Best money saving apps in the UK 2024: Build a savings pot

There are times when we could all do with a hand to save money, and now many apps are out there that can make it even easier. We’ve rounded up the best savings apps in the UK, what each of them offers, and how set up an account. There are different types of savings apps and knowing which feature you want can help you choose the best app to suit your needs.

• Automatic savings apps harness the power of AI technology to help track your spending and calculate how much you can realistically afford to save each month.
• Automatic round-up apps help you save money by rounding your transactions up to the nearest pound and putting that money to one side.
• Multiple savings pots allow you to save towards specific goals by creating separate savings spaces where you can build up your funds over time.

Reviews of apps with automatic savings features

Plum

Plum is a service that combines budgeting, saving and investing all in one app. It uses artificial intelligence to analyse your bank account transactions and understand patterns in your income and spending habits. It calculates an amount it thinks you can realistically save each week, and automatically transfers this to a Plum account.

You can then put this money into “pockets” that are assigned to different savings goals, some of which now pay interest (how many “interest pockets” you can have will depend on whether you are using the free or paid-for version of Plum).

The other option is to invest your funds in an ISA or the stock market. Again, there’s a minimum Plum subscription fee of £1 a month for this, plus fund management and provider fees. As ever, be mindful that your capital is at risk if you choose to go down the investment route.

Plum’s features

Chip

The Chip app is designed to a be a hassle-free way to save small amounts of money on a regular basis. You connect Chip to your current account and it uses a smart algorithm to look at your finances and work out how much you can realistically afford to save.

Chip then moves this money from your current account into your Chip account however frequently you choose, perhaps every few days or once a week. But if you don’t want to save anything that week, you can cancel any transactions before they go ahead. And once you’ve reached your ultimate savings goal you can withdraw that pot of money back out and into your current account to spend.

There’s no fee for downloading and using the Chip app, although it will charge £1 if it sets aside more than £100 for you during a 28-day period. This means your maximum charge over one year could be £13.

Chip’s features

Reviews of savings apps that roundup spare change

Moneybox

Moneybox is a savings and investment app that aims to make both of those things easier by linking them to your everyday spending. It does this through its “round up” feature.

So if you spend £2.60 on a coffee, you can ask Moneybox to round up this transaction to £3. It takes that 40p of spare change and puts it in your Moneybox account – the balance of which you can choose to either save or invest in a number of ways, ranging from ISAs to the stock market.

You’ll need to set up a Moneybox account and link it to your bank card, so the app can track your spending and round up your spare change for you. There are also charges if you choose to invest, which include a £1 monthly Moneybox subscription, a 0.45% platform fee and then various fund provider fees. And remember, if you choose to invest money in this way, your capital could be at risk.

Moneybox’s features

Chase

This digital banking app not only has a full current account with helpful round-up features but also a linked savings account with a decent daily interest rate. Part of one of the largest US banks, Chase is an app which has a broad range of features. For the first 12 months of the account, you can earn cashback on your debit card spending and interest on savings generated by its “round-ups” feature, where your transactions are rounded up to the nearest pound and the money set aside in a linked savings pot. What makes Chase stand out is its linked easy-access savings account. Here you can have up to 10 savings accounts so that you can focus on your individual savings goals.

Chase’s features

Reviews of savings apps with savings pots

Monzo

With Monzo you can keep a close eye on your money, sort it out into pots and also take advantage of its “savings marketplace”. If you are after budgeting tools, Monzo is the app for that. It has a Salary Sorter which helps you to divide your spending, savings and bills. You can then pay bills like Direct Debits directly from one of your “Pots”. These are sub-accounts that sit within your main Monzo account. Alternatively, you can take advantage of its Savings Pots, which are actual savings accounts with providers Monzo has a partnership with. You can open these accounts and view your balances directly through the Monzo app.

Monzo’s features

Revolut

Revolut’s app is designed with users in mind. It caters not only to the individual but to the group. Its Savings Vaults feature allows you to put money aside to save towards a savings goal. You can do this either by topping it up with regular payments or by rounding up your spare change from transactions and automatically adding it to your Vault. These are interest-earning deposits you place with banks via the Revolut app, so they are covered by the FSCS scheme. You can also create a Group Vault with your friends and family to save for a common goal, such as a holiday. Meanwhile, its standard account has budgeting tools and spending analytics to help you stay on track.

