Check out these 6 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 offers a Chime Visa Debit Card, a Spending Account, and an optional Automatic Savings Account all in one.
There are no banking fees to use Chime, and you can easily access your Chime accounts through their website and app.
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.
Chime members can also opt to 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.
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.
3. Clarity Money
Clarity Money is a full-service financial management app that allows you to set up a free automatic savings account to help you reach your financial goals.
You simply create a free savings account, choose how much and how often to save, and Clarity Money will take care of the rest, allowing you to set aside funds on a regular basis without having to make any effort.
On top of that, Clarity Money provides a snapshot of all your financial accounts, helps you maintain your budget, works to lower your bills, and can even assist you in canceling unwanted subscriptions.
Clarity Money is free to use, so it’s a great option for automatically saving more money.
Read our Clarity Money Review for the full details of this service.
Acorns is an automatic investing service that rounds up your spare change from linked debit and credit card transactions and invests it in a diversified portfolio.
You can also set up recurring investments or make 1-time investments into your Acorns account at any time.
Acorns differs from other auto-savings services in that it puts your money to work for you in a diversified investment portfolio, so it’s an easy way to make regular investments to increase your savings over time.
It’s free for students and anyone under 24 years old, but there is otherwise a $1 monthly fee for accounts with balances under $5,000 and a .25% annual fee for accounts with balances of $5,000 or higher.
Read our Acorns 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 1.40% 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 1.40% 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.
6. 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 a $500 Bonus with Chase Total Checking and 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.