Best Savings App UK – From Spending Limits to Household Bills

When it comes to money saving apps in the UK, there are various different options worth considering. There are different types of savings apps that are worth downloading – this ranges from automatic savings apps through to an instant access savings account, each of which have their own benefits.

We’re going to look through the best money saving apps that you can download today to start saving some cash.

Plum

Plum is a versatile financial app that integrates budgeting, saving, and investing into a single platform. Utilizing artificial intelligence, it analyzes your bank account transactions to discern patterns in your income and spending.

Based on this analysis, Plum calculates an amount it believes you can realistically save each week and automatically transfers this sum to a dedicated Plum account.

Users can allocate these funds to different “pockets” aimed at various savings goals, some of which earn interest. Plum also offers investment options, allowing users to invest in an ISA or the stock market, though this entails a subscription fee and potential risks to capital.

Notably, Plum is not protected by the Financial Services Compensation Scheme (FSCS), and access to funds is not instantaneous.

Its features include automatic saving, roundups, savings pots, budgeting tools, and investing capabilities, catering to a broad spectrum of financial management needs.

Chip

Chip is an intuitive saving app designed to help users save money effortlessly and in small amounts over time.

It operates by connecting to your current bank account and employs a smart algorithm to assess your financial situation. This algorithm determines an affordable amount for you to save regularly.

Chip then automatically moves this determined sum from your current account into a Chip account at a frequency of your choosing, such as every few days or weekly.

Users have the flexibility to cancel any planned savings transactions if they decide not to save in a particular week.

The Chip app is free to download and use, but it does impose a £1 charge if more than £100 is set aside for you within a 28-day period, capping the annual maximum charge at £13.

Although it offers convenience in building savings, Chip has some limitations, such as certain banks not being able to connect, no FSCS protection, and no interest paid on savings.

Its features include automatic saving, roundups, savings pots, and budgeting tools, making it a practical choice for those looking to save without much hassle.

Moneybox

Moneybox is a savings and investment app tailored to simplify the process of saving and investing by integrating these activities with your everyday spending.

Its standout feature is the “round up” function, which rounds up your transactions to the nearest pound.

For instance, if you spend £2.60 on a purchase, Moneybox can round it up to £3, and the extra 40p is transferred to your Moneybox account.

This balance can be either saved or invested in various ways, such as ISAs or the stock market.

Moneybox requires setting up an account and linking it to your bank card for tracking spending and rounding up transactions.

While the app is free, investing through it involves a monthly subscription fee, a platform fee, and fund provider fees.

Users should be aware that investing carries the risk of capital loss. Moneybox offers a range of features including automatic saving, roundups, savings pots, budgeting tools, and investment options, making it an appealing choice for those looking to effortlessly integrate saving and investing into their daily routines.

Chase

Chase is a digital banking app that stands out for its comprehensive financial management features. It offers a full current account complemented by a savings account that yields daily interest.

Unique to Chase is its “round-ups” feature, where your transactions are rounded up to the nearest pound, with the difference deposited into a linked savings pot. This feature not only encourages saving but also earns interest.

During the first 12 months, users enjoy additional benefits like cashback on debit card spending. Chase supports up to 10 separate savings accounts, allowing users to target specific savings goals.

The app is noteworthy for being fully FCA-licensed and FSCS-protected, providing users with a secure banking experience. However, it’s important to note that the interest on “round-ups” is only applicable for the first year, and a current account is necessary to access the savings account.

Chase combines automatic saving, roundups, budgeting tools, and investment features to cater to a wide range of financial needs.

Monzo

Monzo is a dynamic financial app renowned for its robust budgeting tools and innovative approach to money management.

It allows users to meticulously monitor their finances, organizing funds into various “pots” for different purposes.

Monzo’s unique “Salary Sorter” feature aids in dividing your income into categories like spending, savings, and bills.

One of its key offerings is the ability to pay bills directly from designated “Bills Pots,” essentially sub-accounts within your main Monzo account.

Additionally, Monzo stands out with its “Savings Pots,” which are actual savings accounts created in partnership with other financial providers.

These can be managed directly through the Monzo app, offering a streamlined experience for comparing, applying, and handling savings accounts.

While Monzo excels in these aspects, it’s worth noting that higher interest rates may be available if you apply directly with providers, and the standard account balance doesn’t earn interest.

Monzo’s features, including automatic saving, roundups, budgeting tools, and investment capabilities, make it a comprehensive tool for personal financial management.

Revolut

Revolut is a versatile financial app designed to cater to both individual and group saving needs. It offers a distinctive feature called Savings Vaults, which allows users to set aside money towards specific savings goals.

This can be done through regular payments or by utilizing a round-ups feature, which automatically adds spare change from transactions to your Vault. These Vaults are interest-earning deposits placed with banks, ensuring they are covered by the FSCS scheme.

Revolut also supports the creation of Group Vaults, enabling friends and family to collectively save for shared objectives, such as vacations. Additionally, the app includes standard account budgeting tools and spending analytics, helping users maintain financial discipline.

However, it should be noted that Revolut does not offer interest on standard account balances and lacks face-to-face customer service.

Its comprehensive features make Revolut a strong contender for those seeking a modern, collaborative approach to saving and managing finances.

Starling

Starling Bank’s app is a comprehensive digital banking solution that offers a full current account with a range of features aimed at enhancing both spending oversight and savings management.

A key feature of Starling is its capacity to pay interest on balances up to £85,000, a unique offering compared to many digital banking apps.

