Saving money can be difficult, but advances in technology have made it easier than ever. Whether you’re a seasoned saver or just starting out, savings apps can help grow your bank account. These apps are designed to automatically save, track your spending, and develop healthy financial habits while eliminating the stress of micromanaging your budget.
Each app offers unique tools and strategies to help you on your savings journey. All you need is a checking account, a smartphone, and a commitment to your financial goals.
Read more about the best money-saving apps of 2024, their costs, features, and how they work. Saving money is easy with the right app.
Most apps require access to your banking data, so be sure to check their terms and conditions before signing up.
1. Oportun
Oportun is an automatic savings app that tracks your checking account activity and moves your funds into savings on a regular basis. Its algorithm analyzes your spending patterns and determines how much money you can safely transfer. This will ensure you never run out of cash.
This app is perfect for people who consider themselves more spenders than savers, as it takes the decision-making process out of your hands. Oportun helps you save money without thinking twice.
Oportun costs $5 per month after a 30-day free trial. Paying this fee gives you access to automatic savings features and the ability to set savings goals directly within the app. One of its main functions is to not withdraw money if it determines that you are not in a financial position to save, avoiding the possibility of overdrawing your account.
Oportun, known as Digit prior to 2023, is not a bank per se, but is affiliated with FDIC-insured institutions, which guarantees funds of up to $250,000 per depositor.
2. Capital
Qapital uses ‘saving rules’ to turn saving into a fun and automated process. Users can set rules such as transferring a small amount to savings every time they indulge in a guilty pleasure like takeout. Additionally, Qapital allows you to round up your debit card purchases and stash the change in your savings.
This app is great for helping users visualize their savings goals as they can attach photos and create digital vision boards to stay motivated. It’s a great app for people who prefer a visual, goal-based approach to saving.
Qapital also offers multiple financial products. You can link your existing checking account or open a Qapital Spending account that comes with a debit card. You also have the option to open a savings account, share your goals with a partner, and invest through a Qapital Invest account.
3. You have plenty of room on your budget.
Goodbudget is perfect for people who prefer a manual budgeting system. The app works based on the traditional envelope budgeting method, where you allocate a portion of your income into virtual “envelopes” for categories such as housing, groceries, and savings.
Unlike automated apps, Goodbudget requires you to enter your expenses manually, giving you more control over how your money goes. This is a great option for people who enjoy hands-on financial management and don’t mind a little extra work.
Goodbudget is also family friendly. Sync across multiple devices so the whole family can track and manage their finances together. The free version includes up to 10 envelopes, but for $10 per month you can unlock unlimited envelopes and sync them across 5 devices.
4.Chime
Chime is a popular digital-only financial brand that has reached millions of users with its automated savings tools and competitive interest rates. When you open a Chime account, you can enable features like automatic savings transfers, which put a portion of your paycheck directly into savings every time you get a paycheck. If you have direct deposit set up, you also have the option to receive your payment early.
Another useful feature is Chime’s round-up option. This option rounds up your debit card purchases to the nearest dollar and transfers the extra change to your savings account. This can significantly increase your savings over time without you even realizing it.
Although Chime is not technically a bank, we do partner with FDIC-insured institutions such as The Bancorp Bank and Stride Bank to ensure your funds are protected.
5.Currently
Current is a fintech company that offers both checking and savings account functionality. Its mobile app offers account holders a debit card, savings goals (called “pods”), and the ability to earn interest on deposits. Creating multiple savings pods can help you save by automatically collecting money towards specific goals, like a vacation or an emergency fund.
Funds deposited into savings pods earn interest, but this only applies to $2,000 per pod. Additionally, Current allows users to trade cryptocurrencies without transaction fees. This is a feature that sets it apart from many traditional banking apps.
Like Chime, Current is not a bank per se, but works with FDIC-insured partners Choice Financial Group and Cross River Bank.
6. Acorn
If you already have an emergency fund and want to try your hand at investing, Acorns could be the app for you. Acorns helps you save and invest your change by rounding up each transaction to the nearest dollar. Every extra cent goes directly into an investment portfolio tailored to your financial goals.
Acorns offers an entry-level platform for those new to investing, making it a great choice for novice investors. In 2023, Acorns introduced the Mighty Oak debit card. This allows you to invest the spare change you purchase with your card.
The Mighty Oak Card also includes a high-yield savings account with 3 percent APY on checking balances and 4.52 percent APY on savings. Your funds are protected by FDIC insurance through Acorns’ partner banks, Lincoln Savings Bank and NBKC Bank.
7. Rocket Money
Rocket Money offers a comprehensive suite of budgeting and savings tools. It’s linked to your bank, credit card, and investment accounts to give you a clear picture of your financial health. Rocket Money also identifies recurring subscriptions and helps you cancel services you no longer use.
The app can also provide you with personalized financial insights, track your spending, and send you alerts when your balance is low. The paid version includes features such as subscription cancellation assistance and bill negotiation services if you need additional support.
Rocket Money is perfect for users who want to control their budget while eliminating unnecessary expenses.
8. You need a budget (YNAB)
You Need a Budget (YNAB) is designed for users who want complete control over their finances. The philosophy of this app is that all money should have a job, whether it’s saving, investing, or spending. YNAB encourages users to budget only the money they already have, preventing them from overspending.
You can link your bank account and credit card for automatic tracking, or choose to enter the information manually. The app also provides education on how to manage debt and build wealth, making it more than just a budgeting tool.
According to YNAB, new users can save an average of $600 in their first two months and $6,000 in their first year. This is a great option for those who prefer a structured, hands-on approach to budgeting.
9. Upside
Upside, formerly known as GetUpside, is a cashback app that rewards you when you buy essentials like gas and groceries.
Upside has local, limited-time deals that users can claim. There are many gas stations and restaurants that offer discounts, so you can ease your stomach on expensive gas.
Sign in to the app to claim your cashback offer at a location near you. After that, you can shop as usual. Once your offer is processed, you can cash out your proceeds to your bank account, PayPal account, or gift card.
Use a credit card that offers cash back rewards on purchases made during the Upside sale.
Are money saving apps safe?
Security is your biggest concern when sharing banking data with apps. The best money-saving apps implement multiple layers of protection, such as encryption and secure connections, to keep your personal information and money safe.
Always check to see if the app is FDIC-insured and affiliated with a charter bank to ensure your savings are protected. In that case, your money is insured up to $250,000 per depositor in case something goes wrong.
Why you should use a money-saving app
If you tend to spend before you save, you can use apps that help you save money to automate the process and change your habits. Rather than thinking about saving a large amount of money at once, these apps allow you to move small amounts into savings on a regular basis, making it easier to reach your financial goals.
Once you’ve built up your savings, consider moving your funds into a high-yield savings account or certificate of deposit (CD) to take advantage of better interest rates.
conclusion
The best money-saving apps of 2024 offer solutions for every type of saver, from those who actually budget to those who prefer automatic transfers. These apps make it easy to track your spending, save stress-free, and even invest for your future.
When choosing the right app, consider factors such as the level of automation you need, the cost of the app, and whether you want to link your bank account or use manual tracking. Many apps offer free trials or basic services, so it’s easy to try a few out and see which one works best for you.
Whether you’re just starting to save or looking to grow your existing funds, apps that help you save money can put you on the path to financial success.
