.png){kind=logo}
Contents:
We’ve put together a list of the best money saving apps in the UK. These include a range of open banking savings apps that round up and save your spare change and payment cards that enable you to save money through fair exchange rates, free ATM withdrawals and more.
All the apps listed here are regulated by the Financial Conduct Authority (FCA) and available on Android and iOS.
Here are the best money saving apps in the UK:
Plum is a top-rated savings app in the UK that automates your savings and helps you reach your financial goals more efficiently. With its smart algorithm, Plum analyses your income and expenses to ensure intelligent saving and offers various saving modes like Round Ups, Weekly Depositor, 52 Week Challenge, Rainy Days, Pay Days, Naughty Rule, and the 1p Challenge to help you deposit more effectively. You can earn up to 5.17% AER with the Plum Cash ISA and create customised pockets for your savings targets.
Security and privacy are paramount with Plum, which employs face and fingerprint ID and 256-bit TLS encryption. The app provides outstanding customer support, with a dedicated team available seven days a week. Plum is compatible with both iOS and Android devices and offers tiered interest rates for Premium, Pro, Ultra, and Basic subscribers, with some requiring a subscription starting from £2.99 per month.
Opening and managing your account with Plum is straightforward, with no minimum deposit or upper limit. UK residents aged 18 or over can manage their accounts exclusively through the Plum app. Users can withdraw money from their Plum Interest Pockets at any time, with no limits or fees, and withdrawals are processed within the same working day (up to 3 pm). Combining automated savings, competitive interest rates, and a user-friendly interface, Plum stands out as one of the best saving apps in the UK for individuals seeking financial control and success.
Chip is an automatic savings app that empowers you to save money in two ways: Automatic Savings powered by AI and Recurring Saves. Automatic Savings lets Chip identify idle money or spare change in your bank account and save it for you automatically. Recurring Saves is similar to a direct debit or a regular savings plan, where you instruct the app to save the same amount of money on a regular basis.
Chip offers two main types of savings accounts: an Instant Access Savings Account and a Prize Savings Account. With the Instant Access Savings Account, you can earn competitive interest rates on your savings up to £250,000. The interest is paid monthly, and you can start saving with as little as £1. The Prize Savings Account is similar to a premium bond where you do not earn any interest on your savings but stand a chance to win £50,000 in each monthly draw. Every £10 deposit represents one entry into the draw. In addition to the £50,000 monthly prize money, you could be one of 50, 100, 500, or 2,000 people who win £100, £50, £25, or £10, respectively, each month. Previous winners are also eligible to win more than once. Chip also offers a 90-Day Notice Account and an Easy Access Account via third-party financial institutions.
The Chip app is free to download on Android and iOS. All Chip savings accounts are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person.
Monzo is a leading digital bank in the UK that simplifies the process of saving, helping you achieve your financial goals more efficiently. With Monzo Savings Pots, you can earn interest, customise pot images, automate savings, and round up spare change, all while enjoying the protection of a fully regulated UK bank.
Creating an Easy Access Savings Pot with Monzo requires a £10 minimum deposit, offering variable interest rates perfect for short-term savings goals, such as holidays or a new bike. You can access your savings instantly, any time you need, with interest paid monthly. Additionally, Monzo allows you to enable Round-ups, which automatically rounds up transactions to the nearest pound and add the change to your Savings Pot. Automated savings features also help you build a consistent saving habit by putting money aside every time you spend.
Your money in Monzo Savings Pots is protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS). The Monzo app keeps your Savings Pots separate from your spending balance, ensuring a clear distinction between the two. With custom images for your Savings Pots, you can stay motivated and on track to reach your goals. Round-ups and automatic savings triggers, such as depositing a specific amount into a Rainy Day Pot based on weather conditions, encourage micro-saving, making it easier to boost your savings. By joining the Monzo Savings Squad, you can share tips and engage with the community to improve your savings journey. With its user-friendly features and competitive interest rates, Monzo stands out as one of the best money saving apps in the UK.
