30th May 2024

Better business. Better community

Business Industry and Financial

Best Money Saving Apps – Forbes Advisor

Yes. Having a savings account is one of the best ways to ensure your money is safe and accessible in case of unexpected events like job loss or medical bills. Savings accounts typically come with higher interest rates than checking accounts, which means your money can grow faster over time.

Additionally, many banks offer special deals, such as savings account bonuses and promotions for new customers, so it pays off to shop around if you don’t have an account yet.

Savings Account Vs. Saving App

While both savings accounts and money-saving apps can help you save money over time, there are some key differences between them.

A money-saving app is a tool that typically tracks your spending and helps you find ways to save money. Many money-saving apps are created by financial technology (fintech) companies and offer features such as budgeting tools and tips for reducing your expenses.

A savings account, on the other hand, is a specific type of bank account in which you can deposit money and earn interest on your balance. Savings accounts are found at banks and credit unions and come with FDIC insurance. They may limit the number of withdrawals you can make per month, and some require a minimum balance to avoid fees.

Bottom Line

Money-saving apps are becoming an increasingly popular way for people to save money without having to manually track their finances each month. Whether it’s a high-yield savings account, similar to Chime, or an app like Digit or Acorns, make sure to choose an option that works with your lifestyle. That way it can help you reach your short- and long-term financial goals.

¹The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of November 17, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.

²Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

³Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

⁴Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

⁵^Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.

~Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven location, or any Allpoint or Visa Plus Alliance ATM.

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