Saving money is an important part of any budget, but it can be hard to know where to start. After all, there are so many ways to spend money and so many places you could save it.
Fortunately, there are apps out there that can help you identify areas where you could be spending less and more efficiently. Here are some of our favorites!
This app helps you track your spending by category and find areas where you can cut back on expenses. It also has features that let you set up a budget and track your progress toward reaching it. You can even connect the app with other financial tools like Mint or Personal Capital so that all of your data is in one place.
Best Apps For Saving Money
The best money saving apps can help you save money, regardless of your starting point. These easy-to-use money apps require only a checking account and smartphone. Each app has its own style and strategies to help you save. But at their core, they’re designed to inspire you to get into the rhythm of saving without overthinking it.
Keep in mind, you will need to share your bank data with these money saving apps (unless, of course, it’s also your bank), so review the terms and conditions. Also, make sure your checking account has a balance buffer greater than a few bucks. You don’t want to risk an accidental overdraft.
Best money saving apps
Digit: Best for optimizing savings decisions
Qapital: Best for those who are motivated by visuals
Long Game: Best for a game-like experience
Chime: Best for effortless savings
Current: Best for young adults seeking a banking alternative
Acorns: Best for novice investors
Mint: Best for financial newcomers
Qoins: Best for those with debt
- Digit
Digit is an automated savings app that analyzes what goes in and out of your checking account. Then, it periodically moves funds from checking to savings in amounts its algorithms believe are safe to save.
Digit is a good option for those who identify as spenders, not savers, and like outsourcing decisions.
After a free 30-day trial, Digit charges subscribers $5 a month. For that fee, you’ll get the auto-savings feature as well as the ability to use the app to pay down credit card debt and establish savings goals. You can earn a 0.1 percent percent annual savings bonus that Digit pays every three months, a perk that can help offset some of the subscription fee.
If Digit determines you can’t spare any money, it won’t withdraw anything until you’re in a safer position to save. If Digit accidentally causes an overdraft, it will refund up to two instances. You can also opt in for overdraft prevention.
To move money back into your checking account, it will take one to three business days. If you need the funds right away, you can pay 99 cents to have the money sent back into your checking account within 30 minutes.
Your money is held at FDIC-insured banks, so you are protected up to $250,000.
Best for: Outsourcing savings decisions.
Cost: Free for 30 days, then $5 per month.
- Qapital
Qapital also aims to help you effortlessly save small amounts of money but with a twist: It lets users set up savings rules. For instance, you could set up a guilty pleasure rule so the app stashes money into your savings every time you buy takeout. Like some investment apps, Qapital can also round up your change on purchases and apply that money to your savings. If you use a debit card to buy a $4.50 latte, for example, the app withdraws 50 cents from your checking and moves it to your savings. You can also set a rule to make the roundups larger.
The app is often applauded for its visual goals-based approach. You can attach photos to your goals so that the portal serves as a digital vision board for your money.
To use the app, you have a number of options: You can link an existing checking account or you can sign up for a Qapital debit card. You can also use Qapital to make investments in an ETF portfolio for your longer-term goals. What products you get depends on the plan you pay for.
Best for: those who are motivated by visualizing their goals.
Cost: The basic plan starts at $3 per month with additional tiered plans. You can get a 30-day free trial.
- Long Game
Long Game tries to redirect some of the cash people spend on lottery tickets into savings. On the app, users who put money into savings get a chance to win extra money. It’s called prize-linked savings, and the more you save, the more chances you have to play games and win more cash. The account is FDIC-insured, and you’re not playing with your principal, or the money you’ve deposited into Long Game. The app also pays 0.1 percent interest on your balance.
You can also set up a rule on the app to save money on payday.
If you like the thrill of a lottery and want savings to feel fun, you might want to try this app.
Best for: A game-like experience.
Cost: Free.
- Chime
The digital-only brand Chime has won over millions of customers since launching in 2014. It offers bank accounts that include several auto-savings features.
If you send your direct deposit to your Chime account, you can also establish a rule for Chime to move a percentage of your paycheck into your savings. A round-up option is also available to boost savings.
Like other challenger banks, Chime doesn’t hold your bank deposits — it is not technically a bank. Its partner, The Bancorp Bank, holds your deposits. You will also earn some interest on your savings.
Best for: Those who want their bank app to save their spare change.
Cost: Free banking app.
