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Charles Schwab vs MoneyWiz

Charles Schwab logo

Charles Schwab

Software

Investing made simple

From
On request
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: Charles Schwab broker-assisted trades cost $25 and automated phone trades cost $5 in addition to the standard $0 online commission, per the App Store listing for Schwab Mobile; MoneyWiz there is no free tier; every plan requires a subscription
  • They diverge on capability: Charles Schwab covers Commission-free trading, MoneyWiz covers Expense tracking.

Where they differ

Only the attributes on which Charles Schwab and MoneyWiz actually diverge.

Attributes where Charles Schwab and MoneyWiz differ
AttributeCharles SchwabMoneyWiz
Starting priceOn requestFree
Pricing modeltransactionfreemium
Free tierNoYes
Founded19712011

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 Charles Schwab

  • Commission-free trading
  • Retirement planning
  • Wealth management
  • Research tools
  • 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.

Charles Schwab

  • Budget Managementnot MoneyWiz
  • Expense Trackingnot MoneyWiz
  • Investment Trackingnot MoneyWiz

MoneyWiz

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

Where each one falls short

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

Charles Schwab

  • Broker-assisted trades cost $25 and automated phone trades cost $5 in addition to the standard $0 online commission, per the App Store listing for Schwab Mobile
  • Options trades carry a $0.65 per-contract fee on top of the $0 online commission, per the App Store listing for Schwab Mobile

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

Charles Schwab

On request
  • Individual BrokerageFree
    • Commission-free trading
    • Research tools
  • Schwab Advisor Services$undefined/month
    • All Brokerage features
    • Wealth management
    • Personal advisors

MoneyWiz

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

Which should you pick?

Choose Charles Schwab if

  • You need commission-free trading.
  • You work on Web, IOS, Android.
  • You also want retirement planning.
Charles Schwab 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 Charles Schwab or MoneyWiz better?
Neither clearly leads. Charles Schwab starts at On request and MoneyWiz at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Charles Schwab or MoneyWiz?
MoneyWiz has a free tier; the other does not. Paid plans start at On request for Charles Schwab and Free for MoneyWiz.
Does Charles Schwab or MoneyWiz run on more platforms?
Both run on Web, IOS, Android, so platform support will not decide this one for you.
Can I use MoneyWiz for free?
Yes. MoneyWiz has a free tier, so you can try it without paying. Charles Schwab starts at On request.
What is Charles Schwab best used for?
Charles Schwab is most often used for budget management, expense tracking, investment tracking. Of those, budget management and expense tracking are not what MoneyWiz is typically brought in for.
What can Charles Schwab do that MoneyWiz cannot?
Charles Schwab covers Commission-free trading, Retirement planning, Wealth management, Research tools. 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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