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Investing

6 Best Tax Software Programs in 2023 (for 2022 Returns)

January 11, 2023 by Kevin Mercadante and Rob Berger

Some of the links in this article may be affiliate links, meaning at no cost to you I earn a commission if you click through and make a purchase or open an account. I only recommend products or services that I (1) believe in and (2) would recommend to my mom. Advertisers have had no control, influence, or input on this article, and they never will.

Tax season is right around the corner. If you prepare your own return this is about the time you’ll need to choose the tax software. To make the job easier, we’re providing this guide to the six best tax software in 2023, for 2022 returns.

The table below shows the most basic features of each of the six best tax software for 2023. A deeper discussion of each software will follow.

/table

SoftwareFree VersionBusiness ReturnsAudit AssistancePriceSupport
TurboTaxYesYesYes$0 to $359 (+$49 per state)24/7 online or live
H&R BlockYesYesYes$0 to $230 (+$37 per state)24/7 online or live
Jackson HewittNoYesYes$25 flat fee, including state return8:00 AM to 1:00 AM, Eastern Time, Mon-Fri during tax season
Cash AppYes, on all returnsLimitedNo$0 on all returns9:00 AM to 7:00 PM, Eastern time, Mon-Fri
TaxSlayerYesYesYes, on all plans$0 to $89.90Phone, email and live chat, but no hours are given
TaxActYesYesYes$0 to $109.908:00 AM to 9:00 PM, Monday through Friday; 9:00 AM to 6:00 PM weekends, all times Central

6 Best Tax Software for 2022 Tax Returns

1.  TurboTax – Best Overall

TurboTax is the software I used exclusively when I prepared my own returns. It has become the top tax software in the industry, and for plenty of good reasons. It offers five different plans, from their Free Edition to their Self-Employed plan. TurboTax Business is also available for partnerships, S corporations, C corporations, multi-member LLCs, trusts and estates. You can sign up for each of the programs free of charge and pay only when you file your return.

I've personally used customer support this year. I was having trouble uploading a prior year's tax data. I received a phone call within five minutes of making the request, and the customer support personnel (I talked to two individuals) to be very professional and helpful.

TurboTax is available in both the Online and CD/Download versions, each with its own pricing. The Online version enables you to access and prepare your return from any computer or mobile device and requires no software installation. TurboTax provides tax return storage. You can prepare and file one return using this version.

The CD/Download version is downloaded onto your personal computer and does not require an Internet connection. Your tax return will be stored on your computer’s hard drive. You can prepare and file up to five returns using this version.

TurboTax Features

  • 24/7 customer support from the online community of TurboTax specialists, and even customers.
  • Download photos of your W2(s) and/or 1099-NEC.
  • TurboTax Live Assisted Basic – provides unlimited expert advice to prepare your return yourself.
  • TurboTax Live Full Service – you’ll be matched with a dedicated tax expert who will prepare your return for you.
  • Both TurboTax Live Assisted Basic and Live Full Service are available in Spanish.
  • Audit Support Guarantee – provides free step-by-step audit guidance if you are contacted by the IRS, plus the option to connect with a tax expert.
  • TurboTax Audit Defense – provides live representation during an audit, requiring payment of an additional fee.

TurboTax Plans

Free Edition

  • Can be used for W-2 income, limited interest and dividend income, standard deduction, student loan interest deduction, the earned income credit, and child tax credits.
  • You can also include hobby, personal property rental or personal items sales reported to you on Form 1099-K.
  • Comes with a TurboTax Audit Support Guarantee.
  • The plan itself is free, and you can file both federal and state income tax returns for free (limit one state return).
  • You can file your return using the mobile app.
  • Price: Free (of course!)

Basic (CD/Download version only)

  • All the features of the Free Edition but allows you to download the software and store your returns on your own computer.
  • Price: CD/Download version: $40 + $40 per state return; $0 (1 state included) for Live Assisted Basic; $169 (+$49 per state) for Live Full Service.

Deluxe

  • All the features of the Free Edition.
  • Itemized tax deductions.
  • Over 350 deductions and credits.
  • One-on-one help on-demand.
  • Price: Online version: $39 + $39 per state return; CD/Download version: $70 – includes one state return, then $40 for each additional state return; $89 for Live Assisted Basic (+$49 per state); $219 (plus $49 per state) for Live Full Service.

Premier

  • All the features of the Deluxe Edition.
  • More than 450 deductions and credits.
  • Accommodates stocks, ESPPs, bonds and other investments.
  • Import your investment income information.
  • Covers rental properties.
  • Price: Online version: $69 + $39 per state return; CD/Download version: $105 – includes one state return, then $40 for each additional state return; $139 (+$49 per state) for Live Assisted Basic; $329 (+$49 per state) for Live Full Service.

Self-Employed

  • All the features of the Premier Edition.
  • Designed specifically for the self-employed.
  • 500+ tax deductions and credits, including industry-specific deductions.
  • Calculates asset depreciation, as well as mileage and vehicle deductions.
  • Import financials from QuickBooks Self-Employed.
  • Import Rideshare and UberEats data.
  • Unlimited employee forms, including W-2s and 1099s, even if you’re not using payroll.
  • Comes with personalized audit risk assessment and self-employed tax guidance.
  • Price: Online version: $89 + $39 per state return; CD/Download version: $120 – includes one state return, then $40 for each additional state return; $169 (+$49 per state) for Live Assisted Basic; $359 (+$49 per state) for Live Full Service.
Try TurboTax

2.  H&R Block – Best for Those Wanting Physical Locations

The name “H&R Block” is practically synonymous with income tax preparation. The company has been in business since 1955. Though they offer the full range of online tax-preparation software products, the company also has more than 12,000 local tax-preparation offices staffed by employees with an average of 10 years of experience.

That makes H&R Block the perfect tax software for particularly complicated returns. You can start out preparing your own return and switch over to a live tax pro to finish the job any time you feel overwhelmed. And with so many local offices, you can take advantage of face-to-face contact if that’s your preference.

Be aware that if you choose to have your return prepared by an H&R Block tax professional the pricing presented below will not apply. The fee you will pay will be based on the type and complexity of your return.

H&R Block Features

  • Import or snap a photo of your W-2.
  • Audit support guarantee.
  • Maximum refund guarantee.
  • Real-time refund results.
  • Six years storage of tax documents for up to six years if you use Deluxe e-file.
  • Refund Advance loan of up to $3,500 within minutes of filing your taxes.

H&R Block Plans

Free Online

  • Available for simple returns, including students, and those with W-2 income, retirement income, unemployment compensation, the earned income credit, and child tax credits.
  • Price: $0 to prepare and file both federal and state returns; $40 (no additional fee for a state return) with unlimited, live help from tax pros.

Deluxe

  • All the features of Free Online.
  • Accommodates contract, freelance, gig work, and other small, self-employment income; itemized deductions, child and dependent care expenses, and HSA contributions.
  • Price: $35 + $37 per state return; $70 (+37 per state) with unlimited, live help from tax pros.

Premium

  • All the features of Deluxe.
  • Covers stocks, bonds, and other investment income, crypto currency sales, rental income and deductions.
  • Price: $55 + $37 per state return; $115 (+37 per state) with unlimited, live help from tax pros.

