The past few years have been great for money management apps, with a host of new apps being launched, providing new ways to manage your money via your smartphone. With the arrival of a new wave of banking technology and the ability to automate your savings, it can be hard to settle on the best app based on your preferences such as product features and cost. This article provides a handy guide so you can decide which one works best for you.
We take a look at popular budgeting apps like Snoop*, savings apps like Plum*, investing apps like AJ Bell Dodl*, as well as a range of investing platforms, trading platforms, and app-only banks.
This article is split into two sections:
Money apps to use alongside your bank account
The best budgeting apps in the UK
This section features the best budgeting apps in the UK in 2024. These apps help you to manage your money effectively and become aware of your spending habits. They are good at guiding you toward your savings goals by helping you to cut down on unnecessary spending.
A table summarising the best budgeting apps in the UK
The below comparison table is based on the basic version of the apps and does not refer to any additional features that the app may offer in its premium account.
| Moneyhub* | Snoop* | Emma | |
| Free trial period | Yes (6 months) | Yes (7 days) | Yes (7 days) |
|
Cost
|
£1.49 per month | Free or £4.99 per month | Free, £4.99, £9.99 or £14.99 per month |
|
Prepaid debit card
|
No | No | No |
|
FCA registered
|
Yes | Yes | Yes |
|
Categorised spending
|
Yes | Yes | Yes |
|
Create budgets
|
Yes | Yes | Yes |
|
Set savings goals
|
Yes | No | Yes |
|
Link multiple accounts
|
Yes | Yes | Yes |
| Great for... | Our top pick | Saving money on bills | Finding wasteful subscriptions |
| Read our full review | Moneyhub review | Snoop review | Emma review |
We also summarise the apps in the following article: 'The best budgeting apps in the UK: How to budget without trying'
The best savings apps in the UK
This section takes a look at apps that work alongside your current bank account to help you grow your savings. These apps use AI (Artificial Intelligence) to analyse your spending and automatically save a 'safe' amount into a separate savings account for you. These apps are good if you are not very disciplined at putting money aside and find it hard to save.
A table summarising the best savings apps in the UK
The below comparison table is based on the basic version of the apps and does not refer to any additional features that the app may offer in its premium account.
| Plum* | Chip* | Moneybox | |
| Free | Yes | Yes¹ | Yes |
|
Automatic saving using Artificial Intelligence (AI)
|
Yes | Yes | No |
| Savings goals | Subscription accounts only | Yes | No |
|
Withdraw same day
|
Yes | Yes | Yes |
| App | Yes | Yes | Yes |
| Interest | Yes | Yes | Yes |
| FSCS protection | No² | Yes | Yes |
| Where is my money kept? | Stored as e-money with Payrnet | With third-party banks such as ClearBank, Allica Bank and OakNorth Bank | With third-party banks such as Investec, Charter Savings Bank and Shawbrook Bank depending on the account you open |
| Great for... | Savings targets | Automatic saving | Round up spending |
| Read our full review | Plum review | Chip review | Moneybox review |
¹Chip charges £0.45 per autosave
²The money stored in a Plum primary account is not FSCS protected, however, if you open an easy access savings account with a Plum premium account your money will be FSCS protected.
We also summarise the apps in the following article: 'The best savings apps in the UK: how to build a savings pot using your smartphone'
The best investing apps in the UK
This section takes a look at apps that allow you to invest straight from an app on your smartphone. All of the apps listed below are free for you to download onto your mobile phone however you will be charged additional fees to invest. We go into more detail on these in the table below.
Tables summarising the best investing apps in the UK
Specialist apps (not an investment platform in its own right)
| AJ Bell Dodl* | Plum* | NuWealth | Moneybox | |
| Monthly subscription fees | £0 | £2.99 | £1 | £1 |
| Minimum investment | £100 lump sum or £25 per month via Direct Debit | £1 | £10 | £1 |
| FCA registered | Yes | Yes | Yes | Yes |
| FSCS protection | Yes | Yes | Yes | Yes |
| Charges | 0.15% - Minimum £1 per account per month
No monthly subscription fees |
0.45% fee on investment value Fund fees that vary from 0.06% - 1.06% |
0.10% platform fee
0.75% FX fee 0.07 - 0.75% fund provider fee |
Annual charge of 0.45% of investment value Additional fund management charges 0.12% - 0.58% |
| Investment account types | Stocks and Shares ISA, Lifetime ISA, General investment account & Pension |
Stocks and Shares ISA, General investment account & Pension | Stocks and Shares ISA, General investment account & Junior ISA | Stocks & Shares ISA, Lifetime ISA, Cash ISA, General Investment Account, Junior ISA & Pension |
| Extras | Invest in 29 different themed funds including Big Tech, Robo Revolution & Going for Gold | Invest in tech, ethical companies and emerging markets | Tailor your investment portfolio based on your lifestyle and interests | Invest your spare change using the 'round-up' function |
| Great for... | Cheap investing | Beginners | Small investments | Investing spare change |
| Read our full review | AJ Bell Dodl review | Plum review | NuWealth review | Moneybox review |
Tables summarising the best investing platforms in the UK
Investment platforms (where you can invest via their app)
| Nutmeg | Wealthify* | Moneyfarm* | Freetrade* | |
| Monthly fees | No set-up, trading, transaction or exit fees | n/a | No setup fees and no trading fees | No fees for basic investing accounts £5.99/month for GIA and S&S ISA and £11.99/ month for GIA, S&S ISA and SIPP |
