Best Financial Apps for Millennials - Top Investment Services

Knowing what’s going on with your money is the best way to grow your personal wealth. And today, with dozens of financial apps available to download, it’s never been easier to keep track of your dollars. But which services are the best?

We’ve broken down a list of the best financial apps especially for newbie investors. Here you’ll find apps to help you with everything from budgeting to investing to saving money. You may find your best money management style comes from using several of these services.

Read on to find out which financial apps work best for you.

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Personal Finance Software

These apps will help you get started organizing and understanding your money. They lay out all your accounts in one place, track your spending, and offer money advice so you can better handle your finances.

Personal Capital

Overall Rating 9.5/10 Read The Review Open an Account Why It's The Best:

Personal Capital is an excellent personal finance app that syncs your spending, saving, and investing accounts. It's easy to use, plus it's free! Personal Capital has a powerful feature that completes a thorough checkup of your investment portfolio. However, its Wealth Management service is more expensive than other robo advisors.

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Promotion: Join for FREE Pros and Cons

Pros

Complete View of Your FinancesPowerful Investment CheckupSupport via Many AppsThe You IndexEasy to UseCustom Allocation of Unknown AssetsGreat ReportingAll-Inclusive Wealth Management FeePersonal Capital Cash

Cons

Asset Allocation Is Not CustomizableBudgeting Tool Needs ImprovementCannot ReconcileExpensive Wealth Management ServiceHigh Minimum for Wealth ManagementNo Import Option From QuickenSales Calls from Personal Capital

Personal Capital is an app that offers budgeting, investing and retirement help. It lets you sync your bank accounts, credit cards, investments and even your mortgage. You can see all your debts, income and investments in one place.

Personal Capital will help determine what your investment risk level is and will recommend an asset allocation for you. It also provides daily or weekly summaries of your investments for you.

YNAB (You Need A Budget)

Overall Rating 8.5/10 Read The Review Open an Account Why It's The Best:

You Need A Budget (YNAB) is one of the more popular budgeting apps on the market, and for good reason. It costs very little and has great synchronization features. Although YNAB lacks the features some other personal finance apps have, it excels at creating and managing your budget.

Promotion: FREE First Two Months Pros and Cons

Pros

YNAB Is All About BudgetingGoes Beyond the Mechanics of BudgetingLow CostYNAB Continues to Evolve

Cons

No Phone or Email ContactNot a One-Stop Shop for All Things FinancialLacks Two-Factor Authentication

YNAB is a no-nonsense budgeting app ideal for anyone looking to get out of debt or just starting out taking care of their finances. By requiring you to be actively involved with your finances, YNAB offers a more proactive approach than Mint.com.

YNAB is ideal for beginning budgeters who need to stick to their plan.

Mint.com

Overall Rating 8.5/10 Read The Review Open an Account Why It's The Best:

Free personal finance app Mint can make budgeting and expense tracking paying easy. It can even track your credit score. However, when it comes to investing, there are many more sophisticated products, and users have complained about problems with the bank synchronization functions.

Promotion: None Pros and Cons

Pros

Weekly Summaries via EmailAlerts via Email or SMSBudgeting and Goal SettingAutomatic Downloaded TransactionsCredit Score TrackingTwo-Factor Authentication

Cons

Lack of Investing FeaturesSynchronization IssuesLack of Report GenerationNo ReconciliationNo Import Option From QuickenNo Bill Pay

Mint.com is a great app if you are looking for free help with your budget. Not only does it let you track and review your spending trends from month to month, but Mint also helps you set budgets for different spending categories. In fact, Mint auto-categorizes your transactions, making budgeting even easier.

You can sync your investment accounts to Mint, and it will offer investment advice. However, Mint doesn’t invest for you. This is best for those who are totally new to money management. It will help you organize your budget, so that you have more money to invest. When you’re ready to get serious about investing, you’ll want to move away from Mint.

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Microsavings Apps

Microsaving apps take the work out of saving. By rounding up your spare change and tucking it away, you’ll save automatically. You won’t even notice the money is gone.

Acorns

Overall Rating 8.5/10 Read The Review Open an Account Why It's The Best:

The Acorns app provides a painless way for newbies to begin saving and investing by "rounding up" their spare change and "micro-investing" the difference. However, it isn't built for long-term saving (although it is introducing a new IRA service) and charges hefty fees.