Self-Employed

  • All the features of Premium.
  • Designed for small businesses, including all business deductions and asset depreciation.
  • Price: $85 + $37 per state return; $145 (+37 per state) with unlimited, live help from tax pros.
Try H&R Block

3.  Jackson Hewitt – Best for Multiple State Returns

Much like H&R Block, Jackson Hewitt also has a large network of tax-preparation offices across the country. As the second-largest tax-preparation service (after H&R Block), the company has more than 6,000 local offices, including more than 3,000 located in Walmart stores. It’s also one of the most popular online tax software services, but with the option to shift your return over to a live tax professional at any point during the process.

The single flat fee structure used by Jackson Hewitt makes it an excellent choice if you have multiple state returns to prepare.

And again, like H&R Block, there is a separate pricing structure if you have your return prepared by a tax professional in a Jackson Hewitt location.

Jackson Hewitt Features

  • File online, or in-store (standalone offices or Walmart locations).
  • One price for all tax return types – $25 includes both federal and state returns.
  • Accommodates both simple and complex returns.
  • Online customer support.
  • If you are due a refund you may not need to pay the fee using a credit card.
  • 100% accuracy guarantee.
  • Maximum refund guarantee.
  • Satisfaction guaranteed.
  • Transparent pricing guarantee.
  • Three-year price lock guarantee – fee structure applies to this year, next year, and the year after that.

4.  Cash App Taxes (formerly Credit Karma Tax) – Best Free Software

Credit Karma Tax is now Cash App, offering the same, simple and free income tax-preparation. That’s free as in free to file no matter how complicated your tax situation is. It’s also convenient; you can file your tax return from either your computer or your smartphone. And if you have your refund deposited into your Cash App, you’ll get your money up to five days faster. The company claims the service has been used to prepare more than 3.8 million returns.

To use Cash App Taxes, you will need to download the Cash App. It’s an app that provides banking services, including the ability to send and receive money free of charge. You can also use the app to buy and sell stocks and bitcoin. And when you download Cash App Pay and Cash Card you’ll have access to exclusive discounts. Cash App is free to download and to use.

Cash App Features

  • One plan for all tax situations.
  • Free tax software that includes both your federal and state return.
  • Accommodates simple and more complex tax returns.
  • Access returns previously filed with Credit Karma Tax.
  • Phone and live chat customer service.
  • You must sign up for the Cash App to access the tax software.
  • Free, but historically not the best choice for more complicated returns, like, self-employment or substantial investment activities.
Try Cash App

5.  TaxSlayer – Best for Comprehensive Service at a Low Price

TaxSlayer has come up as one of the most popular tax software services in the industry. What makes it particularly attractive is that its low-cost structure also includes its Ask a Tax Pro and Audit Defense services on all plan levels. And like Jackson Hewitt, you can deduct the cost of the service from your refund (if you’re entitled to one), rather than paying by credit card. The software comes in five versions, including one designed specifically for active duty members of the US military.

TaxSlayer Features

  • Comprehensive plans that include service features other software charge additional fees for.
  • Special plan just for active duty members of the military.
  • One of the lowest fee structures among all tax software services.
  • Download the app free and file your return on the go.

TaxSlayer Plans

Simply Free:

  • File a basic 1040 tax return.
  • Includes student loan interest deduction and education credits.
  • Unlimited phone and email support.
  • Price: $0 to file both federal and state returns.

Classic:

  • Includes all the features of Simply Free.
  • Covers any tax situation and all major IRS forms.
  • Import your W-2(s).
  • Comes with IRS inquiry assistance for up to one year after your return has been accepted.
  • Price: $19.95 +$39.95 per state return.

Premium:

  • Includes all features of the Classic plan.
  • Unlimited personal guidance from a tax expert.
  • Priority support for both phone and email assistance.
  • Certified tax professionals to assist you with an audit for up to three years after your return has been accepted by the IRS.
  • Price: $39.95 +$39.95 per state return.

Self-Employed:

  • Includes all the features of the Premium plan.
  • Designed specifically for small business owners, contractors, and side hustlers.
  • Schedule C preparation, including income from Form 1099.
  • Tax tips and resources specifically for the self-employed.
  • Tax payment reminders, including printing of 1040-ES estimated tax payment vouchers.
  • Support from a tax expert with self-employed tax expertise.
  • Price: $49.95 +$39.95 per state return.

Military:

  • Free federal filing for active-duty military members.
  • Accommodates all tax situations, including all major IRS forms, credits and deductions.
  • Comes with IRS inquiry assistance for up to one year after your return is accepted.
  • Price: $0 +$39.95 per state return.
Try Tax Slayer

6.  TaxAct – Low-Cost Tax Software

TaxAct is another of the most popular tax software services around, with the advantage of providing lower-cost plans than most competitors. And even with the low-cost fee structure, TaxAct can accommodate all return types, including self-employed and sophisticated investments. They even offer special software for various types of business returns.

TaxAct Features

  • All plans include Xpert Assist, which provides live support calls with tax experts.
  • Audit Defense available, with tax professionals to deal directly with the IRS for up to three years. The service is available at an additional fee, which is not disclosed on the website.
  • Specialized business plans for partnerships, S corporations, C corporations, tax-exempt organizations, and estates and trusts, each at $124.95 + $54.95 per state income tax return filed.
  • Mobile app available.

TaxAct Plans

Free

  • Cover simple returns, including W-2 and unemployment income, retirement income, child tax credits, earned income, current students, and stimulus credit.
  • Xpert Assist included.
  • Price: $0 + $39.95 per state return.

Deluxe

  • All the features of the Free plan.
  • Can be used for itemized deductions, adoption credits, child and dependent care, student loan interest, and health savings accounts.
  • Deduction maximizer.
  • Personalized My TaxPlan.
  • Price: $24.95 + $44.95 per state return.

Premier

  • All the features of the Deluxe plan.
  • Covers investment income, rental properties, royalty and Schedule K-1 income, and foreign banks and financial accounts.
  • Unlimited free account and technical support.
  • Price: $34.95 + $44.95 per state return.

Self-Employed

  • All the features of the Premier plan.
  • Designed for business and farm income, freelance income, and personalized business deductions.
  • Calculates depreciation.
  • Deduction maximizer and year-round planning resources.
  • Price: $64.95 + $44.95 per state return.

All-Inclusive Bundle

  • Includes access to all online forms, and one state return.
  • Filing fees subtracted from refund.
  • Audit Defense included.
  • Price: $114.95

Tax Software FAQs

What is the best tax software for real estate investors?

I owned investment properties since 2005 (sold my last one in 2018). In my experience, TurboTax was the best option to handle the tax complexities real estate investors face. Most rental property management software works well with TurboTax.

What is the best tax software for small business owners?

I've owned and operated a small business since 2008. For me, TurboTax is the best option. I've found it the easiest to use and its customer service has been exceptional.

What is the best tax software for retirees?

In most cases, the best software will depend on the specific circumstances of the retiree. In most cases, TurboTax or H&R Block would prove to be the best options. For very simple returns, a retiree might also consider Cash App.

What is the best tax software for independent contractors?

Both TaxSlayer and TurboTax offer versions specifically designed for the self-employed. I've found both apps to be easy to use. TaxSlayer will likely prove to be less expensive, although TurboTax's customer support is excellent.

What is the best tax software for investors?

Just about all tax software packages can handle capital gains and losses that investors experience. My personal favorite is TurboTax.

What is the best free tax software?

Most tax software offer a free version for very simple returns. The one software that is free for everybody is Cash App. While I like that option for simple returns, it's not ideal for those with more complicated taxes (itemized deductions, small business, investors, etc.).

What is the best low cost tax app?

Jackson Hewitt is the best low cost option for tax preparation software. That said, I found it not be the easiest to use. If you can overlook the mediocre user interface, you can save some money using Jackson Hewitt.

