Money-saving apps allow you to save more money in a variety of ways. Each product works a bit differently—some make automatic transfers for you, while others help you create a budget to give you a bit more control over your finances.
Which app is best for you depends on your goals, habits and current financial situation. Try a few that seem appealing and see if it’s a good fit.
Account details and annual percentage yields (APYs) are accurate as of February 8, 2024.
Acorns
Acorns is a fintech company that started in 2014 and offers an automated investing platform, which you can use on an app or browser.
What it does
Acorns links up with your banking and credit card accounts and monitors your transactions, such as purchases and bill payments. The app rounds up these transactions to the next dollar, and it sweeps the spare change into a brokerage account after you have amassed $5. It invests the money in a diversified portfolio of low-cost index ETFs.
The platform selects your investment mix based on a survey you’ll complete about your individual savings goals, risk tolerance and time horizon. Your age, income and net worth are also taken into account.
The service could be a good option for investing newcomers who already have an emergency fund established. But if you’re not putting enough toward your brokerage account, your monthly subscription fees may eat into or exceed your earnings. If you want to invest more than just spare change, you can also set up manual and automatic recurring deposits.
What it costs
Acorns Bronze. At $3 a month, you have access to a brokerage account, an FDIC-insured checking account with a debit card and unlimited round-ups.
You’ll also be able to use the Acorns app which allows you to get bonus investments by shopping at their partner brands and their education section which will help you learn more about investing.
Acorns Silver is $6 a month for all of the Personal features plus access to Mighty Oak Banking, which gives you an interest-bearing checking and savings account. You’ll also be able to get an investment match from Acorns, up to 25%.
Acorns Gold is free the first month, but then $12 per month for all of the Personal Plus features along with perks like DIY stock selection, a $10,000 life insurance policy and estate planning services.
Oportun (formerly Digit)
Oportun was founded in 2005 as Progreso Financiero, which is Spanish for “Financial Progress.” The service became known as Oportun in 2015 and acquired money-saving app Digit in 2021. The app now focuses on automating the savings process.
What it does
To get started, you’ll link your Oportun account to your external checking account. Oportun will analyze the checking transactions along with your spending habits and balance. When the algorithm determines you can save money, it automatically withdraws funds from your checking account and moves them into a savings account or retirement fund.
If Oportun determines you can’t save any money, it won’t withdraw funds from your account until you’re in a stronger financial position. The service can also move money back into your checking account if you’re in danger of an overdraft.
Oportun isn’t a bank, but it routes your savings balance to an FDIC-insured institution. That means your deposits are protected against bank failure for up to $250,000 per person, per account category and per institution. You receive a yield of 0.10%, which is paid every three months.
The app could be a good fit for people who have trouble committing to a savings plan, prefer a hands-off approach and don’t want to worry about overdraft fees. But if you don’t need help finding ways to save, you’ll likely find a much higher yield on a high-yield savings account.
What it costs
Oportun costs $5 per month and you’ll get the first 30 days free. If you have an existing personal loan, you’ll get the first year free.
Want to spice up your savings? Try the 100-envelope challenge.
Qapital
Qapital is a personal finance app that gamifies the savings and investment process, which could provide extra motivation to stash away money.
What it does
When you sign up with Qapital, you get access to a savings account that you link to your external checking account. You can set up unlimited savings goals and define “rules” to help you meet those goals.
Goals include options such as recurring transfers, round up your transactions or deposit money every time you shop. For example, there is the “Spend Less Rule” which allows you to set a budget at a retailer and if you spend less than your budget the app will move the left over funds into your savings account.
There’s also a “Dream Team” feature that allows you to save toward goals with a partner.
The Qapital Spending Account is FDIC insured and earns a yield of 0.05%. With two of the account tiers, you have the option of opening an investment account where Qapital invests your money in an ETF portfolio.
What it costs
Qapital Basic costs $3 a month, and allows you to set unlimited goals and create personalized rules to help you save.
Qapital Complete charges $6 a month, and gets you the savings account with unlimited goals and rules, plus an automated investment account and more.
Qapital Premier is $12 per month to access all of the Complete features plus personalized challenges to help you save more.
Rocket Money
Rocket Money began in 2015 under the name Truebill, then was purchased by Rocket Companies in 2021 and rebranded under the Rocket umbrella. The app now has multiple budgeting features that can help you analyze your bills, negotiate with your providers and track your spending habits.
