
Automatic Savings Apps
What they are, how they work & our top picks
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. Some even let you invest. 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.
Who's this guide for? Anyone wanting to try an automatic savings app that can help you get into the savings habit.
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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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Top autosaving & autoinvesting apps
If you want to try an app to help you get saving (or investing), our top picks are below. Remember: if you choose to invest, you could lose money as well as make money. So ensure you fully understand the risks before diving in – if you're not sure where to start, take a look at our top 10 investment tips for beginners.
Chip is a savings app that uses an algorithm to work out how much you can afford to save, and puts that amount away automatically every few days. Normally it doesn't pay any interest, or very little, but its new Chip+1 account* (you need the code MSE21) pays 1.25% annually if you're new to Chip. Though there's a lot you need to know before you sign up:
- You can save up to £2,000 for free or £10,000 for a fee. The default plan is ChipAI which pays 1.25% variable on up to £10,000 and charges a £1.50 fee every four weeks – giving you access to its autosaving features.
Alternatively, you can opt for the fee-free ChipLite plan which pays 1.25% variable on up to £2,000 but here there's no autosaving – you just choose to put your cash in.
- Use code MSE21 to access it. You normally need to be referred by an existing Chip customer, but we've managed to get it to give us the code MSE21, which cuts out all that faff if you're new to Chip – put it in the VIP code box once you've downloaded the app and registered via Chip+1*.
- The bonus is paid every 12 weeks but DOES NOT compound. It's calculated weekly and paid every 12 weeks, though if you close an account before it's payable you get nothing. The bonus is also held in a separate account so you don't get interest on the interest.
- It works with most bank accounts but not all. See FAQs for the full list.
Important: Only money in Chip+1 (not the bonus you receive) has the usual £85,000 per person protection via the FSCS (see FAQs for full info).
Interest rate: None by default; 1.25% variable cash bonus on Chip+1 account (see FAQs)
Fees: None for manual saving; £1.50 every 28 days for autosaving (starting when you first hit £100 in autosavings)
How to get it: Download for iOS (rated 4.5/5) or Android (rated 4.3/5)
Protection: Savings in Chip+1 are FSCS-protected (but bonus is not)
Plum* is a savings tool which uses an algorithm to work out how much you can afford to save, moving the sum automatically into a 'savings' account.
By default, Plum doesn't pay interest on money saved. But you can open an 'interest pocket' in the app which pays 0.25%. Alternatively, you can choose to invest through it with a choice of funds managed by the likes of Vanguard and Legal & General – though there are fees for this, and you need to be aware that you could end up getting less back than you put in, depending on the performance of the stock markets. See our Investment for beginners guide for more information if you're new to investing.
Important: Only money in 'interest pockets' has the usual £85,000 per person protection via the FSCS (see FAQs for full info).
Moneybox offers 'round-ups', where you connect your debit or credit card to it and it rounds up your purchases to the nearest pound, letting you save or invest the difference (eg, buy a £2.20 coffee and it puts away 80p). We're focusing on the investment option here.
In addition to round-ups, you can make weekly or one-off deposits into one of three investment options – cautious, balanced or adventurous (see our Investment for beginners guide for help choosing). Any investments you make are taken once a week via direct debit and invested a few days later, and you can choose to hold a general account or a stocks & shares ISA.
It's one option if you want to dip your toe into the world of investing but aren't sure where to start. However, be aware that the charges are relatively high – no surprise as all those payments will mean a lot of management. The app costs £1/mth after the first three months, plus 0.45% a year of whatever you invest (and there are also associated fund charges of 0.12% to 0.30% a year, though you'd pay this anywhere). It can be cheaper to use an investment platform if you're happy to pick your own funds.
Investment fees: £1/mth per account (free for 3mths) + 0.45% a year + fund manager charges (estimated at 0.12%-0.30% a year)
Min investment: £1 | Max investment: £20,000/week (but £20,000/year if in an ISA)
Transfer-out fee: None, but charges £25 per fund for 'in specie' transfers (where you transfer a fund/holding directly to a new provider without cashing it in first – these are rare)
How to get the app: Download for iOS (rated 4.7/5) or Android (rated 4.7/5)

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