Personal Finance · head to head
Splitwise vs Charles Schwab
The short version
- Only Splitwise has a free tier, so it costs nothing to try first.
- Each has a real cost: Splitwise the free tier limits how many expenses can be added in a day and shows adverts; 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
- They diverge on capability: Splitwise covers Bill splitting, Charles Schwab covers Commission-free trading.
Where they differ
Only the attributes on which Splitwise and Charles Schwab actually diverge.
| Attribute | Splitwise | Charles Schwab |
|---|---|---|
| Starting price | Free | On request |
| Pricing model | freemium | transaction |
| Free tier | Yes | No |
| Founded | 2011 | 1971 |
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 Splitwise
- Bill splitting
- Expense tracking
- Group management
- Settlement tracking
- Venmo
- PayPal
Only in Charles Schwab
- Commission-free trading
- Retirement planning
- Wealth management
- Research tools
- Bank accounts
- Investment accounts
Both cover
- Web support
- IOS support
- Android support
What people use each for
The jobs each tool is most often brought in to do.
Splitwise
- Splitting shared household bills between flatmatesnot Charles Schwab
- Tracking who owes what on a group tripnot Charles Schwab
- Settling up across currencies on the Pro plannot Charles Schwab
- Recording IOUs between friends over timenot Charles Schwab
Charles Schwab
- Budget Managementnot Splitwise
- Expense Trackingnot Splitwise
- Investment Trackingnot Splitwise
Where each one falls short
Documented limitations, not opinions. Every one is a constraint you would hit in normal use.
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
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
Pricing, plan by plan
Splitwise
Free- FreeFree
- Bill splitting
- Group tracking
- Mobile app
- Splitwise Pro$4.99/month
- Receipt scanning
- Advanced analytics
- No ads
Charles Schwab
On request- Individual BrokerageFree
- Commission-free trading
- Research tools
- Schwab Advisor Services$undefined/month
- All Brokerage features
- Wealth management
- Personal advisors
Which should you pick?
Choose Splitwise if
- You need bill splitting.
- You want to start without paying.
- You work on Web, IOS, Android.
- You also want expense tracking.
Choose Charles Schwab if
- You need commission-free trading.
- You work on Web, IOS, Android.
- You also want retirement planning.
Questions people ask
- Is Splitwise or Charles Schwab better?
- Neither clearly leads. Splitwise starts at Free and Charles Schwab at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
- Which is cheaper, Splitwise or Charles Schwab?
- Splitwise has a free tier; the other does not. Paid plans start at Free for Splitwise and On request for Charles Schwab.
- Does Splitwise or Charles Schwab run on more platforms?
- Both run on Web, IOS, Android, so platform support will not decide this one for you.
- Can I use Splitwise for free?
- Yes. Splitwise has a free tier, so you can try it without paying. Charles Schwab starts at On request.
- What is Splitwise best used for?
- Splitwise is most often used for splitting shared household bills between flatmates, tracking who owes what on a group trip, settling up across currencies on the pro plan, recording ious between friends over time. Of those, splitting shared household bills between flatmates and tracking who owes what on a group trip are not what Charles Schwab is typically brought in for.
- What can Splitwise do that Charles Schwab cannot?
- Splitwise covers Bill splitting, Expense tracking, Group management, Settlement tracking. Charles Schwab covers Commission-free trading, Retirement planning, Wealth management, Research tools. Both handle Web support, IOS support, Android support.