10 Most Innovative Savings Products for 2023

10 Most Innovative Savings Products For 2023
Editor's Best Savings Products

One of the many positive consequences of digital transformation in financial services is the variety of tools available to help consumers reach their financial goals. Because almost all financial goal setting involves saving, we especially appreciate the many savings apps available.

We compiled this merit-based list of the 10 most innovative savings products for 2023 to help you match your personal financial goals to a product and app that can assist.

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#1 Savings Product for Spenders

Oportun logo

Oportun, founded in 2006, has a long history of helping consumers save, improve their credit history, and gain financial flexibility from loans and credit cards.

The Oportun app is innovative because it automatically monitors your spending habits, income, and expenses and sets aside funds to help you meet your financial goals.

Why We Love Oportun Smart Savings

The app makes saving as effortless as possible by working within your financial limits and recommending strategies to increase your results.

Along the way, you can count on the Oportun app to encourage you and celebrate your success. It’s almost like you have a friend standing by to hold you accountable, and everybody needs that.

Key Stats

  • # Android app reviews: 46.8K
  • Average Android rating: 4.2
  • # iOS app reviews: 278.5K
  • Average iOS rating: 4.7


#1 Savings Product for Couples

Qapital logo

Qapital is the brainchild of a married couple who needed an easier way to manage their finances.

The couple drew on behavioral economics and psychology to build an app that helps users set goals, visualize trade-offs between spending and saving, and create emergency funds and safety nets.

Why We Love the Qapital App

Qapital lets you apply different rules to your savings goals according to your priorities.

Goal-sharing features designed for couples increase motivation and contributions so dreams become realities.

Key Stats

  • # Android app reviews: 21.4K
  • Average Android rating: 4.4
  • # iOS app reviews: 82.9K
  • Average iOS rating: 4.8

PrizePool Stacked

#1 Savings Product for Cash Back Sweepstakes

PrizePool logo

It’s not a great idea for people living from paycheck to paycheck to spend some of their hard-earned money on lottery tickets. PrizePool Stacked solves that problem.

With a PrizePool Stacked savings account, you earn a minimum ROI of 4.50% and a chance to win one of 10,000 weekly cash prizes, including a $1 million payout.

Why We Love PrizePool Stacked

Banks and financial firms usually offer savings accounts as tools for delayed gratification.

But with PrizePool, saving for the future earns you money and puts you in the running for an exciting reward. It’s fun!

Key Stats

  • # Android app reviews: 1.32K
  • Average Android rating: 4.4
  • # iOS app reviews: 2.7K
  • Average iOS rating: 4.6

Self Credit Builder Account

#1 Savings Product for Credit Building

Self logo

A good credit score is the key to a flexible financial future, but those without a good score often struggle to increase their number.

Paying back a Self Credit Builder Loan in on-time monthly installments is an easy way for anyone to increase their score.

Why We Love the Self Credit Builder Loan

Self has four credit builder plans to fit various goals and budgets.

All it takes is a 24-month commitment to set yourself up for opportunities to use credit to your advantage to build the kind of life you want to live.

Key Stats

  • # Android app reviews: 78.8K
  • Average Android rating: 4.6
  • # iOS app reviews: 247.6K
  • Average iOS rating: 4.9

Dave Goals Account

#1 Savings Product for Tracking Savings

Dave logo

Dave is a financial technology company built to help the little guy. Saving to achieve your financial desires is easier with the Dave Goals Account because you’re in control.

Users create goals using terms meaningful to them, save at their own pace, and celebrate with Dave as they reach milestones toward the finish line.

Why We Love the Dave Goals Account

We appreciate how the Dave Goals Account treats large and small goals equally yet allows users to prioritize them.

The Dave app celebrates your milestones like a friend would — encouraging you at every step.

