Best Money-Saving Apps Of February 2024 (2024)

Show Summary

Best for Investing Spare Change

Why We Picked It

Acorns was chosen as the best money-saving app for investing spare change thanks to its Round-Ups feature, which automatically rounds your purchases up to the nearest dollar and invests the difference into a diversified portfolio of low-cost index ETFs. This allows users to effortlessly save and invest spare change without thinking about it.

Overview

Acorns launched in 2014 with a mission to invest your spare change. With more than 10 million users, Acorns has expanded beyond micro-investing and now has five products and three subscription plans. For $3 a month, Acorns Personal users get access to an FDIC-protected checking account and debit card, allowing for real-time round-ups, no minimum balance or overdraft fees and unlimited free or fee-reimbursed ATM withdrawals. For $5 a month, Acorns Personal Plus users qualify for an investment match from Acorns and an emergency fund. And for $9 a month, Acorns Premium users can get GoHenry debit cards for kids, more investing options and perks and more.

With all plans, you’ll have access to Acorns Later—the startup’s IRA option—allowing you to begin investing in a Roth IRA, Traditional IRA or SEP IRA with just $5. (Acorns selects the best IRA for you based on your financial profile.)

The Acorns Earn program gives you access to more than 15,000 offers from thousands of popular brands. And the fintech’s Learn feature includes a financial literacy platform aimed at educating its users on budgeting, debt and saving, among other topics.

Best for All-In-One Financial Services

Why We Picked It

Mobile banking app Chime made this list as the best money-saving app for all-in-one financial services because it offers a spending account, Visa debit card and optional high-yield savings account all in one app. Chime also has two automatic savings features: Save When You Spend and Save When I Get Paid.^{[ ]}

Overview

With Save When You Spend, Chime automatically rounds up purchases^{[ ]} made with your Chime debit card to the nearest dollar and transfers the difference from your spending account into your savings account.

The Save When I Get Paid feature allows account holders who receive direct deposit to automatically transfer up to 10% of their deposits directly into their savings account. Chime® Savings Account currently pays a competitive 2.00% APY.

Chime offers a Get Paid Early^{[ ]} feature that lets you receive direct-deposited paychecks up to two days early. Account holders who receive direct deposits also get access to a feature called SpotMe® that offers fee-free overdraft up to $200 for eligible members^{[ ]}. In other words, Chime will spot you some money until your next deposit arrives.

With no overdraft, service or foreign transaction fees, Chime makes money from “interchange” fees paid to Chime by Visa.

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

Best for Goal-Setting

Why We Picked It

We selected Qapital as the best money-saving app for setting and saving for goals due to its unique approach to target-based savings. This mobile-first bank blends behavioral psychology with technology, allowing users to passively save and invest with customizable triggers.

Overview

After a 30-day free trial, Qapital charges $3, $6 or $12 per month, depending on the plan you choose. Upon signing up, you’ll choose goals you want to save toward (maybe a new car or a trip to Hawaii), then apply rules that will automatically fund your goals from a linked checking account. A rule could include putting aside a certain amount of money every time you run a mile.

You can also opt to receive a Qapital Visa debit card and the FDIC-insured Qapital Spending Account that earns a 0.05% annual percentage yield (APY). Whenever you make a purchase with your Qapital card, it can round up and save the change toward one of your savings goals. There are no monthly or overdraft fees associated with your card, but you may see ATM fees.

When you’re ready to take the money out of your Qapital Goals (savings) account, you can either cash it out through the app by sending the money back to your checking account, or you can spend it using the Qapital debit card.

Also available is Qapital Invest, which helps users buy stock and bond funds based on the level of risk they choose, starting at a $10 minimum.

Best for Automated Saving

Why We Picked It

We chose Oportun Set and Save (formerly Digit) as the best money-saving app for budgeting due to its powerful budgeting tools and AI-driven savings features.

Overview

While not a “round-up” app in the traditional sense, Oportun Set and Save uses automation and AI to analyze your spending and income patterns. When it thinks you can afford it, the app moves money from your outside checking account to your Oportun account.

