What makes the best savings app? There are so many to choose from that it can get difficult to sort out the good from the bad and mediocre. You likely want an app that will save you the most without having to pay for it. Let’s start there



It is a bit ironic when a savings app costs you money to save money. Understandably, businesses do have to make money to provide their services to you, and paying a little money for something that will earn you more money, in the long run, can be well worth the expense. However, the best kind of savings account app you can find is the free type, not including those that offer a free trial.

 No Hidden Fees

Hidden fees are obnoxious and unpleasant when they strike. Sometimes they come by surprise. To find them, you have to read through the fine print under the terms of service of an app. Many savings apps are good at being transparent and upfront with their costs or fees, and sometimes they will tell you that they have no hidden fees or penalties. Yet, it is still a good idea to double-check.

Rewarding Incentives

How a savings app rewards or incentivizes you for using their services is another quality to look for. Think about sign-up bonuses, like a $10 reward, for users that create an account for the first time. Some also offer a referral program that pays you money for referring new users to the app or high-yield interest above the national average. These are some of the most common ways that saving apps reward you.

High Reviews

Reviews are a great way to find out if an app is legit or not. It helps potential users to see what makes it amazing or not so amazing. Also, it is a great way to see how these apps handle negative or positive feedback. The feedback can indicate how helpful their customer service is and reveal the most common problems that past users have experienced.

Low or No Minimum Balance

Some savings account apps require a minimum deposit before you can start earning rewards or taking advantage of the services they provide.

The amount may vary, but some have minimum deposits requiring hundreds to thousands of dollars to receive high-yielding interest rates and other benefits. While doable, if you don’t have the cash readily on hand, you will need to save until you do, during which time you will miss out on potential rewards or other savings.

Best Savings Apps Worth Mentioning

Best Savings Apps Worth Mentioning

So, what available apps meet all or some of these traits? Here are some examples worth mentioning that were made to help you save or even grow your money:


Prizeool is a prize-linked savings account app that rewards its users with a chance to win one of 4,000 weekly cash prizes without any risk of losing their money. Funds deposited with PrizePool are FDIC-insured and earn a high interest rate of 0.30%, paid out each month.

There is no minimum deposit required, hidden fees, or charge to use the app either. They also have a rewarding referral bonus program. If you refer a friend or family member that signs up, and they happen to win a weekly cash prize, you and your friend will receive 10% of the cash prize (your friend gets an additional 10% added to their winnings just for being your referral).

There is no limit to how many times you or your friend can win a cash prize or a referral bonus, so it is worth having as many referrals as possible to increase your chances of winning rewards.


Mint is a popular app designed to help you budget and track your finances. It allows you to connect your financial accounts, such as your banking or investment accounts, and it will start to track your expenses for you.

You can set it up to send you alerts when your funds are low or if you are about to overspend. The app is free to download and use, and it’s an excellent service that helps you save money through budgeting.

M1 Finance

M1 Finance is a free-to-use investing app that lets you customize your stock portfolios and automatically invests for you.

The downside is that there is a minimum deposit required, depending on the account you open ($100-$500), and there are some fees if you go below those minimums. However, if you stay above the minimum requirement, there are no fees.

M1 Finance is listed because they do not charge a monthly fee to use their services or a commission for making stock trades. It is essentially free investing. The app is also highly rated and an excellent way for investors to save and grow their money.

Time to Save Money!

Time to Save Money!

The apps listed above are great examples of what makes the best savings app in 2022. Although, there are plenty more that would also fit under this category. Now that you know what to look for in an app, you’ll find the best ones out there to help you save money, starting now.

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Ariana Smith is an enthusiastic fashion blogger and freelancer content writer. She loves to write and share knowledge of the latest fashion trends, fashion, and shopping tips and tricks. She is the chief editor at FollowTheFashion.

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