– Round Up Apps –
Round Up Apps: We spend a lot of money via credit cards, and the best spare change app comes in handy to help us cultivate a saving habit. But wouldn’t it be nice if we could save some money while we spend on our credit cards.
Apps That You Can Use to Round Up Your Purchases
Widely recognized as the original round-up app, Acorns launched in 2014 with a mission to invest your spare change.
The mobile app rounds up each debit or credit card purchase to the nearest dollar, investing extra pennies in a diversified portfolio of low-cost index ETFs.
With five million users, Acorns has expanded beyond micro-investing and now has five products.
For $3 a month, users can also get access to an FDIC-protected checking account and debit card, allowing for real-time round-ups, no minimum balance or overdraft fees, and unlimited free or fee-reimbursed ATM withdrawals.
You’ll also get access to Acorns Later, the startup’s IRA option, allowing users to begin investing with $5 in a Roth IRA, Traditional IRA, or SEP IRA (Acorns selects the right IRA for you based on your financial profile).
Launched in 2015, Digit is one of the most well-known automated savings apps, and for good reason: The service makes savings decisions simple.
Digit analyzes what goes in and out of your checking account. Then, it periodically moves funds from checking to savings in amounts it’s algorithms believe are safe to save.
Digit says the average user saves $2,200 per year. It’s a good option for those who identify as spenders, not savers, and like outsourcing decisions.
This is pretty much like Acorns in terms of functionality, although it uses a slightly different method of saving your spare change.
Coinflash uses a Coinbase account and invests your spare change in the cryptocurrency of your choice.
You can either choose Ethereum or Bitcoin, it’s entirely up to you. The investments can be made either every week or each month.
The service only reads your transactional data when you offer credit card details, which will then be kept for two months before being deleted.
If you’re looking for 100% fee-free banking Chime may be the fit. However, there are other things you should know. Read our Chime Bank review for more.
Chime is actually a bank/online app that has an automatic savings program as one of its main perks.
The bank rounds up each transaction to the nearest dollar and sets the money into a savings account. They also add a 10% reward to the money you set aside – up to $500 per year.
Plus, their savings account currently pays 1.00% APY!
Designed to be an all-in-one banking app, with Qapital you should be able to spend money intelligently, save, and invest comfortably.
That’s the tagline, at least — but overall, Qapital works really well! It’s an excellent app that helps you save and invest your money, actually helping its members save an average of $1500 per person last year.
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6. Keep The Change
Bank of America was one of the first banks to offer automatic savings through its Keep the Change program.
For those who already have a BOA account, this may be a seamless transition to automatic saving.
If you enroll your Bank of America debit card, BofA will automatically round up your purchases to the next dollar and transfer the difference to your BofA savings account.
7. Long Game
Long Game tries to redirect some of the cash people spend on lottery tickets into savings. On the app, users who put money into savings get a chance to win extra money.
It’s called prize-linked savings, and the more you save, the more chances you have to play games with a chance to win more cash.
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