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Banking

Review of Rize Savings App

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

In a sea of micro-savings and investing apps, there’s another offering coming from Rize. The savings app hasn’t launched yet, but there’s plenty of information in the site’s FAQs to get a feel for how the app will work.

With Rize, customers can either save their money in an account that earns a set interest rate, or invest it in a mix of stock and bond exchange traded funds (ETFs). Users will be able to set goals with time horizons and then set up schedules for automated savings toward those goals.

Though the premise is simple, Rize is missing a basic component: FDIC insurance for its savings accounts. The company claims that because your account will be a brokerage account, all money will be covered with Securities Investor Protection Corporation (SIPC) insurance, though this raises some potential issues.

“In general, SIPC protection is determined on an asset-by-asset basis and extends only to cash in a customer’s account that is on deposit for the purchase of securities,” said Ken Tumin, founder of DepositAccounts.com.

If you’re interested in what the app will offer, here’s how it breaks down.

Rize savings account vs. Rize investing account

This app offers two distinct ways to save: You can choose to simply save money and earn 2.15% APY (as of August 30, 2019), or you can invest your cash. If you invest, your money will be put into stock and bond ETFs based on your time horizon. In general, the faster you need the cash, the more conservative the investment approach will be.

The site doesn’t discuss investment returns. The investment mix (stocks vs. bonds) will vary based on how quickly you plan on using the money you invest. You can’t adjust the mix, beyond tweaking your time horizon for a goal, and you can’t choose your investments. Rize uses just two ETFs for investing: Vanguard Total World Stock and Vanguard Total Bond Market.

Brokerage services for Rize are provided by Apex Clearing Corporation.

How does the Rize account work?

Although it’s not possible to test drive the savings app since it hasn’t launched yet, opening an account appears to be as simple as inputting your personal information and linking a bank account for funding. There is no account minimum requirement.

Once you’ve linked your bank, you can create and name your goals and then add a target date and/or an amount you’d like to save. You’ll then set your deposit schedule, and it will automatically save for you each month or week, or based on whatever schedule you set. Note that you can only set one deposit schedule overall.

For each goal, you can opt to either have the money saved or invested by toggling from “cash” to “invest.” The app will help you calculate how much you’ll need to save on a monthly basis to meet your goals. It also will suggest a “cash” or “invest” approach based on your time horizon, but you can choose to follow or ignore the advice.

If you choose “invest,” the app will put your money into ETFs —a mix of stocks and bonds and, if your time horizon is short, cash — based on when you need the money. Unlike many other robo advisors, the app doesn’t ask any questions about risk tolerance, since “research shows we as people aren’t all that great at judging our risk tolerance,” Rize states.

It takes five to seven business days to buy or sell investments.

Does the Rize app charge account maintenance fees?

It has an unusual fee structure. The savings aspect of the account operates on a kind of choose-your-own-adventure schedule where the end user decides how much to pay each month. You can contribute $3, $2 or even nothing at all. There are no other fees and no minimums.

On the investing side of the account, the app requires a minimum fee of $2 per month, plus an annual management fee of 0.25%. The site points out that this is a quarter of the 1% fee you’d pay with a traditional financial advisor, but it’s comparable to robo advisors that offer far more functionality, and even slightly higher if you’re investing a small amount because of the $2 additional monthly fee.

Is my money safe with Rize?

Rize deposits aren’t FDIC insured. This is troublesome, since FDIC insurance protects deposits in federal banking institutions up to $250,000 per depositor, and Rize bills itself as a “full bank replacement,” enabling customers to “manage spending through our Rize Checking Account,” according to Molly Moran Edling, head of marketing at Rize.

It states that user funds are SIPC-protected up to $200,000 for cash and $500,000 for invested assets. SIPC coverage protects cash and securities such as stocks, bonds or mutual funds in accounts at SIPC-member brokerage firms. And indeed, brokerage services for Rize are provided by Apex Clearing Corporation, which is an SIPC member.

That said, cash on deposit with a brokerage for the sole purpose of earning interest isn’t protected by the SIPC, according to Josephine Wang, SIPC president, “even if held at an SIPC member firm.” In other words, the money you have on the “save” side of the app would not be insured.