Promotion: Get a $5 Bonus When You Sign Up Pros and Cons

Pros

Painless Way to SaveHides the Complexities of InvestingStart Investing With No MoneyFree for College Students

Cons

Only for "Boosting" Your SavingsCan Lose Principal

Acorns is a web and app-based service that offers a simple way to save and invest in the stock market. It rounds up your spending to the nearest dollar and then invests that difference. The app designs an investment portfolio for you based on the information you input at signup. However, you can choose from their other portfolios if you want to.

You can get started with as low as $5, meaning your initial investment doesn’t have to break your bank account.

Retirement accounts aren’t available, so you’ll be investing in individual stocks only. You can invest your spare change daily, weekly or monthly. The app includes educational sections to help you understand investing practices and terms.

Acorns is extremely easy to use on your phone. You don’t need to understand complicated investment theories to be successful, and since the amounts of money taken out and invested are tiny, you won’t even know they’re missing from your bank account.

Stash Invest

Overall Rating 8.5/10 Read The Review Open an Account Why It's The Best:

Stash is a good microsavings platform for newbie investors, with great educational tools and a low minimum required deposit. Unfortunately, its fees run a bit high, making it costly for smaller accounts.

Promotion: Get $5 from Stash Invest Pros and Cons

Pros

More Investment OptionsEducationLow Fees on Larger AccountsLow Minimum Deposit

Cons

Delayed Trading ExecutionCostly for Small Accounts

Stash Invest is a microsavings app that lets you invest in a diverse selection of exchange-traded funds (ETFs) and individual stocks from your smartphone. And like Acorns, it lets you get started with as little as $5.

We like to think of Stash as both a micro-investing platform and an educational resource in one package, since it also gives you lots of actionable information and advice both via email and in the app.

Stash creates recommended portfolios based on your risk level. And you can set up the system so that it makes automated investments from your account.

If you have an account of $5,000 or more, Stash is very low cost — with annual fees of just 0.25%.

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Robo Advisors

Investing is even easier now than it’s traditionally been, thanks to the rise of robo advisors. “Robo advisor” is the term used to describe the new type of service that handles investing for their clients. Users sign up for an app and enter information about their current finances and their goals, and the app uses data-driven algorithms to invest for them.

Robo advisors are ideal for those who feel intimidated by the stock market and don’t know where to start. They’re a great way to get your feet wet with investing.

Betterment

Overall Rating 9/10 Read The Review Open an Account Why It's The Best:

Betterment is the best robo advisor platform for beginning investors, with no minimum deposit and low fees... in-depth retirement tools and effective asset allocation... plus, it's possible to receive assistance from human advisors.

Promotion: Up To 1 Year Free Pros and Cons

Pros

Simple Asset AllocationLow Management FeesPerfect for Young InvestorsTax-Coordinated PortfolioRetireGuide CalculatorFlexible PortfoliosAnalyze Accounts Beyond BettermentPersonalized Advice PackagesGoal-Based Investing

Cons

Not for DIYersCannot Asset-Allocate With External AccountsNo REITs or Commodities

Betterment provides portfolio management services priced for those on a budget and helps newbie investors focus on simple asset allocation. It’s a simple-to-use platform that’s perfect for those who are just starting out with investing.

Betterment chooses investments for you, based on your income and goals. The aim is to maximize return and minimize the risk. Betterment uses the Modern Portfolio Theory (MPT) to help you with your investment returns. By investing in a diverse pool of assets, it should collectively lower the risk and yet stabilize returns over the long term.

Betterment invests in Exchange Traded Fund (ETF) index funds. They diversify your investment by allocating into many ETFs.

Betterment has become very popular, but be aware: Betterment is not FDIC insured. That means your returns are not guaranteed.

Wealthfront

Overall Rating 9/10 Read The Review Open an Account Why It's The Best:

With low fees (free for accounts with less than $10,000) and a stellar selection of features, Wealthfront is one of the best players on the robo investing scene. However, some sophisticated investors might find its features lacking.

