Top four best money saving apps
Everyone wants to save money, but developing a system that allows you to do that can be challenging. Luckily, a new wave of apps have been designed to help take the planning out of saving your money. Some apps even automatically transfer money out of your account into a separate savings account. Whether you’re looking to build an emergency fund or save for a vacation, money saving apps are focused on finding little ways to help you save big money. Here are the top four money saving apps to check out.
By: Heather Hanks Dec. 14, 2018
Qapital application
If you like to set goals for yourself, Qapital is the app for you. It allows you to assign rules to yourself to automatically save money. For instance, you can adjust the app’s settings so that every time you make a transaction, the app will round your spare change to the next dollar and place it into an account where it adds up quickly. You can also have this account insured by the Federal Deposit Insurance Corporation.
Using Qapital is easy, but you’ll need to have an existing checking account set up. If not, you can set one up and link it to the app so it can help you reach your financial goals. The app also lets you transfer money into your checking account when you spend less than what you budgeted for. You can label purchases as “guilty pleasures” so that you can keep track of your spending habits. Or you can make a single cash payment on a consistent basis, such as every other week. The goal is to automatically move your money so that you don’t have to worry about it.
Signing up with Qapital is free, and there are no associated fees. Plus, you’ll earn 0.1% interest on all accounts that you use with the app, which isn’t a lot of money for a savings account but it’s better than nothing at all! All withdrawals from the app’s account will take several business days.
Acorns application
Investors will want to pay particular attention to the app Acorns. It works similarly to Qapital by rounding up the dollar amount of your purchases and transferring your change to a separate account, which helps you put away money with little effort at all. But Acorns is different from Qapital because it is an investing service that tucks away the money you save into a portfolio based on your goals and income level. The good news is that you’ll receive a return on the investment.
Every Acorns portfolio is made of funds that are exchange-traded. You also have the option of a portfolio that ranges from being conservative with a higher amount of bonds to aggressive or a lower amount. The fee is one dollar a month if you have an account balance under $5,000. Your fee is $0.25 of your account balance for anything over $5,000. If you’re enrolled in college, you can use the app for free for up to four years.
You can earn a percentage of your money back when you make any big purchases that are linked to your Acorns account thanks to the company’s major partners, Blue Apron and Airbnb. This money is automatically linked back to your account. Keep in mind that because you are investing your money, your savings may decrease if there is a dip in the markets that you invested your money in. Shares invested in the ETF have to be sold first before you can withdraw money from your account, so it could be several days before you get your money.
Digit application
Investors will want to pay particular attention to the app Acorns. It works similarly to Qapital by rounding up the dollar amount of your purchases and transferring your change to a separate account, which helps you put away money with little effort at all. But Acorns is different from Qapital because it is an investing service that tucks away the money you save into a portfolio based on your goals and income level. The good news is that you’ll receive a return on the investment.
Every Acorns portfolio is made of funds that are exchange-traded. You also have the option of a portfolio that ranges from being conservative with a higher amount of bonds to aggressive or a lower amount. The fee is one dollar a month if you have an account balance under $5,000. Your fee is $0.25 of your account balance for anything over $5,000. If you’re enrolled in college, you can use the app for free for up to four years.
You can earn a percentage of your money back when you make any big purchases that are linked to your Acorns account thanks to the company’s major partners, Blue Apron and Airbnb. This money is automatically linked back to your account. Keep in mind that because you are investing your money, your savings may decrease if there is a dip in the markets that you invested your money in. Shares invested in the ETF have to be sold first before you can withdraw money from your account, so it could be several days before you get your money.
Chime application
Chime is unlike the other money savings apps because it wants to help you save money by being your new bank account. To use the app, you’ll be asked to open a savings and checking account with Chime. You’ll also get a Chime debit card where you can automatically make cash deposits.
Chime allows you to save money by rounding up every purchase to the nearest dollar amount and putting the difference in your Chime account. This idea is very similar to Qapital and Acorns. The app also lets you automatically transfer up to 10% of your paycheck to your savings account when you make a deposit. Additionally, some of your bills and purchases might be eligible for cash-back savings.
Perhaps the best part about Chimes is that it does not charge the same fees that banks do, which is another area where you’ll save money. Chime is 100 percent free. It doesn’t have a signup fee, a monthly fee, or an overdraft fee. The interest rate on a Chime savings account is 0.01%. Although this percentage is low compared to banks, you’ll be saving the difference by using a completely free service.
