9 Best Financial Apps to Automate Your Savings and Build Wealth (2024)

A financial app that automatically rounds up your change and saves or invests the difference can change your life for good.

You know you need to start saving money like yesterday, but you aren’t.Thinking about saving money to build wealth and increase your net worth and actually doing so are totally different things.

You may forget. You may put off saving by a day, week, month, or year, or save sporadically so that you end up with nothing or very little money put aside for your future.

Think I’m being too drastic? Well, let’s look at what the numbers say:

69% of Americans haveless than $1,000in their savings accounts
40% of Americans have less than $10,000 saved for retirement
32% of Canadians between the ages of 45-64 havenothing saved for retirement

The good news is that you no longer need to rely on your memory or discipline to reach your savings or investing goals.

There are now automatic savings apps that can help you start putting money aside immediately with little to no effort on your part.

9 Best Financial Apps to Automate Your Savings and Build Wealth (1)

Best Automatic Savings and Investment Apps

Below, I have compiled a list of some of the best personal finance and money management apps you should consider today to start saving effortlessly.

1. Wealthsimple

Wealthsimpleis Canada’s most popular online wealth manager. When you sign up for their investment service, you get access to Wealthsimple Roundup, which is an automated free service that saves/invests your spare change.

Wealthsimple also offers Wealthsimple Save, an account that offers one of the best savings rates in Canada.This savings account comes with unlimited free transactions, no minimum balance, and several other perks.

Lastly, Wealthsimple also offers a free online trading app you can use to buy and sell stocks and ETFs. This service does not charge any commissions. You canlearn more here.

Open a Wealthsimple accountand get a$25 cash bonus.

2. EQ Bank Savings

EQ Bank is an online-only bank inCanada,similar to Tangerine. It offers a FREE high-interest savings account that functions like a hybrid between savings and chequing.

The EQ Bank app makes your day-to-day banking easy-peasy, and you can use your savings account to make direct deposits, pre-authorized debits, electronic fund transfers,Interac e-Transfers, and more.

3. Moka (formerly Mylo)

The Moka app takes your spare change and invests it for you. It is like theCanadian versionof the Acorns app in the United States.

If you have pushed back investing until when you have more money, the Moka app is for you. To start,download the Moka appand link your bank account.

Whenever you make a purchase and pay with any of your debit or credit cards, the apps will round up your payment to the nearest dollar and invest the difference.

For example, say you walk into Starbucks and buy coffee costing $2.75. Moka will round it up to $3.00 and invest the 25 cents ($0.25). It is so easy, you won’t even notice the money left your account!

Moka will invest your money using a personalized and diversified portfolio of low-cost ETFs and grow your net worth. The app also allows you to set investment goals or make one-time deposits if you wish.

You can withdraw money at any time, and your account is insured by the Canadian Investor Protection Fund (CIPF) up to $1 million.

Moka charges a flat fee of $4.99 per month. Whenever you refer a friend, you are awarded a $5 referral bonus. You also get a$5 bonus when yousign up.

4. Neo Financial

Neo Financial is a different type of money management app. It combines budgeting, cash back, and automatic savings in one place. It offers a FREE reloadable prepaid Mastercard prepaid card and app inCanadayou can use to earn cash back on all the purchases you make with a debit (prepaid) card.

In addition to earning cash back on all purchases, Neo users earn interest on their balance and the app them you to automate their savings using preauthorized contributions on a schedule.

Neo Money is free to use, andwhen you sign up hereyou get a $20 welcome bonus after funding your account with $50 or more.

5. Trim

Trim works a bit differently from the other automatic savings apps.

While the Trim app won’t put away money into a savings account for you on a schedule, it works like your personal finance assistant and monitors your bank accounts for ways to save money, including:

Finding and cancelling subscriptions that are no longer useful
Negotiating your utility bills and lowering it by up to 30%
Searching for better deals on your insurance
Tracking all your spending and more

Signing up for Trimis FREE, and there are no monthly fees. However, they will take 33% of any savings they achieve on your behalf.

The service is only available in theUnited Statesat this time.

6. Acorns

The Acorns app is one of the most popular apps for micro-investing in theUnited States, allowing users to invest for as little as $5.

This automated savings tool takes your loose change and invests it in a personalized and diversified portfolio. You can also choose to make one-time lump-sum payments whenever you want.

Acorns is a great app for those starting out in investing or who want a hands-off easy approach. Your account is protected by Securities Investor Protection Corporation (SIPC) for up to $500,000.

Fees charged vary depending on your account type, starting at $1 per month. Students get to invest for FREE. When you invite friends to use the app, you get a $5 referral bonus.

Here are some alternatives to Acorns if you live in Canada.

7. Digit

The Digit app takes the “chore” out of saving money.

After downloading the app, signing up, and connecting your bank account, the app automatically analyzes your spending pattern and every now and then moves money from your chequing account into your Digit savings account.

Digit is programmed to move money you won’t miss as you do your normal day-to-day spending. It is currently only available in the U.S.

If you have a goal you are saving for, Digit can budget for you to help you reach your goal early. When you need the money, you can simply withdraw it. So far, over $1 billion has been saved by users of the app.

Your funds are held at an FDIC-insured bank and protected up to $250,000.

8. Qapital

Qapital is actually a bank that offers an automated savings app and is available to residents of theU.S.

The savings app saves the change whenever you make a purchase. Like other savings apps, this is done automatically without requiring your input.

You can set savings goals easily and can even connect with If This Then That (IFTTT) to create custom rules that initiate an action, such as saving some money every time it rains or you hit your fitness goals.

Qapital pays you interest on the funds in your account, and savings are protected up to $250,000.

