Savings app features you should try in 2024
Looking for a new savings account? Interest rates aren’t the only thing you’ll want to check. Our lives have become increasingly more digital and savings accounts are no different.
Savings account apps aren’t just a novel way of saving money. Apps can have plenty of helpful features that can help you save even more. Some of the top features to look out for include:
1. Round-up features
Round-ups are one of the most helpful features introduced into savings apps. Basically, with a linked transaction account, any payment is rounded up to the nearest dollar and the difference is transferred into the savings account.
- For example: You spend $4.50 on a cup of coffee. An extra 50¢ is added to the transaction and transferred automatically to your savings account.
This can be an easy hands off way of saving a little bit extra. Just make sure you budget your spending, otherwise you might have to go and transfer the cash back out of your savings if you overspend.
2. Spending habit tracker
With AI and machine learning continuing to enter more of our lives, apps have begun to introduce features that not only track your spending but also predict what you’re likely to spend this week.
The advantage to this feature is that it gives you a zoomed out view on the kinds of things you’re potentially spending too much on. From there, you can analyse and change your habits which usually leads to more savings.
3. Automatic transfers
Another helpful savings account feature is an automatic transfer. Basically, you’ll be able to set a regular date to transfer money from your transaction account and into your savings account. Often, savers will use this feature to automatically move a portion of their income into their savings account. That’s why it can be helpful to budget with the right savings account.
Ready to get started with a new provider? Check out our savings account hub page and compare up to 203 accounts. Alternatively, check out some high interest savings accounts in the tables below…
^See information about the Mozo Experts Choice Savings Account Awards
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