Money saving apps are an invaluable tool in the modern-day economy. With money saving apps, you can save money by tracking your spending, finding discounts and vouchers, and even negotiating a better price on the spot.
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Best Apps For Money Saving
- Acorns
Best for investing
Savings
at Acorns
How it works: Acorns is an investing app that rounds up your purchases to the nearest dollar and automatically adds the difference — taken from a linked spending account — to an Acorns investment account. That money is invested in a portfolio based on your income and goals, and you’ll earn a return on the investment.
A basic Acorns account costs $3 a month, and includes a checking, investing and retirement account,, and (There is a $5 monthly fee option if you add investment accounts for kids). Each Acorns portfolio is composed of exchange-traded funds (generally a basket of stocks and bonds), with options that range from conservative (having a higher percentage of bonds) to aggressive (having a higher percentage of stocks). There are also sustainable portfolios featuring companies that meet environmental, social and governance requirements.
Perk: If you make purchases using a promotional bonus offer from one of the company’s partners — such as Apple and Walmart — and use a linked card, the partner gives back to your Acorns investment account.
Downsides: Because investments are not guaranteed, your balance may shrink if there’s a dip in the investments where you’ve allocated your funds. It can also take several days to withdraw money from your account because shares in the invested ETF must be sold first.
» Want to learn more? Check out NerdWallet’s review of Acorns
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- Qapital
Best for goal setting
Savings Account
How it works: For $3 a month, Qapital lets you set rules to automate savings. For example, every time you spend money from a linked funding account, Qapital can round up the total to the nearest dollar (or more) and move the amount into a goal account held at a partner bank that is insured by the Federal Deposit Insurance Corp. Or you can contribute a set amount to your fund on a regular basis. You earn 0.10% interest — which is low for an online savings account, but not a bad rate for checking. Qapital also offers premium memberships that let you set rules to automate investing, but they cost more.
You’ll need an outside checking account to link to Qapital and fund your goals. Withdrawing money from a Qapital account takes one to two business days.
Perks: You can set and name goals. Qapital’s Premier membership also gives you the ability to create a Dream Team, where you can choose balances and transactions to share with family and friends, and make instant transfers to that person’s Qapital account.
Downsides: You need to be a member to use the app, and there are three levels of membership that cost $3, $6 or $12 per month, respectively. Higher tiers offer a debit card and more customization features. Also, while the Qapital Spending account’s debit card is free to use for transfers and purchases, there may be fees for using ATMs. (Qapital won’t charge you, but the ATM owner might.)
» Want more options? Check out NerdWallet’s favorite high-yield online savings accounts
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- Digit
Best for simplicity
Digit Savings Account
How it works: Digit calculates what you can save based on your spending and income patterns in a linked bank account. Then it transfers money that you can spare into an FDIC-insured account. There’s a 30-day free trial period when you sign up for Digit, but after that, it costs $5 per month.
Perk: You’ll earn a 0.10% annualized savings bonus paid every 90 days, based on the average daily balance kept in your Digit account during that period.
Downside: While you can set balance limits, you don’t generally control the exact amount Digit transfers each day. This means Digit auto-savings could theoretically cause an overdraft in the external account. To avoid this, you’ll want to pay careful attention to your balance and transfer patterns. You also have the option to pause Digit transfers. In addition, Digit will refund up to two overdraft fees triggered by such transfers.
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Using apps to save money
If you find it difficult to build a savings balance, using an app that automatically does it for you can be a good first step. Getting yourself in the habit of regularly putting aside some money — and seeing your balance compound and grow — can put you on track to successfully managing income and expenses. (Read more about how compound interest works.) Once you have some money set aside, you can take the next step and open or contribute to a regular savings account.
How to open a savings account
If you don’t have a savings account, you can open one by submitting an application, either online or at a bank branch. You’ll need to provide your Social Security number and contact information, along with at least one form of identification, such as a driver’s license or a passport. (For a joint account, everyone wanting access to the account must provide this information and ID.) You generally can deposit money with cash (if in person) and by check, as well as with a bank transfer from an existing account.
