premium or Metal for £2.99/month, £6.99/month and £12.99/month, respectively.
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.
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.
Currensea allows you to save money on FX fees when travelling abroad with your Currensea card. Depending on your chosen Currensea plan, you can save anywhere from 85% to 100% on FX fees worldwide. Currensea conveniently connects to your bank account through Open Banking without the need to prepay, top-up or create a new bank account when you sign up for a card. Each Currensea plan offers fee-free ATM withdrawals of up to £500 per month, and £750 per month for Elite members.
Curve gives you the power to spend money from any of your accounts using just one card. It allows you to save money through fair exchange rates and fee-free ATM withdrawals when you travel abroad, gives you access to your spending history at any given time and notifies you with every payment to help keep track of your finances. You can link the Curve card and card to Apple, Google, or Samsung Pay and benefit from compatibility with all Mastercard and Visa cards. Curve also has some really cool features such as "Go Back In Time", "Anti-Embarrassment Mode", cashback at your favourite retailers, personalised rewards and travel benefits.
While Curve does not have FSCS protection, it offers customer protection up to £100,000 if you encounter an issue with your payment, such as receiving counterfeit goods or not receiving the goods or services you paid for.
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.
Starling Bank’s "Saving Spaces" feature works as a virtual piggy bank, allowing you to set saving goals and set money aside from your main balance. You can personalise your Saving Space with an image and title to help incentivise your savings and use the Round Ups feature to put your spare change into a space of your choice. You’ll still earn interest on your savings up to the applicable account limits.
Money saving apps offer a variety of features and perks that can help increase your savings and improve your spending habits overall. These will depend on the type of saving apps you wish to use.
Automatic savings apps help you 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, whilst payment cards offer a number of benefits, including fair FX rates, fee-free foreign ATM withdrawals and more.
Most money saving apps will require you to link to your bank account so that you can easily access your funds when setting saving goals, putting money aside or making payments and withdrawals abroad.
Money saving apps can be a great tool to help improve both your spending and saving habits. They offer a variety of saving incentives, from auto-save functions such as Round-Ups to goal setting and regular spending insights to help you identify areas in which you can cut down on your spending.
Here are some of the best apps that round up your money:
Here at Koody, we believe you should aim to save around 20% of your earnings each month as per the 50-30-20 budgeting rule. (Spend 50% of your income on needs, 30% on wants and save the remaining 20%). It’s important to keep in mind that the 50-30-20 budgeting rule is merely a guide. We all have varied circumstances and saving goals, so adjusting these percentages to make them more realistic and personal to you is still a great way to stick to a specific spending limit and saving plan each month.
Yes, all the money saving apps listed on Koody are regulated by the Financial Conduct Authority (FCA).
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.
Money saving 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 money saving 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.
Here are some of the best apps for saving money in the UK:
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