The 6 Top Apps for Saving Money in 2024

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People will tell you to buckle down and save up money.

It’s easy, they say. You’ve just got to do it! Stay focused!

It’s just not easy for many of us, given our incomes vs. ever-rising expenses.

Only 15% of Americans can come up with $2,000, according to a Penny Hoarder analysis of Federal Reserve survey data.

If saving money were that easy, that percentage would be a lot higher.

But here’s the thing: There are plenty of money-saving tools out there that’ll make the task way easier. Some of them will even help you grow your stash with that sweet, sweet interest.

What Is the Best Money-Saving App?

The best money-saving apps in 2024 are Acorns and Chime. The Penny Hoarder team rates them highly for how easy they make saving.

The Acorns app saves automatically for you. It rounds up your payments and puts the difference into micro-investing on your behalf.

Chime® also gives you gives you automatic savings. Its approach is to round up and save the change for you.

Before you know it, you’re painlessly saving substantial money with either app.

6 Perfect Money-Saving Apps for You in 2024

There are so many personal finance apps, which is great, but it can quickly become overwhelming. To help you decide what’s best for you and your financial goals, we rounded up our favorite savings apps (in no particular order).

1. Acorns: A Virtual Piggy Bank Turned Investment Account

the Acorns app displayed on a cell phone
Carmen Mandato/ The Penny Hoarder

If you want to dip your big toe into investing while also stockpiling money, Acorns is a micro-investing mobile app that allows just that.

Download the app, then link up your checking accounts, credit cards and/or debit cards — go wild. (This is all protected, by the way, and your investment portfolio is insured for up to $500,000.)

Now, turn on its round-up feature, and Acorns will act like a virtual piggy bank, rounding up your transactions to the nearest dollar and depositing the spare change into your Acorns account. Then it does all the heavy lifting for you.

You can even earn cash back through Acorns. For example, if you’ve wanted to sign up for Blue Apron, it’ll give you $30 to invest. Or if you book your next Airbnb through the app, you’ll snag 1.8% cash back to go toward your investments.

Best for those who are interested in investing their savings and are willing to take a little risk.

Cost: $1 a month for account balances under $1 million

Bonus: Pocket $20 when you sign up.

Available via Apple iOS and Android.

Check out our Acorns review, and read how Penny Hoarder Dana Sitar was able to save at a rate of $420 a year.

2. Chime: An Account That’ll Do All The Hard Work For You

If you’re looking to combine a number of options on this list into one easy-to-use app, turn to Chime®.

When you sign up for Chime, you’ll gain access to an online checking and savings account.* Because they’re connected, it’s easy to transfer money back and forth.

But more than that: Whenever you make a transaction with your Chime debit card, it’ll round up your purchase automatically and dump the change into your savings. You can schedule automatic transfers into your savings account, too.

It takes all of about five minutes to open your Chime account.

Best for those who are sick of downloading new apps and simply want their fintech company to take care of the whole saving thing for them.

Cost: Free

Available via Apple iOS and Android.

We wrote even more about Chime’s saving options in our review.

3. Qapital: A Fun (Almost Addicting) Way to Save Money

If you want to, you know, spice things up while saving, look into the Qapital app.

I initially tried Qapital out back in 2016, when I’d just secured my first full-time job and was having a hard time putting any money away. It helped me sneak away $700 in about five months.

When you download the Qapital app, you’ll link up your bank account and set savings goals. Under each goal, you’ll set rules. This is where it gets fun.

For example, if you’re really excited about saving for your trip to the Bahamas, set Qapital to transfer $5 into your Qapital account each time you hit your daily step goal. Or maybe you’re always stopping by Starbucks. Tell Qapital to funnel $1 into your savings each time you go.

(Since I used Qapital, it’s evolved to offer banking and investment services, too, but I’m still keen on its core: saving.)

Best for those who like a good challenge and want turn goal-setting into a game.

Cost: $3 a month for the basic version after a 30-day free trial.

Available via iOS and Android.

4. Twine: A Simple Way for Couples to Band Together to Hit Mutual Goals

If you’re looking for a way to save toward a joint goal with your better half, you’ll want to use the Twine app.

Say you and your honey want to save for a long weekend in the Bahamas. Or maybe you’re looking to buy a home in a few years and want to save for a down payment. Whatever it is, Twine allows you both to work toward that goal.

The app offers two options: You two can save your money in a free joint account with a 1.05% variable interest rate, or you two can invest your money and potentially earn some interest. (That option costs 25 cents per $500 invested.)

To get started, you and your partner will each create Twine accounts, and link your individual bank accounts — this is how you’ll fund your savings. Then, set your goal (vacation, down payment, emergency fund, you name it) and select your monthly deposit amount.

Then, watch your savings grow together.

Best for those who want to make saving money a joint affair.

Cost: Free for saving.

Bonus: Pocket $5 when you sign up.

Available via desktop, Apple iOS and Android.

5. Varo: A Savings Account That Pays More Than 20x The Average

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If you’re saving some money for your future, that’s great! But if your savings are in a typical bank account, chances are your money isn’t growing as quickly as it could be.

But there’s a legitimate way to grow it a lot faster than the average person — more than 20 times faster.

It’s with a mobile banking app called Varo. The FDIC reports that the average savings account pays a paltry .24% APY*, but when you open an online checking and savings account with Varo and meet certain requirements, it will pay you 5.00% APY on a balance of up to $5,000 – more than 20 times the average savings account.** Amounts over $5,000 will still earn 3.00% APY.

