Starling offers (a very small amount of) interest, so it’s worth considering. Check out our Tandem review to find out more. However, there are some options for saving and investing from among the challenger apps. Longer-term savers may be looking to earn interest from accounts with a better rate. Which of these apps can I earn interest from? If you choose, they’ll also automatically transfer the money to a savings pot. In terms of helping you save up, apps like Revolut use algorithms to work out how much you can afford to squirrel away. Many apps provide graphs and charts to ram home the message.” – Michelle Stevens, Finder banking expert If you think you’re spending too much on eating out, then take a look at the cold hard numbers. The way budgeting and banking apps help you is by acting as pocket accountants, automatically categorising transactions so you can budget better. ![]() While a few do offer interest (see below), most don’t. Interest rates have been low for years, and that doesn’t look likely to change. If you’re looking for interest on your savings, then a regular current or savings account from a challenger bank (and indeed from many traditional banks) might not be for you. They’ve also launched premium versions, which generate revenue through a monthly fee. The challenger banking brands that started offering a basic account have started to diversify into other banking products (such as savings accounts, loans and kids’ cards). A couple of ways the free apps generate money right now are: selling anonymised spending insights to market research companies or offering potentially better deals, and then making a commission if you sign up to any of them. Some of these apps are drawing in customers with free services, and will then offer add-ons or a premium version, or other services that will generate revenue. If they’re free, how do budgeting apps make money? So if you have a current account with one of these, you can also visualise your spending on-the-go and in real time. And most of them are free.īut it’s worth remembering that lots of digital banking apps are free, too (such as Revolut, Monzo, Starling, and Monese). The real benefit of these apps over manual budgeting and traditional banks is simplicity and ease of use. Or if you’re a bit lazier, you could download a budgeting app today and it could take care of all of that for you. ![]() You could whip up a financial modelling spreadsheet instead to track your incomings and outgoings each month using an array of formulae…! You could even update your spreadsheet every day and keep hold of receipts and track your expenses. More details in our guide to how we rate budgeting apps. Our picks might not be best for all circumstances, so it’s important to consider what your needs are before you choose your budgeting app. A “good for” pick can mean that we felt several apps were about equal, so there was no “best” winner. ![]() The list includes apps that are not partners – our experts consider the whole of the market. Debit cards with low foreign transaction feesįrom among the products featured on the site, we highlight those which our scoring, expert analysis and testing show are the best fit for specific categories, and then we display these picks in relevant guides on the site.View all in International money transfers.
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