Best savings apps in the UK – how to build a savings pot using your smartphone

Building up a sizeable savings pot can seem almost impossible at times. Often, the biggest hurdles are understanding your finances and knowing exactly how much you can put aside.

But there are apps like Starling Bank and Plum* which can automate this process, providing a safe, simple, and stress-free approach to saving money. In this article, we look at the best savings apps in the UK and provide a summary of their best features.

Best free apps to help you build savings

In the table below, we take a look at some of the best free apps to help you build your savings by connecting to your existing bank account. We also look at Chip, which is free to download but operates a pay-as-you-go model if you opt for the free version.

The apps analyse your spending habits and can automatically put money aside using an artificial intelligence-backed algorithm. If you choose to save with any of the below apps, your money is saved in an account with the app, and not with your bank.

	Plum*	Moneybox	Chip*
Monthly fees	Plum Basic - FREE Plum Pro - £2.99 Plum Ultra - £4.99 Plum Premium - £9.99	FREE	FREE with pay-as-you-go fees ranging from £0.25 to £0.45 + 0.25% platform fees Paid version available
Round-ups
Autosave
Easy access to savings accounts
Cash ISAs
Notice accounts
Investing options
FSCS protection	^		^^
Trustpilot score	4.1 out of 5.0	4.5 out of 5.0	4.7 out of 5.0

^FSCS protection only applies to Easy-Access pockets, not the main Plum account. ^^FSCS protection only applies to savings and investment accounts, not the main Chip account. 

We cover the apps in the table in more detail below.

Plum* - Great for savings targets

Plum is a money app founded in 2016  which has since amassed more than 1.9 million customers across Europe. It uses automation to help you save - your bank accounts are connected to the app and your bills and income are analysed by AI. Money is then set aside daily based on how much you can afford to spend.

Here are some of Plum's key savings features:

• Rounds up transactions to the nearest pound and saves the change
• Set savings goals
• Can adjust savings amounts based on 'moods'
• Easily withdraw your money when goals are reached
• Earn interest on savings with an Easy Access Interest Pocket
• Open a Cash ISA with a market-leading rate of 4.92% AER (variable)
• 4.1 out of 5.0 Trustpilot score based on more than 6,600 reviews
• No FSCS protection on the main Plum account (Primary Pocket) but money in the Easy-Access pockets is protected by the FSCS

Check out our independent Plum review for more information.

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Moneybox - Great for saving for your first home

Moneybox is a savings app that can help you save and invest. It was launched in 2016 and has since attracted more than 1 million customers who use the mobile app to reach their savings goals.

There are a range of savings accounts on offer as well as tax wrappers like LISAs, Cash ISAs, and Stocks & Shares ISAs. Opening an account is free, but saving and investing can come with platform fees.

Here are some of Moneybox's key savings features:

• Save as you spend with the round-up savings feature
• Start saving with just £1
• Choose between a Cash ISA, Simple Saver or 32,  and 95-day notice accounts
• Invest in a Stocks&Shares ISA by choosing from ready-made funds and building your own portfolio
• Save for retirement or your first home with a Lifetime ISA
• Earn interest on your savings
• 4.5 out of 5.0 Trustpilot score based on around 2,000 reviews
• FSCS protection

Check out our independent Moneybox review for more information.

Chip* - Great for automatic saving

Chip is a savings app designed to help you save and invest for the future. It comes with features like autosaves powered by AI, as well as a prize savings account. Chip is award-winning too; the app recently won the Best Personal Finance App in the 2024 British Bank Awards, as well as Apple's App of the Day in January 2022.

Here are some of Chip's key savings features:

• Analyses your spending and suggests amounts to save every 4 days
• Save without thinking using Artificial Intelligence (AI)
• Earn up to £75k in monthly prizes with the Chip Prize Savings Account
• £0.45 charge per autosave with its free account
• £0.25 charge per recurring save with its free account
• 0.25% annual platform fee to invest with its free account
• Earn interest on your savings with Chip's Instant Access and Cash ISA accounts
• Set savings goals
• Withdraw money at any time
• 4.7 out of 5.0 Trustpilot score based on more than 3,000 reviews
• Money held in Chip savings and investment accounts are FSCS-protected

Check out our independent Chip review.

Build up savings with an app-only bank account

App-only banks allow you to save money via the app and even allow you to save whilst spending if you hold a current account with them. In the table below, we explore bank accounts that have similar features to the apps above.

We compare the features available with the free versions of these accounts. Some of them offer better interest rates, advanced budgeting features and packaged bank account options if you're willing to pay a monthly fee.