Bottom Line

Preparing your own tax return doesn’t need to be a hassle, that is, as long as you choose the right tax software for the job. Any of the six in this guide will help you get the job done. Just be sure to carefully examine the service levels and features provided by each then choose the one that most closely matches your own tax situation.

Filed Under: Investing

Personal Capital (Empower) vs Mint: My Ratings After Using Both for Years

January 11, 2023 by Rob Berger

Some of the links in this article may be affiliate links, meaning at no cost to you I earn a commission if you click through and make a purchase or open an account. I only recommend products or services that I (1) believe in and (2) would recommend to my mom. Advertisers have had no control, influence, or input on this article, and they never will.

Personal Capital and Mint are two of the most popular personal finance apps today. I've used both for many years. In this article we'll compare Mint vs Personal Capital to see which one is best.

As is often the case, both Personal Capital and Mint have pros and cons. In some cases Personal Capital is the best option. In other cases Mint is the better choice. And because both are free, there's even an argument to be made for using both. So let's dive in.

Update

Personal Capital is now called Empower, and the free tool is now called the Empower Personal Dashboard. Nothing about the tool has changed, and it's still free.
Personal Capital vs Mint
  • Overview of Personal Capital (Empower) and Mint
    • Personal Capital (Empower)
    • Mint
  • Empower vs Mint Comparison
    • Similarities
    • Differences
  • Who is Personal Capital (Empower) Best For
  • Who is Mint Best For
  • Should You Use Both Empower and Mint?
  • Can Empower or Mint Track Bitcoin and Other Crypto?
  • How do Empower and Mint Make Money?
  • Final Thoughts

Overview of Personal Capital (Empower) and Mint

Both Mint and Empower are online tools designed to help us manage our money. They both enable users to connect their financial accounts for automatic download of transactions and balances. And they are both free.

Personal Capital (Empower)

Personal Capital is owned by Empower Retirement, which itself administers more than $1.2 trillion in assets through retirement accounts. Personal Capital (Empower) is a registered investment advisor in the business of managing investors' portfolios. For our purposes, we will focus on the free financial tool that if offers, regardless of whether or not you use its investment management services.

The Empower Personal Dashboard enables you to link your financial accounts. You can link bank accounts (checking, savings, money market accounts and CDs), credit cards, student loans, mortgages, car loans, retirement accounts (e.g., 401(k) and IRAs), taxable investment accounts, crypto coins and tokens, and real estate.

Once linked, Empower provides a wealth of tools to monitor, manage and analyze your money. A glimpse of its dashboard reveals the power of this tool:

Empower Personal Dashboard

Beyond the dashboard, Empower offers the following features:

  • Track income and spending by category
  • Track your net worth
  • Evaluate the asset allocation of your investments
  • Evaluate your investment fees
  • Calculate whether you can retire
  • Plan your retirement with multiple scenarios
  • Track upcoming bills
  • Have Empower analyze your portfolio and make suggestions

Of all of these features, those related to investments are Empower's strongest features.

Try Empower

Mint

Aaron Patzer founded Mint more than a decade ago, and Intuit purchased it for $170 million in 2009. Mint was the first personal finance app to aggregate a user's accounts all in one place. While that's commonplace today, it was unprecedented 15 years ago.

Mint Dashboard

As with Empower, users can link virtually all of their financial accounts to Mint. Once linked, Mint provides tools to manage and evaluate your finances. Some of its key features include:

  • Budgeting by category
  • Create savings goals
  • Create goals to get out of debt
  • Check and monitor your credit score
  • Track your investments
  • Track upcoming bills

Of all of these features, those related to budgeting and goal setting are Mint's strongest features.

Empower vs Mint Comparison

Similarities

Both Empower and Mint share a number of similarities:

  • Account Connections: Both enable users to connect to just about any financial institution with an online login. You'll need to provide your username and password to create the connect, but both sites uses strong security features to keep user's data protected. And at no time can either company control the money in any of a user's accounts.
  • Financial Dashboard: Both apps offer a financial dashboard where user's can get a high level view of their investments. Empower's dashboard shows your net worth, budget, cash flow, investment portfolio balance, retirement savings and emergency fund. Mint's dashboard shows your upcoming bills, any goals you've created, spending, your credit score, monthly budget and investments.
  • Cost: Both apps are free, although as described below, the way they each make money is different and does affect the user experience.
  • Budgeting: Both apps offer budgeting tools to track your income and expenses. As noted below, however, Mint's budgeting features are more robust.
  • Investing. Both apps offer tools to track your investments. As noted below, however, Empower's investing features are more robust.
  • Connecting Accounts: Both Empower and Mint enable you to connect your financial accounts to the app. While this feature is similar with both services, I've found Empower's connection to more reliable. There are still some accounts I cannot connect to Mint no matter how often I try.
  • Bill Tracking: Both apps track your monthly bills and alert you when they are due.
  • Mobile Apps: In addition to their websites, both offer apps for smartphones, tables, and Apple watch.

Differences

Here are the key differences between Mint and Empower:

  • Investing Tools: While both apps offer tools to track your investments, Empower is by far the better option. There are several critical features it offers that Mint does not. First, it can show you details of your asset allocation, down to the specific stocks of fund you own. It automatically calculates your investment expenses and how those fees will eat away at your wealth over time. And it can analyze your portfolio and make recommendations based on your risk tolerance.
  • Budgeting Tools: When it comes to budgeting, Mint is the winner. Empower will track your expenses, categorize them, and present spending data with useful graphs. What it doesn't do, that Mint does, is allow you to create a budget with spending goals by category. Having said that, if budgeting is your primary focus, there are better options than Mint.
  • Goals: Here Mint is the better option. You can create savings goals or a goal to get out of debt. Mint offers tools to determine how much extra, if any, you should pay toward your debt or savings goal. It also tracks your progress. Empower doesn't offer this feature.
  • Retirement Planning: Empower offers a robust retirement planner. Using Monte Carlo simulation, it can estimate your retirement readiness. You can plan for income (e.g., social security or a pension) during retirement and expenses (e.g., monthly expenses, vacation, home purchase). You can also create multiple retirement scenarios and run them against each other. Mint doesn't offer this feature.
  • Credit Score: You can monitor your credit score through Mint. Empower doesn't offer this feature.

Who is Personal Capital (Empower) Best For

Without question Empower is best for those with investments. It can track retirement accounts (e.g., 401(k), 403(b), TSP) as well as taxable accounts and even HSAs. Earlier this year it also adding support to track crypto prices.

Personal Capital Asset Allocation

Once tracked, it offers some of the best tools available to retail investors. You can drill down into the details of your asset allocation across all of your investment accounts. It offers an excellent fee analyzer to evaluate your investing costs and their effect on your wealth over time. And its retirement planner is one of the best available today.

Unlike Mint, Empower could serve as the only financial tool you use. While it doesn't offer some of the budgeting features Mint does, its cash flow tracking and automatic categorization of expenses have been more than sufficient for our purposes.

Who is Mint Best For

Mint is a better option for those with little or no investments who want to manage their budget. Mint's lack of investment tools is not an issue if you have no investments. And Mint's budget tools, including its savings and debt payment goals, are more robust than what Empower offers.

One might also add Mint's ability to track your credit score. I find this feature less compelling. Today you can track your credit score through just about any credit card you have as well as many other financial institutions.

Should You Use Both Empower and Mint?

Because both apps are free, many people do use both. One could use Empower to track investments, while using Mint for budgeting. The downside is that it does require you to log into two different apps to manage all of your finances. So while it is one option, sticking to one app or the other if possible is ideal.