The company did not respond to questions about its SIPC coverage, but the folks at the SIPC were clear about the status. “SIPC has not been approached by Rize for confirmation of SIPC protection,” Wang said. “SIPC is not working with Rize prior to Rize’s account rollout nor would it be SIPC’s practice to do so.”
This means is that, unlike a traditional savings account, if you use Rize to save money (and not to invest), and the Rize operation goes under, you could potentially lose your nest egg with no recourse. That’s a decidedly risky proposition.

This is something that’s come up before, such as when stock trading app Robinhood offered checking and savings products and claimed they’d be insured by the SIPC — and then quietly withdrew its cash management offerings when it became clear that the SIPC wouldn’t cover them.

“Now it looks like Rize is going down that same road,” Tumin said. “I wouldn’t be surprised if they decide on a different model.”

Rize savings app noteworthy features

  • Competitive interest with no fees: The app offers high-interest savings with the option to pay no fees, although the lack of FDIC protection takes a bit of the shine from this feature.
  • Multiple savings goals: You have the freedom to save for anything you want, and you can create as many goals as you’d like.
  • Built-in features to help you save more: Accelerate, one of the site’s two “Power Ups,” will automatically increase your savings contribution by 1% each month. Boost, another Power Up, will keep an eye on your checking account and transfer “a bit of spare change” once or twice a week, up to 5% of your monthly savings.

Alternatives to the Rize savings app

There are other options available for saving your money, although they have different pros and cons to consider as well.

Chime — FDIC-insured checking and savings accounts

Chime is essentially a no-fee checking and savings account, albeit one that earns almost no interest. (The savings account earns0.01%.) There is no option to invest your money. That said, Chime has partnered with The Bancorp Bank to provide FDIC insurance, so that’s a plus. If you’re looking for a no-frills place to stash your cash, Chime is an option, but you won’t earn much of anything in interest.

Simple — FDIC-insured cash management account

Simple offers a combination of a checking account (earning 2.02% APY on balances of $.01 or more) and budgeting tools, including a Safe-to-Spend feature that shows you how much of your balance is available after setting aside money for your spending categories and savings goals. Choose goals and elect to save over time, and Simple will move money automatically into your “goal” savings at preset intervals. Money in a Simple account is held by BBVA USA and is FDIC insured up to applicable limits. For people looking to earn a little on savings, this is a safer choice offering a similar interest rate.

Acorns — Micro-investing for beginners

Acorns is a micro-investing app that rounds up your purchases to the nearest dollar, deposits the spare change into your account and then invests in ETFs every time you’ve saved at least $5. You have the option of investing your money in a taxable investment account ($1 a month), a taxable investment account plus IRA accounts ($2 a month), or all of the above plus a checking account ($3 a month), which could get pricey for small balances.
You can choose from five different ETF-based portfolios ranging from conservative to aggressive, but it may take a while to amass much, since you’re saving in small amounts. While Acorns offers the option to earn cash back from selected retailers, there is no interest offered on the checking account. Acorns investments are SIPC-insured and its checking account is FDIC-insured.

Is the Rize savings app right for me?

Although it’s possible that the company will make material changes to its model before the app launches, in its current state, there are better (and safer) places to put your money. While it is offering a healthy interest rate on savings, with the option of no fees, experts have concerns about the safety of your money in an account that is not FDIC insured.

On the investment side, if you’re new to investing and you’re happy to let the algorithm manage your money, this may not be a bad place to start. But fees here are comparable to other robo-advisors with vastly more functionality, more investments to choose from and more control over your investment mix.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Kate Ashford
Kate Ashford |

Kate Ashford is a writer at MagnifyMoney. You can email Kate here

Advertiser Disclosure

Investing

Charles Schwab vs. Fidelity

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

For new and advanced investors alike, brokers Charles Schwab and Fidelity offer very competitive features, from robust fund offerings to low transaction costs, to helpful investment research. Fidelity and Charles Schwab have low trading fees for full-featured brokers, and give users access to thousands of no-fee funds. Both offer 24/7 phone support. It’s no accident that both brokers top our list of the Best Online Stock Brokers.

