Best Microsavings Apps for New Savers

BySerise C. Lange

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Every penny counts, especially if your savings account is scarce or nonexistent. Microsavings apps take your pennies and drop them into your savings account.

According to CNBC, only 44% of Americans have an emergency fund of $1,000 or more. That leaves the majority of Americans vulnerable to financial disaster. Most Americans won't be able to cover a major car repair. Or replace an appliance like a refrigerator if it breaks.

While microsavings apps aren’t the path to wealth, they can get you started on building an emergency fund. Below is our list of the best microsavings apps.

best microsavings apps

What Are Microsavings?

Microsavings shift away from traditional savings with automation. You'll save money every day, and you don’t have to go out of your way to do it.

For example, some of these apps take the spare change from a purchase and move it to your savings account. If you spend $40.10 on gas, a microsavings app can round up your purchase to the next dollar. The app then sends $.90 to your savings account. In this case, you save almost $1 without even trying. 

Saving $1 sounds small, but consider all your purchases every day. If you can save $2 a day with a microsavings app, that’s about $60 per month or $720 a year. That’s a decent chunk of change for little to no effort.

Ready to get started? Check out our list of the best microsavings apps below.

Best Microsavings Apps for New Savers

Here are a few of the best microsavings apps for new savers. Some are free. Even more reason you should try them out.

Acorns

You can think of Acorns as a pioneer of microsavings. A subscription starts at $3/month. Swipe your Acorns debit card, and Acorns will automatically “round up” your purchases. 

But there’s another way to earn money, and that’s to take advantage of special online offers. You log into Acorns on the web or through the Acorns app on iOS or Android. Then pick the offer you want. 

Acorns has grown over the years to include not only microsavings but investments as well. The Acorns Invest portfolio is separate from savings. As the site's tagline says, you can funnel away those acorns and build your oak. 

  • Fees: $3/month for personal, $5/month for family accounts
  • Unique Feature: Round-Ups and the ability to earn more money shopping through Acorn’s affiliate links
  • Savings APY: None
  • Investment Option: Yes

Digit

Digit connects to your checking account and analyzes your spending habits. Digit estimates how much you can save every month and moves money to your savings account.

Digit also offers Roth and Traditional IRA accounts and can make automatic contributions. As it does with savings, Digit looks at what you can afford to send to your investment account.

If you’re not already contributing to a retirement account, here’s an easy way to get started. You can even move your investment money later if you choose not to use Digit down the road.

Chase and Wells Fargo customers are eligible for same-day transfers to and from Digit.

  • Fees: $5/month
  • Unique Feature: 0.10% Savings Bonus every 90 days to reward ongoing savings
  • Savings APY: 0.10% (Savings Bonus, paid quarterly based on your average daily balance)
  • Investment Option: Yes

SmartyPig

SmartyPig is free and perfect for people getting their feet wet in the microsavings game. The premise is simple: set up the account, create some savings goals, and turn on recurring contributions. You don’t have to set up automatic savings, but it does help build the savings habit. The site is colorful and features an easy-to-follow introduction guide.

There’s no minimum deposit, making the site a no-brainer for new savers. 

  • Fees: Free
  • Unique Feature: Easy to use and understand
  • APY: 0.55% to 0.70% APY
  • Investment Option: No

Chime

Chime is an award-winning financial app and debit card. It’s a fintech company that partners with its banking partners to provide users with a checking and optional savings account.  A checking account is required to be eligible for a savings account.

There are two ways to automatically fund the optional Chime Savings Account. First, their feature Save When I Get Paid allows you to transfer a % of all direct deposits into your savings every month.1 Chime can also round up your debit card purchases and send the change to your savings.1 Swipe the Chime Visa® Debit Card and Chime automatically takes care of the rest. You can also transfer funds into the account anytime you wish.

  • Fees: None2
  • Unique Feature: One-stop-shop for banking. Get a checking account, savings account, fee-free~ ATMs, fast direct deposit, and overdraft “Spot Me” feature that covers up to $200* in debit card purchases and cash withdrawals. 
  • APY: 2.00%+ APY 
  • Investment Option: No

Read our full Chime Review

Banking services and debit card provided byThe Bancorp Bank or Stride Bank, N.A.; Members FDIC.

1Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

2There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

^Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

~ Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

+The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 17, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.

Bank of America’s Keep the Change

Bank of America’s Keep the Change program is simple. Turn everyday spending into small savings that add up over time. You’ll need a Bank of America checking account, savings account, and debit card. The bank rounds up debit card purchases and sends the difference to your savings account.

  • Fees: Free
  • Unique Feature: It’s not just an app. It’s a full-service bank with the option to visit a branch location for in-person customer service.
  • APY: 0.01% – 0.04%  (Depending on the savings account you choose, your account balance, and if you’re a Bank of America Preferred Rewards Member)
  • Investment Option: No

Qapital

Qapital offers microsavings and more. There are a few ways to save. Qaptial can round up your purchases or send a fixed amount of money to your savings every month. 

You can even prompt Qaptial to save a set amount when making a specific purchase. For example, you can have Qapital send $1 to your savings account every time you buy a coffee.

The theory here is the easier it is to save, the more likely it becomes a habit. It’s a rather qapital idea, pun intended. 

The site offers three main plans with varying features starting at $3/month. But, to take full advantage of all the savings features, you’ll need to get the Complete Plan at $6/month. 

  • Fees: $3 – $12/month 
  • Unique Feature: Offers features for saving, investing, and budgeting
  • APY: None
  • Investment Option: Yes

Current

Current is a fintech offering banking services. Current rounds ups purchases you make with the Current debit card.

The stand-out feature here is the APY. You can earn 4.00% APY on a maximum balance of $6,000 in your Current savings account.

  • Fees: $5/month
  • Unique Feature: High APY
  • APY: 4.00% APY on savings accounts
  • Investment Option: No

Read our full Current Review

Microsavings Apps Pros and Cons

Pros:

  • It’s an easy way to build an emergency or goal savings account.
  • It can be a fun way to build a savings habit. You’ll use colorful apps, and there’s minimal effort. It makes sense and cents.
  • Microsavings apps are accessible. It can be easier to get a microsavings app than a bank account for some people.

Cons:

  • Microsavings apps are best for smaller savings goals. You’ll need a more aggressive savings strategy for larger goals like a down payment on a car or a house. 
  • If you don’t make many purchases with a debit card, your microsavings will be minimal.
  • Every new app holds the potential for a security breach. While the fintech industry takes security seriously, new threats can emerge.
  • Not every place pays interest on savings. Your savings can earn more in a high-yield savings account.

How We Chose the Apps on This List

Here’s how we chose the apps on the list: 

  • Fees: If the fees are too high, we skipped adding the app here. 
  • Ease of use: Multiple access is better than web-only or even app-only. 
  • Features: Come for the automatic savings and stay for the extra features from the app development team.

Are there other sites bound to jump in on the microsavings game? Absolutely. Take the criteria from this guide and compare new apps to help you determine if they’re worth it. 

Who Are Microsavings Apps Best For?

A few groups immediately come to mind when it comes to microsavings apps. Students, anyone just starting out with savings, and people recovering financially can benefit. 

It’s an easy and fun way to get started. Sometimes, when you’re trying to rebuild, the small wins can fuel your drive to save more.

Final Thoughts

If you have little to no savings right now, there’s no better time to start using one of these apps. The beauty of microsavings is watching your savings account flourish every day. You'll see how small amounts of money can have a big impact. Ideally, saving money will become a lifelong habit.