9. Stash Invest

The stash app will help you start investing with as little as $5. You do not need to know about investing to build a portfolio that suits your goals, interests, and beliefs. The app automates and simplifies the process with personalized guidance.

After downloading the app and linking your bank account, Stash automatically invests your spare change. If you want, the app also allows you to create an automated investing plan where it deducts a certain amount at the interval you specify.

Funds you keep with Stash are protected by SIPC for up to $500,000, and it is only available in theUnited Statesat this time.

Related:

15 Passive Income Ideas To Make Money
Best Stock Trading Apps
20 Best Cash Back Apps That Pay You To Shop
100 Ways Frugal People Save Money
18 Ways To Up Your Financial Game
Best Online Brokerages in Canada
Alternatives to the Robinhood App

Best Automatic Saving and Investing Apps

Overall

Summary

Here are some of the best personal finance apps to automate your savings and reach your financial goals. In this review, we cover savings and investing apps like Acorns and Wealthsimple that help you build wealth.

9 Best Financial Apps to Automate Your Savings and Build Wealth (2024)

FAQs

Is there an app that automatically saves money? ›

Qapital. Qapital lets you create unlimited, personalized savings goals and make rules to trigger automatic saving. For example, you can make rules to save your spare change every time you swipe your card, save $2 every time you buy a coffee, or stash 20% of your paycheck.

Discover More ›

How do I automate money into my savings account? ›

If you have a checking account at a bank, you can open a savings account there as well and link them. You can then set up an automatic, recurring transfer to move money between the accounts. Or, if you're paid by direct deposit, you can have a portion of each paycheck automatically deposited into your savings account.

Learn More Now ›

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

Discover More Details ›

What is the best round up app for saving money? ›

Acorns was chosen as the best money-saving app for investing spare change thanks to its Round-Ups feature, which automatically rounds your purchases up to the nearest dollar and invests the difference into a diversified portfolio of low-cost index ETFs.

See Details ›

What is the secret money app? ›

POWERFUL PRACTICES TO ATTRACT ABUNDANCE INTO YOUR LIFE. The Secret to Money is an app that is designed to change the way you think about money, and to radically change the circ*mstances of money in your life. DESIRES: In this practice, you create a list of 7 things you would buy if money were no object.

What is the first app that pays you to save spend and send your money all in one balance? ›

Pebble is the first financial product where you are paid to save, spend, and send your money — all in one balance.

Discover More ›

Are there any downsides to automatic savings accounts? ›

Ultimately, there aren't any major downsides to automating your savings. However, a set-it-and-forget-it approach can run the risk of fueling complacency with your money management.

Should you automate your savings? ›

The key to effective financial management is establishing habits that work for you, and automating your savings can be a powerful habit. Not only will you ensure your money is growing via compound interest, but you'll resist the temptation to spend and be better positioned to meet your savings goals.

Get More Info Here ›

What is the 70 20 10 budget rule for budgeting savings? ›

The 70-20-10 budget formula divides your after-tax income into three buckets: 70% for living expenses, 20% for savings and debt, and 10% for additional savings and donations. By allocating your available income into these three distinct categories, you can better manage your money on a daily basis.

Read On ›

Is $4000 a good savings? ›

Are you approaching 30? How much money do you have saved? According to CNN Money, someone between the ages of 25 and 30, who makes around $40,000 a year, should have at least $4,000 saved.

Keep Reading ›

How much should a 30 year old have saved? ›

Fidelity Investments recommends saving 1x your salary by 30. At the end of 2021, the average annual salary was $49,920 for 25 to 34-year-olds and $58,604 for 35 to 44-year-olds. So the average 30-year-old should have $50,000 to $60,000 saved by Fidelity's standards.

Keep Reading ›

How much savings should I have at 50? ›

By age 50, you'll want to have around six times your salary saved. If you're behind on saving in your 40s and 50s, aim to pay down your debt to free up funds each month. Also, be sure to take advantage of retirement plans and high-interest savings accounts.

Discover More ›

Is the Acorns app worth it? ›

Is Acorns Worth it? Acorns charges monthly membership fees, starting at $3 per month. Even though it is a very easy way to get started investing, if you don't make enough purchases each month to round up and set aside enough money, the monthly fee could outweigh the benefit.

View Details ›

What app rounds up to the next dollar? ›

1. Acorns (Best for Using Round-Ups to Invest) is an investing app geared toward minors, young adults, and millennials, that pioneered round-up capabilities. Acorns' Round-Ups feature rounds up purchases made on linked debit and credit cards to the nearest dollar, investing the difference on your behalf.

See Details ›

What is RoundUp savings? ›

Round-ups are an automatic savings tool that rounds up purchase prices to the nearest dollar. The difference between that somewhat higher figure and the actual price then gets deposited into a savings or investment account. One of the key benefits of this savings technique is that it's effortless.

Can I round up my purchases to savings accounts? ›

The round-ups from your debit card purchases are accumulated and transferred daily from your checking account to your savings account. (For example, $5.43 debit charge would be rounded-up to $6 and the difference of . 57 goes into your savings account).

Discover More ›

Is the Snoop app safe? ›

Snoop uses open banking to analyse your spending. This means it cannot see your login information and only has access to your spending data. Snoop does not have the ability to move money from your accounts on your behalf. Snoop is registered and regulated by the Financial Conduct Authority.

View Details ›

Is the Moneybox app safe? ›

We are authorised and regulated by the Financial Conduct Authority (FCA) with firm reference number 712935 (and number 792703 for payment services activities) and so are subject to strict capital adequacy and systems & controls requirements.

Know More ›

Is the tin savings app legit? ›

Yes, tin-saving apps prioritize the security of your money and personal information, employing industry-leading encryption protocols and security measures to keep your finances safe and secure.

Read The Full Story ›