Welcome to My Stash App Review!
We’re now in an era where technology is highly maximized that even money-making opportunities can be done through handy devices online. There is even a mobile application that assists when it comes to investments, which we will now be discussed in this review.
It’s said to be a tool that simplifies the process of selecting investments especially for beginning investors and it’s called the Stash App.
Stash App Review Summary
Name: Stash App
Founders: Ed Robinson, David Ronick and Brandon Krieg
Product Type: Banking And Investing Mobile Application
Price: $5 For The Sign Up Fee + $1 To $9 Every Month Depending On Account Type
Quick Summary: Stash is a mobile application that claims to help new investors through the process of choosing which portfolios they wish to place their money in. It’s also available on web platforms, allowing users to use their laptops and desktop.
Stash App might be a good option for people who have no idea how to invest; however, the fees are higher compared to some competitors. Also, there are a couple of drawbacks that should be considered before joining the website
Overall Rating: 5/10
Recommended: Yes... And No
Sounds interesting considering that mobile applications often provide convenience and accessibility to users. That being said, is Stash going to be the same?
Will it help members invest and earn money easily or is it just another scam?
How does this platform really work?
Let’s find out everything we need to know about the program in this honest Stash App review.
What Is Stash App About?
Stash Financial Inc or “Stash” is an American financial technology and financial services company based in New York, USA. The company runs both on a web platform and as a mobile app.
Meaning, users can access the platform using their laptop, desktop, or even their smartphones.
The app works as a tool allowing users to incrementally invest small amounts and based on reviews, it’s a good mobile application for beginners.
Stash was founded in 2015 by Ed Robinson, David Ronick, and Brandon Krieg. It was in October 2015 when it was launched on the Apple App Store and in March 2016 one Google Play Store.
Users can invest through the web platform and mobile apps and in personal brokerage accounts, retirement accounts, or custodial accounts. Stash App also offers financial education and automatic investing and it aims to make investing approachable for beginners.
While it sounds too good to be true, don’t be confused.
Stash App is just another investing app and not a way to make money. It lets you start a new bank account and you can only make money if you can trade stocks successfully, which can be risky.
Also, the app is not a robo-advisor and doesn't have the discretion to manage customer accounts. So, you do your investment manually.
What Stash App Offers?
Stash App is basically an investing app and as mentioned above, it’s not a way to make consistent income unless you are investing in stocks that pay dividends.
In short, it's going to take money to make money with Stash App so if you’re a beginner, you should be ready to invest cash and time to learn how it works.
It offers are ways to help new investors through the process of choosing which portfolio they would place their money in, accounts such as:
How Stash App Works?
If you’re interested to try Stash, there are a few, simple steps to follow:
- To begin, simply download the Stash App on your mobile devices. The App can be found in Google Playstore or Apple store. You can also install the app on your website or laptop.
- The next step is to provide your personal details. This includes your name, date of birth, and even your appetite when it comes to investment. You must answer all of these with complete honesty as this will help the app determine your risk tolerance (conservative, moderate, aggressive) in regards to investment. You will also be required to issue a government-issued ID for verification purposes.
- In line with the statement above, you will be presented with investment options. Each option comes with a description that is explained in the simplest ways. This way, even beginners can understand what each investment is about. There are over 1,000+ stocks, funds, and other options to choose from.
- The next step requires you to link your Stash account to your bank account. This is where your money will be transferred in case you want to withdraw. Normally, it takes 2-3 days for the cash to be deposited into your account.
- The final step is to confirm your identity, generate a four-digit pin to your account, and cash in $5 to begin
- To start investing, you have to choose a type of account and pay the subscription fee for the corresponding plan, which ranges from $1-$9.
How To Make Money With Stash App?
So the question that pops into your mind now might be: can you make money with Stash App?
The answer is -- yes and no.
Basically, there’s a tool within the app that shows predicted earnings of investments. This can help you have an advantage when you’re already investing.
However, as mentioned, Stash App is just an investing platform and not a way to make a steady income. It won't directly compensate you for downloading the app and joining the program.
It’s similar to another mobile app called Acorn, another mobile app for investment.
Again, it's going to take money to make money. So how does your money actually make money?
Here are basically the 3 ways that companies pay back their shareholders or by which investments can make you earn money:
1. Increase In Share Value
Perhaps the most obvious way in which an investment can make you money is that it gains value.
As stock prices rise, shares become more valuable. And if you’re a shareholder, you can sell your stocks, earning you a profit, or return, on your initial investment. The same applies to bonds, exchange-traded funds (ETFs), and other investments. When a company’s shares are worth more, shareholders reap the benefits.
You can earn from this by having your cut of a company’s earnings. If you own shares in a company, you own a part of the company — and therefore, you get a cut of the profits. Typically, dividends are cash payouts to shareholders that can be reinvested, or sent to your accounts through a dividend reinvestment plan (DRIP).
With Stash App, you can turn on DRIP and have dividends automatically reinvested. They can, however, be issued in the form of additional shares.
3. Interest Payments
These are generally associated with fixed-income securities, like bonds. Bonds are a form of debt, meaning that you’ve loaned a company your money. In exchange, a bondholder is due to interest payments and the bond’s full amount upon maturity.
If you’re a bondholder, then, you can expect periodic interest payments.
To learn more what Stash App is about, you can watch the video below:
Is Stash App A Scam?
The mobile app sounds like an interesting platform but first of all, is Stash App legit?
The good news is that it is!
Stash App appears to be a legit investing app and a lot of users have already downloaded and utilized this app.
Reviews even suggest that it’s a good program for beginners or those who are new to investing.
However, it’s not a money-making app rather a way to help users manage their finances so if you’re looking for a regular source of income, this is not for you.
