Saving money doesn’t have to be a chore. Here are eight automatic savings apps that could help you prepare for the future without spending too much time worrying about your budget.
Credit.com Quick Picks for Automatic Savings Apps
- Chime: A holistic checking experience with an automatic savings option.
- Acorns: A micro-investing account that makes building wealth for the future a simple step you can take today.
- Empower Finance: A budgeting app with automatic savings built in.
- Stash: An investing app that lets you get into the market with small amounts.
- Qapital: A flexible automatic savings tool that puts you in charge of the rules.
- Simple: A full-fledged mobile banking option that includes some automated savings tools.
- Long Game: A savings option that lets you enjoy the thrill of the lottery.
Which Automatic Savings App Might Be Right for You?
The automatic savings app that works best for you will depend on your goals, resources, and personal preferences. Find out more about our top picks below.
Chime
Best for: People who want a holistic checking experience with automatic savings options.
How it works: Chime is an online option that helps provide FDIC-insured accounts and lets you make deposits, receive paychecks potentially faster than with standard deposit accounts, and spend money with a linked debit card. If you have a Chime Checking Account and a Chime Savings Account, you can set up automatic savings options. That includes rounding up debit card purchases and transferring the change into your savings or automatically transferring part of your paycheck into your savings every payday.
Potential downsides: Chime doesn’t allow joint accounts. You also may pay ATM fees if you use out-of-network ATMs.
Acorns
Best for: People who want to get into investing for the first time or want a way to invest small amounts without thinking about it.
How it works: You link your Acorns account to your bank account and debit card. When you use the linked debit card, the amount is rounded up to the nearest dollar. The change is deposited into your Acorns account, which is used to fund investments. The app also partners with other companies that offer “found money” when you make a purchase or take a specific action through the Acorns app.
Potential downsides: Acorns offers five portfolio options, which means you can’t choose your specific investments. Potential monthly fees, while small, can reduce your savings every month.
Empower Finance
Best for: Individuals who want to take control of their budgets while also saving money.
How it works: Connect a checking account or open a high-interest checking account with Empower. After that, you can set budget parameters for paying down debt, spending, and saving. The app will also offer recommendations on how to save more money, and you can set up automatic options to help you save.
Potential downsides: The monthly fee is $8 and some users say the app is not as user-friendly as some other options.
Stash
Best for: People who want to get a head start on investing for the future but don’t have the resources for big investments.
How it works: Stash lets you make micro-investments with less than a dollar. You can fund your account with direct deposits from your paycheck or make manual or automated transfers from your external checking account. You answer some questions to help Stash understand your financial goals, and you can then invest small amounts of money in fractions of stocks and ETFs.
Potential downsides: Costs range from $1 to $9 a month, depending on the plan you choose. Stash isn’t a savings account, so the risks can be a bit higher since you’re investing.
Qapital
Best for: Those who want a flexible automatic savings option.
How it works: You connect your account to Qapital and use relevant debit cards to make payments as normal. Qapital, like Acorns, can round your purchases up to the nearest dollar so you save tiny amounts over time. But you can also set up special rules to make round ups larger or only take them off certain types of purchases.
Potential downsides: You do have to remember to manage your rules if you set them up, especially if you need to pause them because your checking account balance is low. Cost for the app is between $3 and $12 per month.
Simple
Best for: Those looking for a more traditional bank with automatic savings features and a relatively high APR.
How it works: Simple is a bank account, so you don’t necessarily have to connect one. Simple will divvy up your expenses and savings goals and let you know how much of your money is “safe to spend.” You can also have payments you make with your debit card rounded up and the amounts transferred to savings.
Potential downsides: This isn’t just a basic app and requires setting up an account with the bank.
Long Game
Best for: Those who enjoy the rush of winning—or potentially winning.
How it works: You put money into the app savings account via automated rules on payday or traditional manual transfers. Then Long Game uses the interest you earn on your savings to enter you in games of chance—somewhat like the lottery—where you could win big. The accounts are FDIC-insured, and you don’t gamble with your principal balance, so you can’t lose what you put into the account to begin with.
Potential downsides: This isn’t really a full-fledged automatic savings account, and you risk your interest earnings.
Sign Up for Automatic Savings Today
Any of the above accounts could offer benefits for your personal finances. After researching each, make an educated decision about which one might offer the best perks for you right now.
You can sign up for several of these apps through ExtraCredit®, which also gives you access to your credit scores and a number of financial tools that can help you take charge of your money and credit profile. Once you do sign up, consider browsing high-yield savings accounts for one that lets you maximize your long-term investments.
Disclosures
Paid non-client endorsement. See Apple App Store and Google Play reviews. View important disclosures.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. Investing involves risk and investments may lose value.
Nothing in this material should be construed as an offer, recommendation, or solicitation to buy or sell any security. All investments are subject to risk and may lose value.
Stash Subscription fee starts at $1/month. You’ll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash and the Custodian. Please see the Advisory Agreement for details. Other fees apply to the bank account. Please see the Deposit Account Agreement.
Fractional shares start at $0.05 for investments that cost $1,000+ per share.
Stash offers three plans, starting at just $1/month. For more information on each plan, visit their pricing page.
