I Have $24 in My Savings Account. Can Microsavings Make Me a Better Saver?

Unfortunately, Digit also charges a $5 monthly fee, so you have to deduct that from what you save. That being said, $5 is basically the cost of a Starbucks coffee. For me, it’s a no-brainer to give up one latte to save almost $100 a month without a second thought.

Monthly fee: $3 for Basic membership, $6 for Complete, and $12 for Master

How your information is handled: According to its privacy policy, Qapital does not sell your personal information to third parties, though it does authorize some third-party tracking for behavioral advertising purposes. (You can opt out of those practices through the Network Advertising Initiative and Digital Advertising Alliance websites.)

Insurance: F.D.I.C. insured up to $250,000

Qapital operates similarly to Digit in that it takes spare change from your checking account, but how much is transferred is based on certain savings “rules” you opt in to.

With the “Round Up” rule, for instance, you decide how much you want to round up each of your transactions, and the extra change is deposited into your Qapital account. Other savings rules include “Set and Forget” (establishes recurring automatic transfers), “Payday” (saves a set percentage of each deposit to your funding account), and “Spend Less” (saves the difference when you spend less than your target budget). However, the plethora of options felt a little overwhelming, and the app’s bland design is unappealing, despite all of my customization efforts.

For what it’s worth, I did end up saving about $78 with Qapital’s “Round Up” option. Also, the least-expensive monthly membership is $2 cheaper than Digit, which may be the tipping point if you’re really looking to save every extra penny. You can create an investment portfolio with Qapital’s higher membership tiers, but I’d stick with Basic for your microsavings needs.

Monthly fee: $1 for Invest, $2 for Invest + Later, $3 for Invest + Later + Spend

How your information is handled: According to its privacy policy, none of your personal information is sold to third parties, and Acorns does not share your information for the purposes of third-party marketing.

Insurance: Securities Investor Protection Corporation insured up to $500,000; not F.D.I.C. insured

Like other microsavings apps, Acorns rounds up your purchases and saves the difference — but instead of the funds being deposited into a regular savings account, you’re investing them in a portfolio of exchange-traded funds (E.T.F.s) comprised of stocks and bonds (in partnership with investment management companies Vanguard and BlackRock).

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