Can Empower or Mint Track Bitcoin and Other Crypto?

Empower can track Bitcoin, Ethereum, and other crypto coins and tokens. It can track meta tokens such as SAND and MANA, as well. That said, Mint allows you to connect your Coinbase, Coinbase Pro, Gemini or BlockFI accounts, while Empower does not. Instead, with Empower you create a manual account and add your Crypto and balances.

How do Empower and Mint Make Money?

While both apps are free, it's important to understand how they each make money. Their revenue models have a direct affect on your use of each tool.

Empower makes money from those users who decide to use their wealth management services. As a result, they do require your mobile number as part of the signup process and they will call you. They offer to run a free analysis of your investment portfolio and how they believe their services can help you.

You are not required to accept this free analysis or use them to manage your investments. Either way, you can continue to use Empower's financial tool for free.

In contrast, Mint uses an advertising model. As a result, you will be presented with targeted offers for bank accounts, credit cards and investment accounts. The integrate these offers into the user invoice, so it's impossible to avoid them.

In either case, I find these revenue models to be benign and well worth the free tools.

Final Thoughts

For me, Empower is better than Mint because of its investment tools. Further, its budgeting tools are more than sufficient for our needs. For those just starting out and with minimal investments, however, Mint may be the better option.

Filed Under: Investing, Personal Finance

Best Round-Up Apps for Saving and Investing in 2023

January 5, 2023 by Rob Berger

Some of the links in this article may be affiliate links, meaning at no cost to you I earn a commission if you click through and make a purchase or open an account. I only recommend products or services that I (1) believe in and (2) would recommend to my mom. Advertisers have had no control, influence, or input on this article, and they never will.

Saving and investing money is a lot like eating broccoli. We know we should do it, but it's not so easy. One easy way to save money is with an automatic savings app. To help you get started, here are the best round-up apps for both savings and investing.

Best Round-Up Apps Table of Contents
 [show]
  • Best Overall Round-Up App for Investing–Acorns
  • Best Overall Round-Up App for Savings–Chime
  • Full List of Round-Up Apps
  • Other Round-Up Apps
  • How Round-Ups Work
  • The Psychology Behind Automatic Savings
  • Can Round-Ups Really Make a Difference?

Best Overall Round-Up App for Savings–Chime®

For those focused on building an emergency fund or other savings, Chime is my top pick for round-up apps. Why? Unlike most round-up apps, Chime pays interest on your savings.

Chime comes with a long list of features:

  • Get paid up to 2 days early with direct deposit*
  • Fee-free overdraft protection of up to $200 for eligible members**
  • Over 60,000 fee-free ATMs***
  • Savings earn interest (currently 2.00% APY^)

It's key feature for our purposes is automated savings. Chime automates savings in several ways.

First, it does have a round-up feature. Called “Save When You Spend,” Chime will round up to the nearest dollar purchases made with its free Visa debit card. Chime then transfers the round-up from your Chime Checking Account to your Savings Account.^^

Second, Chime enables customers to setup automatic savings. After each paycheck, you can have an amount of your choice automatically moved from your Chime Checking Account to your Savings Account.

There are other things I like about Chime. It has arguably one of the best secured credit cards to help customers build their credit. It's called the Secured Chime Credit Builder Visa® Credit Card, charges no annual fee and has no required minimum security deposit.^^^

Open a Chime Account

Best Overall Round-Up App for Investing–Acorns

Acorns App

Acorns is my pick for the best overall round-up app for investing. Acorns is one of the first round-up apps with over 9 million clients. It offers both low cost investing, free checking and a free debit card. As such, it works for savings, investing or both.

After creating an account, you link the credit and debit cards you use for spending. Acorns tracks your round-ups and transfers them from your linked checking account once they reach $5.

You choose how you want Acorns to invest your round-ups. Users can select from several pre-configured portfolios, ranging from conservative (100% bonds) to aggressive (100% stocks). You can also chose among socially responsible portfolios. Acorns does the rest, making the investments for you in low cost, diversified ETFs (Exchange Traded Funds).

Acorns Investment Options

For savers, Acorns offers a checking account and debit card. The FDIC-insured account offers direct deposit, mobile check deposit and free nationwide ATMs. It does not, however, pay interest on its checking account.

Acorns costs just $3 a month for a personal account. The fee covers investing and checking accounts. For $5 a month, get the family plan that enables kids to start investing early.

Open an Acorns Account

Full List of Round-Up Apps

In addition to Acorns and Chime, here are several other round-up apps worth considering.

Greenlight

Greenlight

Best for kids and teens

Greenlight is perhaps best known for offering a debit card for kids and teens. It also offers an investing platform to teach young people the importance and power of saving and investing. With Greenlight Max, kids can invest in their favorite companies or ETFs. There are no trading fees and parents must approve all trades.

Greenlight Max investing

Greenlight offers several ways to encourage savings through what it calls Savings Boosts. One Savings Boost is round-ups. Transactions are rounded up to the nearest dollar and transferred to savings. Other Savings Boosts include earning 1% cash back on all purchases and up to 2% interest on their savings.

In addition to investing, Greenlight can serve as a child's bank and budgeting app. Monthly costs range from $4.99 to $9.98 a month for up to five children.

Qapital

Qapital

Best for microinvesting

While all round-up apps are a form of microinvesting, Qapital takes it to another level. In addition to round-ups, Qapital offers a number of Rules that will trigger automatic saving and investing:

  • Payday Divvy: This feature enables you to automate how much of your paycheck goes to spending, savings and investing.
  • Set and Forget: Set up automatic transfers to savings or investing every week.
  • Guilty Pleasure: Enjoy your morning coffee at Starbucks, but save some money at the same time. You can designate the merchants and how much you save each time you shop there.
  • Spend Less Rule: Set a spending limit at the grocery store and automatically save the difference between the set amount and what you typically spend.
  • Freelancer Rule: For 1099 workers, you can set a percentage of all deposits of $100 or more to be transferred to Qapital's FDIC-insured account for estimated taxes.
  • 52 Week Rule: Save $1 in week one, $2 in week two, and so on, for a total of $1,378 over the course of a year.
  • Apple Health: Set automatic transfers to savings each time you walk, bike or run.

Money saved can be invested in one of several portfolios using low-cost ETFs:

Qapital portfolios

Qapital offers three plans ranging from $3 to $12 a month.

Qoins

Qoins

Best for paying down debt

With Qoins, you create either a debt or savings goal. You can also create what Qoins calls a Bundle, with both a debt payoff and savings goal. With goals set, you pick how you want money transferred toward your goal. There are several options:

  • Round-ups
  • Weekly transfers
  • Payday transfers
  • Smart Savings

Smart Savings is a feature unique to Qoins. You set how aggressively you wan to save, and Qoins' algorithm determines how much to put toward your goal. Unlike round-ups, Smart Savings doesn't require you to link a debit or credit card.

Qoins offers two plans costing $2.99 or $4.99 a month.

Other Round-Up Apps

I continue to evaluate round-up apps and will update this article based on new research. Here are other apps I'm evaluating:

  • Digit
  • Empower
  • MoneyLion
  • N26
  • Betterment
  • Worthy Bonds
  • Current

It's worth noting that some banks offer round-up features. Bank of America is one example. The problem is that its interest rates on savings accounts are terrible.

How Round-Ups Work

Round-up apps bring the concept of a change jar into the digital world. When cash was king, it was common to have a change jar in the house. Each day when you got home, you took the change out of your pocket and put it in the jar. It wasn't a lot of money, so it didn't crush the budget. And while each deposit into the jar didn't amount to much, over time it grew into some serious cash.