Promotion: $5k Managed for Free Pros and Cons

Pros

Free for Accounts Under $5,000Tax-Loss Harvesting for All AccountsStock Level Tax-Loss HarvestingRisk Parity529 Plan OptionTwo-Factor AuthenticationFree Financial PlanningPath Considers External AccountsCash Account

Cons

No Fractional Shares

Wealthfront is a diversified robo advisor that specializes in helping you invest in the most tax-efficient way. It provides portfolio management services priced for those on a budget and helps newbie investors focus on simple asset allocation.

It’s another robo advisor that specifically targets those who are just starting out with investing. Wealthfront handles both individual taxable stocks and retirement accounts like 401(k)s and IRAs. So for those who have a company-sponsored 401(k) plan, you can input that information to Wealthfront and have it robo-managed.

Just like Betterment, Wealthfront uses Modern Portfolio Theory to create an automated asset allocation. An important note is that Wealthfront doesn’t hold your portfolio; they use the Apex Clearing Corporation.

Also like Betterment, Wealthfront invests in ETF index funds and diversify your investment by allocating into many ETFs. They continually make sure the asset allocation is correct by automatic rebalancing.

WiseBanyan

Overall Rating 8/10 Read The Review Open an Account Why It's The Best:

WiseBayan is the cheapest robo investing service on the market. There's no annual fee for taxable accounts, and you can get started with as little as $1. Overall, it's a decent platform, even though its portfolios can be simplistic.

Promotion: None Pros and Cons

Pros

No Annual FeeFractional SharesLow Initial DepositAutomatic RebalancingCash Position

Cons

Same Portfolio for Every GoalNo Muni BondsIRAs No Longer Free

WiseBanyan is a totally free robo advisor service, making it especially attractive to young and beginning investors. Like Wealthfront and Betterment, it invests in ETFs.

Each user gets paired with a personal financial expert. There’s no minimum required portfolio balance, which means any level of new investor can get started. They’ve taken a hard line on fees as well — meaning that there are none.

Essentially, WiseBanyan takes take your money and invests it to buy a portfolio of ETFs. They manage the dividends and rebalance according to your personal info.

Blooom

Overall Rating 9/10 Read The Review Open an Account Why It's The Best:

Blooom is a robo investing platform that can help you manage your 401(k) efficiently and at a low cost (just $10 per month). It's simple to use and can work with any online account. On the downside, only 401(k), 401(a), 403(b), 457 and TSP plans can be managed.

Promotion: Get Blooom for Only $99/Year Pros and Cons

Pros

Professional Account ManagementCheap to UseWorks With Many Different Plan ProvidersMultiple Account Support

Cons

Available for 401(k), 401(a), 403(b), 457 and TSP Plans Only

Blooom is a robo advisor that focuses only on retirement funds. They manage 401(k) and 403(b) plans only — no taxable investment accounts here. They don’t even manage IRAs.

Their goal is to help the younger generations start planning for their long-term future. The firm has analyzed over 26,000 401(k)s, which includes more than $1.6 billion in total assets. Blooom gives 401(k) recommendations, so you will have more money for retirement — you don’t even need to move your account from your provider.

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Stock Brokers

Robinhood

Overall Rating 7.5/10 Read The Review Open an Account Why It's The Best:

Robinhood is a stock broker with a slick design and appealing price tag -- it's free. Believe it or not, you can also make commission-free options and cryptocurrency trades as well. However, the platform is limited when it comes to functionality.

Promotion: None Pros and Cons

Pros

Free TradesEasy to UseOptions TradingMarket News NotificationsCryptoNo-Fee ACH TransfersNo Minimum Deposit

Cons

No Retirement AccountsPoor Customer ServiceLimited FunctionalityNot IntuitivePotentially Delayed DataNo Mutual Funds or Bonds

Robinhood is a no-frills, app-based stock broker that requires no minimum deposit. It is very flexible, allowing users to trade any stock or ETF listed on the U.S. stock exchanges. It’s fairly basic, so if you’re looking for a full-service trading platform, this isn’t for you. However, in making that sacrifice, investors get access to a wide selection of stocks and ETFs without paying commissions or fees.

There’s not much in the way of educational resources on the app, but it’s free!

In Summary

Learning the personal finance ropes should be on everyone’s to-do list. Managing your money is absolutely something you can learn to do. With these apps you can save more, learn to invest and grow your wealth.