You can create your own spending goals, such as student loans or concert tickets, and Oportun Set and Save will do the budgeting for you. If you save for three consecutive months, your FDIC-insured Oportun account will be rewarded with a 0.10% annual savings bonus, which is paid out quarterly.

The company helps prevent overdrafts for its members where possible. It provides reimbursem*nt for up to four instances of overdraft fees caused by Oportun autosaves per month.

One word of caution. Oportun charges a monthly fee of $5 for its services, following a one-year free trial for new users. If you’re low on funds, it may be best to go with one of the other apps.

Best for Tracking Expenses

Why We Picked It

Rocket Money earned its spot as the best money-saving app for tracking expenses because it offers everything from spending analysis and budgeting tools to bill negotiation and subscription cancellation services.

Overview

Rocket Money, formerly Truebill, is an app that helps you save on expenses—particularly subscriptions. When you link your bank accounts with Rocket Money, the app analyzes your billing history to identify subscription payments and puts these together in a single dashboard. Then, you can see what you spend on various services and memberships and also get help canceling subscriptions you don’t use.

This helpful app can handle a lot more than subscriptions too. It also offers spend-tracking features, budgeting tools, automated saving options, net worth insights and even bill negotiation services. With bill negotiation, Rocket Money will try to get you refunded for fees and find discounts on your current bills.

The Rocket Money app is free but some features cost money, and you’ll need to sign up for a Premium membership to unlock everything. Premium features include cancellation and negotiation services, priority chat support and enhanced budgeting and saving capabilities, and a Premium subscription costs between $4 and $12 a month, depending on how often you make payments. Premium may be worth it if you think it could help you save more than it costs.

Best for Banking

Why We Picked It

Albert is one of the best apps for banking because it combines checking, saving and investing in one tool. In addition to helping simplify your financial life and go beyond basic budgeting, Albert offers benefits to help you earn and save money.

Overview

The Albert app combines all of your financial accounts under one umbrella and is growing in popularity because it offers some unique perks.

With an Albert Cash Account and debit card, you can earn cash-back rewards when shopping for groceries, gas, ridesharing and food delivery. You’ll also have access to your paycheck up to two days earlier. Albert Budgeting helps categorize your spending while also negotiating your bills to help you save money. You can also start with Albert Investing with just $1 if you’re looking to grow your money.

The Albert app is free to start, and you don’t have to pay any maintenance fees or overdraft fees. You also don’t have to stress about a minimum balance requirement. If you want to unlock all of the benefits, you’ll have to sign up for Genius, which starts at $14.99 per month. Genius subscribers will get access to a team of financial advisors who can answer any questions. You also get Albert Protect, a service that monitors your money 24/7 with real-time alerts of any suspicious activity.

Best for Mindful Money Management

Why We Picked It

We chose Allo as the best money-saving app for mindful money management because it zooms out and considers your mental well-being along with your budget. This app is ideal for those who have trouble staying motivated by numbers since it lets you focus on your values first and budget second.

Overview

Allo is a one-of-a-kind budgeting app built for those who don’t love to budget. When you sign up for the app, you go through an introductory course where experts share how you can feel more confident about your finances and grateful for what you have.

From there, the app will ask you about your monthly values (health, relationships, future, etc.) instead of just breaking down your spending based on traditional categories like groceries and insurance. You can flag expenses and review them later to see if they align with your values. The app wants you to be aware of your feelings around money, which can be a game-changer when it comes to budgeting.

You can start a 14-day free trial of Allo, with no credit card or commitment, to test out all of the features. After your trial period ends, the app costs $49.99 per year. The website mentions that if you currently can’t afford to pay this, scholarships are available to those with demonstrated need.

Saving is one of the smartest things you can do for yourself and your family. It gives you a cushion to fall back on in case of an emergency, helps you to reach your financial goals and provides peace of mind.

Most importantly, though, saving money is a way of taking responsibility for your future. It shows you’re willing to make sacrifices in the present to secure a better future for yourself—one where you can buy a home, retire comfortably or simply have a financial cushion that lets you relax and enjoy life.

A money-saving app is a tool that can help you track your spending, set budgets and make more informed financial decisions. There are many money-saving apps available, each one with its own unique features designed to help you save more money.

