Anyone used A automatic savings apps

2013

2013

2013

Soldato
Joined
29 Dec 2012
Posts
4,371
Hi Guys,

Has anyone used or heard of automatic savings apps like Chips, I thought this would be a good place to as because we are all tech heard, it Just a random questions but i was a bit curious when i came across a article on automatic savings apps (chips) which will help you save money it sounds interesting but would you trust something like this ?
 
No, because I'm disciplined enough to save in a structured fashion. I can see how some might find it attractive though, although the fact that it still allows you to save through an overdraft is alarming. Some of the investment-based versions are highly charged and poor value for money.
 
2013 said:
Hi Guys,

Has anyone used or heard of automatic savings apps like Chips, I thought this would be a good place to as because we are all tech heard, it Just a random questions but i was a bit curious when i came across a article on automatic savings apps (chips) which will help you save money it sounds interesting but would you trust something like this ?
Click to expand...

Just set up direct debit to an ISA the day you get paid.
 
How much can I earn on my savings?
When you first sign up you start with 0% on your savings. You can boost your rate to 5% by inviting friends - you get an extra 1% for each person, valid for a year. This is calculated weekly and paid into your account quarterly - that’s every 13 weeks from the week your first save cleared.

So you need to get others involved before you can earn any interest on savings. Personally i don’t get the point you should be able to work out what you can afford to save without an app collecting and probably selling your spending habits.
 
My girlfriend was speaking about this last night and signed up for it. Apparently it will round up all your transactions to a whole pound and invest the extra into a fund and then when you want to withdraw the money the company then takes their cut then. I was very much of the view that you should just save when you get paid. I don't like the idea of them taking their cut, if it was through your bank and put the rounded up into a savings account I'd probably give it a go.
 
I think he means rather than investing.

I play around with the moneybox app which will automatically roundup your spending and invest it for you.

It isn't as slick as I'd like. Rather than rounding up at the source, it just DD the rounded total out every week, so you do notice it's happening. If it could somehow do it at the source, it would be seamless.
 
I use Moneybox and have been doing for some time. As above it would be nice if it rounded each transaction individually but I'm sure there's a sensible reason why they don't have it make 10s of sub £1 deposits every month :p

I started using it just out of curiosity on top of normal savings but stuck with it as it actually adds up pretty fast.
 
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