Nothing also places it on the pedestal compared to others because some reviews are lukewarm and fees are also said to be expensive compared to others.
That being said, you have to think twice before jumping into this mobile app to avoid wasting time and money.
Just to be clear though, investing in stocks and dividends can really help make money but it’s best to be armed with the proper skills and knowledge first. It comes with high risks and if you’re not proficient enough with this opportunity, you might end up losing tons of cash.
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Is Stash A Pyramid/Ponzi Scheme?
The good news about Stash App is that it doesn’t have any telltale of a pyramid scheme. When it comes to how it works, there’s nothing shady about it, such as being pressured to recruit another person.
There’s also no promise of guaranteed returns so it doesn’t sound like a Ponzi scheme, too.
Perhaps, one big problem about Stash is that it’s not for everyone and that’s okay because there are other alternatives to try when you want to make money online.
How Much To Join Stash?
To join Stash, you have to start with a minimum of $5 investment; yet, the account minimum is at 0.
Other than that, you have to choose from the following subscription plan:
- Beginner ($1) - The cheapest subscription plan Stash App offer comes with a Stash App banking and a basic brokerage account. It also includes financial guidance you can use when investing.
- Growth ($3) - This plan comes with a banking account and a taxable brokerage account while letting users invest for retirement.
- Stash+ ($9) - The highest plan that Stash has allows families to invest and save for their future. It’s the same as the Growth subscription plan with additional perks, such as two custodial accounts for your kids.
If you want to learn about investing in stocks, funds, and similar products and save money at the same time, there are many free alternatives online. On YouTube alone, you can find sources that can help beginners.
You can also talk to your bank or financial advisors about this matter before signing up with a costly app. At least, you have extra cash you can use to invest in stocks.
Educational Content And Support
I would commend them for the educational content and support especially when it comes to financial education and guidance. Since this company’s goal is more on helping beginners learn how to invest.
Convenient And Easy To Use
Stash provides a user-friendly platform for users. Even the steps on how to set up an account and start investing only require a few minutes. This is goods news to those who are busy with business, work, etc.
It’s also good that they have invested questions that will determine the user’s risk tolerance. This somehow sets expectations on the users plus helps them easily find a matching stock, fund, or investment.
Investment Is Risky And Not For All
As mentioned, Stash App is just an investing app and not a way to make income unless you are doing investing or trading. It's gonna take money to earn money. And as you know, investments and trading may not always be on the silver lining. It may go up and down because even experts can't do it successfully.
That’s why it’s gonna be risky for your money. Most of the time, it’s done by aggressive investors. Yes, their goal is to help beginning investors by simplifying the process of choosing which portfolio they would place their money in, as Stash App offers financial education.
However, the money-making opportunity is not for all.
Expensive Compared To Other Similar Platforms
As mentioned, Stash offers three levels of subscription service. The $1 plan is an investment account and access to an online bank account. It may seem inexpensive but as a percentage of assets, it’s actually quite high, especially for lower balances.
The $3 monthly fee which adds to a retirement account, makes the fee damage even worse for retirement savers. So compared to others, Stash is more expensive.
Reviews Are Not Promising
Yes, it is a legit app that can even make money if you invest or trade stocks. However, reviews about the Stash App are pretty lukewarm. It’s not really that negative but why pursue something that doesn’t even stand out.
It simply means that it’s not as good as compared with other investing apps.
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Who Is It For?
Stash is probably intended for beginning investors who want guidance selecting investments as it offers financial education. It’s also for Thematic or impact investors. However, you should consider the fee and its money-making aspect, which is best if you have experience with investing.
I’m not an expert when it comes to this matter but based on what I’ve read, before you consider investing in stocks, it’s good to know your financial standing first.
Is your current income enough to cover all your expenses?
Do you have an emergency fund in case you lost your main source of income or when there’s a medical or other sort of emergency?
How much money can you afford to lose when investing?
Also, even if the market is going good and your investment is increasing, remember that it’s best as a long-term option. You cannot just invest money now and withdraw it tomorrow simply because that’s not how investment works.
It takes time, patience, and money to reap what you sow.
Signing up for the app, these are the tools that are included in the app: automatic reinvestment of dividends, retirement calculator, and portfolio builder. You’ll also have a Stash Coach that helps expand your investing prowess with guidance, challenges, and trivia.
Customer support is also available if you have queries and you can contact them through phone and email support on Monday-Friday, 8:30 a.m. to 6:30 p.m. Eastern, and Saturday-Sunday, 11 AM to 5 PM.
It’s too early to assume that Stash App is a scam; however, many points lead to it being a legitimate platform. It’s been operating since 2015 and since relatively new, there are still things to prove and improve.
It’s good to know that it’s transparent with almost everything -- from its founders down to how it actually works.
It does stay true to its promise, which is to provide guidance and educational assistance while building a portfolio for investment funds and individual stocks. I even commend them for their educational content and support with regards to that. I also like how they help users find their risk tolerance rather than persuading them to just invest a huge amount without knowing its risk.
However, if you’re looking for a regular source of income, it’s not the best option. It’s not even an option since investments, like stocks and bonds, are considered as a long-term saving plan. It’s best for those who have a decent source of income already and are willing to risk money to earn more.
As mentioned, Stash is just an app and not a way to make income directly unless you are investing or trading stocks already.
In line with investment, it’s not for everyone. It can help you make more money but unless you’re skilled and educated with this matter, it’s not a good option.
In addition, Stash subscription fees are higher compared to some competitors. Unless you see a massive difference, you might want to consider saving money from fees by choosing cheaper alternatives.
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Thank you for reading my Stash App review! If you have comments, suggestions, testimonials to share, or still have questions in your mind, feel free to place them below.
But I do hope you’ll go with what I’ve recommended to you. Have a nice day!