Personal Finance · head to head
Wally vs Betterment
The short version
- Only Wally has a free tier, so it costs nothing to try first.
- Each has a real cost: 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.; Betterment digital automated investing charges $5 per month fee for accounts under $24,000 balance
- They diverge on capability: Wally covers Receipt OCR scanning, Betterment covers Automated investing.
Where they differ
Only the attributes on which Wally and Betterment actually diverge.
| Attribute | Wally | Betterment |
|---|---|---|
| Starting price | Free | $5/month |
| Pricing model | freemium | subscription |
| Free tier | Yes | No |
| Platforms | IOS, Android | Web, iOS, Android |
| Founded | 2009 | 2008 |
Identical on both: 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 Wally
- Receipt OCR scanning
- Expense tracking
- Receipt storage
- Category management
- Cloud storage
Only in Betterment
- Automated investing
- Retirement planning
- Financial advisory
- Goal tracking
- Bank accounts
- Investment accounts
- Web support
Both cover
- IOS support
- Android support
What people use each for
The jobs each tool is most often brought in to do.
Wally
- Budget Managementnot Betterment
- Expense Trackingnot Betterment
- Investment Trackingnot Betterment
Betterment
- Small investors starting with automated investing at no minimum balancenot Wally
- Fee-only digital wealth management for accounts under $24,000 via $5/month flat feenot Wally
- Premium advisory access for high-net-worth individuals with $100,000+ balancenot Wally
Where each one falls short
Documented limitations, not opinions. Every one is a constraint you would hit in normal use.
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.
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
Wally
Free- FreeFree
- Receipt scanning
- Expense tracking
- Basic reports
- Premium$9.99/month
- Advanced analytics
- Unlimited storage
- Cloud sync
Betterment
$5/monthNo published plan breakdown. See the Betterment review.
Which should you pick?
Choose Wally if
- You need receipt ocr scanning.
- You want to start without paying.
- You work on IOS, Android.
- You also want expense tracking.
Choose Betterment if
- You need automated investing.
- You work on Web, iOS, Android.
- You also want retirement planning.
Questions people ask
- Is Wally or Betterment better?
- Neither clearly leads. Wally 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, Wally or Betterment?
- Wally has a free tier; the other does not. Paid plans start at Free for Wally and $5/month for Betterment.
- Does Wally or Betterment run on more platforms?
- Wally runs on IOS, Android. Betterment runs on Web, iOS, Android.
- Can I use Wally for free?
- Yes. Wally has a free tier, so you can try it without paying. Betterment starts at $5/month.
- What is Wally best used for?
- Wally is most often used for budget management, expense tracking, investment tracking. Of those, budget management and expense tracking are not what Betterment is typically brought in for.
- What can Wally do that Betterment cannot?
- Wally covers Receipt OCR scanning, Expense tracking, Receipt storage, Category management. Betterment covers Automated investing, Retirement planning, Financial advisory, Goal tracking. Both handle IOS support, Android support.