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

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Saving money is one of those things most of us know we should do, but it’s often easier said than done. Between bills, groceries, and unexpected expenses, it can feel like there’s never enough left over for savings. But that’s where savings apps come in, making it easy to save without much thought or effort. These apps offer features like round-ups, autosave, and goal tracking to help you stash away extra money, often without even noticing it. If you're looking for an app to help you save more effectively, you're in the right place.

In this article, we'll explore the best savings apps on the market, focusing on popular features like round-ups, autosave, and goal setting. We’ll also discuss the pros and cons of these tools, including fees to watch out for and whether round-ups really make a difference in building your savings.

What Are Savings Apps?

Savings apps are tools that automatically help you save money, usually by connecting to your bank account or credit card and using various methods like rounding up purchases, setting aside small amounts periodically, or helping you set and track savings goals. They make saving easy, often without you having to think about it.

Think of it this way: you’re out buying coffee and your app rounds up the total to the next dollar, saving that extra change for you. Or you might have it set up so that a few dollars are saved from your checking account every week without you lifting a finger. It’s almost like having a personal finance assistant who works silently in the background.

Key Features to Look for in Savings Apps

There are several features you’ll find across most savings apps. Let’s break them down:

Round-Ups

This feature automatically rounds up your everyday purchases to the nearest dollar, saving the spare change for you. For example, if you buy a coffee for $2.75, the app might round it up to $3.00 and save that $0.25. Over time, these small amounts add up.

Autosave

This is where the app automatically transfers a set amount of money from your checking account to your savings account on a regular schedule, think weekly, bi-weekly, or monthly. Some apps even let you choose how much to save, whether it’s a fixed amount or a percentage of your income.

Goals

Goal-based savings is all about setting targets and watching your progress toward them. Whether you’re saving for an emergency fund, a vacation, or a big purchase, apps let you create separate "buckets" or "goals" to help you track your savings efforts.

Best Savings Apps: Round-Ups, Autosave & Goals

1. Qapital

Qapital is one of the most popular savings apps and offers a combination of round-ups, goals, and autosave features. With its user-friendly interface, you can set up various goals, such as saving for a vacation or a rainy day, and track your progress.

• Round-Ups: When you make a purchase, Qapital rounds up your change to the next dollar and saves it for you.

• Autosave: You can set up automatic transfers on a daily, weekly, or monthly basis.

• Goals: Qapital allows you to set specific savings goals and monitor your progress. It even lets you make “rules” for your savings, like saving a fixed amount every day or saving a percentage of your income.

Fees to watch: While Qapital offers a free version, its premium version costs $3 to $12 per month, depending on the features you need.

2. Acorns

Acorns is another top contender, especially for people who like the round-up method. It’s popular for its simplicity, and it automatically invests your spare change in a portfolio of ETFs (Exchange-Traded Funds). Acorns is a great choice if you want to save and invest at the same time.

• Round-Ups: Acorns rounds up your purchases to the nearest dollar and invests the spare change in a diversified portfolio.

• Autosave: You can set up recurring contributions to your Acorns account, with the option to automate savings based on your spending patterns.

• Goals: Acorns allows you to set different goals, such as saving for a big purchase or an emergency fund.

Fees to watch: Acorns charges a monthly fee that ranges from $3 to $5, depending on the plan you choose. If you're just starting, this fee can feel a bit steep compared to other apps.

3. Chime

Chime is an online bank with built-in savings tools that allow you to save automatically. Chime is known for its simplicity and ease of use.

• Round-Ups: Chime offers a round-up feature with its Visa debit card. The spare change is then transferred to your Chime savings account.

• Autosave: Chime’s “Save When I Get Paid” feature automatically transfers a percentage of your direct deposit payments into your savings account.

• Goals: Chime allows you to set up separate savings goals, such as saving for a vacation or building an emergency fund.

Fees to watch: Chime is fee-free for most services, but you should be aware of potential charges related to ATM withdrawals outside of their network.

4. Digit

Digit is designed for users who want to save money effortlessly without thinking about it. It uses AI to analyze your spending habits and transfer small amounts of money to your savings based on your spending behavior.

• Round-Ups: Digit doesn't offer traditional round-ups, but it makes small, automatic transfers to your savings based on how much you can afford.

• Autosave: Digit automatically saves money for you, moving small amounts from your checking account to your savings without you lifting a finger.

• Goals: You can set savings goals, and Digit will automatically prioritize saving for them.

Fees to watch: Digit charges a $5/month subscription fee. While the app can be helpful, the fee might not be worth it for everyone, especially if you're looking for a free service.

5. Simple

Simple is an online-only bank with a built-in savings feature that helps you save for your goals. It offers a mix of round-ups, automatic savings, and goal tracking.

• Round-Ups: Simple offers a round-up feature that rounds your purchases to the nearest dollar and saves that change.

• Autosave: With Simple, you can set up automatic transfers to your savings account on a daily, weekly, or monthly basis.

• Goals: Simple lets you set up separate savings goals, such as saving for a vacation, a new gadget, or a rainy day.

Fees to watch: Simple’s fee structure is fairly simple, with no monthly fees for standard accounts. However, there are fees for certain services, like using ATMs outside their network.

Do Round-Ups Really Help?

This is one of the most common questions people ask when it comes to savings apps. The answer? Yes, round-ups can really help, but they’re not a magic bullet.

Round-ups might seem small at first, but over time, they add up. For example, if you round up every purchase to the nearest dollar and save that change, you could be putting away an extra $50 or $100 per month without even realizing it. That money can quickly add up to a significant savings balance by the end of the year.

The real power of round-ups is that they’re automated. You don’t have to think about saving money; your app takes care of it. It’s like setting a little bit of money aside every time you make a purchase without needing to do anything.

Fees to Watch

While savings apps are convenient, it’s important to be aware of any fees associated with them. Many of these apps are free to use, but some have premium versions that offer additional features for a monthly fee. For example, apps like Qapital and Acorns charge subscription fees for premium services, while others, like Chime and Simple, are more fee-friendly.

Here are a few fees to watch for:

• Monthly subscription fees: Some apps charge anywhere from $3 to $12 per month for premium features.

• ATM withdrawal fees: If you need to withdraw money from ATMs outside the app’s network, you may incur additional charges.

• Transaction fees: Be aware of any fees for transferring money or using certain services.

Before choosing an app, always read through the terms and make sure you’re comfortable with any fees involved.

Final Thoughts

The best savings app for you depends on your financial goals, preferences, and whether you’re looking for a hands-off approach or more control over your savings. Round-ups, autosave features, and goal tracking can be powerful tools to help you save without even thinking about it.

Whether you choose Qapital, Acorns, Chime, Digit, or another app, these tools make it easier than ever to save for the things that matter most. Just be sure to keep an eye on any fees, and choose an app that fits your saving style.

Now, it's your turn. Have you used any of these savings apps? Which one worked best for you? Let us know in the comments!