If you don’t have it in your sight then how will you spend it?
This is the basic mantra which I apply when it comes to savings, so it is better not to keep your piggy bank right in front of you and try to save because in case of emergencies you might end up breaking it.
This is the most important reason why Online Automatic Savings Apps are in use as they save money for you without your knowledge and help in multiplying it as well.
So now you will definitely be asking about the normal Online Savings Account and why you can’t simply keep money in the same, and for this, I have your answer at the end of this article.
Why choose Automatic Savings app? Well, a simple answer is that these apps help you save money when you’re not even planning to and this the best thing that can ever happen to you.
As having some funds stacked away when you’re broke before the next paycheck seems to be a good option.
So, ask no more and read on to find out the Apps that save Money for you automatically.
You just have to get one of these accounts and forget about it, as they keep on saving for you Automatically.
1. Digit
Most Liked for Simplicity
Platforms this app works on: Android and iOS
Fees: Free for 30 days, then $2.99 per month
How it Works: If you are planning to save money without even thinking about it, then Digit is the most suitable app for you. Because this is one of the very first automatic savings apps that allows you to save money based on an algorithm.
Digit app syncs with your bank account and analyzes your cash flow and you earn 1% Bonus on your savings. This app calculates what you can save which is based on your income and spending patterns.
And also, Digit app works through text commands so, if you want to withdraw money then you can easily do the same.
Digit app also offers you Digit Pay. In this, instead of moving money into a savings account, you can take Digit apps help to eliminate your credit card debt.
In Digit pay, you save and earn the way as the normal Digit app and the only difference is that this saved amount is used in reducing your debt.
So, all you have to do is activate Digit Pay and see your debts reducing through your savings and earnings.
Perks: You can earn a 1% Annual Savings Bonus which is paid in every 3 months and this is based on the average daily balance that you maintain in your Digit account.
2. Acorns
Most Liked for Investments
Platforms this app works on: Android and iOS
Fees: $1 per month for Acorns Core, $2 per month for Acorns Later, and $3 per month for Acorns Spend
How it Works: Acorns is an investing app which rounds up your purchases to the nearest Dollar and automatically adds the difference in the Acorns account.
This money is then invested in a portfolio which is based on your income and goals and you earn a return on these investments.
So, instead of just putting your money in a savings account, the Acorns app invests the money in a mix of different Exchange-Trade Funds (ETFs).
There are various ways through which you can invest with Acorns:
Rounding Up: This feature is just like all the other automated savings apps, where you make a purchase and the app rounds up the total and puts the change into your Acorns account.
Found Money: Acorns is not just limited at being a Savings app but it is also a Reward Program.
Acorns has a partnership with various brands like Apple, Hulu, Groupon, Walmart, etc.
So, when you make any purchase with one of these brands using your Acorn-linked card, then the company will put some money into your Acorn account.
Referrals: You can easily earn money by referring your friends to Acorns, so whenever a friend signs up using a special investment code which is sent by you then a bonus gets paid into your account.
The total amount that you can earn through found money and referrals combined is $100 per year.
Perks: Acorns company partners like Airbnb and Blue Apron give back a percentage of the purchase that you make using your card which is linked to Acorns account.
3. Chime
Mostly Used for an Alternative Bank
Platforms this app works on: Android and iOS
Fees: None
How it Works: Chime is a mobile-only online bank which offers its own automatic savings app.
Chime offers you 2 ways to save money:
- You Save when you Spend: Chime account comes along with a Chime Debit Card which is FDIC insured and the purchases with this card get rounded up to the nearest Dollar.
Chime pays you a 10% Bonus every Friday on all the money that you’ve saved by rounding up and this bonus is capped at $500 per year.
- You Save When You Get Paid: Chime can also be used like a regular automatic savings plan.
This means that whenever you receive your paycheck, you can automatically have 10% of its amount deposited in your Chime Savings Account.
Perks: They do not charge any overdraft fees, foreign transaction fees or fees for monthly minimums and ATM use.
4. Qapital
Most Liked for Goal-Setting
Platforms this app works on: Android and iOS
Fees: You get a 30-day free trial and then $3/month for Qapital Basic, $6/month for Qapital Complete, and $9/month for Qapital Master
How it Works: Qapital is an app that automatically saves money based on your goals.
