Why you Need Smart Money-Saving Banking Apps

What are the money saving banking apps? 

These are hi-tech financial apps with links to your savings or current account. These apps offer virtual banking services. Most of them analyse your balance and spending habits. Some help with automatic savings while others use Artificial Intelligence to calculate what you need for a healthy bank balance. A few of them include recommendations for your saving limits.  If you are considering porting to one of the best money saving apps services in the UK,  you may want to find out about the benefits before migrating. 

Here are just a few reasons you need a smart money-saving banking app: 

Helps with budgeting – smart banking apps help with your budgeting needs and, as it is common with many of them, help you keep your finances in check. This gives you control over your money and allows you to downsize where necessary. 

Real-time notification – most of the smart bank apps around provide real-time notifications anytime you save or spend money. This feature is not common to traditional banks. Consider, for instance, if you got something for £5 in Boots, Smart bank apps will notify you instantly on your phone with details of the transaction. 

They help you track your spending habits – this is another service smart bank apps deliver that traditional banks don’t often have.  These apps help provide insights into your spending habits.  With this feature, you get to know how much you’ve spent on a particular item each month – this includes how much you spend on travel or entertainment.

Convenience and reliability – one thing financial technology firms are trying to achieve with their apps is to offer them as suitable alternatives to traditional banking.  Thus, most of them offer overdrafts, standing orders, debit cards, direct cards and more. These add-ons are user-friendly, secure and very flexible. With them, you move around with your bank in your pocket.  

Worried about savings? Smart bank apps make saving automatic – Fintech companies producing these apps keep their users in mind and offer loads of brilliant tech which make managing your money as easy as anything. There are several apps for saving with additional features such as calculating how much you can reasonably save each week or month. You can also automatically sweep money into a separate saving account – you can instruct the apps to save less or reverse your course if you feel a pinch. It is possible to reverse the money back into your current account if necessary. This helps you build your savings. 

Easy switching options – Smart bank apps offer flexible switching options.  You will enjoy a very seamless and quick service switching to a good app-only bank in the UK if your provider is signed up to the Current Account Switch Service (CASS).  Switching typically takes seven days with all your payments coming in, such as your salary, and going out – consider utility direct bills for example. All these are moved to your new account. You don’t need to worry yourself with wrongly applied charges, they will be refunded.