Best Saving App for Couples
AT A GLANCE
- No fee interest paying savings account
- Only saving & investing app for couples
- Get $5 free towards your first Twine goal
- Created by John Hancock
Overall RI Rating
Download app for free
Very low fees for investing.
The Bottom Line: Twine allows couples with separate finances to save and invest together, and ultimately achieve their shared financial goals.
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A 2018 Bank of America study showed that millennial couples are more likely to keep their finances separate than those of previous generations.
Which I didn’t find very surprising, since women are more financially independent than ever.
But then how do couples work together to make those big purchases—like a house, honeymoon, or wedding?
It can be tricky I’m sure.
Twine is a unique app designed to solve this very issue.
It allows couples (or any two people) save and invest to meet specific financial goals.
But there are a lot of apps —and banks—out there.
Is this the best option for you? Read on to find out.
Service: A savings and investments app to help couples achieve their financial goals
Price: Free savings accounts; 0.6% annual management fee on investment portfolios
Promotion: Get $5 free towards your first Twine goal
How does Twine work?
First, create an account. Twine is available on Apple and iOS, with Android on the way.
But you can also use Twine through your browser.
Once you’ve linked your bank account you can invite your partner to link theirs.
Then set a financial goal together, as well as how much each of you will contribute monthly.
You can also use Twine solo, but in that case there may be some better apps out there for you.
Twine offers both savings and investments account options.
More on that below!
Is it safe and legit?
I was honestly a little skeptical the first time I visited the Twine.
It very much reads “start-up.” Minimalist, cute designs and bright colors.
Write-ups on what stocks and investments are. Very beginner and millennial friendly.
But I didn’t dismiss it, because I quickly saw that Twine is the brainchild of John Hancock, a 150-year-old life insurance company.
All savings accounts are FDIC insured up to $250,000, and investment accounts are protected by the SIPC up to $500,000.
Finally, Twine promises never to store bank information and uses bank-grade security and encryption.
Savings accounts only require $5 to get started, and offer a current variable interest rate of .40%.
Which is good—better than most banks that’s for sure!
The best part is that there’s absolutely no cost to having a Twine savings account.
You can get some better interest rates elsewhere but this is certainly competitive. With the added bonus of doing it with a partner at zero risk!
I use the word current because it’s a variable rate, meaning it can change with the market.
You can arrange for one-time or automatic deposits into your savings account, and there are no fees or restrictions in regards to withdrawals or if you need to cancel your direct deposit.
The investment accounts require at least $100 to get started. It costs 25 cents per month for every $500 invested, or 0.6% annually.
That’s referred to as a management fee.
I find this a bit high. For short-term goal setters and those completely new to investing, it may be a good option.
But if you’re interested in investing a lot for long-term gains, I would suggest looking into investing elsewhere.
Twine portfolios consist of diversified exchange-traded funds (ETFs).
Just what ratio of stocks and bonds you'll be investing in will be determined by your age, current savings, and desired risk level.
The higher the risk, the greater the potential reward.
A conservative portfolio is 6% stocks and 94% bonds. A moderate portfolio is 90% bonds and 10% stocks.
And an aggressive portfolio is 30% stocks and 70% bonds. Longer term goals will automatically have a higher percentage of stocks.
Grow Your Future, Together.
An app for saving and investing. Built for two.
Pros & Cons
Should I use Twine?
I think Twine is really cool because there’s not anything out there like it. I mean, yes there are investment and savings apps, of course, but none that you can use with a partner.
And this isn’t restricted to couples.
While flying solo you may find better rates out there for savings and investments, you can use this to commit and save for that next vacation with your friend or relative.
I also like how it allows you to dip your toe in the water in regards to investments. It can be a great way to learn how a portfolio works. But like I said, this shouldn’t be your MO for long-term investments.
Want to save for something big with someone special?
Definitely consider using Twine.
Twine allows couples with separate finances to save and invest together, and ultimately achieve their shared financial goals.
- Editor Rating
- Rated 4 stars
- Twine App
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