Saving Savvy: Digital Saving in Mobile Banking

The latest developments in mobile app baking have different functions which work for a new generation of on-the-go technologically fluent customers.

It’s important to flag that these apps do not offer the most competitive rates for savings – what they do offer is savings with ease and on the go.

We have broken down the features of each of these app-based banks to give you an overview of the saving functions available on each server.

Virgin Money Account 

  • Savings “pots” feature
  • Competitive 1.00% interest rate for savings account
  • 0.50% interest rate for current account
  • No fee for maintaining account
  • Money withdrawal via Virgin Money Current Account
  • Fully protected up  by FSCS to £85,000

More info on The Virgin Money Current Account »

N26

  • Offers fixed rate only savings
  • Money is locked in the account for the fixed term
  • Fixed term for a minimum of 3 months
  • Open the account in-app
  • £2000 minimum deposit amount
  • 1.57% interest rate on savings account
  • Works with partner banks
  • German deposit scheme (up to £89,000)

More info on N26 »

Revolut 

  • “Vault” accounts available in-app
  • Ability to save in any currency, including cryptocurrencies
  • Bitcoin Vault options available
  • Spare change round-up function when spending
  • Withdrawal from savings available anytime
  • “Group Vault” functions available to save with others
  • Currently, these accounts do not generate interest

More info on Revolut »

Monese

  • Monsese savings “pots” function
  • In-app categories making saving visually easy to sort
  • In-app savings accounts with interest
  • Partnered with Raisin to allow for savings functions
  • These are available in UK, Spain, Austria, the Netherlands and Germany

More info on Monese »

Monzo

  • 30% fixed AER
  • Full protected by the FSCS up to £85,000
  • Yearly interest rate of 1% over £1000
  • Uses “Pot” function in order to segregate saving
  • Round-up options when spending to save in other pots
  • Ability to add images to pots to motivate spending
  • Open accounts in-app
  • Easily move money between accounts
  • Easy to withdraw savings

Atom

  • Fully FSCS protected
  • Offer fixed savings accounts with interest rates up to 2.49%
  • Open accounts in-app
  • 3-6 month fixed savings account at 0.75%
  • 1 year fixed term savings account at 1.65%
  • 2, 3, 4 and 6 year fixed term savings accounts at 1.75%
  • App function to calculate projected savings with interest
  • Limited to £100,000

Starling 

  • No dedicated “savings” account function
  • Pay interest on all account balances
  • 0.5% AER on account balances below £2000
  • 0.25% on account balances below £85,000
  • Fully FSCS protected up to £85,000

These features and services were accurate January 2020. But banks are very aware of customer demands: features may change or be extended.

Written by Isla Geddes ,
15th January 2020