Qapital doesn’t pay any interest on its FDIC-insured savings account but offers an automated savings app which you can customize according to your needs.
To be able to use this app you need to link your debit or credit card to your Qapital account and you can set your own rules on how much money you want to transfer and when.
There are various rules which you can set up in the app to make your money saving process easy like:
- The Roundup Rule: In this rule, every time you make a purchase, the app rounds it up and the extra amount goes to your Qapital account.
- The Guilty Pleasure Rule: With this rule, you put your bad habit to help you save money. So, every time you spend on desert or on an overpriced cocktail, a fixed amount gets transferred to your Qapital account.
- The Set and Forget Rule: Well this is the simplest rule of all, where you arrange to transfer a fixed amount of money to your Qapital account which can be daily, weekly or monthly.
- The Spend Less Rule: This rule helps you in spending less, for example:
If you generally spend $60 on groceries and try to spend less the next time i.e. $50 then the difference amount of $10 will automatically get transferred into Qapital savings account.
Qapital account is good for setting goals and saving your money but all the money that is saved in your Qapital account earns you no interest.
The only way to access your saved money is through the Qapital app by transferring it to your regular checking account or you could get cash back when you use it in a store.
Perks: Qapital is easy to alter according to your needs, so saving for your dream car or vacation has become extremely easy.
Just set up the goal along with the required amount and you’re good to go.
5. Keep the Change
Most Preferred by Bank of America account holders
Platforms this app works on: Android and iOS
Fees: None
How it Works: Keep the change is a savings program provided by Bank of America, so for those who have their account in BOA, this will be an easy transition.
If you enroll your Bank of America debit card then Keep the Change automatic savings app rounds up your purchases to the next Dollar and transfers the difference to your BOA savings account.
But to use Keep the Change app you need to have both of your checking and savings accounts at Bank of America, as well as a debit card that’s linked to the checking
Perks: Keep the change app is extremely easy to use, all you have to do is buy things with BOA debit card and watch your savings grow.
Start Saving with Keep the Change
6. EvoShare
Most liked for additional benefits
Platforms this app works on: Android and iOS and the Browser Extension works with Chrome, Mozilla Firefox, Safari
Fees: $0 to $3 per month
How it Works: Evoshare works a little differently than the rest of the automatic savings app mentioned in this read.
Evoshare along with a savings app is also a cash back app that helps you save for your goals.
This app helps you in saving for your retirement or in reducing your student debt and all you have to do is your daily shopping.
So, EvoShare has a browser extension which is easy to install and when you’re purchasing things online from a retail partner then you automatically get cash back rewards.
EvoShare doesn’t put the money in your checking account instead, you connect a student loan debt account, a retirement account, or a college fund for your kids and EvoShare deposits your money in these accounts.
Perks: With EvoShare, you get cash back rewards stacked with the credit card rewards and store specific promo codes, so you save on your purchases along with saving from your own money.
Why have an Automatic Savings App?
We often don’t realize it but Savings should never come as an afterthought, in fact, this should be the very first thing that comes in your mind right after you receive your paycheck.
And having an automatic savings app comes with various perks:
- It’s extremely easy to save: When you don’t have to take the effort of transferring funds from your checking account to Savings account, then you end up saving something.
It is a much hectic task for us to save as we always keep on procrastinating it.
And with an automatic savings app, you don’t have to do the math or go through any fund transfer process.
- Save for Multiple Goals: Just like you kept various piggy banks to fulfill various goals, these automatic savings app also let you set different goals.
And all the rewards or interest that you earn with these apps get saved automatically.
- You start Saving on your Own: When you have lesser funds to spend in your checking account then you automatically start living life on lesser money.
You will start seeing the saved amount as extra money and won’t be enticed to spend it over time as after sometime Saving will come to you naturally.
- Keeps your Savings separate: Like I said at the start of this read “Out of sight, out of mind”, so you will Actually Save money and not spend it whenever required as the fund will be stacked away from your sight.
The money will be there when you need it but it will be used more wisely, so you can easily pay off your debt or save for retirement.
Every Buck Counts makes sure that each and every of your hard-earned money goes into making your life better and easier and focuses on getting you out of debt.
So, make Saving a Fun Game with us and Enjoy your tensions free life!