Key Stats

  • # Android app reviews: 496K
  • Average Android rating: 4.3
  • # iOS app reviews: 656K
  • Average iOS rating: 4.8

M1 High-Yield Savings Account

#1 Savings Product for Earning Interest

M1 logo

M1 cuts overhead to the bone to help customers manage their finances. Instead of spending profits on endorsements and lobbyists and charging customers high fees, it concentrates on the basics.

One result is the M1 High-Yield Savings Account, which pays an industry-leading 5% APY to eligible savers.

Why We Love the M1 High-Yield Savings Account

There’s not much fluff associated with M1. If you’re the type who values a stable return on your money, the M1 High-Yield Savings Account is a great choice.

Plus, M1 savings accounts are FDIC-insured up to $5 million.

Key Stats

  • # Android app reviews: 23.9K
  • Average Android rating: 4.5
  • # iOS app reviews: 56.8K
  • Average iOS rating: 4.7

Greenlight Cash Back and Savings

#1 Savings Product for Kids and Teens

Greenlight logo

When it comes to learning financial responsibility, practice makes perfect.

That’s why we love Greenlight: It’s built with kids and teens in mind.

With Greenlight Cash Back and Savings, those under 18 earn up to 5% rewards on savings deposits and up to 1% cash back with every purchase.

And those rewards are deposited to savings.

Why We Love Greenlight Cash Back and Savings

It’s easy for parents and guardians to monitor and fund accounts with gifts and allowances.

And it’s easy for kids and teens to set goals for themselves, including reserving a portion of those funds for savings.

Key Stats

  • # Android app reviews: 40.1K
  • Average Android rating: 4.7
  • # iOS app reviews: 327.9K
  • Average iOS rating: 4.8

Varo Savings Account

#1 Savings Products for Automated Features

Varo logo

Varo is a fee-free app that returns up to 5% APY to eligible savers with Up to $5,000 in their account. You can even earn 3% extra on deposits above that benchmark.

But it’s Varo’s auto-savings tools that really pique our interest. Varo rounds up spare change and pulls from paychecks according to spending habits.

Why We Love the Varo Savings Account

If you’re into a set-it-and-forget-it saving strategy, Varo is for you.

We always love financial surprises, and Varo sets you up for those. You’re less likely to dip into those funds and spend them on something you don’t need.

Key Stats

  • # Android app reviews: 200K
  • Average Android rating: 4.7
  • # iOS app reviews: 170.8K
  • Average iOS rating: 4.9

Current Savings Pods

#1 Savings Product for Multiple Savings Goals

Current logo

Current has built a more affordable, accessible, and innovative baking experience for people held back by a system that doesn’t work for them.

Current savings pods are part of that because they make financial goal-setting more straightforward and transparent.

Why We Love Current Savings Pods

You can earn up to 4% APY on three savings pods, so it’s not just easy but lucrative to bank and save with Current.

There’s no minimum balance requirement either. Unless you consider a penny a balance requirement!

Key Stats

  • # Android app reviews: 149K
  • Average Android rating: 4.6
  • # iOS app reviews: 142.8K
  • Average iOS rating: 4.8

Chime High-Yield Chime Savings Account

#1 Savings Product for Fee-Free Savings

Chime logo

Chime offers popular financial technology products on the premise that banking services should be helpful, easy, and free.

Chime’s High-Yield Chime Savings Account fits that strategy with a fee-free approach, a 2% APY, and automatic savings features.

Why We Love the High-Yield Chime Savings Account

For us, the key to Chime’s success is transparency, and when Chime says savings are fee-free, they mean you’ll never pay a monthly fee, no matter your balance.

Plus, there’s no minimum balance to earn that generous 2% APY on Chime savings.

Key Stats

  • # Android app reviews: 555K
  • Average Android rating: 4.8
  • # iOS app reviews: 694.8K
  • Average iOS rating: 4.8

It’s a lot easier for consumers to be responsible with their finances when financial institutions hold up their end of the bargain, which each of the innovative savings products on our list does.

We’re confident you’ll find a product and app in this list that meets your needs. Good luck on your savings journey!