Best Money-Saving Apps of April 2024
Updated March 29, 2024 at 3:20 pm
With all of the new financial technology available today, it can be hard to choose which to take advantage of. There are apps for saving money in just about every area that you could want, like groceries, retail purchases, investments, bills, subscriptions and more.
The best money-saving apps fit your needs, lifestyle and preferences and are easy to use. We compared dozens of apps and chose the five best money-saving apps currently available.
Our Methodology Our research is designed to provide you with a comprehensive understanding of personal finance services and products that best suit your needs. To help you in the decision-making process, our expert contributors compare common preferences and potential pain points, such as affordability, accessibility, and credibility.
Our Picks - Best for Investing Spare Change: Acorns
- Best for Tracking Expenses: Rocket Money
- Best for Goal Setting: Qapital
- Best for Earning Cash Back From Shopping: Rakuten
- Best for Saving on Credit Card Interest: Tally
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5 Best Money-Saving Apps of 2024
There are many money-saving apps out there, and finding the right one for you can be overwhelming. To help, we’ve researched and highlighted the top five money-saving apps and who they’re best for.
Best for Investing Spare Change: Acorns
Why we chose it: Acorns is an investing app that rounds up your purchases to the nearest dollar and automatically invests the difference in an Acorns investment portfolio based on your income and goals.
There are several plans available for Acorns, but they all allow users access to Acorns Later, where you can begin investing in a Roth IRA, Traditional IRA or SEP IRA with as little as $5. Various plan levels get you access to other features, including access to an FDIC-insured checking account and debit card, the ability to qualify for an investment match from Acorns, an emergency fund and debit cards for kids or additional investing options.
Pros
- Automatically invests spare change
- Interface is easy to navigate
- Low-cost investment portfolio options
Cons
- High fees on small account balances
- No access to human advisors
- Fees to access the checking account features
Best for Tracking Expenses: Rocket Money
Why we chose it: Rocket Money can save you money by helping to track expenses, identify unwanted subscriptions and negotiate bills. Rocket Money offers features including spend tracking, budgeting tools, automated saving options, net worth insights, bill negotiation services and subscription identification.
When you link your bank accounts with Rocket Money, the app reviews your billing history to identify subscription payments that you might not even know you’re still paying for. Further, with the bill negotiation feature, Rocket Money will negotiate with a vendor to try to get you refunded for fees and find discounts on your current bills. The paid Premium membership is needed to access all available features, like cancellation and negotiation services, priority chat support and enhanced budgeting and saving capabilities.
Pros
- If no discount is negotiated, you don’t have to pay a fee
- Provides access to a free credit score
- Easily see all of your accounts in one place
Cons
- Rocket Money takes a cut of the savings it negotiates
- Paid Premium membership is needed to access all features
- Free version is very limited
Best for Goal Setting: Qapital
Why we chose it: Qapital lets you set savings goals and apply rules to automate savings, making reaching your savings goals even easier. For example, Qapital can round up to the nearest dollar for every purchase that you make from a linked funding account and move that difference into a goal account held at a partner bank. You could also set a rule to contribute a set amount to your account on a recurring basis.
Qapital charges a membership to use it after the 30-day free trial, and membership plans are $3, $6 or $12 a month. With the second-highest plan tier, you can get both a Qapital Visa® Debit Card and an FDIC-insured Qapital Spending Account that earns 0.05% APY. There are no monthly or overdraft fees for the card, but ATM fees may be charged.
Qapital also offers an investing option where users can buy stock and bond funds based on the level of risk they choose, starting at a $10 minimum.
Pros
- Applying rules makes it easy to automate savings
- 30-day free trial
- Includes investing option and debit card option
Cons
- No free level of the app
- Need an outside checking account to link to Qapital
- No tax-loss harvesting feature
Best for Earning Cash Back From Shopping: Rakuten
Why we chose it: With Rakuten, you can shop through the Rakuten website or app to automatically earn cash back on qualifying purchases from participating retailers online. You can even earn cash back on in-store purchases or dining out without having to upload a receipt when you link your cards with the Rakuten mobile app. Rakuten is free and easy to use and offers referral rewards and new user welcome bonus offers frequently.
Each retailer sets its own cash back amounts, which vary from 1% to over 10%. However, you have to remember to shop through the Rakuten website or click on the Chrome browser extension before checking out on a retailer’s website. Rakuten only offers quarterly cash back payments in the form of PayPal, a mailed check or American Express Membership Rewards points.