| Minimum investment | £500 (£100 on a S&S Lifetime ISA and Junior ISA) | £1 (£50 for Wealthify pension) | £500 | £2 |
| FCA registered | Yes | Yes | Yes | Yes |
| FSCS protection | Yes | Yes | Yes | Yes |
| Charges | Account management fee ranging from 0.25%-0.75% depending on portfolio type
Investment fund fees |
Annual fee of 0.60% Investment costs (an average of 0.16% or 0.70% for ethical) |
Management fee between 0.25% - 0.75% Fund fee 0.21% Transaction costs up to 0.10% |
FX rates - 0.39% to 0.99% depending on your plan. |
| Investment account types | Stocks & Shares ISA, Stocks & Shares Lifetime ISA, Junior ISA, Pension, General Investment Account | General investment account, Stocks & Shares ISA, Junior ISA, Pension | Pension, Stocks & Shares ISA, Junior ISA General Investment Account |
Basic investment account, S&S ISA, SIPP |
| Extras | Choose between four investment styles, 'socially responsible', 'fixed allocation', 'Smart Alpha', 'fully managed' or 'Thematic investing' | Set investment goals | Receive an investor profile tailored to you based on your investment knowledge, wealth and attitude to risk | Freetrade doesn't charge for share dealing |
| Great for... | Thematic investing portfolios | Investing from as little as £1 | Lower fees as you invest more | Free share trading |
| Read our full review | Nutmeg review | Wealthify review | Moneyfarm review | Freetrade review |
We also summarise the apps in the following article: 'The best investing apps in the UK: how to invest from your mobile'
The best trading apps in the UK
In this section, we take a look at some of the best trading apps in the UK for beginners. There are numerous things you should consider before downloading a trading app, including the fees and whether your money is protected by the FSCS. It is also advisable to thoroughly research the process of buying and selling shares as the value of shares goes up and down which could result in you losing money.
For more information on trading apps read our article, 'The best trading apps in the UK for beginners'
Compare the best trading apps in the UK
| Freetrade* | eToro | Plus500 | Trading212 | |
| Minimum investment | £2 | $100 (initial) then $10 | $100 | £1 |
| Currency conversion fee | 0.39% to 0.99% | Varies depending on the currency | Up to 0.70% | 0.15%-0.50% |
| Withdrawal fee | No | $5 | No | No |
| Inactivity fee | No | $10 per month (after 1 year of inactivity) | $10 per month (after 3 months of inactivity) | No |
| S&S ISA | Yes | No | No | Yes |
| Mobile app | Yes | Yes | Yes | Yes |
| CFD and Forex trading | No | Yes | Yes | Yes |
| FSCS protection | Yes | Yes | Yes | Yes |
| Extras | no charge for share dealing | overnight funding fees apply | overnight funding fees apply | demo trading account to make dummy trades |
| Great for... | combining trading, investing and banking | social trading | trading forex and CFDs | video guides and tutorials |
| Read our full review | Freetrade review | eToro review | Plus500 review | Trading212 review |
Money apps to use as a bank account
The following section summarises the best app-only banks in the market. In order to make the most of the app's benefits you should have your salary paid into the app-only bank as this allows you to use the categorisation and budgeting features to their full potential.
If you are not yet fully convinced, there is nothing stopping you from opening an account and simply using it as a spending account alongside your main account, as you can still take advantage of the other features such as fee-free spending when abroad. In all cases, it is best to research and check the security of the app before opening any account as not all of the apps listed below are protected by the Financial Services Compensation Scheme (FSCS).
Compare the best app-only banks in the UK
The following table compares the most basic version of the app-only banks and additional features may be available with premium versions of the app.
| Starling Bank* | Chase | Atom | Monzo | Monese | Revolut | |
|
Registered bank
|
Yes | Yes | Yes | Yes | No | No |
|
FCA regulated
|
Yes | Yes | Yes | Yes | Yes | Yes |
|
FSCS protection
|
Yes | Yes | Yes | Yes | No | No |
|
Categorised spending
|
Yes | Yes | No | Yes | Yes | Yes |
|
Savings goals/pots
|
Yes | Yes | No | Yes | Yes | Yes |
|
Savings accounts
|
Yes | Yes | Yes | Yes | No¹ | Yes |
| Interest on current account | 3.25% (up to £5,000) | No | No | No | No | No |
| Loan | No | No | Business loans | Yes | No | No |
| Mortgage | No | No | Yes | No | No | No |
| Overdraft | Yes | No | No | Yes | No | No |
|
Fee free spending abroad (limits may apply)
|
Yes | Yes | No | Yes | Yes | Yes |
| Direct debits | Yes | Yes | No | Yes | Yes | Yes |
|
Standing orders
|
Yes | Yes | No | Yes | Yes | Yes |
|
Round up saving
|
Yes | Yes | No | Yes | Yes | Yes |
|
Joint accounts
|
Yes | No | No | Yes | Yes | No |
|
Business account
|
Yes | No | No | Yes | Yes | Yes |
| Great for... | Round up spending | Cashback | Savings, loans and mortgages | Budgeting | Overseas students/non-UK residents | Travelling abroad |
| Read our full review | Starling review | Chase review | N/A | Monzo review | Monese review | Revolut review |
¹ earn interest with Monese with a Raisin savings account via the Monese app
We also summarise the apps in the following article: 'The best app-only bank in the UK'
If a link has an * beside it this means that it is an affiliated link. If you go via the link Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. The following link can be used if you do not wish to help Money to the Masses or take advantage of any exclusive offers - Snoop, Moneyhub, Starling, Plum, Chip, AJ Bell Dodl, Wealthify, Moneyfarm, Freetrade