Round-up apps take the same concept and apply it in the world of electronic payments. You connect your checking account and credit cards to the round-up app. The app then keeps track of your transactions and the round-up amount. For example, if you spend $3.74 at a coffee shop, the app adds $0.26 to your round-up balance.

Once your round-ups reach a threshold (typically $10), the app transfers the amount from your checking account to either a savings or investment account. As such, round-ups are one form of microinvesting.

The Psychology Behind Automatic Savings

There are several psychological “tricks” that make round-up apps so effective. First, they require just one easy decision. Once you turn on the round-up feature, it continues to work without any additional effort on your part. This simple decision makes it easy to overcome the status quo bias. And once overcome, the round-ups become the status quo.

Second, they are automatic. The round-ups don't require us to make decisions each day, week or month. They happen behind the scenes, even if we forgot all about them.

Finally, round-ups involve relatively small amounts of money. Trying to save hundreds of dollars a month might feel daunting. Saving our spare change every day, on the other hand, is less intimidating even if it adds up over time.

Can Round-Ups Really Make a Difference?

Yes. In fact, one study found that saving even $100 had a profound effect on financial well-being. And with the power of compounding, even small amounts of money saved over time can grow into significant wealth. For example, investing just $50 a month over a working career can grow into more than $400,000 at a 10% return.

Of course, returns aren't guaranteed and a working career can last 40 or 50 years. At the same time, $50 a month is not exactly a flood of money. It's a start. Continue to increase your savings and your wealth will continue to compound over time. In the end, compounding will generate for more wealth than the amounts you actually save.

Round-Up FAQs

What is the best round-up app for saving money?

Chime takes the top slot for saving money. It's combination of an excellent app, fees and interest rate earn it the top spot.

What is the best round-up app for kids?

To help your kids or teens save money, Greenlight is the best option. It's designed for kids, gives parents control features, and offers automated savings including round-ups.


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Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
* Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
**Chime SpotMe is an optional service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member's Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime's discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won't cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
***Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
^The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of November 17, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.
^^Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
^^^Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

Filed Under: Investing

13 Best Investment Broker Bonus Offers of 2023

December 22, 2022 by Rob Berger and Kevin Mercadante

Some of the links in this article may be affiliate links, meaning at no cost to you I earn a commission if you click through and make a purchase or open an account. I only recommend products or services that I (1) believe in and (2) would recommend to my mom. Advertisers have had no control, influence, or input on this article, and they never will.

Like many other businesses, investment brokers sometimes offer bonuses to encourage investors to sign up with their services. Not all brokers offer a sign-up bonus, but a surprising number do. In this article, we'll look at the 13 best investment broker bonus offers available in 2023.

Be aware that each of these bonus offers has an expiration date. Where available, we’ve included that date in our summaries. However, many brokers assign a cutoff date, then extend it each month. In that way, many expiration dates operate on a rolling basis.

Best Investment Broker Bonuses

We’ve ranked each of the 12 brokers based on a combination of 1) the amount of the bonus offer, and 2) the ease with which it can be obtained. And where it matters, we’ve also considered the amount of time required to tie up funds to qualify for the bonus offer.

Ultimately the merit of any bonus will depend primarily on your own personal circumstances. For example, if you have a seven-figure investment portfolio to transfer from another broker, it may simply be a matter of choosing the most generous bonus offer.

1. M1 Finance – Get Up to $4,000

M1 Finance is one of the best robo-advisors today, in my opinion. It charges no management fee and empowers investors to create a portfolio of ETFs and stocks. It then makes rebalancing the portfolio as easy as clicking a button. I used M1 for about a year, and found the site very easy to use.

The amount of the bonus depends on how much you transfer to M1. Bonuses start at $100 for transferring $50,000 and go up to $4,000 with a transfer of $2 million or more. The bonus is slated to end on January 14, 2023, but M1 often extends its bonus offer.

Terms:

InvestBonus
$50k – $99k$100
$100k – $249k$250
$250k – $499k$500
$500k – $999k$1,000
$1M – $1.9M$2,000
$2M+$4,000

Note that promotional credits will be paid to eligible clients on June 6, 2023.

2.  Public – Get Up to $10,000

Public is offering a bonus of up to $10,000 when you transfer an investment account to Public by December 31, 2022. The website says the promotion will expire on that date, but it is possible it will be extended on a month-to-month basis.

Funds must be transferred from another investment broker. In addition to the cash bonus, they’ll also pay any transfer fees imposed by the other broker if the incoming account value is at least $500.

Terms:

  • Deposit $5,000 to $24,999: $150
  • $25,000 to $99,999: $250
  • $100,000 to $249,999: $1,000
  • $250,000 to $499,999: $2,500
  • $500,000 to $999,999: $5,000
  • $1 million or more: $10,000

3.  E-Trade – Get Up to $3,500

E*TRADE is paying a cash bonus, ranging from $50 to as much as $3,500 when you open a new account with as little as $5,000. You must fund your account within 60 days of opening with the required minimum to qualify for the bonus of your choice.

Existing E*TRADE customers are eligible to participate in the bonus at a reduced rate. The offer applies to brokerage and Coverdell accounts, as well as retirement accounts.

Terms:

New customers:

E*TRADE New Customer Bonus

Existing customers with current account balances between $500,000 and $999,999:

E*TRADE Existing Customer Bonus

Existing customers with current account balances between $1 million and $1,499,999:

E*TRADE Existing Customer Bonus

Existing customers with current account balances of $1.5 million and higher:

4.  Firstrade – Get Up to $4,000

Firstrade is paying a bonus, ranging from $50 to as much as $4,000 when you open and fund a Firstrade Brokerage account. To be eligible for the bonus, you must open an account and make a qualifying deposit no later than January 17, 2023. The account must be funded within 30 days of opening and includes new accounts only. The offer applies only to individual, joint or custodial brokerage accounts, and not to IRAs.

The account must remain open for 12 months and maintain the qualifying deposit to qualify for the bonus. Firstrade is also offering to reimburse transfer fees from other brokerage accounts for up to $200.

Terms:

  • Deposit $5,000 to $9,999: $50
  • $10,000 to $24,999: $100
  • $25,000 to $99,999: $300
  • $100,000 to $499,999: $700
  • $500,000 to $999,999: $1,500
  • $1 million to $1,499,999: $3,000
  • $1.5 million or more: $4,000

5.  Merrill Edge – Get Up to $600

Merrill Edge is offering a bonus of up to $600 when you open and fund a new account. You need to open an account with at least $20,000 to qualify for the minimum bonus of $100. Funds must be deposited within 45 days of account opening, and the balance maintained for at least 90 days. The offer applies strictly to a Merrill Edge Self-Directed account.

Terms:

  • Deposit $20,000 to $49,999: $100
  • $50,000 to $99,999: $150
  • $100,000 to $199,999: $250
  • $200,000 or more: $600

If you have significantly more to transfer than $200,000, you may be able to negotiate a much higher bonus. Contact a Merrill Edge advisor to get their best offer. I did this last year and received an offer of nearly $5,000, although I ended up going with a different broker.

6.  J.P. Morgan Self-Directed Investing – Get Up to $625

J.P. Morgan is offering a bonus of up to $625 when you open a new account by January 19, 2023. You must open a new Self-Directed Investing account by that date, then transfer the qualifying funds into the account within 45 days of opening. The bonus amount will be determined on Day 45.