Moneybox is a highly recommended savings app in the UK that simplifies your savings journey and helps you reach your financial goals more efficiently. With its Cash ISA, you can earn an impressive 4.75% AER variable interest and access your money up to three times a year without impacting your rate. Withdrawals are available on the next working day, limited to one per calendar month, providing a great balance between saving and flexibility. One of Moneybox’s standout features is the Round-Up, which allows you to save spare change by rounding up your card transactions to the nearest pound and saving the difference. For example, if you spend £2.30 on a coffee, Moneybox automatically saves 70p for you, making it easy to save without even thinking about it.
Security and privacy are top priorities with Moneybox, as the app employs bank-level encryption for your personal information. Also, deposits in the Moneybox Simple Saver are protected by the Financial Services Compensation Scheme up to £85,000. The app is compatible with both iOS and Android devices and offers an award-winning platform recognised by industry experts and customers alike.
Opening and managing your account with Moneybox is a breeze, with no account fees or charges and a maximum deposit of £85,000. UK residents aged 18 or over can manage their accounts exclusively through the Moneybox app. Users can make payments into their savings account via direct debit arrangements, ensuring a seamless experience. Combining flexible savings, competitive interest rates, and a user-friendly interface, Moneybox stands out as one of the best savings apps in the UK for individuals seeking financial growth and success.
Kroo is a new digital bank offering an award-winning current account with an impressive 4.35% AER interest on balances up to £85,000. The account is free to open, and with zero fees on spending abroad and a UK-based customer support team, Kroo ensures a hassle-free banking experience.
The Kroo app features intuitive spending, real-time spending insights, transaction categorisation, up-to-date notifications, spare change round-ups, and the ability to manage bill splitting and group expenses seamlessly in-app, providing users with comprehensive financial management. The account comes with no monthly fees, and applying for an overdraft is possible by invitation only (subject to status). For added security, Kroo offers biometric authentication, 256-bit encryption, and FSCS deposit protection up to £85,000 per customer. Users can also freeze and unfreeze their Kroo debit cards instantly within the app.
Kroo stands out not only for its competitive interest rate but also for its commitment to sustainability. In partnership with One Tree Planted, Kroo plants two trees for every new customer who opens a current account, aiming to plant 1 million trees by 2024. With a user-friendly interface, transparent fees, and a focus on both user benefits and environmental responsibility, Kroo is a good choice for individuals seeking a well-regarded savings app in the UK. Tap the button below to download Kroo. If you are on a desktop device, you’ll need to scan the QR code with your mobile phone after clicking the button below.
Monese is a top choice among the best money saving apps in the UK, offering innovative Money Pots and interest-bearing accounts to help you achieve your financial goals. With Monese, you can create up to 10 Money Pots in multiple currencies, name them according to your specific goals, and access your funds whenever needed. Monese also enables you to build your savings faster with features like Recurring Payments and transaction round-ups, which can be multiplied by up to 10.
Through its partnership with Raisin, Monese also provides interest-bearing savings products with FSCS protection, allowing you to grow your money more quickly. The user-friendly Monese app, available in 14 languages and supported by a multilingual team, makes managing your savings effortless. Opening a Monese account requires just your ID and a selfie photo, with no credit checks involved. For couples looking to plan, save, and manage their finances together, Monese offers joint accounts, allowing both partners to create and track up to 10 Money Pots for shared goals.
While Monese Money Pots are safeguarded under the EU Electronic Money Directive 2009/110/EC and UK Electronic Money Regulations 2011, keep in mind that regular Money Pots do not earn interest. If you’re seeking interest on your savings, Monese’s partnership with Raisin offers a range of attractive savings products. In addition to its savings solutions, Monese provides travel money, international money transfers, and multi-currency accounts, making it a comprehensive and secure platform for managing your finances and achieving your financial goals.
Starling Bank’s current account is an app-based, fully licensed service that aims to help you maximise your money by providing award-winning features. There are no monthly fees, and you can apply in just a few minutes from your smartphone. The account offers protection for your money up to £85,000 from the Financial Services Compensation Scheme.
