It’s payday and you’re probably thinking about finally finalising the order that’s been in your Amazon basket for weeks… not about how much of your salary can go into your savings account. Still, you do need to put money aside for the future. Doesn’t an app that calculates how much you can afford to save and then just moves the money for you sound absolutely brilliant?
You can either use Plum for it (a chatbot that works as a financial assistant; learn more about it on our full review) or look at this list of possible alternatives we’ve put together for you.
If you only look at apps that analyse your spending and automatically put a sum aside for you every few days, Plum doesn’t have a lot of direct competitors. However, there are a bunch of alternative ways to automate your savings. You can have a look at the following:
Plum also gives you a series of insights into your spending, categorising your transactions automatically and sending you periodic budget updates. However, acting as a budgeting app is clearly not its main job and there are a bunch of dedicated options that will serve the purpose better.
Money Dashboard, Cleo and Emma are all suitable apps you can have a look at, but in this case, our preference is for Yolt. Yolt is a clean budgeting app that has also recently launched a payment service, meaning that unlike its competitors, you can use it to move money between different accounts.
Yolt Pay won’t automate your savings but if you’re the kind of person who likes to have more control over your finances, it’s great: you can use Yolt’s budgeting features to figure out how much you should be saving each month and then move the money into a separate account yourself.
If you want to make your savings profitable by investing them, the most obvious choice is looking at our selection of share dealing accounts. Some of them have very handy apps and a whole lot of information for beginners.
However, if what you want is an app that both helps you save and then invests what you’ve saved, like Plum (through which it costs £1 a month), your alternatives are a bit limited. Of the apps mentioned above, Oval is the only one offering an investment option (which at the moment comes for no fee).
With Moneybox instead, you can connect a card to the app, round up your spare change and invest it for £1 + 0.45% a month.
dozens is also working on its investment section (the charge is expected to be 0.5%) but it isn’t live yet.
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