Are Savings Apps Worth It?

charlotte1994 · 19 November 2018 at 9:56AM

Morning all,

I'm looking to get one of the many savings apps they have these days. Are they worth it, do they actually work? I'm a bit sceptical of letting AI move my money around but I would like to save a little, I think I would be surprised. Which apps are you all using? :beer:

PRAISETHESUN · 19 November 2018 at 10:46AM

https://www.moneysavingexpert.com/banking/digital-banking/

Chip and Plum are the ones I've heard the most about, although I only really use them to generate DDs for current accounts rather than for their intended purpose. They don't have full FSCS protection that I know of, but they ring-fence their money in big banks that are unlikely to go under so the money should be safe. I think they could be useful if you are not disciplined enough to set aside some money monthly by yourself, but they aren't really for me I think

EDIT: also see a similar thread started a few days ago here:
https://forums.moneysavingexpert.com/showthread.php?t=5925618

EachPenny · 19 November 2018 at 1:46PM

charlotte1994 wrote: »

I'm looking to get one of the many savings apps they have these days. Are they worth it, do they actually work? I'm a bit sceptical of letting AI move my money around but I would like to save a little, I think I would be surprised.

If you really want to make the most of your money and build up some savings then why not set up a standing order for a day or so after you usually get paid to move £20/£50/£100 (or whatever you think you might be able to afford each month) from your current account into a savings account? This is free to set up and run, and works fine so long as you are paid regularly and are aware of roughly what your current account balance is most of the time.

If you use mobile banking with a bank that allows it, then it takes only seconds to move money from a savings account back into your current account (again, all for free) if you find towards the end of your pay month that you are running out of money.

If you haven't already, then set up alerts for your current account which warn you when your balance drops below a certain level, and if there are insufficient funds to cover outgoing payments. (again, a free service)

So the question is, do you think you really need an app (which you might have to pay for) to do something you can easily do yourself?

The ability to save is about having the willpower not to spend... an app cannot change this, it is something you have to want to do yourself.

AngelOfTheNorthWest · 19 November 2018 at 3:28PM

I know people for whom they seem to work but I agree with pp, might it not be worth setting up a direct debit to get started and do things the old fashioned way? Making sure you get the best rate available of course.

Are Savings Apps Worth It?

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