When talking about money management apps, Stash and Acorns both come to mind. These apps can provide investors the chance to automate their savings and investments. But which among these two investment app options is best for this function? With the different features, investment options, and fees provided by these apps, choosing the best one can be challenging. Here are some of the similarities and differences of these apps to help you choose the right one.
Stash vs. Acorns: Management Fees
One of the essential factors that you need to consider when picking an investment tool is its management fees. Since you would require assistance from an online platform or a professional, you must always ensure that you understand the charges you need to pay for the services. It will help you avoid paying more for the services than the amount you will earn from saving. Fortunately, both Stash and Acorns can provide a list of their associated costs for individual services.
Stash Management Fees Price Information
Stash offers three unique plans to help invest your money. The first plan will cost you $1 monthly and help you understand the money management basics. It includes receiving a personal investment account and access to a debt account with stock back rewards.
The other plan costs $3 every month. That amount allows you to have a personal investment account, a tax benefit retirement investing, and access to a stock-back debt account.
The third plan is worth $9 a month. This amount lets you receive all the benefits from the first two plans and two accounts of custodial investments. It will also allow you to have access to the app’s higher-value rewards scheme.
The plans mentioned above provide investors with all the general information they need regarding the funds they offer.
Acorns Management Fees Price Information
Like Stash, Acorns also provide three plans. One of which is also $1 per month. It provides access to a personalized Acorns Core Taxable investment account. The second one is worth $2 monthly, providing IRA account access on top of the Acorns Later account. The last one is called the Acorns Spend account worth $3 monthly. It will give you access to bank accounts, investment accounts, and debit cards.
However, Acorns can provide more benefits in investment management compared to Stash. This app can let you pair your investment strategy with your customized time horizon, financial goals, risk tolerance, and income. Acorns also allocate your funds by considering these components. This app can also refocus your funds’ balance if your portfolio increases over your predetermined asset allocation.
Stash vs. Acorns: Key Features
Building your wealth can be achieved by regularly investing in your retirement and investment funds. Fortunately, both apps can help you invest automatically. Both platforms also have a specific strategy to help you increase your wealth.
Stash Key Features
Stash automatically rounds up your purchases to the nearest dollar. After the round-ups reach $5, the app will forward the money to all your investment accounts. Also, this app provides a stock-back program. It will let you profit from fractional shares of the stocks or ETFs using your Stash debit car. Additionally, the app can allow you to track all your purchases and offer helpful guidelines regarding your spending habits.
Acorns Key Features
This app allows investors to automatically set up their daily, weekly, and monthly investments. All the purchases you will make will turn into an investment contribution using Acorn’s dedicated round-up tool. Aside from that, the app has plenty of “Found Money” partners that allows you to put your cash-back rewards directly in your core accounts automatically. You may also shop with more than 350 Found Money partners like Expedia, Airbnb, and Direct TV. Shopping from these partners will let you earn bonuses that will go directly to your investments.
Is Stash Good For You?
If you aim to have a hands-on investing journey, then Stash could be your best tool. This app will let you make all the important decisions in trading and investments.
But the app will not let you make any move without proper guidance, especially if you are a first-time investor. If you intend to start investing but have no idea where to start, this app will teach you all the suitable investments you can try. It will also help you learn the best ways to manage your investment portfolio and provides useful trading techniques.
Also, Stash is best for long-term investors because it will teach you to want and extend your patience with your investments.
Is Acorns Good For You?
Young and first-time investors will appreciate the help of Acorns in their investment journey. This factor is especially helpful for college students who can qualify and benefit from free management for at least four years.
It is also the best option if you are having challenges saving and contributing consistently to your investment accounts. It can automatically deduct your contributions, so you no longer have to worry about forgetting them. It is also very affordable if you have a limited budget for investments.