Deposited funds must remain in your account for at least 90 days to qualify for the bonus. The bonus will be paid into your account within 15 days thereafter. The bonus applies on either taxable brokerage accounts or traditional and Roth IRA accounts.

Terms:

  • Deposit $25,000 to $99,999: $125
  • $100,000 to $249 999: $300
  • $250,000 or more: $625

7.  Citi Self-Invest – Get Up to $500

Citi is offering a bonus of up to $500 when you open a Self-Invest account between now and January 31, 2023. To qualify for the minimum bonus of $100, you must deposit at least $10,000 into your account. The bonus applies to deposits made in either new or existing Self-Invest accounts.

Funds must be maintained in the account through January 31, 2023, for deposits made by December 31, 2022, and through February 28, 2023, for deposits made by January 31, 2023. The cash bonus will be credited to your account 90 days after the funds’ maintenance date.

Terms:

  • Deposit $10,000 to $49,999: $100
  • $50,000 to $199,999: $200
  • $200,000 or more: $500

8.  Axos Invest – Get Up to $200

Axos Invest is paying a bonus of $200 when you open either a Managed Portfolios account or a Self-Directed Trading account. You must open an account no later than January 31, 2023.

The bonus will be paid on new Managed Portfolios accounts after you open an account and deposit at least $2,000 into the account within 60 days of account opening. On Self-Directed Trading accounts, you must complete at least two trades to be eligible. The bonus will be deposited into your account after you’ve completed the first two trades.

Terms:

  • Managed Portfolios account: $200, 60 days after you deposit at least $2,000
  • Self-Directed Trading account: $200 after completing two trades

9.  Charles Schwab – Get Up to $1,000

The biggest retail investment broker in America is paying a bonus of up to $1,000 when you open and fund a new account after you're referred by an existing Schwab customer.

Like most investment broker promotions, the bonus is tiered based on the amount of funds you deposit into your account. To qualify, you’ll need to get a referral code from your Schwab friend. Funds must be deposited into an investment account within 45 days. Funds deposited into the Schwab Bank High Yield Investor Checking account do not qualify.

Terms:

  • Deposit $25,000 to $49,999: $100
  • $50,000 to $99,999: $300
  • $100,000 to $499,999: $500
  • $500,000 or more: $1,000

For higher balances, you may be able to negotiate a larger bonus. Contact Schwab directly to inquire.

10.  Fidelity Investments – Get Up to $100

Fidelity Investments is paying a bonus of $100 when you open a new account and fund it with at least $50. The bonus applies to the Fidelity Account, Fidelity Cash Management Account, and Roth and traditional IRA accounts.

New account holders will not be eligible for the bonus if they have previously participated in a Fidelity bonus promotion. However, you are eligible if you already have a Fidelity account and open one of the three accounts above.

Terms:

  • $100 when you deposit $50 or more in a new account.
  • Deposit must be made within 15 days of account opening.
  • Bonus will be paid 10 calendar days after the qualification period ends. Bonus funds must be retained in your account for a minimum of 90 calendar days.

11.  Wealthfront – Get Up to $5,000 Managed Free

Wealthfront is a robo-advisor, not an investment broker, so the bonus program works a little bit differently. They don't currently offer a new account bonus. But you can get up to $5,000 managed free (of their normal advisory fee of 0.25%) when you refer a friend to the investment service.

Meanwhile, the friend will also get $5,000 managed free. For both you and your friend, the free management will be worth $12.50 per year. The friend must open an account using an invite you provide. The fee waiver applies only to Wealthfront investment accounts, not cash accounts.

12. SoFi Invest – Get Up to $1,000 in Free Stock

SoFi is offering a bonus of much as $1,000 in free stock when you move your portfolio from another broker into a SoFi Invest account. They’ll also cover up to $75 in transfer fees charged by the other broker. The bonus applies to new accounts only and must be funded with a minimum of $10 within 30 days of account opening.

The bonus is payable in stock, and the website discloses the likelihood of receiving a stock worth $1,000 is 0.028%. You must open a SoFi Active Invest brokerage account to qualify.

Terms:

SoFi discloses the odds of receiving stock at various values as follows:

SoFi Invest Bonus

13.  Webull – Get Up to 12 Free Stocks Worth up to $3,000

Webull is offering a bonus paid in fractional shares. When you open a Webull brokerage account, each fractional share will be valued between $3 and $300. But you can get up to 10 fractional shares when you make an initial deposit of any amount, with each valued at between $7 and $3,000. Funds must be deposited into the new account within 10 days of account opening.

Terms:

Probability of the value of account opening stock rewards is as follows:

  • $3 to $10: 1/1.02
  • $11 to $50: 1/52.63
  • $51 to $150: 1/1,111.11
  • $150 to $300: 1/10,000

Probability of the value of initial deposit rewards stock is as follows:

  • $7 to $30: 1/1.02
  • $31 to $100: 1/52.63
  • $101 to $999: 1/1,111.11
  • $1,000 to $3,000: 1/10,000

FAQ

Are investment broker bonuses taxable?

Income from just about any source is taxable at both the federal and state level. That includes investment broker bonuses. However, a broker will generally not issue a Form 1099 for the amount of the bonus unless it is at least $600, per IRS guidelines.

What are the typical requirements to qualify for an investment broker bonus?

Specific requirements vary by broker, but you can expect to see any mix of the following:
1. Opening an account by a specific date.
2. With most brokers, qualification applies only to new accounts.
3. Meeting minimum funds deposit requirements, usually by a secondary date.
4. Some brokers require funds to be transferred from an investment account held with another broker.
5. Maintaining the minimum fund balance for a specified period of time, which is often 90 days.

What happens if I don’t meet all the requirements of a broker bonus?

If you fail to meet even one requirement the broker probably won’t pay the bonus. Investment broker bonus requirements are something of a matrix. You need to familiarize yourself with all conditions of any bonus offer and be fully prepared to meet them. If not, opening a new account may not be worth doing, unless the bonus was never the main reason for doing so.

Is a bonus a good reason to open an account with a specific broker?

Generally, no. It’s important to remember that a bonus is a one-time event. What’s more important are the ongoing features and benefits a broker offers. That includes commissions and fees, customer service, investment resources and education, and the number of investments offered, among others factors.

Final Thoughts

None of the bonus offers listed in this article are set in stone. Investment brokers, like other businesses, add and withdraw offers on a regular basis. It’s also possible a broker may either reduce or even enhance a bonus offer, so always pay careful attention to the details of any program.

And once again, never open an account just because it offers an attractive bonus. Investing is serious business and has too many moving parts to justify transferring accounts in an open-ended search for the bonus du jour.

Filed Under: Investing

12 Best Quicken Alternatives for 2023 (#1 is Free)

December 22, 2022 by Rob Berger

Some of the links in this article may be affiliate links, meaning at no cost to you I earn a commission if you click through and make a purchase or open an account. I only recommend products or services that I (1) believe in and (2) would recommend to my mom. Advertisers have had no control, influence, or input on this article, and they never will.

Quicken was once the go-to budgeting tool. I used it when it was first released in the 1980s. Today, it's been eclipsed by apps that enable you to manage every aspect of your finances, often for free. Here are the best Quicken alternatives to consider as near 2023.