	Starling Bank	Monzo	Revolut	Chase Bank
Monthly fees	FREE	Monzo - Free Monzo Extra - £3 Monzo Perks - £7 Monzo Max - From £17	Revolut Standard - Free Revolut Plus - £3.99 Revolut Premium - £7.99 Revolut Metal - £14.99 Revolut Ultra - £45	FREE
Interest on current account
Other savings accounts
Investing options
Round-ups feature
Budgeting features			^
FSCS protection
Trustpilot score	4.3 out of 5.0	4.2 out of 5.0	4.1 out of 5.0	4.2 out of 5.0

^Revolut offers FSCS protection on savings, but not on the money held in your primary account. 

As they are fully-fledged bank accounts, you also have the reassurance that your money is protected by the Financial Services Compensation Scheme, excluding Revolut which is not yet a UK-registered bank account. For more app-only banks that offer handy saving and budgeting features within the same account that you bank with, check out our article 'The best app-only bank in the UK'.

Starling Bank - Great for round-up saving

Starling Bank is an app-only bank account that comes with lots of great features like fee-free spending abroad, options to "split the bill" with friends, as well as instant spending notifications. As a fully regulated UK bank account, it also offers FSCS protection and additional features like overdrafts. Its savings features make it easy to reach your savings goals too. Here are some of the features you can expect with Starling:

• Set savings goals using the Savings Spaces
• Save in separate pots
• Round up spare change from spending transactions
• Analyse spending habits
• Earn 3.25% interest on current account balances up to £5,000
• Earn 4.20% interest with the Fixed Saver
• 4.3 out of 5.0 based on around 40,000 reviews

Check out our independent Starling Bank review for more information.

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Monzo - Great for competitive interest rates

Monzo is an app-only bank account which offers FSCS protection. It offers a free bank account which comes with basic budgeting features as well as savings accounts with attractive interest rates.

Its cheapest paid account, Monzo Extra which costs £3 per month, comes with advanced budgeting features such as custom spending categories and advanced roundups. For those willing to spend a little more, Monzo also offers packaged bank accounts with perks including free weekly Greggs treats and free railcards.

Here are some of the savings features you can expect with the free Monzo account:

• Set savings goals
• Easily withdraw money
• Round up spare change
• Save with a fixed account and earn up to 4.35% in interest
• Save with easy access savings account and earn up to 4.22% in interest
• 4.2 out of 5.0 based on around 36,000 Trustpilot reviews

Check out our independent Monzo review for more information.

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Revolut - Great for saving in different currencies

Revolut recently received its UK bank license and while it's currently undergoing a mobilisation phase and doesn't offer FSCS protection, it will likely do so in the near future. It also already has many of the features you would expect from a full-fledged bank.

It's particularly popular with those who travel abroad often as it comes with some of the best exchange rates on the market as well as limited fee-free spending abroad. It offers paid packaged bank accounts with a range of different features too.

Its savings features include spending analytics to help you gain insights into your spending, as well as the opportunity to set budgets and manage subscriptions. Here's a summary of some of the key features on offer:

• Set savings goals
• Daily interest on GBP savings
• Deposit lump sums or regular amounts
• FSCS protection on savings (money held in a Revolut primary account is not FSCS protected)
• Round up spare change
• Save in multiple currencies
• 4.1 out of 5.0 based on around 160,000 Trustpilot reviews

Check out our independent Revolut review for more information.

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Chase Bank - Great for cashback

Chase Bank is an app-only bank owned by US-based bank J.P.Morgan. It's a relative newcomer to the UK market having launched in September 2021. Its 1% cashback is one of its most attractive features, but it also comes with great savings accounts and budgeting features like round-ups and spending insights.

Here are some of its key budgeting and savings features:

• Create separate current accounts to save
• Round up spare change
• Earn 5% interest on your round-up savings
• Earn 3.50% (3.45 gross) interest on a Chase saver account
• Earn 1% cashback on your daily spending
• 4.2 out of 5.0 based on around 10,000 Trustpilot reviews
• FSCS protection

Find out more in our independent Chase Bank review.

The best savings apps in the UK

Some of the best savings apps in the UK include Plum, Moneybox, and Chip. They offer a range of budgeting features like round-ups, autosave features, and savings accounts with competitive rates. Some even offer investing options and tax-free wrappers like ISAs. Though all of them have basic free versions, Chip is a pay-as-you-go app that will charge you for saving.

The best app-only banks with great savings features include Chase Bank, Starling, and Monzo. Features you can expect include round-ups, savings accounts, and even the option to earn interest on your current account in some cases. Revolut is a good option too, but while it's a recognised bank elsewhere, it's not licensed in the UK. As such, it has many of the same features that you might expect from a bank, but it doesn't come with FSCS protection, for example.

Looking for more ways to save? Check out our round-up of the best savings accounts in the UK or the best cash saving platforms in the UK. Alternatively, try our top 25 money-saving tips that could save you thousands.

 

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