With a minimum balance of $5,000, Charles Schwab customers can take advantage of the broker’s zero-fee robo-advisor services. With Fidelity, index fund enthusiasts can sock money into the firm’s zero-expense index fund offerings. Both brokers are excellent choices, so the best one for you depends on the specific offerings from each firm. Read on for a detailed comparison.

Charles Schwab vs. Fidelity: Feature comparison

Charles Schwab Fidelity
Current promotions 500 free trades with a qualifying net deposit of $100,000
N/A
Stock trading fees
  • $0.00 per trade
  • $0.00 per trade
Amount minimum to open account
  • $0
  • $0
Tradable securities
  • Stocks
  • ETFs
  • Mutual funds
  • Bonds
  • Options
  • Futures / commodities
  • Stocks
  • ETFs
  • Mutual funds
  • Bonds
  • Options
  • Futures / commodities
  • Forex
  • Crypto-currency
Account fees (annual, transfer, inactivity)
  • $0 annual fee
  • $50 full account transfer fee
  • $25 partial account transfer fee
  • $0 annual fee
  • $0 annual fee
  • $0 full account transfer fee
  • $0 partial account transfer fee
  • $0 annual fee
Commission-free ETFs offered
Mutual funds (no transaction fee) offered
Account types
  • Individual taxable
  • Traditional IRA
  • Roth IRA
  • 529 Plan
  • Joint taxable
  • Rollover IRA
  • Rollover Roth IRA
  • Coverdell Education Savings Account(ESA)
  • Custodial Uniform Gifts to Minors Act (UGMA)/Uniform Transfers to Minors Act (UTMA)
  • Custodial IRA
  • SEP IRA
  • Solo 401(k) (for small businesses)
  • SIMPLE IRA (Savings Incentive Match Plan for Employees)
  • Trust
  • Guardianship or Conservatorship
  • Individual taxable
  • Traditional IRA
  • Roth IRA
  • 529 Plan
  • Joint taxable
  • Rollover IRA
  • Rollover Roth IRA
  • Custodial Uniform Gifts to Minors Act (UGMA)/Uniform Transfers to Minors Act (UTMA)
  • Custodial IRA
  • SEP IRA
  • Solo 401(k) (for small businesses)
  • SIMPLE IRA (Savings Incentive Match Plan for Employees)
  • Trust
  • Guardianship or Conservatorship
Ease of use
 
 
Mobile app iOS, Android iOS, Android, Fire OS
Customer support Phone, 24/7 live support, Chat, Email, 346 branch locations Phone, 24/7 live support, Chat, Email, 190 branch locations
Research resources
  • SEC filings
  • Mutual fund reports
  • Earnings press releases
  • SEC filings
  • Mutual fund reports
  • Earnings press releases

Charles Schwab vs. Fidelity: Fees & account minimums

Neither Charles Schwab nor Fidelity charge annual or monthly fees to maintain a brokerage account. Both charge commissions of $0.00 per trade. Both charge trading commissions of $0.65 per options contract and $1 per bond. Charles Schwab charges a $1.50 commission per futures contract — Fidelity doesn’t allow futures trading. Charles Schwab charges up to $49.95 to buy transaction-fee mutual funds, while Fidelity charges $49.95 only for non-Fidelity transaction-fee funds. Fidelity’s margin rates are also lower than Schwab’s for traders with larger debit balances.

If you’d rather take a hands-off approach to your investments, Fidelity offers several different portfolio management options. Fidelity Go is the firm’s robo-advisor, which utilizes automatic trading algorithms to make investments at a very low cost for users, an annual fee of 0.35% of your account balance. Fidelity Personalized Planning and Advice uses automated trading algorithms together with expert coaching, for an annual fee of 0.50% of your account balance. With Fidelity’s Portfolio Advisory Services, professional money managers handle your investments for an annual fee of 0.50% to 1.50% of your account balance, depending on assets invested.

