Check out these 5 best automated savings services to easily save extra money toward your financial goals with minimal effort.
If you’re having a hard time finding the discipline to save money on a regular basis, these automatic savings programs can help you save more money without the hassle of having to transfer or deposit funds into a savings account manually.
Sure, you could stuff a few dollars every week into a shoe box that you keep under your bed, but why not take advantage of technology and easily store away extra funds with these automated savings services.
All of these automatic money-saving services are free to use, so you can be sure that all of your money is going toward your savings.
Chime is a free Spending Account with a debit card and an Automatic Savings Account with 10% weekly bonuses all in one.
Once you activate your free Chime Savings Account, every purchase or payment transaction that you make with your Chime prepaid card will be rounded up to the nearest dollar.
The round-up amount will then be automatically transferred from your Spending Account to your Savings Account.
You will also receive a 10% bonus each week on the total amount of your round-ups, so Chime will actually pay you to save extra money, for a total of up to $500 in bonuses each year.
Chime members can automatically transfer 10% of every paycheck directly into your Savings Account as well to help you save money even faster.
Read our Chime Review for the full details of this service.
SmartyPig is a free high-yield online piggy bank that helps you reach your short-term and long-term savings goals, like taking a vacation, saving for college, buying a car or anything else that you wish to fund, while earning a high interest rate on all of your deposits.
What makes SmartyPig special is that you can earn up to a 1.12% APY on your savings deposits to help you reach your savings goals even faster.
Once you open your SmartyPig account, you can set up regularly scheduled deposits into your SmartyPig account on an automated basis from any outside checking or savings account, and you can even have your paycheck direct deposited to SmartyPig.
You can set up multiple savings goals within your account and manage how much money and how often your savings deposits go toward each goal.
All of your deposited funds will earn an interest rate of up to 1.12% APY based on a tiered system, so the more money that you save, the higher the interest rate that you will earn.
Read our SmartyPig Review for the full details of this service.
Qapital is a free automated savings app that helps you easily save money toward any goal that you choose, based on a set of rules that you set for your own savings.
The unique feature of Qapital is that you can set up various money-saving triggers, which will initiate your savings deposits, such as rounding up your debit and credit card purchases, making scheduled transfers, or even charging yourself a fee for breaking any personal rules that you may have, sort of like a digital swear jar.
You can set up various savings goals within your Qapital account, so that you can save money for different goals at the same time
Your funds will be automatically transferred to Qapital from the outside bank account that you select, and you can cash out your money whenever you need it, whether you’ve reached your savings goals or not.
Read our Qapital Review for the full details of this service.
Dobot is a free automatic money-saving app that analyzes your spending habits in your linked banking accounts, and then calculates small amounts of money that you can afford to save each week, which it automatically transfers into your Dobot account.
Dobot is perfect if you can’t always afford to put away the same amount of money each week, because Dobot will automatically adjust the amount of your savings transfers each week based on their analysis of your recent banking statements and how much money you can afford to transfer to Dobot.
They guarantee that they won’t overdraw your bank account, buy you can always turn off this automatic savings feature if you don’t feel comfortable with it, and simply set up scheduled transfers to Dobot whenever you like.
Read our Dobot Review for the full details of this service.
5. Chase Bank
Chase Bank’s Automatic Savings Program lets you set up a repeating, automatic transfer from your Chase checking account to your Chase savings account, and it’s an easy way to save extra money.
This service requires that you have both a Chase checking and savings account, but you can Get up to a $350 Bonus with Chase Total Checking® + Chase Savings℠ if you don’t have these accounts already, which is an added bonus for new users.
Although the Chase Automatic Savings Program is free to use in itself, there are monthly maintenance fees for Chase checking and savings accounts, but the monthly service fee for Chase Savings is waived if you have a repeating automatic transfer of $25 or more, and the monthly service fee for Chase Total Checking is waived if you maintain a $1,500 minimum daily balance or have direct deposits totaling $500 or more (or keep $5,000 in combined Chase account balances).
If you don’t have access to Chase Bank, many national and local banks offer similar types of repeating, automatic transfer services that you can utilize to save money, so if you don’t want to use a separate service altogether, then this is an easy way to set up automated savings with the accounts that you have already.
Just check with your own bank to see if they offer an automated savings benefit for account holders, or sign up with Chase Bank if your bank doesn’t offer this type of service.
Read our Chase Automatic Savings Program Review for the full details of this service.
If you’re looking to automate your savings to reach your financial goals, take advantage of these top automated savings services to easily save the money you need.