Honeyfi App Review: Money-Tracking Tool for Couples

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

Written By

Updated on Thursday, July 11, 2019

Money can be a significant source of stress in a marriage. In a 2017 MagnifyMoney survey, 21% of respondents cited money as the cause of their divorce. According to that survey, 70% of respondents didn’t stick to a budget while married.

Creating a budget together and actively working to live within it may help reduce some of the financial tension that can build up in a marriage. There’s no shortage of apps that can help couples learn how to create and stick to a budget.

Honeyfi is one such app that has a unique set of features and benefits. We’ll break down the Honeyfi app, including how much it costs and who should use it.

What is Honeyfi?

This app targets the savings and budgeting needs of couples. It’s intended to help couples save for specific goals, such as a vacation or a new home.

The app integrates the social media features of other financial apps like Venmo by allowing users to add comments to transactions or tag transactions to specific people. The app aims to make budgeting simple by allowing users to track spending in an easy-to-use format.

How does Honeyfi work?

Before you can begin using this app, you’ll need to download it from the Apple Store or Google Play. You can click either link or click on the “Get the app” button at the top of the website, in which case you’ll get a text to your phone to download the app.

Once you’ve downloaded it, you’ll need to set up an account. After providing information on you and your partner, including your names and email addresses, the app will ask you to link your bank accounts. The app can link to more than 10,000 U.S. financial institutions.

Via Honeyfi app

Honeyfi uses Plaid, a financial technology company, to securely establish a link to your bank accounts.

Via Honeyfi app

To link your external accounts, you’ll have to provide the login information you use for your bank. For example, if you want to link your Chase account, you’ll see the following screen:

Via Honeyfi app

The app doesn’t store usernames or passwords on Honeyfi servers, according to a customer service representative for Honeyfi.

Once your information is verified, the app will download your banking transactions and set up your account. Honeyfi reviews your transactions and suggests a household budget. You can scroll through the app to see the different budget categories suggested, which you can edit at any point.

Via Honeyfi app

The Honeyfi Goals program helps users save for specific goals in an account that’s FDIC-insured up to the maximum $250,000. Savings transfers can be automated, and funds can be withdrawn anytime without a fee. You earn interest, too, which we’ll break down later.

The app’s functionality is based on the data it downloads from your banking transactions. Using this information, the app allows you to:

  • Track banking transactions
  • Sync your credit cards, loans and investments (besides your bank accounts)
  • Create custom budget categories
  • Split transactions and assign them to multiple categories
  • View transactions across multiple accounts
  • Comment and react to specific transactions with your partner

You should know that you can limit the transactions you share with your partner. This can be done at the account or individual level. You can also unlink your bank account.

How much does Honeyfi cost?

The app, which initially was free, charges a $5.99 monthly subscription fee. You also can choose to pay $59.99 annually after a 30-day free trial period.

A company representative said it started charging for the app to keep the business sustainable without having to bombard users with ads. This partially answers the question of how the company earns money from the app, but not entirely.

The company does suggest certain products within the app, such as life insurance, if it determines that users may need them, according to a company representative. So while the company’s main source of revenue might not be from ads, you should expect to periodically see suggestions for certain companies or products.

The company also makes money by keeping some of the interest that you might otherwise earn through its Goals program. When you set a savings goal, the company invests that money for you with a partner bank, according to a company representative. Although it rewards you with a 1% Savings Bonus annually, it reserves the right to any interest that is earned on those deposits. In other words, if the company invests your money in an account earning 2% annually, it may pay you the 1% bonus and keep the additional 1%.

The company pledges to never sell the personally identifiable information of its customers, according to a representative.

Who should use Honeyfi?

This app is designed to work with couples. The idea is to allow couples to share transactions in a single location while being able to comment and react to these transactions in an entertaining way.

Although you don’t have to be a married couple to use the app, it’s designed for people that have a complete level of financial trust. If you sign up with your significant other and you aren’t married, you have to be comfortable sharing all the details of your financial life with one another.

Although the concepts of budgeting, saving and investing are applicable to single people as well, this app is tailor-made for couples. In fact, during the sign-up process, the app requires you to enter the name of your partner. If you want to test out the app but you don’t have a significant other, the company suggests filling in a name and using another personal email address.

Is Honeyfi safe to use?

The customer encrypts all personal information that customers provide, and it doesn’t store any banking credentials, according to a company representative. However, the app does rely on Plaid to encrypt and protect the banking credentials that customers provide.

Plaid uses the following security measures, among others:

  • Role-based access controls at each level of infrastructure
  • Multifactor authentication
  • Internal and external network penetration testing
  • Third-party code reviews
  • Communications transfer over encrypted tunnels

These layers of protection all work to keep your sensitive financial information safe.

What are the pros and cons of Honeyfi?


  • User-friendly interface
  • Ability to track all financial transactions in a single location
  • Social media aspect helps keep users engaged
  • Flexible budgeting controls
  • Ability to automate savings


  • Annual fee
  • Can earn more money in an online savings account than in the Goals program
  • Must sign up as a couple
  • Budgets are based on past cash flows; may not be effective for those with variable income
  • Occasional ads for third-party services or products

How does Honeyfi stack up to the competition?

Honeyfi is not the only option when it comes to finance apps for couples. Honeydue, Zeta and Twine apps share similarities with Honeyfi but go about the process slightly differently.

Honeydue tracks cash flows much like Honeyfi, and it includes the ability to comment on your partner’s transactions. Both apps also create household budgets for users and allow you to choose which information you share. Honeydue, which has a sleek interface, shows your calendar of bills that are due and creates reminders.

Zeta supports more than 10,000 U.S. financial institutions. It tracks cash flows similar to Honeyfi and Honeydue. Zeta offers communications options on financial transactions and the ability to split certain bills. It also offers a goals page.

Twine is a couples app developed by John Hancock Personal Financial Services that emphasizes the savings and investment aspect of a couple’s budget. You can use Twine to set savings and investment goals, and track your progress mutually. Along the way, you’ll receive recommendations and tips regarding your savings goals. Twine charges a monthly fee of 25 cents for every $500 that you invest.

While Twine is a bit different than the other couples budgeting apps, Honeyfi, Honeydue and Zeta all share similar basic features. However, at the present time, Honeyfi and Twine are the only apps that charge a monthly fee, so you’ll have to factor that into your evaluation of the apps.