Review of the Trim App

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Updated on Thursday, September 12, 2019

If you struggle with overspending, Trim can help you cut costs. Branded as a personal financial assistant, Trim tracks your spending patterns and helps you identify problem areas. It can even cancel old or unwanted subscriptions.

Trim itself is free, as are its tracking and budgeting features. The app’s more advanced features, however, carry either a one-time or a monthly fee, depending on the service. This includes the app’s Bill Negotiation and Debt Payoff services, as well as the Trim Simple Savings account — though this savings account isn’t the most remarkable option on the market, with a comparatively modest APY and a monthly fee.

Still, Trim can be great for those who need some help spring cleaning their finances. Its features can help you get a grip on all of your accounts, transactions and savings in one place.

How does the Trim app work?

Use dashboard to view finances in one place: Track your transactions and savings in one place. Once you link external accounts to your Trim account, you’ll have access to your personal dashboard. This dashboard tracks your transactions and savings to give you a better view of your finances in one place.

Track spending and budget: You can break down your spending by category to see how much you spend at select merchants or check your monthly spending habits. Trim also allows you to set a monthly target budget that you can monitor on your dashboard.

Cut back and cancel subscriptions: By tracking your spending habits, Trim removes the hassle of manually cutting out frivolous spending. Trim identifies and displays all of your recurring subscriptions. If you decide you no longer need a subscription, you can ask Trim to cancel it for you.

Lower bills with Bill Negotiation: Further, Trim may help lower your bills with Bill Negotiation, which is offered for a fee (more on that below). If you think you’re paying too much on your cable or internet bills, for example, Trim may be able to work with your providers on your behalf to cut your bill by as much as 30%. You can directly connect your Comcast, Time Warner (Spectrum) and AT&T accounts in your Trim account. For any other service providers, you can upload or email a bill to Trim.

Save with Trim Simple Savings: The app also includes a Trim Simple Savings account to help grow your savings more proactively. It earns at a 1.60% APY (as of September 12, 2019) and allows for automated weekly transfers from a selected checking account. You can send any amount up to $500. This feature costs a small fee (outlined further below), unless you have a Debt Payoff subscription.

Eliminate debt through Debt Payoff: For a monthly charge, Trim’s Debt Payoff program creates a custom plan to help you pay off your debts faster with the help of an AI calculator. Trim will set up calls with you and your bank to negotiate better loan interest rates and automate transfers to your credit card through Billpay to help pay down balances faster. Debt Payoff also includes unlimited email access to a financial planner who can answer a range of financial questions, from how to pay off any kind of debt to how to start saving for retirement.

Trim fees and fine print

Bill Negotiation33% of annual savings (with successful negotiation)
Debt Payoff$10 per month
Trim Simple Savings$2 per month OR free with Debt Payoff

Trim is free to download and use for most features. This includes personalized spend alerts, overdraft fee detection and subscription tracking and canceling.

The app’s paid features include Bill Negotiation, Debt Payoff and Trim Simple Savings:

  • With Bill Negotiation, if Trim successfully negotiates your bill down, you’ll owe 33% of your annual savings from Trim’s negotiations. For example, if Trim knocks $10 off your monthly internet bill for a year, you’ll pay Trim $40 (about 33% of the $120 they saved you for the year). This is typically a one-time charge, but Trim can split the payment into 3 to 4 charges, if you request it.
  • Debt Payoff will also cost you, charging $10 a month. It comes with a 90-day money back guarantee if, according to Trim, they don’t “make enough of a positive impact on your investment.”
  • If you pay the fee for Debt Payoff, you won’t be charged for a Trim Simple Savings account. Otherwise, this savings account costs $2 per month. This amount is debited from the checking account you link at signup. Trim’s banking services — which include FDIC insurance on your money — are provided by Evolve Bank, through Trim’s banking software provider, SynapseFI.

Trim stresses its dedication to security. It works with Plaid (a company that provides the technology to connect consumers to developers and financial institutions) to process your bank account information so that information is not stored on Trim’s services. Rather, this information is sent to Plaid and then sent back to Trim as encrypted tokens. Trim also utilizes 256-bit SSL encryption, two-factor authentication and read-only access.

Opening a Trim account

You can get started with a Trim account by signing up online with your email address or Facebook login. Once you create an account, you’ll also need to connect your Facebook messenger or your phone number. Then, you’ll connect your bank account and/or credit card to start using Trim’s features. Trim supports over 15,000 financial institutions, so you should be able to connect your accounts without a hitch.

If you elect to open a Trim Simple Savings account, you will need to connect an external checking account in order to fund the savings account.

Who is Trim best for?

Trim is best for those who need some help streamlining their spending and savings. Trim provides a holistic view of your finances, depending on the accounts you connect, allowing you to browse both easily and in-depth. Trim lets you set budgets and actively helps you cut out unnecessary costs, like those forgotten subscriptions that keep draining your savings each month.

Trim’s paid services are also helpful. Bill Negotiation is great for folks who don’t have the time or know-how to negotiate their bills down — just watch out for the 33% fee that Trim will charge for the year they make a successful negotiation. Debt Payoff is helpful in the same way for folks who can’t seem to conquer their debt from credit cards or student loans, for example. Again, just watch for the $10 monthly fee that Trim charges.

However, Trim is not for those who are looking for a competitive savings account. The Trim Simple Savings account is more of a nice add-on to the app’s handy features, thanks to its solid 1.60% APY (as of September 12, 2019). The account costs $2 per month, unless you have Debt Payoff, which pales slightly against other online savings accounts that are out there. Instead, you may be better served by using Trim to focus on cleaning up your finances and improving your habits.