Personal Finance · head to head
Betterment vs Splitwise
The short version
- Only Splitwise 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; Splitwise the free tier limits how many expenses can be added in a day and shows adverts
- They diverge on capability: Betterment covers Automated investing, Splitwise covers Bill splitting.
Where they differ
Only the attributes on which Betterment and Splitwise actually diverge.
| Attribute | Betterment | Splitwise |
|---|---|---|
| Starting price | $5/month | Free |
| Pricing model | subscription | freemium |
| Free tier | No | Yes |
| Founded | 2008 | 2011 |
Identical on both: platforms (Web, iOS, Android), user rating (Not yet rated), category (Personal Finance).
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
- Bank accounts
- Investment accounts
Only in Splitwise
- Bill splitting
- Expense tracking
- Group management
- Settlement tracking
- Venmo
- PayPal
Both cover
- 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 Splitwise
- Fee-only digital wealth management for accounts under $24,000 via $5/month flat feenot Splitwise
- Premium advisory access for high-net-worth individuals with $100,000+ balancenot Splitwise
Splitwise
- Splitting shared household bills between flatmatesnot Betterment
- Tracking who owes what on a group tripnot Betterment
- Settling up across currencies on the Pro plannot Betterment
- Recording IOUs between friends over timenot 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
Splitwise
- The free tier limits how many expenses can be added in a day and shows adverts
- Transaction import works in the United States only
- Currency conversion, receipt scanning, charts and expense search are all Pro features
- The Pro price is not shown on the product page
Pricing, plan by plan
Betterment
$5/monthNo published plan breakdown. See the Betterment review.
Splitwise
Free- FreeFree
- Bill splitting
- Group tracking
- Mobile app
- Splitwise Pro$4.99/month
- Receipt scanning
- Advanced analytics
- No ads
Which should you pick?
Choose Betterment if
- You need automated investing.
- You work on Web, iOS, Android.
- You also want retirement planning.
Choose Splitwise if
- You need bill splitting.
- You want to start without paying.
- You work on Web, IOS, Android.
- You also want expense tracking.
Questions people ask
- Is Betterment or Splitwise better?
- Neither clearly leads. Betterment starts at $5/month and Splitwise at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
- Which is cheaper, Betterment or Splitwise?
- Splitwise has a free tier; the other does not. Paid plans start at $5/month for Betterment and Free for Splitwise.
- Does Betterment or Splitwise run on more platforms?
- Betterment runs on Web, iOS, Android. Splitwise runs on Web, IOS, Android.
- Can I use Splitwise for free?
- Yes. Splitwise 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 Splitwise is typically brought in for.
- What can Betterment do that Splitwise cannot?
- Betterment covers Automated investing, Retirement planning, Financial advisory, Goal tracking. Splitwise covers Bill splitting, Expense tracking, Group management, Settlement tracking. Both handle Web support, IOS support, Android support.