Best Savings Apps: Round-Ups, Autosave & Goals Compared

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 If you're like most people, saving money can feel like a bit of a chore. Life gets busy, expenses pile up, and before you know it, your savings account is a distant memory. That’s where savings apps come in. These tools are designed to automate your savings, helping you save little by little, without even thinking about it. Whether it's through round-ups, autosave features, or setting specific savings goals, these apps make it easy to set money aside for future needs.

In this article, we'll dive into the best savings apps out there, explore how they work, and help you decide which one is right for you. From round-ups to automatic transfers and goal-setting features, we’ll break down everything you need to know.

What Are Savings Apps?

Savings apps are mobile applications designed to help you save money effortlessly. These apps typically connect to your bank account or debit card and use various methods like rounding up your purchases or setting up automatic transfers to help you build your savings.

The beauty of these apps lies in their simplicity. Instead of having to manually transfer money into your savings, these apps do the heavy lifting for you. The best savings apps are easy to use, provide automation, and even offer features that make saving money fun.

Key Features to Look for in a Savings App

When choosing a savings app, there are a few key features to consider. Here’s a quick overview:

• Round-Up Features: Some apps round up your purchases to the nearest dollar and deposit the change into your savings account.

• Autosave: Automates saving by transferring money from your checking account to your savings account on a schedule (daily, weekly, or monthly).

• Savings Goals: Many apps allow you to set specific goals like saving for a vacation or a new gadget and track your progress.

• Low Fees: It's important to look for apps with minimal fees, as they can eat into your savings.

• Interest on Savings: Some apps offer interest on your savings, helping your money grow faster.

• Security: Make sure the app uses encryption to keep your financial information safe.

Now that we know what savings apps are and what to look for, let’s take a deeper dive into some of the top contenders on the market today.

Best Savings Apps for Round-Ups, Autosave & Goals

1. Acorns: Best for Round-Ups

Acorns is one of the most popular savings apps, and for good reason. It offers a round-up feature that automatically rounds up your purchases to the nearest dollar and invests the change in a diversified portfolio. Acorns is perfect for people who want to invest while saving.

How It Works:

• Connect your debit or credit card to the app.

• Acorns rounds up your purchases to the nearest dollar and invests the change.

• You can set your risk tolerance (low, medium, or high) and let the app handle the investment choices for you.

Best For: People who want to invest their savings rather than just let them sit in a savings account. The app also makes saving effortless with round-ups, even if you're not actively thinking about saving.

Fees:
Acorns charges a monthly fee ranging from $1 to $5, depending on the plan you choose. While it's not free, the fee structure is relatively simple and predictable.

Is It Worth It?
If you're looking to grow your savings through investing and are comfortable with a small fee, Acorns could be a great option. It’s a hands-off way to invest and save.

2. Digit: Best for Autosave

Digit is another standout in the world of savings apps. It automatically analyzes your spending habits and moves money into your savings account. The app uses algorithms to determine how much money you can afford to save each day based on your spending patterns.

How It Works:

• Link your checking account to Digit.

• The app automatically saves small amounts of money by transferring funds into your savings based on your spending habits.

• You can set goals (like saving for a trip or a new gadget) and Digit will prioritize saving for them.

Best For: People who want a hands-off approach to saving money. Digit works best if you don’t want to worry about setting specific amounts to save. Digit does that for you.

Fees:
Digit charges a $5 monthly fee after a 30-day free trial. While it’s a subscription-based service, many users find the automation well worth the cost.

Is It Worth It?
Digit is a great choice for people who prefer to let technology figure out the savings for them. It’s simple, effective, and doesn’t require you to actively track your savings.

3. Chime: Best for No Fees

If you're looking for a no-fee savings app, Chime is an excellent option. It offers a feature called “Save When I Get Paid,” which helps you save automatically whenever you deposit money into your account.

How It Works:

• Chime automatically transfers a percentage of your direct deposits into your savings account.

• You can set up automatic transfers to save a fixed amount or a percentage of your income.

• It also offers round-ups, similar to Acorns, so you can save spare change with every purchase.

Best For: People who want an easy, no-cost way to save money, without worrying about subscription fees or hidden charges.

Fees:
Chime is fee-free. There are no maintenance fees, no overdraft fees, and no minimum balance requirements.

Is It Worth It?
If you’re someone who wants to save without worrying about fees eating into your savings, Chime is a great option. It’s easy to use and offers features that encourage you to save without any hidden costs.

4. Qapital: Best for Goal Setting

Qapital stands out with its goal-setting features. Whether you’re saving for a vacation, a new phone, or an emergency fund, Qapital lets you create specific savings goals and track your progress along the way.

How It Works:

• Set up goals within the app, such as “Vacation Fund” or “Emergency Savings.”

• You can set up round-ups or automatic transfers to fund your goals.

• Qapital allows you to automate your savings by linking it to your checking account.

Best For: People who want to save for specific goals and need extra motivation to stay on track.

Fees:
Qapital charges a monthly fee starting at $3 for its basic plan. There’s also a premium version at $6 per month that offers additional features like no-fee ATMs and higher interest rates on savings.

Is It Worth It?
If you’re someone who likes to save for specific goals, Qapital offers a more personalized approach. The ability to track your progress and set clear objectives helps keep you motivated.

Do Round-Ups Really Help?

One of the most common features across these apps is round-ups, where your purchases are rounded up to the nearest dollar, and the change is saved or invested. But do they really help you save money?

The answer is yes, round-ups can make a big difference over time. While the individual amounts may seem small, they add up quickly. For example, if you spend $4.25 on a coffee, the app will round up to $5 and save the $0.75 difference. Over a month, that $0.75 could turn into $20 or more, depending on how many transactions you make. It’s not a huge amount, but it's an effortless way to save without thinking about it.

Fees to Watch Out For

While savings apps can be great tools, they often come with fees. Some apps charge monthly subscriptions, while others may charge for specific features or services. When choosing a savings app, it’s important to consider how these fees will affect your overall savings. Apps with high fees can eat into your balance, making it harder to reach your financial goals.

Before you commit to an app, always check the fine print to ensure that the fees are worth the features you’re getting.

Conclusion: Which Savings App is Right for You?

Choosing the best savings app really depends on your financial goals and preferences. If you want to invest your savings, Acorns is a solid choice. For a completely hands-off savings experience, Digit does all the work for you. If you’re looking to avoid fees, Chime offers a great no-cost solution. And if goal-setting is your top priority, Qapital’s customizable goals feature might be just what you need.

At the end of the day, the best savings app is the one that fits your lifestyle and helps you save money consistently, even if you forget about it most of the time. Whatever you choose, the key is to start saving today because every little bit counts.