Our List of the Best Investment Apps
Whether you’re looking to save a little extra cash or want to earn an extra income, apps can help you achieve your goals faster and easier.
We wrote a post recently about the Top 10 Apps to Save Money that goes over 10 different finance apps you can use to pay down debt, save for emergencies, and invest in the stock market.
After seeing the review by Forbes, I became intrigued with self-help and personal growth finance apps. There are a few that immediately caught my eye –WiseBanyan, Acorns, and Stash.
Does a Savings Account Really Earn Negative Interest?
As I was reading the article, I became more and more frustrated. As I stated on my Twitter account, banks pay you negative interest for putting your money in a savings account! So I’ve decided to search around and find some of the best alternative apps and put them all into this post.
These apps make it easy to get a better investment return on your money. Some also let you save money, or even make money while you sleep.
Top 9 Best Apps for Investing
Everyone has a feeling that stocks are risky. I mean, if you invest in a company and the company fails, then you lose your investment and everyone loses their jobs. If you were the President of the company, you’d be the first out of the door. Mutual funds are like a trusted middleman who works to balance asset management and diversity.
Thus, whether you are a kid just beginning your investing journey, or you’ve been an investor for years, mutual funds can be a great way to hedge your bets.
Here’s a great infographic that explains why you should invest in mutual funds.
It’s important to remember that mutual funds are not exactly beating the stock market, but they are significantly less risky, and that’s why in the past decade we have seen a shift from investors saving (cash) and investing in stocks to mutual funds (risky alternatives).
Fundrise
Although the importance of investing early is something everyone understands, it’s not always easy to accomplish. First, it’s important to have extra money to put away. Even if you’re lucky to have that extra money available, you should be paying off any outstanding debts before investing any of your hard earned savings. There’s definitely a correct way to invest money. That being said, there are plenty of apps that help you save and invest.
What I Like:
Easy. It’s easy to set up your investment plan with only 5 steps. You choose the preferred amount you want to save and the frequency. You then choose the investment plan you want to sign up for. Lastly, you select which companies and sectors you want to invest in. Invest right away. Your selected investment plan will automatically invest the funds into the companies and sectors you selected. Easy-peasy!
Lending Club
Betterment
M1 Finance
M1 Finance is among the best investment app that is free to use while it gives users the opportunity to make big gains over time. The app is easy to navigate and allows users to invest in ETF, individual stocks or bonds while offering them the chance to utilize tax advantaged accounts.
The app allows users to monitor their accounts and is easy to use. There are many reasons why users opt to use the M1 Finance App. It is free. It is free to use. One has the opportunity to gain a lot by investing.
There is never an amount that one can invest with this app. There are no trading fees. Plus, there are no commissions to worry about.
This app is quite flexible as well. Users invest in what they want to invest in. The app is about investing as many assets as one can. One can even invest in multiple assets as this app is easy to use, and one can access it and use it at all time.
It is advisable for one to use the M1 Finance app when they want to invest in a lot of stocks. It is another way to invest. This investment app is very easy to use. It helps one to follow their portfolio while gaining insights into it.
Make the M1 Finance app your go to app when you want to invest in multiple assets at once.
Personal Capital
If you have a lot of money tied up in different assets, many different bank accounts, and an assortment of retirement accounts, spreadsheets and calculators aren’t going to cut it when it comes to managing your finances. Personal Capital, the app I get the best investment advice, is a good way for you to track all of your finances at once and receive comprehensive financial advice, whether or not you sign up for a full-service or financial planning account.
It’s not personal finance software and it’s not a robo-advisor. Personal Capital is more of a checking account for your finances that helps you track them all, understand where your money is going, categorize where it’s coming from, and, ultimately, get your financial house back in order.
The best part is that it’s totally free.
Acorns
Co
If you’re at all familiar with the world of investing, you’ve probably heard of Acorns. Acorns is an app that acts like a traditional broker but can be accessed by anyone with an iPhone. They have a pretty interesting setup. Instead of putting all the money in one basket, they spread it around among different portfolios. As your investments grow, you can increase the level of risk to gain higher rewards. It’s simple and easy for beginners and comes with tons of information for advanced investors. Acorns can be downloaded here for iPhone and iPad. Android users can use their app here.
Stash
Stash Wealth has unique investment option and tools that make it fun and easy to manage and invest your money. It uses Modern Portfolio Theory as its investing foundation. Stash provides investors with diversified investment opportunities based on their risk tolerance levels so the investor can build a personalized investment portfolio that fits their needs.
Investors can track their portfolio performance over time and following trends. You can even generate a diversified income portfolio based on your retirement goals.
One of the great features of the app is that it allows you to choose from a wide range of investment options that are represented by ETFs to build up your portfolio that is in line with your risk tolerance.
Another great feature is that you can manage your portfolio together with the accountants on the app. This feature helps you get tax reports and review your portfolio without any hassle.
Stash Wealth also offers investors access to buy individual shares. It has a free trial period for the first 25 trades.
Robinhood
Robinhood is a stock brokerage mobile app that allows investors to invest in stocks, ETFs, and any other security using their phone or computer with no commission fees. Anyone with an interest in learning stock trading should check Robinhood out. Easy to use and a good variety of investments.
You Invest by J.P. Morgan
The app allows you to take control of your finances by setting goals, like becoming debt-free, saving more, building an emergency fund, and planning for retirement. It also assists you in analyzing your financial situation and lets you know whether you’re on track toward meeting your goals.
You Invest by J.P. Morgan is a great app to have. Not only does it help you manage wealth, but it also helps you find support and advice to help you reach your financial goals.
The app already has over 1,000 articles to help you analyze your spending, investment performance, and progress. And it also comes with over 100 investment tracking reports.
You can also access the latest articles from JP Morgan’s Market Insights and J.P. Morgan Investment Insights teams.
You Invest by J.P. Lock offers you access to your full-service financial adviser, in the app. Whenever you have a financial question or would like to work toward a financial goal, your advisor is just one tap away. And if you don’t have a financial advisor, Just Invest by J.P. Morgan will help you find one.
Final Thoughts on the Best Investment Apps
Everyone’s situation is different and requires different investment strategies. Not everyone needs to buy mutual funds, not everyone needs to be constantly trading and not everyone should be paying the high fees associated with financial advisor fees.
Some strategies are better than others but there are endless investment strategies and options out there that may be better suited for your situation.
If you are looking for the best investment apps, you will be glad to know that there are plenty of apps out there that give you the freedom to take control of your financial future.
My hope is that by taking away the financial adviser fees and the high mutual fund fees, you have a greater opportunity to make more money, pay less taxes, keep more of your money and build your wealth.
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