Welcome to my Stash App review!
As you may probably know, the best way to make you wealthy is not a work-from-home job. Instead, it’s to have your money bring more cash for you through investments.
While the stock market could assist you in achieving this, most people are scared of using it, fearing that they may end up losing their money.
Before we begin with the review, I want to congratulate you and tell you that I’m glad that you do your research.
That means you are serious about finding something legit and avoid any scam.
Stash App Review Summary
Product Name: Stash App
Price: $5- $1-2/monthly subscriptions depending on account type
Stash is a mobile app that works to make investing simple and accessible to everyone living in the United States. It makes it easy for beginners to get started with a low investment of $5. It also provides basic investment education to help you choose ETFs wisely. It has no minimum balance requirement. At the same time, its charges on account balances differ depending on the amount of money invested. This app seems good for new investors in the stock exchange market and those searching for some investment guidance.
With investment apps like Stash, this has changed apparently.
However, it’s not easy to determine if a specific app is good or bad for you.
In my Stash App review, I’m going to lay out all the particulars regarding the app to help you make a better decision about it.
Scroll down to see all you need to know about Stash App, including the complaints of users.
What Is Stash App
Stash App is a smartphone application that claims to help you invest your cash in the stock exchange market.
It features a brokerage account as well as a variety of about 30 Exchange Traded Funds (ETFs).
This app is the work of stashinvest.com and was founded in 2015, with headquarters located in New York.
The Stash App aims to ease the process of searching and choosing investments (individual stocks and the ETFs) and make it approachable for newbies.
It recombines the existing funds into themes that are easy to understand.
This is based on interest, values, goals, and risk tolerance. It also provides access to individual stocks.
Rather than managing investor accounts directly, Stash app helps to guide investors through the ETF portfolio building process.
This app needs you to have at least $5 in your account so that you can start investing.
It also charges $1 per month for account balances below $5,000 and 0.25% annually for those with $5,000 and above.
This app doesn’t cost anything for retirement accounts of people aged below 25 years.
Furthermore, Stash app provides a cash-back debit card for an online bank account, with prizes obtainable to around 7,000 traders globally.
This bank account requires no minimum balance or overdraft fees.
How Stash App Works
To start using the Stash app, you need to be eligible for an account by ensuring that you:
1. Are 18 or above years old.
2. Reside within the United States.
3. Have a live checking account.
If you are eligible, then you can proceed to open a free account using your desktop or to download the app to your smartphone.
As a new investor, you get a free $5 to start investing.
Once registered, you can start creating your investor profile simply by filling in a questionnaire that requests info like your age, goals, desired risk level, and financial resources.
This will help the company to assess your risk tolerance and offer applicable & personalized investment guidance.
After determining your risk level, Stash provides you with three investment levels to choose from – conservative, moderate and aggressive.
These levels depend on the answers you gave in the questionnaire.
Stash also has its recommendations on investments that are similar to those of a Robo-advisor, but provides even more options to invest.
In case you want to change your risk level, you have to change your investment plan or personal details since it can’t be done manually.
Then, you will be required to link Stash to your checking account so that you can be able to deposit or withdraw cash from your account using Stash Deposit Screen.
Moving money to and from your account is easy and requires no transfer fees.
You will also be required to verify your identity with Stash using your social security number.
After you are done with the verification, you can now start investing.
Select your initial investment. You can invest anything with as little as $5.
Stash will suggest investment for you based on your risk level. You can also choose from the “themed” investments rather than from fund or stock.
By renaming the different ETFs, Stash gives you a general idea of what you are investing in. This makes investing more easy, relevant and probably even fun.
Every investment is divided into 3 categories:
1. I believe – driven by a specific cause.
2. I want – driven by your investment goals.
3. I like – driven by your interests and hobbies.
That’s how you can make investments hoping for better results.
Stash App Pricing
However, you will need $5 to start investing in a taxable investment account and $15 to open a traditional IRA or a Roth.
There are two separate flat fees charged by Stash:
• $1 per month for users with less than $5,000 invested.
