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Personal Finance · head to head

MoneyWiz vs Betterment

M

MoneyWiz

Personal Finance

Simple and powerful personal finance app

From
Free
Rated
-
Full reviewWebsite
Betterment logo

Betterment

Personal Finance

Your path to financial independence

From
$5/month
Rated
-
Full reviewWebsite

The short version

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

Where they differ

Only the attributes on which MoneyWiz and Betterment actually diverge.

Attributes where MoneyWiz and Betterment differ
AttributeMoneyWizBetterment
Starting priceFree$5/month
Pricing modelfreemiumsubscription
Free tierYesNo
Founded20112008

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 MoneyWiz

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

Only in Betterment

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

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.

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

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

Where each one falls short

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

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

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

Pricing, plan by plan

MoneyWiz

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

Betterment

$5/month

No published plan breakdown. See the Betterment review.

Which should you pick?

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

Choose Betterment if

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

Questions people ask

Is MoneyWiz or Betterment better?
Neither clearly leads. MoneyWiz starts at Free and Betterment at $5/month, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, MoneyWiz or Betterment?
MoneyWiz has a free tier; the other does not. Paid plans start at Free for MoneyWiz and $5/month for Betterment.
Does MoneyWiz or Betterment run on more platforms?
MoneyWiz runs on Web, IOS, Android. Betterment 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 MoneyWiz best used for?
MoneyWiz is most often used for tracking personal accounts, budgets and bills across ios, macos, windows and android, syncing one finance database across multiple devices through moneywiz cloud, automatically importing transactions through bank sync. Of those, tracking personal accounts, budgets and bills across ios, macos, windows and android and syncing one finance database across multiple devices through moneywiz cloud are not what Betterment is typically brought in for.
What can MoneyWiz do that Betterment cannot?
MoneyWiz covers Expense tracking, Budget management, Multi-currency support, Financial analytics. Betterment covers Automated investing, Retirement planning, Financial advisory, Goal tracking. Both handle Bank accounts, Web support, IOS support, Android support.
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