Best Automatic Savings Apps for the UK

The Automatic Savings Apps

Here’s a list of the top automatic savings apps available in the UK. These open banking apps allow you to save money by regularly moving small amounts into separate savings accounts or rounding up your purchases, and then automatically saving the difference.

Below are some of the top automatic savings apps available in the UK.

All apps are available for Android and iOS. They are regulated by Financial Conduct Authority (FCA).

Roundups; Savings Pots, Travel Money; up to 1.80% AER

Interest: 0% – 1.80% AER

Cost: PS0 – PS14.95/month

FSCS Protection

You can save money with Monese in two ways: savings pots or interest accounts. You can save money by creating savings pots. However, they are not able to earn interest. Pots can be created in many currencies, and money can be withdrawn from them at any time. You can also add your spare change to create pots and then save the difference in up to 10 accounts.

Monese offers a marketplace partnership that allows you to open savings accounts with interest. You can be sure that your savings will be protected with FSCS protection. You only need a photo of yourself and your ID to open a Monese bank account. Credit checks are not required. Monese also offers international money transfers, travel money and multi-currency accounts.

Promotion: Receive PS10 for your first successful transaction (exclusions ATM transactions). When you sign up, enter the promo code KOODY22 Additional terms may apply.

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Chip – Set savings goals and auto-save; up to 0.70% AER

Interest: 0% – 0.70%

Cost: PS0 – PS3 per month

PS85,000

FSCS Protection

Chip helps you save money by automatically securing spare change for you. You can adjust the save level to decide if you prefer to save money slowly or faster. You have the option to review each auto-save and make adjustments, or skip saving altogether. Chip’s technology can learn from your changes and adjust future saves accordingly. Chip offers fun deposit features like Payday Put Away or Save Streaks. You can also withdraw money from the app at any time.

Chip offers automatic investments.

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Revolut – Auto-save, invest; Roundups; Goals. Up to 0.65% AER

Interest: 0% – 0.65%

Cost: PS0 – PS12.99 per month

PS85,000

FSCS Protection

Revolut allows you to manage your personal finances and money. You can budget, save, invest, withdraw and manage your cash immediately. Revolut allows you to fund your account instantly with one-off transfers. You can also make it easy with scheduled deposits or spare change round-ups.

Revolut’s round-up feature rounds up card transactions to the nearest Pound and saves you the difference. Revolut Savings Vaults money is protected up to PS85,000 when deposited with a trusted bank partner. Revolut allows you to store your cash in over 30 currencies, including commodities. You can also get 1% cashback when you upgrade to Revolut Metal.

Revolut allows you to save for free. To access more advanced features or cashback, however, you will need to upgrade to Plus Premium, Metal, and PS6.99/month respectively.

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Plum – Round up your purchases; Auto-save, invest; Up To 0.40% AER

Interest:v0% – 0.4% AER

Cost: PS0 – PS2.99/month

PS85,000

FSCS Protection

Plum automatically calculates how much money you can save and sets aside. It gives you a view of your finances and analyzes your spending to help keep track of your money. Plum can also identify if you are paying too much for your bills and switch you to a cheaper supplier to save you money.

You can adjust the amount that Plum saves if you feel it is taking away too much. You can also withdraw money from the app at any time. Plum offers fun deposit features like Round Ups and Pay Days, 52-Week Saving Challenge and Rainy Day Savings Rule.

Plum Plus and Plum Pro may be right for you if you are interested in automatic investments, or if you want to earn interest on savings.

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Moneybox – Round up your purchases; Auto-save, invest; 0.2% AER

Interest: 0.25 AER

Cost: PS0

PS85,000

FSCS Protection

Moneybox’s Roundup feature lets you save money by rounding up card transactions to the nearest Pound and then saving the difference. (e.g. Moneybox automatically saves 70p if you spend PS2.30 for a cup of coffee. You have the option to save money with either a 45-Day or 95-Day Notice account. Round Ups can be turned off if you feel like the app is taking too much away from your savings. The app allows you to withdraw money once per month.

Moneybox offers automated investments.

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Monzo – Round up your purchases; Set savings goals. Up to 0.70% AER

Interest: 0% – 0.7% AER

Cost: PS0

PS85,000

FSCS Protection

Monzo Bank offers a Savings Marketplace in the Monzo app. Here you can choose from a growing number of providers with competitive interest rates that will suit your savings goals. You can use the Monzo app to set savings goals and round up any spare change. Then, automatically save the difference in a savings account.

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What is an Auto-savings app?

A auto-savings app allows you to save small amounts of money by estimating your ability to save and then moving that amount into a separate savings or wallet.

You will usually have quick access to the money. If you choose one the standard savings accounts, most apps will offer full FSCS protection.

Koody features open banking apps that automatically save money by moving small amounts of money to separate savings accounts or rounding up purchases, and then saving the difference.

The Advantages of Auto Savings Apps

  1. These apps make it easy to set aside money regularly, with very little effort.
  2. These tools will help you to develop good savings habits.
  3. These can be an enjoyable way to learn more about money.
  4. You may earn interest in certain cases.
  5. You can save your money by having it in a separate account. This reduces the temptation to spend all of it.

The disadvantages of Auto-savings apps

  1. We’ll let you know which apps do not have full Financial Services Compensation Scheme protection.
  2. To use them, you will need a smartphone.
  3. Some companies offer very low interest rates on savings.

Most Frequently Asked Questions

  • Are automatic savings apps secure?

Barclays and HSBC banks have full PS85,000 Financial Services Compensation Scheme protection (FSCS). This means that if your bank is closed, you can still get your money up to PS85,000 per institution.

These apps offer a different type of savings. They have FSCS protection for the money that you keep in a regular savings account, but not an e-wallet account or electronic money account.

However, this doesn’t mean that your money in an electronic wallet isn’t protected. Instead of the FSCS protection your money is kept in a bank account ringfenced from their operating cash – normally this is with a large bank like Barclays or HSBC. Your money is protected from any losses if the automatic savings app goes bust.

These apps claim to offer FSCS protection and also use the same encryption technology used by major banks for protecting your personal data. You can also rest assured that they are regulated by FCA.

  • Is the FCA regulating automatic savings apps?

Yes. Yes. All apps on Koody are regulated and supervised by the Financial Conduct Authority (FCA).

  • How can I make my savings automatically?

There are two methods to automate your savings

  1. Create a standing or order: You can use your bank app to create a standing or order to transfer money every payday from your current account to a savings account. You can save money as soon as you get your salary. You should set up direct debits to automate your investments account transfers if you have one.
  2. Get an automatic savings app. These apps allow you to save small amounts of money by estimating your savings and then moving the funds into a separate savings or wallet account.
  • Do I need to automate my savings?

Automating your savings is a good idea if you:

  1. You have extra cash that you would like to save.
  2. It’s hard to know when and how to save money.
  3. It’s not clear how much you should save.
  4. It is difficult to save.
  5. You’re saving for a long-term, medium-term or short-term goal.
  • Which app is best for saving money?

These are the top apps to save spare change.

  1. Monese Roundups; Savings pots; Travel money; up to 1.80% AER
  2. Chip Auto-save, invest; Set savings goals; Maximum 0.70% AER
  3. Revolut Auto-save, invest; Roundups; Goals. Up to 0.65% AER
  4. Plum Round up purchases; Autosave and invest; Maximum 0.40% AER
  5. Moneybox Round up purchases; Autosave and invest; 0.2% AER

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