Moneybox is a savings and investment app that aims to make both of these 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 save and invest in a number of ways, ranging from ISAs to the stock market and, more recently, pensions.
Of course, all of this means that you 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.
Because investing is involved, there are also some fees. There’s a £1 monthly subscription charge for Moneybox, a 0.45% platform fee and then fund provider fees, which vary between 0.12% and 0.3%. And remember, if you choose to invest money in this way, your capital could be at risk.
Full the full breakdown of how Moneybox works and what your investment options are, read our Moneybox review.
If you want to weigh up the competition before choosing whether to sign up to Moneybox, we take a look at apps with similar saving features:
Squirrel is a budgeting app designed to help you save money. It does this by taking a personalised overview of your monthly finances, helping you ring-fence what you need to pay bills, set a limit on your optional spending and then save whatever is left.
Squirrel is not a traditional current account, but you will need to get your monthly income paid into it in order for it to manage your finances. You can do this either by transferring the money in yourself from your main bank account or by asking your employer to pay your salary into your Squirrel account.
A subscription for a Squirrel account costs £3.99 a month. You can check out our Squirrel review to learn to more about it.
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. It uses an artificial-intelligence-based 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 – maybe every few days or once a week.
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 draw that pot of money back out and into your current account.
There’s no fee for downloading and having 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.
Find out more about how it operates by crossing over to our Chip review.
Starling is a British challenger bank, allowing customers to open and manage a personal current account all through a mobile banking app.
There are a lot of savings-friendly features with this current account. These include the personalised spending data, which is designed to help you budget more effectively, plus the ability to round up transactions to the nearest pound and save the spare change.
These savings can be ring-fenced into money buckets called “goals” – with the idea that you’re saving towards a specific financial goal or treat.
Starling’s personal account is free to use and being a full current account it comes with a host of other features, which you can read about in our Starling review.
Monzo is another challenger bank operating a mobile-only personal account for UK customers.
It allows you to to categorise your spending and get notifications when you’ve made a payment or are nearing a spending limit that you’ve set yourself.
Monzo also has a round-up feature, which will round up your spending to the nearest pound and then siphon that money off into a designated “pot” that you’ve created to save up for a particular goal.
It’s free to download the Monzo app and open a personal account. You can discover more about it in our Monzo review.
Completing the trio of UK digital challenger banks on this list is Revolut. It’s another app-only current account with options that are designed to appeal to savers.
There’s the familiar feature to round up and save spare change, this time into what is called a “personal vault”, where money can be set aside for your specific goals. This account also comes with a monthly budget planning tool and a real-time budget tracker.
The Standard version of Revolt’s account is free. You can read more about the paid-for versions and all the other features on offer in our Revolut review.
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