Additionally, Starling has developed virtual spaces called “Savings Spaces,” where users can set aside funds for specific saving goals.

To aid in reaching these goals more quickly, the app includes an automatic round-up feature that rounds daily expenses to the nearest pound, transferring the difference to a Savings Space.

Moreover, Starling’s Bills Manager feature allows users to segregate money for bills and pay them directly from a Savings Space.

While the app does offer interest on balances and innovative budgeting tools, it doesn’t have a specific savings account and lacks face-to-face customer service.

These features make Starling an attractive option for those seeking a versatile and user-friendly digital banking experience.

Sprive

Sprive is a unique savings app tailored specifically for homeowners, focusing on assisting them in making overpayments on their mortgages. The app operates by linking to your bank account and analyzing your spending.

Based on this, it sets aside money, the amount of which is influenced by your spending patterns – the less you spend, the more is saved for overpayments. This strategy can accelerate the process of becoming mortgage-free by saving on interest.

Additionally, Sprive provides insights into live mortgage deals and alerts users when it’s time to switch to a more advantageous deal.

The app also offers the opportunity to earn extra cash through selected retailers, which can be used towards mortgage payments. However, it’s important to note that Sprive currently only works with certain lenders and is not covered by the FSCS protection.

Halifax Save the Change

“Save the Change” is a saving feature offered by Halifax, Lloyds, and Bank of Scotland, designed to facilitate effortless savings for their customers. When a user with a registered account makes a purchase using their debit card, the transaction amount is rounded up to the nearest pound.

The difference between the spent amount and the rounded figure is then automatically transferred from the user’s current account to a nominated savings account the following working day.

For example, a purchase of £2.20 would be rounded up to £3, with the extra 80p transferred to savings. This feature provides a simple and seamless way to accumulate savings over time.

Users can easily manage the Save the Change setting through online banking, switching it on or off and changing their nominated savings account as needed.

It’s important to note that the savings account must be with the same bank as the current account, and the feature only operates if the account is in credit.

Nationwide Impulse Saver and Round Ups

Nationwide’s Impulse Saver and Round Ups are innovative features within the Nationwide banking app, designed to make saving money straightforward and effortless.

Impulse Saver allows users to swiftly transfer funds from their Nationwide current account to a Nationwide savings account with just a tap. This feature is particularly useful for those who want to save money without going through a complex process.

Additionally, the Round Ups tool enhances this saving experience by automatically rounding up spare change from card transactions. The rounded up amount is then transferred to the savings account.

For instance, if you spend £3.50, it rounds up to £4, and the extra 50p goes to savings. These features provide a user-friendly and efficient way to grow savings incrementally, although both your savings and current accounts must be with Nationwide to utilize them.

TSB Save the Pennies

TSB Save the Pennies is a savings initiative by TSB Bank, designed to help customers save money in a simple and automatic way. When a TSB account holder uses their debit card for a transaction, the amount spent is rounded up to the nearest pound, with the extra pennies transferred into a TSB savings account or savings pot.

For instance, if you purchase something for £2.30, the transaction is rounded up to £3, and the additional 70p is moved to savings.

This setup can be managed via the TSB mobile app, internet banking, or in-branch. However, both the bank account and the savings account must be with TSB, and transfers won’t be made if they would cause an overdraft.

Raisin

Raisin is a distinctive financial app that functions more like a marketplace for interest rates, offering users a way to access competitive interest rates from various banks and building societies.

Its primary appeal is in providing better returns on savings without the need to engage in investments. Users who have their savings in low-interest accounts can particularly benefit from Raisin’s offerings.

The app facilitates easy access to a range of savings accounts from Raisin’s partner banks. Signing up is quick and straightforward, after which users can explore different savings options.

Currently, Raisin advertises rates up to 2% AER, albeit with a requirement to lock in funds for five years in a fixed-rate bond.

The service is entirely free, making it an attractive option for those seeking enhanced interest rates without the hassle of extensive research or dealing with multiple banks.

Cleo

Cleo is a budgeting and saving app that stands out for its personalized financial management features.

It is particularly geared towards millennials and Gen-Z users, but its tools are effective for anyone seeking to gain better control over their finances.

Cleo uses advanced analytics to provide insights into spending habits, regular expenses, and financial trends, helping users understand where their money goes.

By analyzing your spending patterns, Cleo can offer practical tips and tailored advice to improve financial health.

It’s an ideal tool for those who want to manage their finances more effectively, track expenses, and set realistic budgets to achieve their financial goals.

Emma

Emma is a comprehensive financial management app designed to help users avoid overspending and manage their debts more effectively.

It connects to all your financial accounts, including cards, current and credit accounts, savings, investments, cryptocurrencies, and pensions.

By consolidating this information, Emma provides a full analysis of your financial situation, enabling you to track and categorize all expenses.

Its strength lies in identifying areas of overspending and uncovering forgotten subscriptions. Users can set budgets to control spending across various categories or even at specific merchants.

Remarkably, Emma offers these extensive features completely free of charge, with no premium paid accounts, making it an accessible tool for those seeking to enhance their financial awareness and discipline.

Conclusion

Whether you want a savings or investment account, or you’re looking for an app that can round up your everyday purchases, there’s a whole host of different options out there, and we’ve run through the best of them.

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Edward

Edward brings years of experience in a variety of different fields including online marketing & No-code app development, and he's been investing in stocks and cryptocurrency since 2016. Outside of work you'll usually find him watching movies at the local cinema or playing games in the Apple Arcade.

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