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Charles Schwab vs Wally

Charles Schwab logo

Charles Schwab

Software

Investing made simple

From
On request
Rated
-
Full reviewWebsite
W

Wally

Software

Smart expense tracking for travel and daily life

From
Free
Rated
-
Full review

The short version

  • Only Wally 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; Wally the Internet Archive's capture of wally.me on 2 January 2019 stated the app is free ('Control your money seamlessly. And, it's free.'), and claimed rankings as the #1 finance app in 22 countries and top 10 in 52 countries at that time.
  • They diverge on capability: Charles Schwab covers Commission-free trading, Wally covers Receipt OCR scanning.

Where they differ

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

Attributes where Charles Schwab and Wally differ
AttributeCharles SchwabWally
Starting priceOn requestFree
Pricing modeltransactionfreemium
Free tierNoYes
PlatformsWeb, IOS, AndroidIOS, Android
Founded19712009

Identical on both: 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
  • Bank accounts
  • Investment accounts
  • Web support

Only in Wally

  • Receipt OCR scanning
  • Expense tracking
  • Receipt storage
  • Category management
  • Cloud storage

Both cover

  • IOS support
  • Android support

What people use each for

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

Charles Schwab

  • Budget Management
  • Expense Tracking
  • Investment Tracking

Wally

  • Budget Management
  • Expense Tracking
  • Investment Tracking

Both are used for budget management, expense tracking, investment tracking, on those jobs the choice comes down to price and fit rather than capability.

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

Wally

  • The Internet Archive's capture of wally.me on 2 January 2019 stated the app is free ('Control your money seamlessly. And, it's free.'), and claimed rankings as the #1 finance app in 22 countries and top 10 in 52 countries at that time.

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

Wally

Free
  • FreeFree
    • Receipt scanning
    • Expense tracking
    • Basic reports
  • Premium$9.99/month
    • Advanced analytics
    • Unlimited storage
    • Cloud sync

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 Wally if

  • You need receipt ocr scanning.
  • You want to start without paying.
  • You work on IOS, Android.
  • You also want expense tracking.
Wally review

Questions people ask

Is Charles Schwab or Wally better?
Neither clearly leads. Charles Schwab starts at On request and Wally at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Charles Schwab or Wally?
Wally has a free tier; the other does not. Paid plans start at On request for Charles Schwab and Free for Wally.
Does Charles Schwab or Wally run on more platforms?
Charles Schwab runs on Web, IOS, Android. Wally runs on IOS, Android.
Can I use Wally for free?
Yes. Wally 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.
What can Charles Schwab do that Wally cannot?
Charles Schwab covers Commission-free trading, Retirement planning, Wealth management, Research tools. Wally covers Receipt OCR scanning, Expense tracking, Receipt storage, Category management. Both handle IOS support, Android support.
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