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Betterment vs MoneyWiz

Betterment logo

Betterment

Software

Your path to financial independence

From
$5/month
Rated
-
Full reviewWebsite
M

MoneyWiz

Software

Simple and powerful personal finance app

From
Free
Rated
-
Full reviewWebsite

The short version

  • Only MoneyWiz has a free tier, so it costs nothing to try first.
  • Each has a real cost: Betterment digital automated investing charges $5 per month fee for accounts under $24,000 balance; MoneyWiz there is no free tier; every plan requires a subscription
  • They diverge on capability: Betterment covers Automated investing, MoneyWiz covers Expense tracking.

Where they differ

Only the attributes on which Betterment and MoneyWiz actually diverge.

Attributes where Betterment and MoneyWiz differ
AttributeBettermentMoneyWiz
Starting price$5/monthFree
Pricing modelsubscriptionfreemium
Free tierNoYes
Founded20082011

Identical on both: platforms (Web, iOS, Android), user rating (Not yet rated), category (Unknown).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Betterment

  • Automated investing
  • Retirement planning
  • Financial advisory
  • Goal tracking
  • Investment accounts

Only in MoneyWiz

  • Expense tracking
  • Budget management
  • Multi-currency support
  • Financial analytics
  • Credit cards

Both cover

  • Bank accounts
  • Web support
  • IOS support
  • Android support

What people use each for

The jobs each tool is most often brought in to do.

Betterment

  • Small investors starting with automated investing at no minimum balancenot MoneyWiz
  • Fee-only digital wealth management for accounts under $24,000 via $5/month flat feenot MoneyWiz
  • Premium advisory access for high-net-worth individuals with $100,000+ balancenot MoneyWiz

MoneyWiz

  • Tracking personal accounts, budgets and bills across iOS, macOS, Windows and Androidnot Betterment
  • Syncing one finance database across multiple devices through MoneyWiz Cloudnot Betterment
  • Automatically importing transactions through bank syncnot Betterment

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Betterment

  • Digital automated investing charges $5 per month fee for accounts under $24,000 balance
  • Premium advisory service requires minimum balance of $100,000 in eligible investments
  • Foreign transaction fees apply to checking account (though reimbursed after the fact)
  • High-balance fee discounts only available above $1,000,000 account balance

MoneyWiz

  • There is no free tier; every plan requires a subscription
  • Bank sync with over 40,000 banks is Premium only, at 59.99 USD a year or 5.99 USD a month
  • The Standard plan at 29.99 USD a year provides only cloud sync between devices, with no bank sync
  • Subscriptions cap usage at 15 devices and two MoneyWiz Cloud accounts
  • Priority support is restricted to the Premium tier

Pricing, plan by plan

Betterment

$5/month

No published plan breakdown. See the Betterment review.

MoneyWiz

Free
  • FreeFree
    • Basic expense tracking
    • Multiple accounts
  • Premium$4.99/month
    • Advanced analytics
    • Budget forecasting
    • Custom categories

Which should you pick?

Choose Betterment if

  • You need automated investing.
  • You work on Web, iOS, Android.
  • You also want retirement planning.
Betterment review

Choose MoneyWiz if

  • You need expense tracking.
  • You want to start without paying.
  • You work on Web, IOS, Android.
  • You also want budget management.
MoneyWiz review

Questions people ask

Is Betterment or MoneyWiz better?
Neither clearly leads. Betterment starts at $5/month and MoneyWiz at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Betterment or MoneyWiz?
MoneyWiz has a free tier; the other does not. Paid plans start at $5/month for Betterment and Free for MoneyWiz.
Does Betterment or MoneyWiz run on more platforms?
Betterment runs on Web, iOS, Android. MoneyWiz runs on Web, IOS, Android.
Can I use MoneyWiz for free?
Yes. MoneyWiz has a free tier, so you can try it without paying. Betterment starts at $5/month.
What is Betterment best used for?
Betterment is most often used for small investors starting with automated investing at no minimum balance, fee-only digital wealth management for accounts under $24,000 via $5/month flat fee, premium advisory access for high-net-worth individuals with $100,000+ balance. Of those, small investors starting with automated investing at no minimum balance and fee-only digital wealth management for accounts under $24,000 via $5/month flat fee are not what MoneyWiz is typically brought in for.
What can Betterment do that MoneyWiz cannot?
Betterment covers Automated investing, Retirement planning, Financial advisory, Goal tracking. MoneyWiz covers Expense tracking, Budget management, Multi-currency support, Financial analytics. Both handle Bank accounts, Web support, IOS support, Android support.
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