Charles Schwab’s robo-advisor, Charles Schwab Intelligent Portfolios, requires a minimum investment of $5,000 and charges no annual fee. Note that Intelligent Portfolios requires users to hold 6-30% of your balance deposited with the robo-advisor in its cash account, which offers an APY of 0.70%. This can hamper your overall returns in years where the market returns above 0.70%. For more personalized guidance, there is Charles Schwab Intelligent Portfolios Premium, which charges a one-time $300 fee and $30 a month. Your investments are managed by the robo-advisor, plus you have access to “unlimited” guidance from a certified financial planner.

Charles Schwab charges $50 for a full account transfer and $25 for a partial account transfer, while Fidelity charges no transfer fees. Neither broker has an account minimum, but both require a large deposit to qualify for bonuses. Charles Schwab requires a net deposit of $100,000 to qualify for 500 commission-free equity and options trades for up to two years. Fidelity also requires $100,000 in new account funding to land 200 commission-free domestic stock and options trades.

Charles Schwab vs. Fidelity: Tradable securities

In addition to stocks and bonds, both brokers have a robust selection of tradable securities for either the beginner or advanced investor:

  • Mutual funds: If you’re interested in investing in professionally managed mutual funds, Fidelity offers more than 10,000 funds. Investors at Charles Schwab have the option of investing in more than 7,900 mutual funds, 3,900 of which have no transaction fee.
  • Options trading: Fidelity and Charles Schwab both support options trading, which involves traders making contracts to sell securities at a predetermined price over a set period of time in the options market. Both brokers charge $0.65 per contract for options trading, in addition to the $0.00 normal trading commission.
  • Futures: Futures trading involves selling an asset or security at a set price at a predetermined time in the future. Charles Schwab charges $1.50 per contract for futures trading, and there are no additional fees for expert-assisted trades. Fidelity does not support futures trading.
  • Exchange traded funds (ETFs): Adding ETFs to your investment portfolio is a great way to diversify your holdings. Fidelity offers over 500 commision-free ETFs. Charles Schwab offers free trading in the 22 ETFs they manage under their own name, plus more than 500 other commission-free ETFs.
  • Foreign exchange trading: Also known as forex trading, foreign exchange is for trading currencies. Fidelity offers forex trading, although you’ll have to sign up with Fidelity Forex LLC, a subsidiary. This service gives you access to currencies for more than 35 countries and direct transfers from your Fidelity account. Charles Schwab does not offer forex trading options.
  • Certificates of deposit (CDs): Both firms let customers buy brokered CDs on their platform. Brokered CDs have similar terms and APYs as CDs bought from a bank. However, they are bought and sold more like securities, giving you more flexibility in exchange for fees.
  • Cryptocurrency: Neither firm offers cryptocurrency trading.

Charles Schwab vs. Fidelity: Special features

Investing with Fidelity and Charles Schwab gives you access to valuable research and education tools, plus cash management account options.

  • Research and educational tools: Schwab offers a range of educational materials, including market commentary, advanced charting and Stocks, Mutual funds and ETFs screeners. Users have access to the latest news and company filings, plus free materials from Morningstar, Credit Suisse, CFRA and Argus Research. Plus, new investors can benefit from the site’s tutorials on investing principles. Fidelity has its own stock research center with stock screeners, research firm scorecards, recent company earnings reports, and news on market movers. Users have access to reports from Argus Analyst, CFRA, Ned Davis Research and Zacks Investment Research, among others.
  • Cash management accounts: Want to keep your cash close to your brokerage account? Fidelity offers a Cash Management account with no monthly fees, no minimum balance and reimbursement of all ATM fees nationwide. Charles Schwab offers a High Yield Investor Checking Account, also with no monthly fees or minimums, unlimited ATM fee rebates worldwide and 0.37% APY on your account balance.

Charles Schwab vs. Fidelity: Which is best for you?

Both Charles Schwab and Fidelity have long-standing track records, low fees, no account minimums and a diverse array of fund offerings. Preference for either broker may depend on a personal inclination, such as the desire to try Fidelity’s no-expense index funds (available only to Fidelity clients) or the desire to trade futures, available on Charles Schwab’s platform but not Fidelity’s. Charles Schwab’s robo-advisor has no annual fee (note the cash account requirement, however), compared with Fidelity Go’s 0.35% management fee.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Kate Ashford
Kate Ashford |

Kate Ashford is a writer at MagnifyMoney. You can email Kate here

Advertiser Disclosure

Investing

Stash vs. Acorns: Which Robo-Advisor Is Best for You?