• 0.25% annually for users with over $5,000 invested.
• Users with retirement accounts (Roth and Traditional IRA) are charged:
• $2 per month if they have spent less than $5,000.
• 0.25% annually if they have spent more than $5,000.
$1 per month could be cheap and more considerable for those investing small amounts.
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Who Is Stash App Meant For (And Not For)
Stash app is meant for you if:
• You are a newbie in the investing space.
• You are an investor in need of guidance on investments’ selection.
• You have fewer funds for investment at your disposal.
This app isn’t meant for you if:
• You are a lively investor who prefers an active role in the process of investment.
• You are searching for tax-advantaged assets.
• You admire composite research and tools to help you to make more informed investment decisions.
Stash App Review: Complaints
The Stash app seems all good and looks like it can make investing simple for any person who tries it.
However, knowing the defects of this app could help you make the right decision regarding it.
Here are some of the faults of the Stash App.
• It limits the account choices.
Stash only offers taxable brokerage accounts.
This prevents users from taking advantage of investing, as well as maximizing contributions to 401k or individual retirement accounts.
• The account subscription fees are costly.
Stash charges $1/month for accounts below $5,000 and 0.25% annually for accounts beyond $5,000.
These fees are taken directly from your bank account instead of your investment portfolio.
• It’s not accredited on BBB.
The Stash app lacks a certification with the Better Business Bureau.
It has an average rating of 2/5, calculated from the customer reviews that were left on the BBB.
Some users protested that the company failed to reply to a billing complaint.
• Not fit for skilled investors.
If you are experienced in investments, this app may not be suitable for you.
It doesn’t allow investing in individual stocks and fails to offer advice from brokers.
Also, dividends aren’t reinvested automatically. All these things tend to keep off many investors with large accounts.
• Fails to offer financial education materials.
Stash app doesn’t provide any financial information for newbie investors regarding the different investments types, as well as an investment guide.
• No website accessibility.
According to some users’ complaints, the only way you can access your investments is through the app.
However, some investors want to track their portfolios online using their laptops or desktop computers.
GOOD VS BAD
• The investment procedure is simplified.
• Low minimum deposit required to start investing.
• Users aged under 25 years get free retirement accounts.
• Themed investment classifications let you invest in what you desire.
• Investment options are abundant.
• Provides educational content and easy guides for beginners.
• Allows selection of easy-to-understand ETFs.
• All accounts’ snapshots are easily readable.
• All incomes made using Stash app are taxable like any other investment.
• It tends to be pricey for smaller accounts.
• Restricted ETF investment selections.
• Doesn’t offer enough research opportunities.
• Not available on the website.
Stash App Review: Final Verdict
The Stash app is a good investment app especially for newbies in the investment world.
It allows new investors to start a new account with only $5 deposit.
It doesn’t charge anything for the first month, and only $1 monthly subscription fees afterward.
Besides this, if you are an experienced investor, you will find this app lacking many features for your individual monetary needs.
This app tries to make investing easy for anyone to understand.
Stash app is right for you if you are looking to save money while building your stocks and ETF portfolio.
It offers relevant assistance and education that could help you save money by avoiding costly mistakes.
It also teaches you how to manage your portfolio. There are fractional shares that allow you to diversify even with very little cash.
Stash offers no-fee retirement accounts to investors under 25 years of age.
This seems to be a good incentive to start on retirement savings.
Note that you’ll still have to pay the underlying fees for the ETFs you invest in.
The Stash app is a Registered Investment Adviser that is regulated by the Securities Exchange Commission.
It offers nothing more than the basic assistance on investment choices.
All the money earned through this app is taxable just like any other investment.
Now that you have read my Stash app review, I hope you understand the app entirely, how it works, as well as what it offers.
It can be a helpful tool to use with your various income streams.
Nonetheless, the fees are a bit expensive for investors with more important accounts.
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If you have any questions or thoughts whether Stash App is a scam or anything else, then please leave them in the comment section.
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