The best money apps you should have in 2023

The past few years have been great for money management apps, with startups appearing left, right and centre, providing new ways to manage your money via your smartphone. With this new wave of banking technology and the ability to save without even realising, it can be a little overwhelming when trying to decide which app is worth using and if any are as good as they say they are. We at Money to the Masses have reviewed most of the new fintech apps and have put together this handy guide to help you decide which one is for you.

This article is split into two sections:

Money apps to use alongside your current bank account
Money apps to use as a bank account

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 2023. 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.

	Emma	Money Dashboard	Moneyhub
Free			*
Prepaid debit card
FCA registered
Categorised spending
Create budgets
Set savings goals
Link multiple accounts
Great for...	finding wasteful subscriptions	spending categorisation	planning ahead

*(free 6-month trial then £1.49 a month)

If you would like to read an in-depth analysis of each app you can click on the app name in the table to be taken to our review of the budgeting apps.

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		*
Automatic saving using Artificial Intelligence (AI)
Savings goals	Subscription accounts only
Withdraw same day
App
Interest
FSCS protection	**
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

*Chip charges £0.45 per save

**The 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.

If you would like to read an in-depth analysis of each app you can click on the app name in the table to be taken to our independent review.

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)

	Plum	Wombat	Moneybox
Monthly fees	£2.99	£1	£1
Minimum investment	£1	£10	£1
FCA registered
FSCS protection
Charges	0.45% fee on investment value Fund fees that vary from 0.06% - 0.90%	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 General investment account Pension	Stocks and Shares ISA General investment account Junior ISA	Stocks & Shares ISA Stocks & Shares Lifetime ISA Pension General Investment Account Junior ISA Socially Responsible Investing
Extras	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...	beginners	small investments	investing spare change

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
FSCS protection
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 rate + 0.99%
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' or 'fully managed'	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...	an exclusive MTTM offer of no management fees for 12 months*	competitive charges	no management fees for a year*	free share worth between £10 to £100*

*find out more about the offers in the Nutmeg, Moneyfarm and Freetrade review

If you would like to read an in-depth analysis of each app, as well as its fees and charges, click on the app name in the table to be taken to our review. (We have not yet reviewed Wombat so the link will direct you to the app website for more information).

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

	eToro	FinecoBank	Freetrade	Plus500	Trading212
Minimum investment	$50		£2	$100	£1
Currency conversion fee	Varies depending on the currency	N/A	0.99%	Up to 0.70%	0.15%-0.50%
Withdrawal fee	$5
Inactivity fee	$10 per month (after 1 year of inactivity)			$10 per month (after 3 months of inactivity)
S&S ISA
Mobile app
CFD and Forex trading
FSCS protection
Extras	overnight funding fees apply	fully-fledged bank, so you can bank, trade and invest from the same account	no charge for share dealing	overnight funding fees apply	demo trading account to make dummy trades
Great for...	social trading	commission-free trading	combining trading, investing and banking	trading forex and CFDs	video guides and tutorials

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.

	Atom	Chase	Monzo	Monese	Revolut	Starling Bank
Registered bank
FCA regulated
FSCS protection
Categorised spending
Savings goals/pots
Savings accounts				*		5.25%
Interest	3.95%-5.90%	4.10%	3.49%-5.60%	*	2.29% - 3.55%	0.05%
Loan	Business loans
Mortgage
Overdraft
Fee free spending abroad (limits may apply)
Direct debits
Standing orders
Round up saving
Joint accounts
Business account
Great for...	savings, loans and mortgages	cashback	budgeting	overseas students/non-UK residents	travelling abroad	round up spending

*earn interest with Monese with a Raisin savings account via the Monese app

If you would like to read an in-depth analysis of each app-only bank you can click on the app name in the table to be taken to the relevant review. (We have not yet reviewed Atom so the link will direct you to the app websites for more information.)

We also summarise the apps in the following article: 'The best app-only bank in the UK'

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**51% of consumers could save £490.26 on their Car Insurance. The saving was calculated by comparing the cheapest price found with the average of the next four cheapest prices quoted by insurance providers on Seopa Ltd’s insurance comparison website. This is based on representative cost savings from June 2023 data. 51% of consumers could save £151.03 on their Home Building & Contents Insurance. The saving was calculated by comparing the cheapest price found with the average of the next seven cheapest prices quoted by insurance providers on Seopa Ltd’s insurance comparison website. This is based on representative cost savings from June 2023. The savings you could achieve are dependent on your individual circumstances.

Leadenhall Learning Limited (trading as Money to the Masses) is an introducer appointed representative of Seopa Limited which is authorised and regulated by the Financial Conduct Authority.

Leadenhall Learning Limited (trading as Money to the Masses) is an appointed representative of Wealthify Limited which is authorised and regulated by the Financial Conduct Authority. Money to the Masses acts as an appointed representative for the purpose of promoting Wealthify products and introducing customers to Wealthify.

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The best money apps you should have in 2023