We all know it, the best way to make it big money-wise isn’t through working from home. You need to have your money work to multiply itself for you. You can get there by playing it smart at the stock market, property investments, etc.
But, it’s terrifying to actually visit a stock market and start taking big risks. Luckily, you don’t have to do that anymore to invest in stocks. With investment apps like ‘Stash App’, even stock trading has become a work-at-home task!
Is the app any good though? You’ve heard a ton of reviews about it, but might be lacking a bit on the information. I’ve got you covered there, as I’ll go deep into it in this detailed review. I’ll tell you about all that this app could offer you, also helping you decide if you should get it.
With all that said, let’s jump right into it. I’ll make sure to add their positive reviews as well as some popular complaints people have had. So, keep reading! 😏
What is the Stash App?
It’s a smartphone app that can be used as a great investment tool. Their website ‘www.stashinvest.com’ features a brokerage account, with over 30 different ETFs. The app itself was founded back in 2015 and has since skyrocketed in popularity. Their HQ is located in New York!
Stash isn’t the only app that helps you make money though. You could make money only by downloading the following apps on your phone as signup bonuses;
With Stash, you’ll need to fill out a risk assessment questionnaire at the time of registration. Based on that, they’ll allow you to choose from 30+ ETFs (exchange-traded funds). You’ll get labeled as either a Conservative, Moderate or an Aggressive Investor. All of the investments you make through the app will be covered by the SIPC.
They’ve simplified investing for newbies by featuring value-based categories. You can choose a customized portfolio based on your interests and preferences. Your financial, environmental and political interests should also be considered while selecting a portfolio.
Stash brings a new approach in presenting all the investment portfolio choices. They give them creative names like ‘Park My Cash’ and ‘Roll with Buffet’ that isn’t intimidating but inviting. 🤩
The app works great as a push for all the people who they need to invest, but are too scared. It holds your hand, tells you that it’s okay, and helps you make profitable investment decisions.
How Much Does Stash APP Cost?
With a small investment of $5, anybody can start their account with Stash. New people get their first month free of cost, as a free trial. Then, they get charged a $1 fee per month for accounts that have <$5,000 balance. For balances over $5,000, a percentage-based fee of 0.25% gets charged.
There aren’t any bank transfer fees on deposits and withdrawals. You wouldn’t even need to pay any commission on your stock trades – pretty great, right? 😀
How Do I Start With The Stash App?
As a first step, you’re gonna have to download their app. It’s available on iTunes for Apple devices and on the Google Play Store for Android devices. It comes free, without compromising any ‘paid’ features. You’ll need to put in your personal info and fill out a risk questionnaire. We’ve talked about this above; it’ll help you choose the right investment plan for you.
Then, fund your selected investment with your bank account. You’ll need to verify this account through either your login credentials or test deposits. It can take up to 6 working days to link up your bank account successfully. You need to be 18+ years old to be able to open a Stash account though.
They try to make investing less intimidating, and you’ll feel that every step of the way. But, as much as we love safety, the lower the risk, the lower the rewards. Still, it’s a good first step for people who are entirely new to the investing realm. You know how they say – baby steps… baby steps. 👶
Stash App Complaints
No app is free of downsides, they all come with good and bad aspects. So far, Stash might seem like an amazing app to start investing with. But, hear out these user complaints before you make a final decision!
Account Choice Limitations
Stash, sadly enough, only provides taxable brokerage accounts for their users. This is different from other investment apps like Wealthfront and Betterment.
No BBB Accreditation
Stash has an A rating from the Better Business Bureau, but that shouldn’t be confused as an accreditation. They’ve yet to get that, and the average user ratings aren’t doing that great right now. They’re getting 2 out of 5 stars on average from the current customer reviews – which isn’t too great.
Expensive Account Subscription Fees
While the app comes free of cost – it’s not free to use forever. I’ve covered the cost of using the stash above. The fees they charge aren’t taken from your investment portfolio, but your linked bank account.
Not For Experienced Investors
Stash is targeted for people who haven’t stepped into the investing world yet or newbie investors. If you’re experienced in this department already, you may not find the best fit with this app. The company doesn’t feature advice from brokers, neither does it allow trading individual stocks. Dividends aren’t automatically reinvested either, which could be a turnoff for experienced players.
No Website Availability
It can sometimes be a bit limiting that the only way you access Stash is their app. Some investors rely more on their laptops or PCs to track the status of their investments. Unfortunately, you can’t do that with Stash. 😕
No Financial Education Resources
Pushing newbies to invest, you’d think they’d feature resources to educate people about investing. The company doesn’t provide much info for new investors about how to invest properly though. Without guidance, it’s easy to be torn between the different types of investment options. No learning help from the app is kind of a bummer for many scared new users.
Stash App Alternatives
Luckily, it’s not the only app out there. If you feel like it’s not for you, for any of its drawbacks, then there are alternatives available. Many financial investment apps exist online for you to choose from. These include popular ones like Digit and Acorns! They’ve withstood the test of time, and won’t disappoint you. Each one has more features than Stash, and you’re sure to get help with your saving goals!
So Is Stash APP Legit or a Scam?
Despite a few customer complaints here and there, you can never doubt Stash’s legitimacy. They’re one of the most popular names when it comes to investment apps – I mean come on. New investors can actually take great advantage of it, and scam worries shouldn’t belong.
Overall, I’d say it’s valuable for people who don’t know much about investing. Stash can take the lead, and lead you into the virtual stock market without much risk. Though, if you’re experienced in this already, you might not find what you’re looking for. 🧐
Make sure to also check out: 12+ Apps that will pay you just for signing up