This App Makes Investing And Saving Money Easy And Affordable
Saving money every month is great, but it might not be enough. If you’re really aiming to grow your dough so you can live the life you always dreamed of later on, you should consider investing some money. Before you start thinking that it’s too complicated, try Stash. This investing app makes it super easy to buy stock in companies, as well as invest in a diversified portfolio. With just a few bucks a month, plus a whole lot of information in the app, you can start investing money and potentially growing your wealth with Stash.
With so many apps on the market these days, we decided to test it out ourselves with our own personal money — here’s what we found.
Before you download Stash, know the basics.
- It’s free to download for both iOS and Android users.
- You can also use it on desktop.
- You don’t pay a dime until you start investing your money, but it’s just $1 per month, or 0.25 percent of your investments over $5,000 per year.
- Once you fill in all of your personal information, you can start investing with as little as $5 per week. Just connect a debit card or bank account and you’re good to go.
- Between educational information, coaching and its automatic features, Stash helps users learn about investment opportunities that are right for them so that they’re always in control of where their money goes.
- After answering a few questions, Stash will set you up with a personalized portfolio experience tailored to your current financial situation and future financial goals.
Stash really is for beginners.
According to Stash, 84 percent of its users are first-time investors. If you believe you can’t get started with Stash, think again. Of course, every time you invest money you’re taking a risk, but when it comes to money, that risk could really pay off in the future.
You start with just $5 and can automate your recurring contribution so that you end up investing more and more money over time. Next, you select the type of investments you’re interested in. On the “Invest” tab you’ll see different sub-categories to explore. These include “I Believe,” “I Want,” “I Like” and “Companies.” Each of these categories offers you different ways to invest.
On the “I Believe” tab, you’ll see a variety of impact investments. That means that each of them has a socially conscious mindset to them, so you can feel confident that you’re investing in something that you truly believe in too, such as clean energy or global healthcare. The other tabs offer the same sort of experiences, such aligning investments with things you want in life, such as gold or real estate. You can also choose from things you like, including technology and social media, as well as companies you admire like Facebook, Chipotle, Hershey, McDonald’s and more.
Stash challenges you to grow.
Every Stash investor receives a Stash Coach. It’s an automated system of challenges that help you learn more and more about investing money. You start out with a score of points based on your Stash activity. For example, by signing up and filling in your profile, you earn points. You can also earn points when you start investing money and link your bank account. You’ll see your score on the “Home” tab in the app. Just scroll over to the right of the “Invest Portfolio” card.
Once you’re ready to up your investment game, you can choose from different challenges. These will be listed below the “Coach Score” card on the “Home” tab. A few challenges include “Year in Review,” where you just need to read the yearly round-up report by a certain day and time, or “Market Magic,” where you buy stock in a foundation investment that tracks the S&P 500 so that you can have a more balanced investment across the entire U.S. Stock Market.
Another challenge that we saw in the app was the “Eternal Guardian” challenge. All we had to do to earn those points was get a free life insurance quote through Stash’s partner Ladder. There are more challenges in different categories, too, including Weekly Challenges, Getting Started, Smart Investing, The Long Run and Hot Streaks.
As you earn points, you also move up levels within the app. Everyone starts on the Rookie level before moving up to JV status. There are 12 levels in total, and the point scale ranges from 50 points to 15,000 points. If you ever reach the final Legend level, please let us know.
You can earn cash back through Stash, too.
Who doesn’t love earning cash back just for spending and swiping? Stash lets you do just that and invest those funds, which means they could grow even larger with time. All you have to do is link an eligible Visa, MasterCard or Amex debit or credit card (up to three in total). Once they’re linked, you can pay like you always do with your card, but then the cash back will automatically be invested in your Stash account as a monthly payout. It’s pretty easy and just makes sense if you’re looking to double down on those investments.
That’s not the only way you earn cash back into your Stash account. When you refer friends to Stash, you can also earn up to $500. For each qualifying referral that opens a Stash account, you’ll receive up to $10 bonus money in your Stash account. Your friend also gets $10 bonus money in their Stash account, so it’s a win-win. Heads up: You can only earn up to $500 per year in referral bonus money.
Even more financial features are on their way.
Stash has a few other financial features already in its app, such as a retirement account, life insurance and an account for children to start saving. However, more are on their way.
Stash will soon have banking features, like its free checking account with no monthly fees, no minimum balance requirements, no overdraft fees and thousands of fee-free ATMs around the country. You can even earn cash back on your purchases made with the debit card. Although we don’t see an interest rate for this new Stash checking account, we do think it’s worth considering if you want to have your everyday money easily connected to your investments.
The Stash investing app is a good option for new investors.
Similar to other investing apps that we’ve reviewed, like Acorns and Robinhood, we think Stash is a good option for new investors. It’s affordable, easy to use and really aims to help you learn about where your money is being invested. You’re in control with Stash, so start being in control of your money, too. It’s time to take control of your finances and make smart money moves.
Sign up for Savvy Saver by Swirled, our newsletter featuring budget hacks and important (yet fun) financial info. Saving money just makes cents!