Revolut’s features

Starling

The Starling Bank app offers you a full current account with a bunch of features to keep your spending in check and savings goals in sight. Unlike a lot of other digital banking apps, Starling pays a small amount of interest on balances up to £85,000. It has also created virtual spaces where you can put your money aside towards a savings goal. To help you achieve that goal quicker, you can round up your day-to-day spend to the nearest pound and transfer the difference to your Savings Space. Meanwhile, its Bills Manager feature allows you to put money for bills aside and pay them straight from a Savings Space.

Starling’s features

Reviews of savings apps that help you pay off your mortgage faster

Sprive

This savings app is designed to help homeowners make overpayments on their mortgage. Once it’s linked to your bank account it will analyse your spending and put money aside based on your spending. The less you spend, the more money will be set aside. You can then use these funds to overpay on your mortgage, saving you interest and helping you to become mortgage-free more quickly. The app also lets you see live mortgage deals personalised to you and will alert you when it’s the right time to switch to a better deal. You can also earn extra cash when you shop at selected retailers.

Reviews of savings apps from the high street banks

Halifax, Lloyds and Bank of Scotland Save the Change

If you register for Save the Change and buy something with your debit card, the amount you spend will be rounded up to the nearest pound. The difference will then be transferred from your current account to your nominated savings account the next working day. For example, if you spent £2.20, this would be rounded up to £3 and the extra 80p would be transferred to your savings account. This makes it a completely effortless way to save money. If you’ve registered for online banking, you can simply switch Save the Change on or off and change your nominated savings account whenever you like online.

Nationwide Impulse Saver and Round Ups

The Nationwide banking app offers a couple of tools to help you save. With Impulse Saver, you can quickly move money from your Nationwide current account to your Nationwide savings account at the tap of a button. What’s more, built into Impulse Saver is Round Ups, a handy tool that lets you save as you spend. This enables you to round up any spare change from your card transactions and the difference will be moved across to your savings account. This makes it an effortless way to save money and watch your savings grow.

NatWest and RBS Round Ups

Round Ups is a savings tool in the bank’s mobile app that will round up your debit card spend to the nearest pound and send the spare change to your savings account. For example, if you spent £4.50, this would be rounded up to £5, and 50p would be sent to your savings account. You can also choose to double this amount through Double Ups. You must have an eligible current account and instant access savings account with the bank to use Round Ups and you can easily switch it on and off via the app. Round Ups will only work if your current account is in credit.

TSB Save the Pennies

With TSB’s Save the Pennies, every debit card payment you make is rounded up to the nearest pound. The spare pennies then go straight into your savings pot or any other eligible TSB savings account you have. For example, if you spent £2.30, this would be rounded up to £3 and 70p would be transferred to your savings. You can set this up through the TSB mobile app, internet banking or in branch. Your bank account and savings account must both be with TSB to qualify. Transfers will not be made if they would take you overdrawn or further overdrawn.

Why should I use a saving app?

There’s usually something on our wish list that we’d like to save up for, whether it’s a house deposit, a holiday, a new pair of shoes or even just for a rainy day. But putting money aside can be difficult, especially if you get to the end of the month and find there’s no money left over to go into your savings pot.

Fortunately there are now apps available which aim to take the hard work out of saving. Some will look at your income and outgoings, and then automatically put money aside based on what you can afford. Others will round up your spare change, so you barely notice you’re adding to the total in your piggy bank until you get a nice surprise at the end of the month. If you are reading this and budgeting is more your thing, then we have a more comprehensive guide on a range of budgeting apps.

Bottom line

Savings apps can help you stay on track with your financial goals. Tools such as automatic savings or round-ups mean you could be saving without even really thinking about it. These types of apps can be a great way to start a savings habit, but they may not have the most competitive interest rates.

If you want to take the hard work out of saving, savings apps can definitely help. But if you want your money to work hard for you, it could be worth taking a look at other savings accounts.