Essentially, automatic savings apps can offer a very cost-effective way to start saving with minimal time and effort. Personally, I like that they automatically take your money out of your current account. It adds a little resistance when it comes to spending that cash. This can really help those who struggle to save by hiding their money away before they get a chance to spend it.
And the paid accounts offer some great features, However, for those who are struggling with cash, I think the cost would be hard to justify. But if you’ve already built a savings habit, these accounts can help push you to the next level and maximise your savings. Just remember that when you’ve built a decent pot, review the fees accordingly.
If you are looking at getting into investing, these accounts can be a great gateway to help you get started. They are simple to use and take care of all the complexity for you. I’d say these would be great for your first £500-£1,000. Beyond this point, it’s worth considering a robo-advisor.
Learn more: what is the best robo-advisor platform in the UK.
If you still have questions, please come join our supportive UK Personal Finance club on Facebook. You will find other like-minded individuals. It’s a safe, private community where you can ask questions and learn more about making the most of your money. Best of all, it’s free! I’d love to see you there.
Here’s to Financial Fitness