3. Save with Fintech
With an increase of online banking, open banking and financial apps, it’s the perfect opportunity to take advantage of these tools and how they can help you on your saving journey.
Fintech, which is a portmanteau for financial technology, is a term that is used to describe the augmenting, streamlining, digitalising and disruption of traditional financial services and Fintech companies are particularly useful when it comes to saving.
Through AI, blockchain and RBA (Robotic Profess Automation), they can teach you about your spending habits, support budgeting, consolidate your bills and have various automatic saving features.
We’ve consolidated some of the UK’s most loved and popular Fintechs to help you out:
Offering a savings feature called Pots, Monzo allows you to group your money into different pots meaning you can separate your spending money, from money that is specifically for saving. Monzo also offers features such as round-up, where they will round each of your purchases up to the nearest pound, and allocate change to your savings pot, as well as locking your pots so that your savings are inaccessible.
Revolut offer Saving Vaults that are specifically well loved as interest is paid daily. These Vaults are extremely flexible as you can either save as you go or set up a recurring transfer as often or as little as you require. Revolut’s Saving Vaults are also very useful if you are saving up your deposit with a partner as you can share access to Vaults with other members.
Atom Bank were the first UK’s app-based bank and are committed to making a difference by simplifying finances. They offer a fixed saver account option where you can set the amount of time you will be saving for and the interest rate, meaning it’s a great option if you have a date in mind for purchasing your home. Your money isn’t available until the fixed rate ends, but with set interest rates and regular updates, it’s a straightforward and efficient way to save.