Best savings apps UK: an honest comparison

The shortlist

Here is the short version. Each app wins for a different kind of saver, so we have ranked them by how many people we think each one suits, not by the biggest number on its home page.

1. Chip: best for autosave savers. An AI autosave that moves small amounts for you, Instant Access with unlimited withdrawals and a flexible Smart Cash ISA. It is our pick, and the only app we earn from. The catch: 45p per autosave on the free plan, and the headline rates include a boost that lasts 12 months.
2. Trading 212: best flat rate with no boost. 3.8% on uninvested cash and 3.6% in its Cash ISA, with no rate cliff after a year. Best for people who already use Trading 212 and want interest on spare cash in the same app, and accept that part of it sits in money market funds.
3. Chase Saver: best boosted easy-access rate. 4.5% AER for 12 months, then 2.25% variable, if you qualify. Best for new Chase customers who can use the 12-month boost and spend on the card to fill the 5% round-up account.
4. Moneybox: best bonus Cash ISA if you rarely withdraw. Best for savers who want a high bonus Cash ISA and are happy with limited withdrawals, ideally alongside a Lifetime ISA.
5. Plum: best for automatic saving rules. Best for people who want automatic saving rules and are happy to pay for a higher tier to get the top rates.
6. Monzo: best if you already bank there. Best for people who already bank with Monzo and want instant-access Pots and round-ups in the same app.

If you want the detail on any single pairing, each one has its own page: Chip vs Plum on autosave and plans, Chip vs Trading 212 on Cash ISA rates and Chip vs Chase on boosted rates.

How we compare savings apps

A savings app’s home page is designed to show you one number. We look at five things instead, because they decide what you actually earn and how easy it is to get your money back.

1. The standard rate, not just the boost

Most apps lead with a boosted rate for new customers. That is fine, as long as you know what it drops to. A boost of a few months on a small balance is worth less than people think, and the standard rate is what you will earn for most of the time you hold the account. On this site, a boosted rate always appears with the standard rate and how long the boost lasts. Our guide to what happens when an introductory rate ends explains how to find the number underneath.

2. Withdrawal rules

“Easy access” means different things in different apps. Some let you withdraw as often as you like. Others allow one withdrawal a month, or cut your rate after a set number of withdrawals in a year. If you might need the money at short notice, this matters more than a few tenths of a percent.

3. Who holds the money, and FSCS

Savings apps are usually not banks. They hold your money with partner banks, and the Financial Services Compensation Scheme protects eligible deposits up to £120,000 per person per bank. That limit is shared with anything else you hold at the same bank. Some products, such as money market funds, are not deposits at all. Our guide to FSCS protection with savings apps walks through it.

4. Fees and plans

Several apps pay their best rate only on a paid plan. A monthly fee comes straight off your interest, so on a modest balance the free plan often comes out ahead. We count fees as part of the rate.

5. Autosave and round-ups

The real reason many people use an app rather than a bank is that it saves for them. We look at what each app automates, whether it costs extra, and whether it can push you overdrawn.

All figures on this page were read from each provider’s own pages and are dated in the sources at the bottom. Rates are variable. New-customer boosts last 12 months, then the standard rate applies.

Side-by-side comparison

The table scrolls sideways on a phone. Chip is highlighted because it is our pick, and it is the only column with a link we earn from.

Eligibility criteria apply. The £50 is for people who have never held a Chip account, who deposit £1,000 into an eligible account and keep at least £1,000 there for 90 days in a row. Easy Access does not count for the £50, and if your balance dips below £1,000 the 90-day countdown starts again.

Chip: our pick for autosave savers

Chip is a savings app rather than a bank. It connects to your current account, works out what you can afford, and moves small amounts into savings for you. You can also pay in yourself, set up recurring deposits or pause autosave whenever you like.