What it does
Rocket Money acts as a financial control center where you link all your banking, credit card and investment accounts to monitor everything in one place. With the free account, you can check your credit score, create up to two budgets and receive alerts for things like low checking account balances and high credit card spending.
The paid account offers more features, so you can open a savings account, have unlimited budgets and have Rocket Money cancel your subscriptions on your behalf.
Rocket Money could be a good option if you want to reduce your spending or get help negotiating bills, though you’ll pay extra fees for the latter.
What it costs
Free account. It’s free to sign up, create a budget and start tracking your spending.
Rocket Money Premium. Begin with a seven-day free trial, and then operate on a “pay what you think is fair” model ranging from $4 to $12 a month.
Bill negotiation. Rocket Money charges you a percentage of your theoretical first year savings if its team secures a lower rate for you. You choose how much to pay, between 30% and 60% of the first year’s savings.
YNAB (You Need a Budget)
The founders of You Need a Budget, also known as YNAB, started selling its service in 2004 as a simple budgeting spreadsheet. It evolved into a software service a few years later and is now a popular budgeting app.
What it does
YNAB helps you create a budget where you assign all of your earnings to different expense categories. The app helps you break up large expenses, like insurance premiums, into smaller monthly targets. You can adjust your budget as needed and move funds from one category to another to cover unexpected costs.
The service helps you set up the budget and monitor your progress each month, but you’ll play an active role in setting goals, adding expenses and making adjustments along the way. You can link your bank account to the software, but it’s not required.
What it costs
YNAB costs $99 per year, or $14.99 if paid monthly. It comes with a 34-day free trial to try it out.
What are money-saving apps?
A money-saving app is a tool you can download to your smartphone that can help you manage your money. Each app comes with its own unique features, so you may be able to do things like set a budget, track where your dollars go and move money into a savings account.
Some apps link to your financial accounts and provide personalized tips on how to improve your financial situation, such as paying down debt or saving more. These steps can help if you’re trying to stick to a budget or make better financial decisions.
Why is saving money important?
Having money saved adds flexibility to your finances. It keeps you from having to take on debt in an emergency and gives you more choices in life.
You can save for shorter-term goals, such as a vacation or a down payment on a house. But long-term goals are important, too, such as retirement. When you have enough saved, you’ll no longer need to work for money.
If you’re setting up a budget, it’s a good idea to earmark some money toward savings each month. You can open a savings account and start tracking your goals.
Factors to consider when choosing a money-saving app
Saving money can be difficult when you have bills to pay, and you still want to enjoy the income you’ve earned. Money-saving apps are designed to help you balance both objectives, but the right one for you depends on:
- Your savings goals. A savings account could be a good fit if you’re working toward short-term goals, such as filling up an emergency fund, while an investment option is better for longer-term goals like retirement.
- The app’s features. Before downloading a money-saving app, check what the app offers. Consider whether you’ll use those services and if they’ll help you reach your goals.
- Fees. Many money-saving apps charge a small monthly fee, so you’ll need to make sure the features make the fee worthwhile.
Frequently asked questions (FAQs)
The amount you should save depends on your goals and what you can afford. A good rule of thumb is to save 10% to 15% of your take-home pay, says Rick Miller, a financial planner and investment adviser with Miller Investment Management. You can split this amount among contributions to retirement savings, an emergency fund and short-term goals.
If money is tight, you can start with just $5 a week, says Marito Domingo, the CFO of First Tech Credit Union. The money eventually adds up, but more importantly, it sets a good habit. You can increase your contribution as you begin to earn more.
“And if your employer offers a retirement savings plan, make sure you sign up — don’t leave that free money on the table,” Domingo said.
Money-saving apps take multiple security measures to protect your financial information. Each app may use different security features, but they typically:
- Encrypt your login credentials and any account numbers stored in the app.
- Store sensitive financial information in a separate database.
- Collect only the necessary information, which minimizes your losses in a data leak.
- Allow users to set up account alerts and multifactor authentication, which helps prevent others from logging in.
A savings account is a place where you can deposit funds you’re not planning to use right away. These accounts may come with perks like dedicated savings “buckets” for different goals and round-up features to boost your savings goals.
A high-yield savings account works the same way, but it comes with a much higher interest rate than a standard savings account. The higher rate helps grow your savings much more quickly. If you plan to start saving, look for a no fee savings account to help you avoid extra costs.
