You probably don’t think “fun” and “saving money” belong in the same sentence. That’s what we thought, too. Turns out, we aren’t the only ones. A 2018 Bankrate.com survey revealed that 65% of Americans barely save at all. That’s bad news for soon-to-be retirees and young adults alike.
Unsurprisingly, people don’t want to think about saving money. Money is a stressful thing, and working out a plan to save it up can be even more so. You already have a bank account that is probably a checking account, as well as a debit card and credit cards, but your savings accounts and investment portfolio are likely lacking.
Whether it’s rounding up to the nearest dollar, starting an investment account, or setting up a regular contribution to your savings accounts, there are plenty of ways you can give your virtual piggy bank a boost. These money saving apps are trying to get you to your savings goals. Digit, Tip Yourself, and Qapital began with the goal of making saving simpler, easier, and more enjoyable. So, what can these apps actually do for you? Don’t worry, you don’t have to try them all to find out – we already did. Compare their features:
Money Saving Apps Compared
| Digit | Tip Yourself | Qapital | |
|---|---|---|---|
| FDIC Insured | Yes | Yes | Yes |
| Debit Card | No | No | Yes |
| Credit Scores | No | No | No |
| Goals | Yes | Yes | Yes |
| Automatic | Yes | No | Yes |
| Investing | No | No | Yes |
| Monthly Fees | $2.99/month | Free version | $2.99/month |
Digit
- FDIC Insured? Yes.
- Debit Card? No.
- Check your credit scores? No.
- Goals? Yes.
- Automatic? Yes.
- Investing? No.
- Monthly Fees? Yes.
Digit is arguably the simplest app on this list. It uses a special algorithm to analyze your bank accounts, your income, and your spending. Then, it decides exactly how much you can afford to put away. Automatic transfers to the app happen a couple of times per week, and if you need the money back it usually takes a few days to get it back in your bank account.
Debt.com Review Team’s Take:
“After looking through both the positive and negative reviews, we think Digit only really makes sense for people who can’t be bothered with apps that require you to set up your own rules and parameters for saving.”
Read more about what we think of Digit, the automatic savings app »
Tip Yourself
- FDIC Insured? Yes.
- Debit Card? No.
- Check your credit scores? No.
- Goals? Yes.
- Automatic? Yes, in paid version.
- Investing? No.
- Monthly Fees? No, but there are also paid versions.
The Tip Yourself mobile app is your own personal reward system. The app is free, but there are more features you can pay for. In the free version, you choose when to manually transfer a small “tip” into the app from your bank account. You can create savings goals and split up the money accordingly. Depending on what time you transfer the money back to your bank account, it could take a couple days to be able to use it.
Debt.com Review Team’s Take:
“But once I started actually using it, I saw the benefit. Tipping yourself is addictive. I’m working on a few lifestyle changes and the reward system Tip Yourself provides is a great incentive. I’m staying motivated and making more progress on both saving money and running more because of this app.”
Read more about how Tip Yourself works »
Qapital
- FDIC Insured? Yes.
- Debit Card? Yes.
- Check your credit scores? No.
- Goals? Yes.
- Automatic? Yes.
- Investing? Yes.
- Monthly Fees? Yes.
Qapital has the most features of any of the personal finance apps here, but it’s still pretty simple to use. Unlike other apps that force you to shift your savings back into your real bank account to use your automatic savings, Qapital provides you with your own Visa debit card. You also have the option to invest what you’ve saved into a customized portfolio.
Debt.com Review Team’s Take:
“Overall, Debt.com’s product review team says the design and usability for Qaptial are both great. We highly recommend giving this app a try if you’re facing challenges when it comes to saving money.”