There are three accounts that pay interest. Instant Access pays 3.51% AER for 12 months, then 3.00% AER and allows unlimited withdrawals with no penalty. The Easy Access Saver pays more, 3.81% AER for 12 months, then 3.50% AER, but allows only 3 penalty-free withdrawals in a 12-month period. From the fourth, the rate drops by 2.10% AER. The Smart Cash ISA pays 4.68% AER for 12 months, then 3.50% AER and is flexible, so you can take money out and put it back in the same tax year. There is also a Prize Savings Account, which pays no interest but enters you into a monthly draw.

Chip savings are held with ClearBank and eligible deposits are protected by the FSCS up to £120,000 per person, shared across all your money at ClearBank. The Smart Cash ISA is different: Chip spreads it across a panel of UK banks including Barclays, Lloyds and HSBC.

On the free Basic plan, autosave costs 45p per autosave. Recurring deposits you set yourself are free on both plans. ChipX, the paid plan, costs £5.99 every 28 days or £65.05 a year and includes unlimited autosaves. If autosave runs often, it is worth doing the sums.

For the full first-hand picture, read our Chip review.

Trading 212: the best flat rate

Trading 212 is an investing platform that also pays interest on cash. It pays 3.8% AER variable on uninvested GBP cash, with no withdrawal restrictions or penalties. Its Cash ISA pays 3.6% AER variable, flexible. Neither rate is a boost, so there is no cliff after a year. That is the main reason it ranks this high: Trading 212’s cash rate is higher than Chip’s standard rates, and it does not drop after a year.

The important catch is where the money goes. With interest switched on, Trading 212 holds your cash across banks and qualifying money market funds, and the split is shown in the app. Money placed in a QMMF is treated as an investment, not a bank deposit, and does not get deposit protection. The cash held with banks is protected up to £120,000 per bank; the money market fund part is not. See Trading 212’s interest on cash page and its money protection page.

It also has no round-up or autosave feature that we could find, and the app is built around investing, which this site does not cover. If you want a high flat rate and are comfortable with that structure, it is a strong choice. If you want every pound to be a protected bank deposit, it is not.

Chase Saver: the biggest boost, if you qualify

Chase is a bank, owned by J.P. Morgan, so your money is held directly with it and protected by the FSCS. The Chase Saver pays 2.25% AER variable. New customers can get a boost on top: 4.5% AER for 12 months, then 2.25% variable. Withdrawals: any time, no fees; £25,000 daily external transfer limit.

The boost is where you need to read carefully. Chase’s boosted saver page sets out the offer (2.25% AER boost for 12 months; open within your first 31 days), but the boost terms say eligible customers are contacted. That leaves it unclear whether every new customer gets it automatically. Check in the app before you move money for the boost alone.

Chase also has a round-up account. Free round-ups to the nearest £1 at 5% AER variable, and it only takes debit card round-ups. You need a Chase current account to use any of this, and Chase does not offer a Cash ISA. After the boost, the standard rate is lower than most apps on this page.

Moneybox: a bonus Cash ISA with limits

Moneybox is best known for round-ups. For savers, the headline is its Cash ISA, which pays 4.72% AER variable for 12 months, then 3.45%. That standard rate is close to Chip’s Smart Cash ISA standard rate of 3.50% AER. The conditions are tighter, though: £500 minimum; fewer than four withdrawals a year. Cash ISA drops to the lower rate for the rest of the year after four or more withdrawals, or below £500.

Its easy-access account, the Simple Saver, pays 2.40%, or 3.4% if you also hold a qualifying Moneybox account. The bigger point is the withdrawal rule: the Simple Saver allows one withdrawal a calendar month, paid the next working day. That makes it a poor home for an emergency fund. See Moneybox’s Simple Saver page and Cash ISA page.

Moneybox charges no fee if you only save. Your money is spread across a panel of partner banks, each FSCS-protected. Our Chip vs Moneybox comparison covers round-ups against autosave in more depth.

