Stash App Review: Is This Investment App Safe or A Scam?
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Anyone that is wealthy will tell you, that the best way to make money is to have your money work for you. But let's face it, most of us are terrified of the stock market, which would help you achieve this. Apparently that has changed because of investment apps like the Stash app. But is it really any good? You may have already read other Stash reviews to get the details on what the app has to offer, but need some more information to help you decide if it is right for you. Let's get into all the details on this investment app, including all the complaints.
What is the Stash App?
Stash is an investment smartphone app from stashinvest.com that features a brokerage account and a selection of approximately 30 various exchange traded funds. (ETFs). Stash was founded in 2015. The company's headquarters is located in New York, New York. Did you know you can get paid for downloading apps like this on Swagbucks.com and FusionCash.com?
How Does The Stash App Work?
The Stash investing app allows you to choose from 30 different exchange traded funds based on the risk assessment questionnaire you fill out when you sign up. The app will label you as either a Conservative, Moderate, or Aggressive Investor. You place an initial investment deposit and can add more by fractional share ownership. All Stash investments are covered by the Securities Investor Protection Corporation.
Stash simplifies investing by offering value-based categories of investments. You can select a customized portfolio based on your financial, political, or environmental interests and more. Stash also employs a different approach in presenting their investment portfolios by giving them interesting names such as “Roll With Buffet” and “Park My Cash” rather than the intimidating stock ticker symbols used by other apps. The investments are designed on a buy and hold basis.
How Much Does Stash Cost?
New investors can start an account with a $5 investment. New investors get the first month free of any fees and then are charged a $1 per month for accounts under $5,000 and 0.25 percent per year for balances over $5,000. There are no commission fees for stock trades and no bank transfer fees on deposits and withdrawals.
How Do I Start With The Stash App?
You can download the smartphone app for Apple devices on iTunes and Android devices in the Google Play Store at no cost. You will need to provide your personal information and complete a short-risk questionnaire that will help you select an appropriate investment when you sign up. Fund your chosen investment with any bank account. You will need to verify your bank account with either 2 small test deposits or linking your login credentials. Linking your bank account can take up to 6 business days.
You must be 18 years old to open an account. Stash tries to make investing less scary for new investors. If you want an alternative option to create more income, then check out my Best Work At Home Recommendation.
So on the surface, this sounds all good. It would seem like the stash app would make investing simple for anyone that wants to give this a shot. But like any app, it does have some flaws that you should be aware of to make the right decision for you.
Account Choice Limitations: Unlike other investment apps like Betterment and Wealthfront, Stash only provides taxable brokerage accounts. Investors won't be able to take advantage of investing and maximizing contributions to individual retirement or 401k accounts.
Horrible BBB Rating: At the time of this review, Stash has a D+ rating and no accreditation with the Better Business Bureau. According to some of the complaints, the company failed to respond to a billing complaint. Swagbacks.com & FusionCash.com are companies that make you money with positive BBB ratings.
Expensive Account Subscription Fees: Stash charges fees which are taken from your bank account rather than your investment portfolio. The company charges $1 per month for accounts under $5,000 and 0.25% per year for accounts over $5,000 after the first month.
Not For Experienced Investors: Those who are knowledgeable about investments may not find the app suitable for them. The company does not offer advice from brokers and does not allow investing in individual stocks. Dividends are not automatically reinvested. These things tend to be turnoffs from many investors with larger accounts.
No Website Availability: Some users complain that the only way that they can access their investments is through the app. Certain investors would like to track their portfolios online on their desktop computer or laptop.
No Financial Education Resources: The company does not provide information for new investors on the different types of investments and how to invest properly for their financial goals.
Stash App Alternatives
Stash App is a good tool for beginning investors but it does have its flaws. There are several financial investment apps online available for you to consider. Two popular choices out there you might want to consider are Acorns and Digit. Both of these smartphone apps have more investment features than Stash and can help you with your spending and savings goals.
So Is Stash Legit or a Scam?
The stash app is a legitimate investment app for those who are new to the world of investing. New investors with under $5,000 can start a new account with only a $5 deposit. The first month is free with a $1 per month subscription fee thereafter. The app makes investing easier to understand, but experienced investors will find many features lacking for their individual financial needs.
Now that you have read all the other Stash reviews as well as mine, you should have a complete understanding now of the app and its offerings. The Stash app can be a useful tool to use with your multiple streams of income. However, its fees are pretty expensive for investors with larger accounts. If you want other ways to make passive income, I would invite you to check out my Top Work At Home Recommendation, FusionCash.com, Swagbucks.com and my Work At Home Courses. If you have any experiences with this app, I'd love to hear your comments so please feel free to post them below. And if you enjoyed this review, please free to check out my other work at home reviews as well.
Until next time,
Eddy with a y