Pros
- Easy to use with the browser extension
- Partners with many retailers
- New user welcome bonus
Cons
- Using outside coupons will render the Rakuten cash back ineligible
- Have to remember to shop through the Rakuten website or click on the Chrome browser extension before checking out on a retailer’s website
- Can only receive your cash back payment every three months
Best for Saving on Credit Card Interest: Tally
Why we chose it: Tally can help you save money on credit card interest if you’re struggling with high-interest credit card debt. Tally offers users a variable-rate personal line of credit to consolidate debt across multiple credit cards, and the app uses an algorithm to target users’ highest-interest cards first so that users can pay down debt faster.
Tally has three membership levels with different payoff features. Users who get a credit line have a Tally Basic free membership, though users will have to pay interest on the credit line. Some users will qualify for Tally+, where they will receive a larger credit line and monthly discounts for making on-time payments. The Tally+ membership costs $300 per year, which users pay for out of their credit line upfront. On average, rates are lowered by four percentage points, according to Tally’s website.
To use Tally, you’ll provide the app with your personal information and wait for approval. If approved, Tally will display your approved credit line amount and annual percentage rate (APR). You can then add your credit cards so the app can link to your accounts and analyze your balances. When you accept the terms and conditions of the offer, Tally will use your bank account for repayment. With your approval, Tally will then pay the balance on any credit cards with a higher APR than the credit line. Then, you’ll make your monthly payments to Tally.
Of course, users are still taking on a new variable-rate personal line of credit, which comes with its own risks. Only use Tally if it will lower your interest costs and save you money overall.
Pros
- Helps users stick to a debt payoff strategy
- Can save money on credit card interest long-term
- No hard credit pull
Cons
- May charge a membership fee
- Only useful if it will lower your interest costs
- Users are still taking on a new variable-rate personal line of credit, which comes with its own risks.
What Is a Money-Saving App?
A money-saving app is a web-based or mobile application that helps you save money. Money-saving apps use a variety of techniques to help users save money more easily, including finding discounts on purchases, rounding up transactions and saving or investing the difference, negotiating bills and more. You may even be able to use several money-saving apps simultaneously to save even more.
How Much Money Should I Have in Savings?
If you’re building an emergency fund, you should work toward having at least three to six months’ worth of basic living expenses in savings. Basic living expenses can include things like food, gas, money for rent or mortgage payments, car payments, bill minimums and any other fixed and necessary expenses.
Even if you’re not able to save at least three months of expenses, having a few hundred dollars in an emergency fund can help prevent you from falling into debt in an emergency situation. For certain situations, like a large family with only one income source, having more than six months of expenses saved may be beneficial.
How To Get a Savings Account
If you don’t already have a savings account, you’ll probably need to open one before you’re able to use most money-saving apps. A savings account is a safe space for holding money, and opening one is fairly simple.
- Identify where you would like to open your savings account. Savings accounts are available through most financial institutions, like banks or credit unions. Do thorough research to make sure an account’s fees and restrictions are acceptable to you, and compare interest rates for the accounts you’re considering.
- Submit an application for the savings account, either online or at a bank branch. You will likely need to provide several documents and information, like your Social Security number, date of birth, mailing address, email address, phone number and proof of identification.
- Prepare an initial deposit. Some savings accounts require a minimum deposit to open an account, so make sure you have these funds ready if they’re needed.
- Submit the application. The institution will then review your application. If it’s approved, you can set up a direct deposit or automatic transfers from another account.
Frequently Asked Questions
Are Money-Saving Apps Safe?
Money-saving apps are generally safe. However, the safety features will vary depending on the app. Many of these apps use similar security features to traditional financial institutions, including two-factor authentication, special encryption tools or facial recognition software. Some automated savings apps hold your money in FDIC-insured accounts. Before providing an app with any personal information, be sure to do your research on the security features offered.
Where Should I Keep My Savings for Emergencies?
There are many places where you can keep your savings, but one of the most useful places to keep an emergency fund is in a high-yield savings account. A high-yield savings account is a type of savings account that offers interest rates that are higher than average. So while your emergency fund money is in the high-yield savings account, it’s also earning interest—over 5% APY in some cases. The best high-yield savings accounts don’t have minimum balance requirements or charge many fees.
Can Apps Actually Save You Money?
Apps can certainly help you save money. However, whether you’ll be able to save money—and how much—will depend on the app you have, how you use it and your personal financial situation. Choosing the right money-saving app for your unique situation, preferences, needs and limitations is essential.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