Starling Bank’s current account is anything but average. You can do everything you used to do in a branch, from opening and managing your account to locking your card if it goes missing, all on your phone. The account offers instant payment notifications and smart tools to help with budgeting and saving, as well as round-up transactions to help you save effortlessly. You can put money aside in virtual change jars, set up additional accounts for free, and access fixed-rate savings accounts with competitive interest rates.
With Starling Bank’s current account, you can also withdraw cash from ATMs, deposit cheques by simply scanning them with your phone camera, and withdraw cash from any one of the Post Office’s 11,500 branches. The account earns 0.05% AER on current account balances up to £85,000 and has no fees for overseas transactions or ATM use. The Starling Bank current account also offers a new way to pay, settle up IOUs with a simple payment link, send money to nearby Starling customers, or split bills with a tap. With 24/7 support, a UK-based customer service team, and competitive rates, Starling Bank is one of the best money saving apps in the UK for anyone seeking financial control and success.
Money saving apps offer a variety of features and perks that can help increase your savings and improve your spending habits overall. These will depend on the type of saving apps you wish to use.
Automatic savings apps help you save spare change by regularly moving small amounts of money into a separate savings account or rounding up your purchases and automatically saving the difference, whilst payment cards offer a number of benefits, including fair FX rates, fee-free foreign ATM withdrawals and more.
Most money saving apps will require you to link to your bank account so that you can easily access your funds when setting saving goals, putting money aside or making payments and withdrawals abroad.
Here are some of the best ways to save money:
Here are our top tips to help you curb spending on unnecessary items and make more informed financial decisions:
By implementing these tips, you’ll cultivate better spending habits, reduce unnecessary expenses, and increase your overall financial well-being.
Here are some advantages of money saving apps:
Here are some disadvantages of money saving apps:
When selecting a money saving app, consider the following factors to ensure you choose the right one for your needs:
By considering these factors, you can select a money saving app that best aligns with your financial goals and preferences, helping you make the most of your savings efforts.
Money saving apps can be great tools to help improve both your spending and saving habits.
These apps offer many useful features, including automatic savings, round-ups, spare change savings, goal setting, bill splitting, spending insights, utility switching and competitive interest rates.
These tools help you save regularly, reduce your spending and identify areas where you can save more.
Here are the best apps that round up your money in the UK:
You should save at least 10 - 20% of your earnings each month per the 50/30/20 budgeting rule, which suggests spending 50% of your income on Needs, 30% on Wants and 20% on Savings and Extra Debt.
It is important to keep in mind that the 50-30-20 budgeting rule is merely a guide. We all have varied circumstances and saving goals, so adjusting these percentages to make them more realistic and personal to you is still a great way to stick to a specific spending limit and saving plan each month.
Yes, all the money saving apps listed on Koody are regulated by the Financial Conduct Authority (FCA).
Yes, money saving apps are safe. They are authorised and regulated by the Financial Conduct Authority (FCA); some even have the £85,000 Financial Services Compensation Scheme (FSCS) protection.
Banks such as Barclays and HSBC are required to have FSCS protection, which means that if you bank with them and they go out of business, you can get your money back up to £85,000 per person per financial institution.
Money saving apps are quite different. They only have FSCS protection on the money you keep in a standard savings account with them, not in an e-wallet or electronic money account.
This does not mean your money in an e-wallet is not protected. Instead of the FSCS protection, your money is held in a bank account ring-fenced from their operating cash, typically with a big bank such as Barclays or HSBC. Should the money saving app go bust, your money will be protected since it is held separately from the firm’s own money.
Apart from FSCS protection, these apps also claim to use the same encryption technology as all major banks to protect your personal information. Additionally, since they are regulated by the FCA, you can rest assured that their activities are monitored by the financial watchdog.
Here are the best apps for saving money in the UK:
Every month, we’ll send you The Plug - a curation of the best personal finance content in the UK. We share real-life stories, how-to guides, top personal finance news, popular community questions, and tips to help you stay on top of your money.
.png){kind=small}