Plum: lots of rules, but the best rate costs extra

Plum is the closest thing to Chip in spirit: an app that saves for you. It offers Round-ups, Pay Days, Weekly Depositor and AI Auto Saver. Rainy Days, 52-Week Challenge, 1p Challenge and Naughty Rule need a paid subscription. If you like setting precise rules for when and how much to save, Plum gives you more knobs to turn than Chip.

Its Easy Access rate depends on your plan: 3.05% to 3.65% AER variable, by plan. The free plan pays 3.05%; the top rate of 3.65% needs Plum Max at £14.99 a month. On a modest balance, that fee wipes out the extra interest, so most people will be better off on the free tier. Plum’s own pages also disagree on the Max price. See Plum’s Easy Access page and plans page.

Plum’s Cash ISA leads with 4.73% AER variable for 12 months, then 2.54%. That boost is big, but the standard rate after it is the lowest of the Cash ISAs here, and Plum’s FAQ says the bonus may be lost after your fourth withdrawal or if the balance drops below £100. Plum also sells a money market fund product alongside its savings; that is not a savings account and is not covered here.

Monzo: convenient if you already bank there

Monzo is a bank, so your savings are held with Monzo Bank and protected by the FSCS. You need a Monzo current account to open Savings Pots. Its Instant Access Pot pays 2.75% to 3.50% AER variable, by plan: 2.75% on the free plan and 3.50% on Max, which costs from £19 a month. Withdrawal rules: Instant Access: unlimited, instant.

Where Monzo genuinely stands out is the Fixed Rate Cash ISA Pot, at 4.70% AER fixed for 1 year. None of the apps here offer a fixed rate, and a fixed rate is the only way to know exactly what you will earn. Monzo also has free round-ups into a Savings Pot. See Monzo’s savings and ISAs page. Our Chip vs Monzo comparison looks at whether an app or your bank suits you better.

What about Premium Bonds?

NS&I Premium Bonds are not an app, but they come up in every savings conversation, especially against Chip’s Prize Savings Account. They pay no interest. Instead, your bonds go into a monthly prize draw. Not FSCS: 100% backed by HM Treasury, which is stronger than FSCS cover and has no £120,000 ceiling. They are best for higher-rate savers who want tax-free prizes and full Treasury backing, and accept that prizes are down to luck, not interest.. See NS&I’s Premium Bonds page and our Chip Prize Savings vs Premium Bonds comparison.

When not to pick Chip

Chip is our pick for people who want saving to happen in the background. It is not the right answer for everyone, and here is when we would point you elsewhere.

• You have had a Chip account before. The referral bonus is only for people who have never held a Chip account before, and the boosted rates are for new customers. Without those, Trading 212’s flat rate may suit you better.
• You want the highest rate after year one. Once Chip’s boost ends, Instant Access pays 3.00% AER. Trading 212 pays 3.8% with no boost to lose, though not all of it is a protected deposit.
• You want a fixed rate. Chip’s rates are variable trackers below Bank Rate. Monzo’s fixed Cash ISA locks a rate in.
• You will withdraw often from Easy Access. After 3 penalty-free withdrawals in a 12-month period, Chip’s Easy Access rate falls to 1.71% AER. Use Instant Access instead, or another app.
• Autosave would run a lot on the free plan. At 45p per autosave, frequent autosaves add up. Either use free recurring deposits, or work out whether ChipX pays for itself.
• You want everything in your bank. If you already use Monzo or Chase, keeping savings there is simpler, and both are banks.
• You need fast, responsive support. Chris’s one consistent downside is that in-app support has been slow to reply.

How to choose

Start with how you save. If you know you will not move money across by yourself, an autosave app like Chip or Plum is worth more than a slightly higher rate you never use. If you are disciplined and will move a lump sum, compare standard rates and withdrawal rules, and pick the highest you are comfortable with.

Then check the protection. Find out which bank holds your money and whether you already have savings there, because the FSCS limit is shared. If you are filling an ISA, see our separate comparison of Cash ISA apps. And whichever app you pick, set a reminder for the month any boost ends.