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Automatic Savings Apps
What they are, how they work & our top picks
Updated 16 September 2021
Autosaving apps use clever tech to work out what you can afford to save and then do it for you, automatically – moving money from your bank account to a virtual savings account. The idea is that you start building up savings without really noticing the cash is going. We've everything you need to know and all the top picks below.
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Who's this guide for? Anyone wanting to try an automatic savings app that can help you get into the savings habit.
Not what you want? Other related guides...
App-based Banking | Best Bank Accounts | Top Savings Accounts
What are autosaving apps?
These 'autosaving' apps try to squirrel away some of your cash without you noticing – useful if you find it difficult to put money aside or don't know how to start saving.
Some calculate how much you can afford to save each week and automatically move money into a separate savings (or investment) account, while others 'round up' your purchases to the nearest pound and save the change for you. In theory, these features should help you save without having to think about it, leading to higher savings building up.
If you're feeling the pinch, you can always tell the app to save less, or withdraw the money back into your current account if you need it.
Yet while these apps can help you save more, they generally don't pay much (or any) interest – to max returns on existing savings, see our Top Savings Accounts guide.
The five autosaving app need-to-knows
To help you decide if an autosaving app is right for you, it's worth getting your head around the following need-to-knows...
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![apps to access current accounts]()
The apps below require you to give them access to your existing online banking, so they can see your current account (and sometimes your credit card) info. This allows them to calculate how much you can afford to save.
Depending on the app, and which bank you use, you may sometimes need to give the app your login details so it can access your data. And because of a regulation snappily called 'the second payment services directive' (PSD2) and reforms to the banking industry called Open Banking...
... banks must share your banking data with authorised third parties if you've given permission
By 'authorised' we mean those third parties, such as apps, which have special licences from the Financial Conduct Authority (FCA) or other European regulators – see our Open Banking explained guide for more. Banks may still share your info with unauthorised firms if they choose to. However, if you choose to do this with an unauthorised firm or app, you may be liable for any fraud affecting your bank account.
We note in the details for each app below if it is authorised to provide these 'account information services'. If you find one that isn't, you need to decide whether or not you're happy to take on the extra risk.
Quick question
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When it comes to your finances, you want to be sure your money's safe – so it's important to understand how your money's protected. UK-regulated banks such as Barclays and NatWest have the full £85,000 Financial Services Compensation Scheme (FSCS) protection (see more on this in our Savings Safety guide).
Some of the apps below also have FSCS coverage, but others don't. Instead, many autosaving apps have an 'electronic money' licence. This means they have to hold your cash in a bank account ring-fenced from their operating cash – this is normally with a big bank such as Barclays or NatWest.
Should the digital bank go bust, assuming it's done things by the book, your money would be protected as it'd be in a different account to the firm's own money.
But there's an important caveat. If the bank or building society in which your money was ring-fenced went bust, your money may NOT be protected. This is because it's not counted as a deposit, in the way that cash in a savings account would be, and so it's not as clear-cut – the FSCS has told us that it would have to decide on a case-by-base basis whether or not it would cover your cash.
For providers in this guide, we tell you how your money's protected – it's up to you whether you want to take the risk of a big bank that's holding your money going under.
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Top autosaving apps
If you want to try an app to help you get saving, our top picks are below. Do note all these apps also offer investments as well as saving, so make sure you're signing up to a savings plan – if that's what you want. If you do want to invest, these apps aren't usually the cheapest way (see Investing for beginners for more).
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Automatic savings apps – our review
If you're looking to save little and often, most would be better off with a straightforward regular savings account, which pay more interest. However, if you've tried that and it doesn't work for you, or you don't know how much you can afford to save, it's worth trying one of these apps.
Autosave apps usually pay little interest. However, Chip has partnered with Allica Bank to offer a 0.7% AER variable interest easy-access account – which beats the top standard savings account. To get it you have to sign up to Chip's 'AI' plan – which includes an autosave feature (great for those who find it difficult to save) – but charges a £1.50 fee every 28 days. The fees would usually outweigh the interest gain, but if you're new to Chip we've a code to get £20 cashback – effectively covering the cost of the fees for a year.
You give it read-only access to your current account via Open Banking (most major banks are supported) and it uses its algorithm to analyse your spending and work out how much you can afford to save. It does this every four days on its default setting, automatically transferring the money into your savings account (or another account of your choosing). However, you can ramp up or down how much it saves each time, or pause autosaves entirely – though only up to three months at a time.
Plum's Basic plan is our top fee-free pick, so if Chip isn't for you – or you no longer want to pay fees – then Plum could be a good choice. Its autosaving feature works in the same way as with Chip, but it also gives the option to round up your purchases to the nearest pound and save the difference (eg, 80p on a £2.20 spend), which it collects weekly.
Your savings are initially held in your Plum account paying no interest, but you can move it to its one-day notice 'interest pocket' at 0.25% or out of the app into a top savings account for higher rates.
Alternatively, Moneybox is also free but only offers 'round-ups', which work in the same way as Plum. However, Moneybox offers a choice of savings accounts where it deposits the cash. Its 'Simple Saver' gives instant access at 0.25%, but if you're a first-time buyer (or want to be one day) it's worth looking at its Lifetime ISA which is a top pick in its own right.
Top autosaving apps
| TABLE_CELL_STYLE | Is there a fee? | Features | Interest rate (AER variable) |
Min/max deposit | Max FSCS protection |
| Chip | Free for four weeks, then £1.50 every 28 days | Autosave | 0.7% | £1/ £30,000 | £85,000 (1) |
| Plum Basic* | No | Autosave and round-ups | 0.25% on 'interest pockets' | No min/ no max | £85,000 on interest pockets, shared (2) |
| No | Round ups | 0.25% on its 'Simple Saver' | £1/ £85,000 | £85,000, shared (3) |
Important. Outside the Financial Services Compensation Scheme protection on the accounts stated, any money you deposit is ring-fenced in a different bank account (eg Plum uses the Bank of England, Chip's basic account uses Barclays and its 0.7% account is with Allica Bank), so if there are problems with the provider, your money's safe (as long as the bank still exists). (1) With Allica Bank. (2) With Investec. (3) With Shawbrook Bank.
Spotted out of date info/broken links? Email: brokenlink@moneysavingexpert.com
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