Quicken alternatives
Options to replace Quicken

Editor's Top Picks

Of all the options out there to replace Quicken (and Mint for that matter), three stand out among the rest:

  1. Personal Capital–Now Called the Empower Personal Dashboard (Empower bought Personal Capital 2020), it's still free and comes with the a robust set of features unmatched by other alternatives. It easily handles budgeting, net worth, cash flow, retirement investments and taxable investments. It also comes with excellent tools, including a retirement calculator, investment fee analyzer and investment portfolio analyzer. Personal Capital can now even track Bitcoin, Ethereum, Litecoin and thousands of other tokens. It's the tool I use every day.
  2. Tiller–If you are a diehard spreadsheet fanatic, Tiller is the answer. It integrates with Google Sheets and can connect your bank accounts and credit cards. It also offers daily email updates to track your spending. You can try it free for 30 days, then it's $79 a year. I've used it for the past two years and love it.
  3. YNAB (You Need a Budget): For those who want to focus exclusively on budgeting (no investments), then YNAB is an ideal choice. It does budgeting as well as any app available today, and its community is second to none. While I no longer use YNAB, I did for years and found it to be an effective budgeting tool.
Quicken Alternatives
  • 1. Personal Capital (Empower)–Editor's Choice
  • 2. Tiller Money–Best Spreadsheet Budget Tool
  • 3. Monarch Money–Best for Couples
  • 4. You Need a Budget (YNAB)–Best for Budgeting
  • 5. PocketSmith–Best for Calendar Budgeting
  • 6. CountAbout–Imports from Quicken or Mint
  • 7. Moneydance–Traditional Budgeting Software
  • 8. EveryDollar (now Ramsey+)–Best for Dave Ramsey Fans
  • 9. Banktivity–Designed for Macs Only
  • 10. GnuCash–Best for Small Businesses
  • 11. Mint–Best Mobile App
  • 12. GoodBudget–Best for Envelope Budgeting

Top Quicken Alternatives

1. Personal Capital (Empower)–Editor's Choice

Empower is the clear winner when it comes to finding a substitute for Quicken. It's free and it offers tools to manage every aspect of your finances. With Empower, you can link just about every financial account you have–checking, savings, credit cards, retirement accounts, investments accounts, HSAs, and even your home (via Zillow).

Empower Budgeting

Once linked, Empower's financial dashboard offers valuable insights into your finances. As an example, the tool enables you to–

  • Track your spending by category
  • Estimate when you can retire
  • Calculate the cost of your investments
  • View the asset allocation of your portfolio
  • Generate a net worth statement
  • Get alerts when bills are due
  • Evaluate your investment portfolio
  • Save for emergencies
  • Track Bitcoin, Ethereum, Litecoin and thousands of other tokens without giving access to your crypto wallet.

I've used Empower for years. It's the only option that in my opinion can handle every aspect of my finances, from budgeting to investing to retirement planning.

Try Personal Capital (Empower)

I've written a detailed review and guide of Personal Capital that you can check out.

2. Tiller Money–Best Spreadsheet Budget Tool

I don't know how they do it, but Tiller Money has figured out how to turn a Google Sheet into a dynamic budgeting tool. You link your bank accounts and credit cards to Tiller's Google Sheet tool, and it automatically downloads all of your transactions. From there you can create budgets, categorize spending and generate reports.

TillerMoney - Quicken Alternative

I've been using Tiller for about two years for both my personal budget and my small business budget. Tiller is ideal for those who love working with spreadsheets. I will caution you that setting up Tiller can be a bit daunting. The good news is that they have videos to walk you through each step. If I can do it, you can do it.

One thing to keep in mind is that you must manually categorize each transaction. For some, this is a show-stopper. They want the convenience of tools like Personal Capital that automate this process. For others, they would prefer to categorize transactions themselves. It forces them to look at each entry, understand how they spent money, and then properly categorize the expense. Tiller does offer an auto-category tool that you can use to automatically categorize transactions based on the description.

With Tiller, you can also have your transactions downloaded to an Excel spreadsheet. This is an ideal approach for those who don't want to keep their financial data in the cloud.

There is no right or wrong here. It comes down to preference. You get a 30-day free trial. After that Tiller costs $79 a year.

3. Monarch Money–Best for Couples

Monarch Money shares many of the features in the apps listed above. You can connect all your accounts, including investment and loan accounts. Once connected, Monarch syncs your accounts to generate your net worth. The app enables you to see all your transactions in one place, set financial goals, and customize your financial dashboard.

Monarch Money Dashboard

Monarch is ideal for couples because of its collaboration features. Invite someone to your Monarch account with a separate login. They can view your data and connect their own accounts. This feature is particularly useful for couples that keep separate accounts, but want to understand their combined financial picture.

Try Monarch Money for free for 7 days, then as little as $7.50 a month.

4. You Need a Budget (YNAB)–Best for Budgeting

YNAB is ideal for those looking just for a budgeting tool. In my view, there is no better app when it comes to creating a budget. YNAB's interface is similar to a spreadsheet. The tool makes it easy to budget by category based on the money you actually have in the bank.

YNAB budgeting alternative to Quicken

One of YNAB's core principles is to give every dollar a job. You do that by deciding how you'll spend every dollar that enters your checking account. As with other tools, you can connect your bank accounts and credit cards to YNAB. This allows for real-time updates so that you can track your spending throughout the month.

YNAB doesn't have the rich feature set offered by Personal Capital. That's particularly clear when it comes to investing. For those who don't want to track investments, however, YNAB is a good option.

It's not free, however. You can try it free for 34 days. After that it costs $14.99 a month or $99 a year for the annual plan. The cost is the biggest downside to YNAB.

5. PocketSmith–Best for Calendar Budgeting

PocketSmith started out as a calendar to plan upcoming income and expenses. Today, it's a full-fledged budgeting app. You can synch your accounts with PocketSmith. Once synced, you can track your budget and you're net worth. You can also see your income and spending in a handy calendar view.

PocketSmith

One stand-out feature is PocketSmith's auto-budget tool. It can create a budget for you based on past spending. It also has a cash flow feature that maps income and spending by date range.

While there is a free version of PocketSmith, it requires manual data entry. To get automatic bank fees, you'll need to pay at least $9.95 a month, or $7.50 a month when paid annually.

6. CountAbout–Imports from Quicken or Mint

If you have a lot of data in Quicken (or Mint), CountAbout may be the budgeting tool for you. It has a feature enabling you to import data from Quicken or Mint.

CountAbout Quicken alternative

CountAbout enables you to download transactions from your bank and customize both income and expense categories. You can even attach receipt images to expense transactions. You can set up recurring transactions and generate financial reports.

For the features you get, the cost is very reasonable. The basic plan costs just $9.99 a year (not a month). If you want automatic downloading of bank transactions, the cost is $39.99 a year.

7. Moneydance–Traditional Budgeting Software

With so many apps going online, Moneydance takes a different approach. You download Moneydance software rather than use it online. Once downloaded, the software works much like you would expect.

You can download banking transactions into the software and initiate bill pay. The software automatically categorizes expenses based on how you categorize them. In other words, it learns from your use of the program.

Moneydance Quicken alternative

It offers a dashboard (shown above) that summarizes your finances all in one place. It can also generate reports and graphs to give you a visual perspective of your money. It comes with a mobile app, can track your finances, and can alert you when bills are due.

It costs $49.99 and is available for both Mac and Windows.

8. EveryDollar (now Ramsey+)–Best for Dave Ramsey Fans

For those Dave Ramsey founds out there, EveryDollar may be a good substitute for Intuit's Quicken. Now the first thing to point out is that EveryDollar ain't cheap. After a 14-day trial, you'll pay $99.99 a year (down from $129.99). If you want to pay month-to-month, the cost is $12,99 per month. For this reason, it's not high on my list. Still, I know that some folks are passionate about Financial Peace University.

