Best mobile savings apps

Find out whether a mobile savings app could help you reach your savings goals faster.

If you’re looking to build up a sizable savings pot, you no longer have to go into your local bank branch to open a savings account or send off an application form by post.

Instead, thanks to the rise of mobile savings apps, opening a savings account is much faster, slicker and easier to manage. Many of these savings apps also include innovative features and tools to help you save more, as this guide explains.

Promoted for savings ISA

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Earn up to 4.92% AER variable
  • Easy access.
  • Open in 5 minutes.
  • FSCS protected.

Promoted for prize savings account

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Win up to £75,000
  • Win a share of £87.5k in prizes each month.
  • Access your money anytime.
  • FSCS protected.

Promoted for easy access savings

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Earn up to 4.75% AER variable
  • Open or transfer an account in minutes.
  • Save £20,000 a year tax free.
  • FSCS protected.

Chip – Chip Cash ISA (powered by ClearBank)

Chip is an automatic savings and investing app that uses AI to calculate an affordable amount that can be saved automatically without impacting your day-to-day life. Chip offers 3 savings accounts, including a Cash ISA, an Instant Access account or a Prize Savings account. Chip analyses spending through AI, accessing historical spending through Open Banking. Chip autosaves money into users' accounts every 4 days, offering 5 'save levels' so users can save at a slower or faster pace. Chip also has the option to adjust and approve any autosave before the money is moved. Chip is compatible with most UK bank accounts and is regulated by the FCA. Whilst Chip is not a bank, it is FSCS protected as Chip’s savings accounts are provided by UK authorised ClearBank Ltd. The app also allows users to earn interest on savings, including 4.84% with the Cash ISA and 4.58% with the Instant Access Account. Chip is free to download but the autosave feature will cost 45p per autosave as well as 25p per recurring save.
  • Win a share of £87.5k in prizes each month.
  • Access your money anytime.
  • FSCS protected.
  • Not compatible with all banks (e.g. Chase).
  • App only so no branches.
  • Recurring saves and autosaves come with a fee, even on the free-to-use account.
  • Only FSCS protection through the regulated banks Chip partners with.
Min. opening balance £1
Interest paid Monthly
Min. operating balance £0
Debit card No
Interest rate with bonus 4.74%

Plum – Plum Cash ISA

Plum is a money-management and budgeting app compatible with most major UK banks and building societies. Plum assumes an all-in-one mentality, providing a variety of practical tools such as bill reminders and automated deposits. Plum uses AI to explore users’ spending habits and suggest personalised deposit amounts. Plum will also analyse users' income alongside their expenditure to calculate how much money users can feasibly set aside. Plum's Basic subscription is free of charge yet Plum’s Pro, Ultra and Premium accounts have a respective monthly fee and provide access to significantly more saving features. For example, the '1p challenge’ is available with Plum's Ultra and Premium subscription, which offers users the power to automatically set aside money each day starting with 1p and increasing in 1p increments for 365 days. There is also a ‘Naughty Rule’ function available with Ultra and Premium, where you can program Plum to place money aside whenever you shop at a chosen ‘naughty’ retailer. Whilst Plum is regulated by the FCA, Plum is not a bank and does not provide FSCS protection, excluding any money saved in an Interest Pocket.
  • Easy access.
  • Open in 5 minutes.
  • FSCS protected.
  • FSCS protection is limited and money in a primary pocket is not protected.
  • Best rates and features only available with the paid versions.
  • App only so no branches.
Min. opening balance £1
Interest paid Monthly
Min. operating balance £0
Debit card No
Interest rate with bonus 2.96%

Moneybox – Simple Saver Account (powered by Santander)

Moneybox is a money management app that allows you to save and invest from £1. Moneybox offers the following savings accounts - 32 Day Notice Savings Account, 95 Day Notice Savings Account, Cash ISA and a Simple Saver account. The app allows users to view their spending, make deposits, and round up any spare change into savings and investments. Round-ups are collected from any linked bank account. Moneybox supports a variety of banks, including American Express and Revolut. Users can earn interest on savings with competitive rates depending on account type. There is also a range of valuable in-app tools, such as a house deposit calculator and an ISA time machine. Moneybox is regulated by the FCA and protected by the FSCS, meaning your money is protected up to £85,000. Moneybox is free to download.
  • Open or transfer an account in minutes.
  • Save £20,000 a year tax free.
  • FSCS protected.
  • Only FSCS protection through the regulated banks Moneybox partners with.
  • App only so no branches or face-to-face support.
  • £1 monthly subscription fee for all ISA products.
Min. opening balance £1
Interest paid Monthly
Min. operating balance £1
Debit card No
Interest rate with bonus 3.69%

Why might they be preferable to a traditional savings account?

The idea behind mobile savings apps is to help you save more easily and reach your financial goals faster – and with less effort. Many of these apps are equipped with tools and features to help you save without even thinking about it – all you need to do is watch your savings grow.

Applying for one of these savings apps is typically quicker and more convenient than opening a traditional savings account. To apply, all you need to do is download the app itself, provide a few personal details and you’re ready to go. There’s no hassle of heading out to your nearest bank branch or filling in lengthy forms.

Once you’re set up, you can pay money into your account and often start earning interest the same day. By contrast, with a traditional savings account, it might be a few days before your account is up and running.

The different types of savings apps

When comparing savings apps you might come across the following types and features:

Cash ISAs
Some savings apps allow you to open cash ISA accounts so you can shelter the interest you earn from tax. You can pay up to £20,000 into an ISA each tax year. You can pay the full allowance into one account or spread it across different ISA accounts.

Easy access savings accounts
Many savings apps let you open interest-paying easy access savings accounts too. These give you access to your funds instantly and can be ideal for emergency funds.

Savings pots
Some apps might offer different savings ‘pots’ for different purposes. This means you can set them up for a range of savings goals – one for a holiday, one for a house deposit and so on. You’ll typically earn interest on these savings pots, but they might not be the most competitive rates.

Prize draws
Apps like Chip offer a prize savings account, whereby you’re entered into a prize draw instead of earning interest on your money – you could win up to £75,000. The number of entries is determined by your average balance over the month. The earlier you deposit your money, the more entries you’ll have.

Automatic round-ups
Some apps will round up your bank account transactions to the nearest pound and transfer the difference to a savings account – helping you to save without even noticing. For example, if you bought a coffee for £3.50, the transaction would be rounded up to £4 and the extra 50p transferred to your account.

Pros and cons of savings apps

Pros

  • Quick and easy to set up
  • Can help you reach your savings goals faster
  • Include tools and features to help you save effortlessly

Cons

  • Your money won’t always be protected under the Financial Services Compensation Scheme (FSCS)
  • You may have to pay a monthly fee to access certain features
  • You might not necessarily be getting the best interest rates

Bottom line

Mobile savings apps can be a convenient way to help you save money with minimal effort. Whether you’re saving for a house deposit or simply want to build up a savings fund for emergencies, savings apps can help you reach those goals faster.

However, when comparing mobile savings apps, watch out for fees and also check whether your funds will be protected under the FSCS (or any other safeguarding scheme).

It’s also worth bearing in mind that many digital banks such as Starling and Chase offer a range of similar features and tools to help you budget and save. So, you might want to compare these too.

The offers compared on this page are chosen from a range of products we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations), aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When making a big financial decision, it's wise to consider getting independent financial advice, and always consider your own financial circumstances when comparing products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio

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