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Stash and Acorns are both great robo-advisor options for entry-level investors. Both apps offer just enough functionality for someone without a lot of cash to put away and who might need simplified investment options and a little guidance. They allow beginners to get into the game with a small opening deposit, and both offer straightforward fee structures and some financial education.That said, Stash and Acorns aren’t identical, and they differ greatly in the range of investment options available. The best robo-advisor choice depends on your needs and personal preferences. Let’s figure out whether Stash or Acorns fits your needs.

Stash vs. Acorns: Feature comparison

Stash works like a traditional investment account, helping you to build a portfolio of exchange-traded funds and individual stocks. The app asks new users a series of questions to gauge their financial situation, financial goals and risk tolerance, then suggests stocks and ETFs that meet their needs. You get to choose which ETFs and stocks to include in your portfolio, and the app’s Stash Coach feature guides your choices.

Portfolio overview screenshots for Stash and Acorns

Acorns takes a hybrid approach that combines automatic savings with investing, and the process is much more hands-off than with Stash. You begin by linking your checking account and credit cards with the Acorns app, which then tracks your spending and rounds up all purchases to the nearest dollar, placing the difference into your account. Once you have at least $5 saved, it automatically invests in ETFs. In addition to this round-up function, you can also schedule recurring deposits as small as $5 into your Acorns account on a daily, weekly or monthly basis.

Both Acorns and Stash let users put money into various tax-deferred individual retirement accounts (IRAs), in addition to their basic taxable investment accounts. Acorns also offers a checking account, called Acorns Spend. It features unlimited free or reimbursed ATM withdrawals nationwide, free ACH transfers, direct deposit, and mobile check deposits.

Stash Acorns
Management fee
  • $1 per month for accounts with less than $5,000 deposited
  • 0.25% % annual fee for accounts with $5,000 or more deposited
  • $2 per month for retirement accounts, or 0.25% annual fee for retirement accounts with $10,000 or more deposited
  • $1/month for basic Acorns functionality
  • $2/month for basic Acorns + IRA account
  • $3/month for basic Acorns + IRA account + Acorns checking account
Average ETF expense ratio 0.29% 0.03% – 0.15%
Account minimum $5 $0, although your Round-Ups or one-time investments must be at least $5
Human advisors Access to customer service via phone and email Customer service via email only
Fractional shares Yes Yes
Tax loss harvesting
College savings options Yes No
Investment account types
  • Individual taxable
  • Traditional IRA
  • Roth IRA
  • UGMA/UTMA
  • Individual taxable
  • Traditional IRA
  • Roth IRA
  • SEP IRA
Savings account option No No
Ease of use
 
 

Stash vs. Acorns: Management fees

As management fees go, the structure for both companies is pretty simple, however Stash gets more expensive as your balance grows, while Acorns fixed cost becomes less expensive as your balance grows. Both Stash and Acorns charge $1 a month for basic services. Once you’ve built up an account balance of $5,000 or more with Stash, the management fee switches to 0.25% of your total account balance.

Both robo-advisors charge extra fees for additional features. Adding IRA retirement accounts costs you $2 a month with Stash, or 0.25% of the retirement account balance once it’s above $10,000. Acorns charges $2 a month for it’s basic service plus IRA accounts. If you add the Acorn Spend checking account, Acorns charges $3 a month

Here’s how total management fees compare for different balances utilizing only the basic taxable-account investing component of each app:

Account BalanceAnnual Cost for StashAnnual Cost for Acorns
$500

$12 or 2.4%

$12 or 2.4%

$1,000

$12 or 1.2%

$12 or 1.2%

$5,000

$12.50 or 0.25%

$12 or 0.24%

$10,000

$25 or 0.25%

$12 or 0.12%

$25,000

$62.50 or 0.25%

$12 or 0.05%

$50,000

$125 or 0.25%

$12 or 0.02%

And here’s how those fees compare if you opened a retirement account at Stash or used all three of Acorns’ offerings (investing account, retirement account, and checking account):