You can sync your bank accounts with the tool, set up budgets, and track spending. The budgeting app works on both computers, smartphones and tablets. It also comes with Dave's educational materials, enabling you to take online course and join virtual groups.

9. Banktivity–Designed for Macs Only

Banktivity is the budgeting app specifically designed for Macs. It offers features that enable you to organize and track all of your finances. You can group accounts and reports, and organize the dashboard in a way that works best for you.

Banktivity

Banktivity enables you to follow an envelope budget. This can be ideal for those living paycheck-to-paycheck.

You can import transactions from your bank and sync data across all of your Mac devices. Banktivity also tracks investments and offers account-level reporting. You can try Banktivity for free for 30 days. After that they offer three plans ranging in price from $4.16 to $8.33 a month (billed annually).

10. GnuCash–Best for Small Businesses

For those who tracked business income and expenses with Quicken and a reluctant to move up to Quickbooks, GnuCash may be the answer. It uses double-entry accounting, ideal for businesses and accounting nerds, like me. It tracks investments, schedules transactions, and generates reports and graphs.

GnuCash

11. Mint–Best Mobile App

I used Mint when it first came out more than a decade ago. Today, many are looking for Mint alternatives, including several of the apps listed here. Still, Mint is a worth consideration if you are replacing Intuit's Quicken. It's free, for starters. It's easy to link your accounts and track your spending. It includes a budget planner and credit score tracker. Of course, there are great Mint alternatives as well.

Mint.com

12. GoodBudget–Best for Envelope Budgeting

I'm old enough to remember the envelope method of budgeting. My mom used it. When the money in the grocery envelope ran out, we stopped going to the grocery story until payday (seriously). Today, the envelope budget is still a smart way to manage money for those living paycheck-to-paycheck. If you want a digital version of the time-tested budgeting system, give GoodBudget a try.

Goodudget

Goodudget is an app based on the envelope system. You can sync and share your budget, and set goals to save for big purchases. It also has tools that let you track and payoff your debt.

Quicken Alternatives FAQs

What is the best free alternative to Quicken?

Personal Capital (Empower) is the best free Quicken replacement. It comes with nearly every feature Quicken offers, and money additional tools. It's particularly well suited for those who want to manage all of their money in one place, including investments.

Is Quicken available without a subscription?

Sadly, no. Like so many other software packages and apps, Quicken is now only available as a subscription. As a result, you must pay for Quicken every year.

What is the best option to migrate Quicken data to new app?

If you want to migrate Quicken data to a new budgeting app, CountAbout is a solid option. It has features enabling users to migrate data from Quicken or Mint.

What is the best Quicken replacement for calendar budgeting?

PocketSmith is a good choice as it offers a calendar view of your budget.

Which Quicken alternatives allow you to schedule bill payments?

With both Tiller Money and YNAB, you can plan future bill payments. Tiller offers a Bill Payment Tracker template and YNAB enables you to allocate funds to bills you plan to pay in the future.

What is the best free alternative to Quicken?

There are only a few free alternatives to Quicken. The best in my view is Personal Capital (Empower), as noted above. Its combination of features, ease of use, and user interface make it my top pick.

Whatever tool you choose, the key is to pick one that works for you. For me, that's Personal Capital (Empower). One or more of the above Quicken alternatives, however, should suit the needs of most looking to better manage their money.

Filed Under: Tools, Investing

Series I Savings Bond Rates Now Stand at 6.89% (Updated November 2022)

November 10, 2022 by Rob Berger

Some of the links in this article may be affiliate links, meaning at no cost to you I earn a commission if you click through and make a purchase or open an account. I only recommend products or services that I (1) believe in and (2) would recommend to my mom. Advertisers have had no control, influence, or input on this article, and they never will.

Series I Savings Bonds rates fell from historic levels this month. The Labor Department released Consumer Price Index (CPI-U) data last month that showed prices rising by 8.2% for the 12 months ending Marcy 2022 and 2.34% over the past six months. As a result, the Inflation Rate on I Bonds fell to 6.48 in November 2022 (the rate was 9.62% annualized). While a significant drop, it still represents one of the best rates you can find on any risk-free investment. And, Treasury announced a Fixed Rate on I Bonds of 0.40%.

I Bond Rates to Hit 9.62%

How I Bond Rates Are Set

Two factors determine the interest rate on an I bond: A Fixed Rate and an Inflation Rate. Combining these two rates gives us what is known as the Composite Rate.

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Fixed Rate

The Fixed Rate is set based on the date of purchase. Today the Fixed Rate is 0.40%. The Fixed Rate was above 3% in the late 1990s and early 2000s. It's been at 0% for much of the past decade until now.

The Treasury announces the Fixed Rate on I bonds every six months, on the first business day of May and November. The Fixed Rate is an annual rate that compounds every six months. The big question is whether the Treasury will increase the fixed rate more next year.

Inflation Rate

Unlike the Fixed Rate, the Inflation Rate changes every six months over the life of an I bond. The rate is set based on changes in the non-seasonally adjusted Consumer Price Index for all Urban Consumers (CPI-U) for all items, including food and energy. As with the Fixed Rate, the Inflation Rate is set on the first business day in May and November.

Keep in mind that the date new rates apply to a specific I bond depends on the month in which you bought it. Here's a table of when new rates will take effect:

Issue month of your bondNew rates take effect
JanuaryJanuary 1 and July 1
FebruaryFebruary 1 and August 1
MarchMarch 1 and September 1
AprilApril 1 and October 1
MayMay 1 and November 1
JuneJune 1 and December 1
JulyJuly 1 and January 1
AugustAugust 1 and February 1
SeptemberSeptember 1 and March 1
OctoberOctober 1 and April 1
NovemberNovember 1 and May 1
DecemberDecember 1 and June 1

Composite Rate

The Composite Rate is the annualized rate based on adding the Fixed Rate to the Inflation Rate. Through April 2023, Composite Rate is 6.89%.

How I Bonds Work

There are several features of I bonds to keep in mind before investing.

First, you can only buy I bonds directly from the Treasury. They are not bought and sold on the secondary market. This means, among other things, that you won't find I bonds in an ETF or mutual fund portfolio.

Second, the government imposes a limit on the amount of money that you can invest in I bonds each year. You can invest $10,000 a year per social security number through Treasury Direct. You can also purchase up to $5,000 through your federal tax refund.

Third, you must keep your investment in an I bond for at least one year. You can't sell the bond back to the government during this time. If you sell before holding the bond for five years, you also lose three months of interest.

Fourth, if you own a business, the business entity can also invest in I bonds. This is something I just learned. My business will be buying $10,000 in I bonds this month.

Finally, you can defer paying income tax on interest until you sell the bond. In addition, you'll owe no state income tax.

I Bonds vs CDs

Given the current and upcoming yields on I bonds, they are significantly better than even the best CD rates. That's true even if one plans to sell the I bond after one year and incur the 3-month interest penalty. The key difference is that with I bonds, you cannot liquidate for the first year. With a CD, you can always withdraw your money, subject to an interest penalty.

I use Personal Capital to track all of my investments. The free tool shows me my asset allocation, total costs, and even retirement projections. Check out my Personal Capital Review and User’s Guide to learn how it can help you, too.

I Bond Resources

  • Treasury Direct: https://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds.htm
  • TIPS Watch: https://tipswatch.com/tracking-inflation-and-i-bonds/
  • Deposit Accounts: https://www.depositaccounts.com/blog/inflation-treasury-series-i-savings-bonds/

Filed Under: Investing

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