Saving Savvy: Digital Saving in Mobile Banking

Written by Editorial Team
Last updated: 8th February 2020

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.