- Current
Current is another newer digital brand that offers a variety of financial health tools through a mobile banking app. If you’re a customer, you can set up savings goals (or “pods” as Current calls them) to automatically sweep money aside for your chosen goal, like a rainy day fund or a vacation. You can also move money directly into your savings pod.
Best for: Young adults seeking a banking alternative.
Cost: Free basic checking account.
- Acorns
If you already have some emergency savings and want to take on some risk, you might want to invest. Acorns is one of the more popular apps that puts your spare change into an investment account.
Once you link a debit or credit card to the fintech app, Acorns will round up your purchases to the next dollar and invest that spare change into a diversified investment portfolio based on your goals. You can also set up a recurring transfer into Acorns.
Best for: Novice investors.
Cost: Starts at $1 per month for Acorns Invest.
- Mint
Mint organizes and monitors your accounts, all in one place. You can connect all of your different bank and credit card accounts, in addition to any loans and investments you may have.
With Mint’s program, you can see a complete financial portrait, giving you the bigger picture of your finances so you know how best to manage them. You can also set up special notifications so you never miss a bill and regularly monitor any subscriptions you may have. You can even receive a notification if any of your regular subscriptions increase in cost.
With the ability to create custom budgets, you can track and improve overall spending and debt. It’s also free, making its money from partners instead.
Best for: Financial newcomers.
Cost: Free.
- Qoins
Qoins claims it has helped its customers pay off loans two to seven years earlier, with an average of $3,200 saved in interest. With Qoins, you set a financial goal when you sign up so you know exactly how much to put aside each month. After that, Qoins helps you make little transfers throughout the month that go toward your total debt. Because the transfers are smaller, it leaves less of a footprint on your daily banking, since you are not transferring large chunks of cash every time you make a deposit.
Even if you do not have debt, Qoins is great for helping you build your savings. It can help you pay off loans faster and improve your credit score with minimal effort.
Best for: Those who have debt.
Cost: $2.99-$4.99 per month.
Are money saving apps safe?
Fintech companies take multiple security measures to protect your data. The safety of an app will vary by company. So, review the terms and conditions to see if you’re comfortable with the ways in which the company is handling your financial data.
Why you should use a money saving app
If you tend to spend before you save, these apps can help you adjust your behavior patterns. They’re also a great option if you’re just starting to build your savings. Rather than requesting a big lump sum like some traditional savings accounts do, these apps regularly move small amounts of money into your savings so the task requires less effort.
Once you’ve built up some savings, you might want to consider moving your money into a high-yield savings account. While yields have been dropping in the current economic environment, you can still earn a higher rate if you park your savings at certain banks. You won’t get rich, but online banks tend to offer savers a higher return. If you don’t need to access your savings for a certain amount of time, you can also consider parking your money in a certificate of deposit.
apps for saving money in nigeria
Saving has become a golden financial tip that everyone who desires financial security works with. It is increasingly touted as one of the many ways by which you can grow your income and build stable wealth while reaching long- and short-term financial goals. With saving, every note counts as small amounts do add up over time.
Most people are familiar with the conventional method of saving – piggy banks or ‘kolo’ as it is popularly called in Nigerian parlance. However, it is not always safe or effective to save all of one’s money using piggy banks, especially when you start to deal with larger amounts of money. Not only is it unsafe to keep such at home, it may also be a temptation to you and you may risk constantly dipping into your savings to spend on splurges and everyday expenses.
With technology, however, new and easy ways have been created to save in a quick and efficient manner. These are trustworthy money-saving applications with an easy-to-use interface that help you in a planned, rigorous and accessible way.
You need a money-saving app if:
You find it challenging to plan out your savings over a period of time. You constantly forget that you ought to save or are not sure how to go about it.
You have less than stellar delayed gratification abilities and will constantly dip into your savings for splurges or any expenses that come your way.
You need a better and more efficient way to keep your money.
Your savings have become quite large and it is no longer effective to keep them in your usual bank account.
Many of these money-saving apps do not only offer you a space to keep your hard-earned money, they also offer safe financial tips as well as interest on all monies saved with them. Not to worry, they are registered with and accountable to the central Bank of Nigeria and are therefore trustworthy and safe. Read on to enjoy a list of the 8 Best Money-saving apps with high interest rates in Nigeria.
Eight Best Money-saving apps with high interest rates 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.
How do I get on ALAT?
In case you are wondering how you can join ALAT, Simply Click here to download the app or on Google Play (for Android phones) or on iOS App Store (for iPhone).
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