Oh, and there are no monthly fees.

We know opening a new bank account isn’t exactly everyone’s idea of fun, but Varo makes it easy. You can open an account with no minimum balance, and millions of people have already signed up.

Best for those who need a separate, hands-off account to stow their money and to take advantage of compound interest.

Cost: Free

Available via Apple iOS and Android.

6. Stash: A Choose-Your-Own-Adventure Investing App

A phone displays Stash, a money saving app.
Aileen Perilla/ The Penny Hoarder

If you’re interested in investing your savings, all you need is your phone, an app called Stash and $1 to start.

This app offers all the tools you need to turn investing into a totally passive activity.

You can opt to round-up your purchases and invest the spare change, set Stash to withdraw money on a set schedule or rely on its Smart-Stash feature, which will analyze your income and expenses to determine how much you can afford to invest.

Stash your money into more than 150 ETFs and individual stocks. Because these are micro-investments, you don’t have to invest a ton of money to get started.

Best for those who want to automate their savings stash — then invest it.

Cost: $3 to $9 per month

Bonus: The Penny Hoarder has teamed up with Stash to give you a $5 sign-up bonus after you make your first investment.

Available via Apple iOS and Android.

Get more information in our comprehensive Stash app review.

*Clients may incur ancillary fees, charged by Stash, its custodian or both, that are not included in the monthly Wrap-Fee.

 

Need More Help? Find Your Perfect Budgeting App

If you’re still struggling to save money, you might need to go back to the basics with a budgeting app. By setting up a budget and tracking your expenses, you’ll be able to find exactly where you’re overdoing it and how you can better achieve your financial goals.

One we suggest starting with is Clarity Money*, a free app that helps you see, organize and take control of your finances.

The way it works is simple. You just download the app, connect your existing accounts, and get ready to learn more about where your money’s disappearing to… and how to keep more of it.

Clarity Money analyzes and uses your spending history to provide budgetary insights. It’ll show you exactly how much you spend in different categories, like bars and restaurants, as a percentage of your total expenses.

But it’s not just a recap of your weekend spending with pretty graphics.

It also gives you the tools and information you need to start making better financial choices. And they’re all super-easy to use, and accessible right inside the app.

FAQ: Money-Making Apps

Are money-making apps safe?

Yes, reputable money-making apps like Digit, Acorns and the others on our list are safe to use. It’s important to research and ensure you’re using apps that prioritize user safety.

How do money-saving apps like Digit and Acorns work?

Digit connects to your bank account, analyzes your income and spending habits, and automatically transfers small amounts that it deems safe to save into a Digit savings account. Acorns, on the other hand, rounds up each transaction to the nearest dollar and invests this spare change into a diversified portfolio. Both apps aim to facilitate saving without significant impact on your daily finances.

Are automated savings apps worth the fees?

Many users find the fees reasonable given the convenience and potential savings growth. For example, Digit charges $5 after a free 30-day trial, and Acorns charges $1 per month for balances under $1 million. The value of these apps depends on your personal finance goals and whether the automated savings help you save more money than you would on your own.

What should I look for in a money-saving app?

When choosing a money-saving app, consider the following:

  • Security: Ensure the app uses robust security measures to protect your financial data.
  • Fees: Understand any fees associated with the app and determine if they are worth the services provided.
  • Ease of use: The app should have an intuitive interface, making it easy to set up and manage your savings.
  • Savings strategies: Look for apps that offer innovative ways to help you save money based on your lifestyle and spending habits.
  • Reviews and ratings: Check user reviews and ratings to gauge the effectiveness and reliability of the app.

Can money-saving apps actually help me grow my savings?

Yes, money-saving apps can significantly help you grow your savings. By automating the saving process, these apps help users consistently save small amounts of money that add up over time. Additionally, apps like Acorns invest your savings, potentially increasing your returns through market growth. The key is to choose apps that align with your saving goals and financial situation.

How do I start using a money-saving app?

To start using a money-saving app, follow these steps:

  1. Choose an app: Select a money-saving app that meets your needs based on features, security, and user reviews.
  2. Download and install: Download the app from the App Store or Google Play.
  3. Set up an account: Provide the necessary information to create an account, often including linking a bank account.
  4. Configure your settings: Set your saving goals and any rules related to how much and when you want to save.
  5. Monitor your savings: Regularly check the app to see your savings progress and make adjustments as needed.

Carson Kohler ([email protected]) is a staff writer at The Penny Hoarder. She’s all for automated savings.

*Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, Bancorp Bank or Stride Bank, N.A.; Members FDIC.

**Varo disclosure: APY is accurate as of Dec. 1, 2022. This rate is variable and may change. No minimum balance required to open an account or obtain the stated rates. All Varo Savings Accounts begin earning the Standard Rate of 3.00% APY (Annual Percentage Yield). In order to qualify for the Elevated Savings Rate (5.00% APY on your first $5,000 of savings and 3.00% APY on the rest), you must meet these 2 requirements by the end of the last business day of the month:  (1) Receive direct deposit(s) totaling $1,000 or more; and (2) End the month with a positive balance in both your Varo Bank Account and Savings Account.  If you qualify this month, you will earn the 5.00% APY for next month. You’ll continue to earn 3.00% APY on any additional balance above $5,000.00.  If you don’t meet the requirements, you’ll still earn 3.00% APY on your entire Savings Account balance.

Deposits are FDIC insured up to $250,000 through Varo Bank, N.A.; Member FDIC.

Disclosure: Clarity Money compensates us when you download the app using the links we provide.