Account BalanceAnnual Cost of Retirement Account Only at StashAnnual Cost for Investing and Retirement Account at AcornsAnnual Cost for Investing, Retirement and Checking Account at Acorns
$500$24 or 4.8%$24 or 4.8%$36 or 7.2%
$1,000$24 or 2.4%$24 or 2.4%$36 or 3.6%
$5,000$24 or 0.48%$24 or 0.48%$36 or 0.72%
$10,000$25 or 0.25%$24 or 0.24%$36 or 0.36%
$25,000$62.50 or 0.25%$24 or 0.10%$36 or 0.14%
$50,000$125 or 0.25%$24 or 0.05%$36 or 0.07%

Management fees aren’t the only expense. Investments have their own expense ratios — the amount charged by third party companies to manage ETFs in which the apps invest your money. Although Stash offers a number of stocks and low-cost ETFs, the average ETF expense ratio is 0.29%, which is a little high for the category. Acorns, on the other hand, offers ETFs expense ratios that range from 0.03% to 0.15%.

Stash vs. Acorns: Special features

Both of these robo-advisors offer solid features and low startup requirements. For tax-deferred retirement accounts, both Stash and Acorns offer traditional IRAs and Roth IRAs. Acorns has the advantage of offering an SEP IRA for the self-employed, which Stash doesn’t offer. Stash, on the other hand, offers custodial UTMA and UGMA accounts for college savings, but parents looking for a 529 account will have to go elsewhere.

There are some differences when it comes to style. While both advisors encourage easing into investing with small amounts of money, Stash suggests setting up auto deposits (what it calls “Auto-Stash”) where you add small amounts on a regular schedule to grow your account over time. Acorns, on the other hand, highlights round-ups, but if you’re only depositing your spare change, it will take a long time to build a substantial balance.

There are also differences in how many investment choices you have. Stash offers nearly 200 single stocks to choose from and dozens of ETF combinations, while Acorns offers only five ETF-based portfolios that range from conservative to aggressive.

Stash’s advantages

  • There are several ways to reach a human. Stash offers customer service via phone and email, so you can always reach out to a customer service rep with your queries. And Stash’s Questions page can field basic inquiries on a wide array of topics.
  • There are great opportunities for learning. For the rookie investor, Stash’s website features Learning Guides on things like budgeting, retirement planning and basic investing concepts.
  • You have more investing options. Stash offers the ability to put as little as $5 into stocks of companies you know (3M, Adobe, Facebook, etc.) and/or to invest in one of their dozens of themed ETF baskets, which sport names like “Real Estate Tycoon” and “Foreign Heavyweights.”
  • Retirement investing is free for young 20-somethings. Stash offers free retirement investing for anyone under age 25.

Acorns’ Advantages

  • You can earn bonus cash. Acorns offers a feature called Found Money, in which 200+ retail partners invest a percentage of your purchase in your Acorns account when you shop with them. Examples include Barnes & Noble, Lyft, Groupon and Sephora.
  • It’s free for college students. The earlier you invest, the better off you’ll be, so it’s great that Acorns offers its Acorns Core services to college students at no charge.
  • Savings are automated. If you connect all your credit cards to Acorns, you’ll be saving spare change with every purchase, no matter what. For people without a lot of discipline for savings — or who feel that they can’t afford to put any money away — this is a low-key way to sock some dollars into a safe place.

Stash vs. Acorns: Which is best for you?

Both of these robo-advisors are reasonable options for the novice investor, but they’ll appeal to different people. Stash is a good option for someone who has a small amount to invest and who’d like to steer their portfolio a bit by choosing some stocks and ETF combinations from Stash’s offerings.

Acorns is also a good choice for the small-cash investor, but better for someone who doesn’t mind being limited to the five portfolios the advisor offers based on risk tolerance, and who may feel they don’t have the discipline to save and invest. That said, the fees on small-balance portfolios could eat into your earnings over time, since they’re a disproportionately large percentage of the total. If you save up a substantial sum at either advisor, you may be better off moving to another robo-advisor with lower fees and more account options.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Kate Ashford
Kate Ashford |

Kate Ashford is a writer at MagnifyMoney. You can email Kate here