Anyone that is wealthy will tell you, that the best way to make money is not a work at home job. It's 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 InboxDollars.com, 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 work at home jobs here or my Best Work At Home Recommendation.
Stash Complaints
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.
Not BBB Accredited: At the time of this review, Stash has a A rating. However they do not have an accreditation with the Better Business Bureau. The average rating of the customer reviews left on the BBB is 2 stars out of 5 at the moment. According to some of the complaints, the company failed to respond to a billing complaint. InboxDollars.com, SurveyJunkie.com, 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, InboxDollars.com, FusionCash.com, SurveyJunkie.com, Swagbucks.com and Flexjobs.com. 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
Hey Eddy with a Y, thanks for the very fair review of Stash. I was thinking of doing some investing on a small scale. I think I will give the app a try so I can start following the Icahn holdings portfolio. The only concern I have is the low BBB rating. Hopefully, that will improve as more people put their reviews. Thank you
You’re welcome. Keep us posted.
I never opened a account with Stash. Somehow they got my savings account number and just withdrew money, I never authorized the withdrawals. When I did find this happened I went to my bank to close this savings account and open a new savings account. I did report this to the FTC and my bank fraud department. Hopefully someone will answer for sealing my money.
The same thing happened to me, I just clicked on to look, once it asked for CC I closed it out and was done. A week or so later found my checking account was hacked not by Stash but Acorns which is the same company. Bunch of THEIVES but I busted you before they got a penny.
Stash is a rip-off IMHO.
They have charged me hundreds in ‘fees’ and are totally unresponsive to inquiries. STAY AWAY
Overall I find the comments quite disturbing and I’ll be taking my meager amount of money out. I guess I’ll be making some calls and hoping for the best!
Be careful with Stash App to me is a total scam for their bad business practices.. Once they got your info they subscribed you to the deals they want and also the amounts they want. They blocked your screen in a way that you can not defend yourself to tell them No I do not want that subscription and No I can not afford that amount. Do not fall for their trap..Then, they put you in a loop where you can cancel but it is only a loop that you can never get out and when you call it is not the right time.
Like others have stated, I have been unable to close my Stash account. I was able to stop automatic investments, and was able to pull all my money out (except for $.01). But in trying to completely close the account all I get is the message: “I have tried numerous times to completely close my account, and have ask support for help to do so. Each time I am told that the account closure has been started and will be closed in a few days.
When I log in, I see the statement: “Your Account is Being Closed. This process will take 5-7 business days. If you would like to stop the closing process and re-open your account, please contact us.”
It has been in this state for over a year and a half, and I continue to receive account statements to this day. When I am in contact with customer service that always tell me the same thing – that they have initiated the account closure and it will take a few days…
Horrible customer service experience.
Thanks for the report. ?I am experiencing much the same hell.
July 13 2020
Money disappeared out of my stash card! And stocks I invested in show a -minus on thier market value when the STOCK EXCHANGE SHOW + !! U absolutely cannot see where money goes in those little hidden areas called auto stash and weekly stash ! Its horrible NON TRANSPARENT app! It is not user friendly because u cannot see a accounting of EVERY DOLLAR including 5 here 5 there u have engaged as auto. U deposit money on your stash card and it disappears with no accounting as to where it went!! U cant stop any auto stash u create only pause. Its a horrible app! I just sold my imvestments but im still out on the investments they keep saying are at a minus when they’re at a plus on the stock exchange. And I’m probably out the $20 that disappeared out of my stash card. I’m pretty sure the bullshit I’m going to hear is that green dot handles the Stash card so they have nothing to do with the $20 disappearing. The moral of the story is The moral of the story isSTASH SUCKS BE AFRAID BE VERY AFRAID !
They are not in good standing with the Better Business Bureau nor is your money protected!
Hi, i found Stash through survayjunkies, like two days ago, and i was impress that it doesn’t take much to start, also i’m new to investment. However, after reading some of the reviews now, it makes me want to cancel my account with them.
I’m not sure if i should cancel since i’m only two days in or try it out for some time. I’m a moderate investor, but the reviews causing me to be thinking differently now.
I cancelled my subscription and having difficulties transferring money back to checking a stash tool a request must be made too support the response is lousy im contcacting firna not the same company shorter hrs extra holiday time off I cancelled my subscription $3.00 the sell all my stocks getting my money that’s a problem contact firna they help.
My stash account was hacked and used it to drain my bank account. If you look on reddit you will see that others are having this problem also.
That’s scary. Hopefully that is not the norm!
EXACTLY I JUST LOST MONEY !! And I have no idea where it went it just says debit they debited my account it’s just gone and I’m sure Stache will tell me it’s not their problem because that stash card is run by green dot!!
Those funky cards that the homeless carry around all the time. Yes I know that first hand. I know some homeless people they make a big deal out of a green dot card. I was hesitant to sign up for the Stash card because of that but now my intuition served me in a way because I already lost money it’s gone and I’m canceling my account with Stash.
Thanks for all advices it sure makes me think of alternatives for investing
You’re welcome.
STASH – is indeed a rip-off, scammers do not invest in them. They have been taking out money to invest from my account over the past 12 months without any issues, just as I decided to change the bank account. They are making me jump thru hoops. Asking for all types of verification. When they took the money out there was no issues. Now that i want to make a change there are issues. Very hard to work with their customer service. No support what so ever. I spent an entire day providing them with supporting docs, at the end they still wanted more information from me. ENOUGH was ENOUGH – I demanded to speak to a supervisor- All I said to her is if you dont want my business just let me know. I have been with Stash over one year. All that I am trying to accomplish here is to change my account. The supervisor looks at my account and stated they still need more verification. I ask her another question “if they want my business” all she stated was sorry to see you go…. Dont waste your time with this company… total BS….. Glad to leave – will advise any friends or family members to close their accounts as well…..
I get there is a need for security. But sometimes these companies be going over board. Thanks for sharing your experience.
I AGREE!!!!
I have not been able to close my account. STASH invest makes it impossible, keeps changing the directions for me to follow and creates one delay after another. It’s only $560, but it should be MINE. I filed complaints with NY Attorney General and FTC.
Have you had any response from them? And are you still having withdrawals from them? It sounds sketchy to me.
Hey did they every give you your money back? This seems to be universal with alot of people unable to cash out, or receive the money they initially invested. Can some one clarify why this is?