How much should I have in savings?
For a savings account that holds your emergency fund, work your way toward covering three to six months’ worth of basic living expenses. You can start small — having just $500 saved can help you pay for some financial emergencies without going into debt.
For short-term needs, having multiple savings accounts or one that’s divided into “buckets” can be handy, especially if you’re tucking away money to reach specific goals, such as a vacation. But once you have a buffer for emergencies, try to begin building a retirement account with investments, where those dollars will earn more than they would in a savings account.
Apps for saving money in Nigeria
- ALAT
ALAT is Nigeria’s first ever fully digital bank and tops this list for a plethora of very good reasons. The saving platform is the innovative brainchild of WEMA Bank Nigeria and is fully digital. This means that you can perform all your transactions on your electronic devices and from the comfort of your home – you do not have to go to a physical branch.
It is simple, convenient and reliable with an interest rate of up to 8.75% on the amount saved per annum – three times the standard bank rate! This account can be opened within minutes. All you have to do is download the app from the Google Play Store or the Apple App Store and upload all necessary details to create the account.
ALAT allows you to set your savings goal and determine how much you want to save and for how long. You can automate your savings or choose to save at your own pace. You can also choose to save alone or with friends via the Group Savings option. Interest rate on your savings is up to 4.2% provided you do not withdraw more than 3 times in a month.
It also has the added benefit that it functions like a regular bank account so you don’t have to link to another bank account to set up your savings. Your ALAT debit card (Visa, Mastercard, Verve card) is also delivered to you at home or in your location of choice at zero cost. This debit card is internationally acceptable and can be used for foreign transactions within and outside the country.
With ALAT, you can create a free virtual dollar card for your online and foreign transactions.
- PiggyVest
Formerly known as Piggy Bank, PiggyVest is a start-up that is affiliated with UBA Nigeria Plc. The savings app has a safe lock which enables you to lock up parts of your money for a specific period of time. For unlocked funds, there are 4 withdrawal dates, one per quarter and withdrawing outside of these dates attract a penalty fee of 5% of the withdrawal amount. The app is available on Android and iOS and requires no deposit or monthly fees. - Cowrywise
Launched in 2017, Cowrywise offers savings with interest rates at periodic, fixed and one-time rates. With this app, you can build your savings and investment portfolios and manage your money securely. It has an interest rate calculator that determines how much interest you get per time. It also allows you to save as an individual or with a group. A notable highlight of Cowrywise is the friendly user-interface and the ‘Savings Challenge’, which challenges you to engage in rigorous savings plans that help you build emergency funds or a better stash of funds at the end of the specified period. - Sumotrust
Sumotrust, formerly known as Sumobank is another money-saving app that allows you to set aside money easily and automatically. They offer both savings and investment services with an interest rate of up to 10% per annum. The platform positions itself to cater to those who desire to save for business purposes. It is therefore a big fit for entrepreneurs and business corporations. - Kolopay
Kolopay is another app to save money on a schedule. With the EasySave and Autosave option, you can choose to automate your savings by schedule – daily, weekly or monthly. You can also use the Koloshare feature to invite others to contribute to your saving goal. Just like many of the other apps, Kolopay has a withdrawal date policy and offers an interest rate of up to 10%. Kolopay allows you to have multiple saving goals at a time. - KudaBank
Kuda is another saving platform that offers the opportunity for you to effortlessly save while earning interest on your money. With the Spend+Save tool, KudaBank allows you to put money away every time you spend on something. The savings plan is flexible and allows you to put your savings on your own schedule. You can also lock up the money in a Fixed Savings Plan and you can make up to 25 transfers to other banks in a month. - Jetseed
Jetseed, formerly known as Pettysave is a savings and investments platform that aims to help you save and grow your money. You can automate your savings from as low as N100 and save towards specific targets such as a new car, wedding, travel, etc. The app also offers free financial tools and guides to help you on your path to financial security. - Crowdyvest
Crowdyvest is another saving app that offers you the opportunity to build your wealth consistently. With its autosave option, you have the freedom to automate your savings and create as many savings plans as you desire.
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