You can use a money-saving app to automatically track your spending. By logging all of your purchases, you can get a better sense of where your money is going. This information can be helpful when it comes to sticking to a budget or making future financial plans.

Some money-saving apps also offer personalized tips on how to improve your financial situation—whether that means investing more, paying down debt, saving more, boosting your credit score or increasing your net worth.

At its core, a money-saving app is designed to help you reach your savings goals faster. These tips can help you choose the best money-saving app for you:

• Consider your savings goals. The more specific you can be about how you want to save, the more useful apps can be. If you’re looking to save for a specific purchase, an app like Qapital that allows you to set up multiple savings goals may be a good choice. If you’re looking to invest more, an app like Acorns that automatically invests your spare change may be a better fit.
• Look at an app’s features. Do you want an app that offers budgeting tools? AI-driven savings features? Round-ups? Make a list of all the features that are important to you and find an app that has all or most of them.
• Check for fees. Some money-saving apps charge monthly fees or optional fees for certain services. If you’re paying for an app, consider whether the features and benefits are worth it.
• Read reviews. Read what other users are saying about an app to get a sense of common complaints and whether it’s easy to use.

It’s important to have some money saved for emergencies, but exactly how much you should have in savings depends on several factors, such as your income level, expenses, debt and lifestyle choices.

Generally, experts recommend saving at least three to six months’ worth of living expenses in case of emergencies like job loss or medical bills. This number may vary depending on your individual circ*mstances—if you have more debt or above-average living costs, it might be wise to save closer to six months’ worth of living expenses.

How Much Money Should You Save Each Month?

How much you should save each month depends on your financial goals and circ*mstances. A general rule of thumb is to save at least 20% of your monthly income. This can include contributions to an emergency fund, retirement savings and saving for short-term goals.

Take a close look at your income, expenses and financial goals to determine how much you can realistically save each month. If money is tight, it’s okay to start with a smaller percentage and work your way up over time. Saving slowly is better than not saving at all.

Yes. Having a savings account is one of the best ways to ensure your money is safe and accessible in case of unexpected events like job loss or medical bills. Savings accounts typically come with higher interest rates than checking accounts, which means your money can grow faster over time.

Additionally, many banks offer special deals, such as savings account bonuses and promotions for new customers, so it pays off to shop around if you don’t have an account yet.

Savings Account vs. Saving App

While both savings accounts and money-saving apps can help you save money over time, there are some key differences between them.

A money-saving app is a tool that typically tracks your spending and helps you find ways to save money. Many money-saving apps are created by financial technology (fintech) companies and offer features such as budgeting tools and tips for reducing your expenses.

A savings account, on the other hand, is a specific type of bank account in which you can deposit money and earn interest on your balance. Savings accounts are found at banks and credit unions and come with FDIC insurance. They may limit the number of withdrawals you can make per month, and some require a minimum balance to avoid fees.

Bottom Line

Money-saving apps are becoming an increasingly popular way for people to save money without having to manually track their finances each month. Whether it’s a high-yield savings account, similar to Chime, or an app like Digit or Acorns, make sure to choose an option that works with your lifestyle. That way it can help you reach your short- and long-term financial goals.

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Disclosures

• Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
• Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
• The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
• Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

Cassidy Horton is a finance writer who specializes in insurance and banking. She has an MBA and a bachelor's degree in public relations, as well as hundreds of articles published online by The Balance, Finder.com, Money Under 30, Clever Girl Finance, and more. Outside of work, she enjoys reading and hiking.

Martin Dasko has been helping millennials make sense of their finances without missing out on what life has to offer since 2008. He started his financial writing career as a business major at Ryerson University when he learned that college didn't prepare young people when it came to managing money. Upon completing his Bachelor of Commerce degree, he focused on helping young folks manage their finances by creating content about paying off debt, building wealth, investing in the future, and making more money through side hustles. Martin has been featured in the New York Times, The Toronto Star and has been quoted by many major publications on financial topics. Martin covers topics ranging from investing in your first home to building your credit score without missing out on unique experiences.

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