Upfront Summary: Is Stash Worth It?
Stash is a highly-ranked legit investing website. Legit, real, and trustworthy have earned the spot for “best app for getting started with Investment” on Forbes Best Budgeting Apps for September 2021.
Built with the mission to empower the regular John Doe, however, being an online investment marketplace, the platform is very much subject to legitimacy doubts as to how genuine its services are and the prospects of becoming a wealthy investor through its various subscription plan levels.
We would, in this guide, talk more on all you need to know about Stash as a company, an Investing app, and why you should go ahead and sign up with the brand without any second thoughts.
Stash company info
| Official website | www.stash.com |
| Founded | 2017 |
| Founders | Brandon Krieg, Ed Robinson, and David Ronick |
| Number Of Users | 5 Million |
| Assets Under Management | $2 Billion |
| Location | New York City, New York, United States |
| Customer Service Contact | support@stash.com, (800) 205-5164 |
| Social Media | Facebook, Twitter, YouTube, Instagram, Pinterest, LinkedIn |
What is Stash?
Stash is a budgeting cum investment platform/online marketplace with both an online website and mobile app functionalities. It is an “all-in-one” budgeting, investing, and banking services provider to make it easy for all and sundry to buy stocks and enjoy other investment packages and offers.
Stash appears to be no different from any other investment platform out there. On the other hand, budgeting tools and features are tucked away within the app and website to assist investors in managing their finances and accumulating savings.
Using the banking section of Stash, users may also create savings goals and set up automatic saves to help reach those objectives faster. The Stash app also allows users to keep track of their spending, which can help you better understand your costs and assist when creating your monthly budget plan.
How does Stash work?
Stash operates on a subscription-based strategy, providing customers with retirement, banking, individual investing, and custodial accounts. Stash expects users to invest as low as $0.01 increments into fractional shares of thousands of equities and more than 80 exchange-traded funds using the company’s web platform and mobile apps (ETFs).
The business model allows users to make investments in various accounts, including personal brokerage accounts, retirement accounts, Roth IRAs, conventional IRAs, and custodial accounts, among others. Stash also provides financial education as well as automated investments.
As of April 2020, Stash will no longer charge asset-based fees, instead of requiring investors to pay flat costs for their memberships, which range from $1 to $3 or $9 per month, depending on the plan and services they pick.
Stash helps solve the problem of not knowing how best to invest and make passive income that the Average American faces by providing an educative platform and an investing platform that allows users to invest and earn interest on the invested capital.
Is Stash safe, legit, or a scam?
Is the site generally legal?
Yes, Stash is a 100% legal investment and budgeting platform.
How high is the chance of being scammed?
There are claims of users unable to get out their funds after investing in Stash on TrustPilot; however, we could not verify those claims.
Does the site contain viruses or malware?
No, so far, there have been zero reported cases of the site being compromised.
Does the site steal sensitive data?
No, all data and information you have with the company are protected with Customer Protection Rights.
Are there similar fake sites to be aware of?
Currently, no known sites have the same name or disguising as Stash.
Encryption/Security infrastructure
Stash uses an exchange-traded fund (ETF) encryption infrastructure. The (ETF) encryption infrastructure is a type of security that tracks an index, sector, commodity, or other assets the same way the regular stock exchange commission can.
Users’ information is protected by the most up-to-date security methods, including 256-bit encryption and biometric authentication.
Also, because of a relationship with Green Dot Bank, deposits made through Stash bank accounts are FDIC guaranteed up to the maximum allowed limits. Investments made with Stash are insured up to a maximum of $500,000 through a partnership with the Apex Clearing Corporation.
Why should you choose Stash?
Stash is recognized and highly rated by Forbes, the business and financial industry’s shot-callers, and has over three hundred thousand positive reviews on the app store with over 5million current users.
Also, all Stash accounts include a bank account with Green Dot Bank, which provides banking services. There are no minimum balance requirements, no overdraft fees, and no monthly service costs associated with this bank account.
Users of Stash also have access to more than 19,000 fee-free ATMs located throughout the United States, as well as the ability to make cash deposits at participating CVS, Rite Aid, and Walgreens shops.
Stash App Review
How does the app work?
The Stash app is simply a mobile version of the Stash website.The app features an easy-to-use mobile version of the website. The app’s easy-to-use features and automation were lauded by CNBC in February of the year 2018.
Is the app legit & safe to use?
Yes, it is. You can be certain that your privacy, data, and all information, transactions, and all else within the app are encoded to protect their users.
Is stash insured and regulated?
The Federal Deposit Insurance Corporation does not ensure the products offered by Stash Investments LLC and Stash Capital LLC (FDIC), are not bank guaranteed and may lose value.
Stash Fees And Costs
Stash offers three different plans, each with its own set of fees. They collect this membership charge once a month, on or around the anniversary of the day you initially created your account. Who will charge the same price to all users at all times?
Depending on the plan and services users pick, stash fees range from $1 to $3 or $9 per month.
Does Stash have good customer service?
There are reports on TrustPilot of Stash’s customer service being unresponsive.
Supported Countries
Stash is only available to US citizens and legal residents of the United States who have an accompanying green card or certain valid visas.
Also, only individuals between the ages of 18 and 54 who reside in one of the 50 states or the DC can use Stash.
The Pros and Cons of Stash
Pros:
- Minimum investment requirements are low.
- The app includes educational information that users can use to learn all about investments and the stock market.
Cons:
- Stash does not have the extensive budgeting capabilities that are available in many other budgeting applications.
- There are no wealth management services available.
Stash Careers
Is Stash a good company to work for?
Employee reviews on Glassdoor reveal that Stash is a relatively good company to work for. However, on particular featured review on Indeed states, “Overall great job. No career advancement opportunities. Multiple locations. Fine pay. Good hours”.
Is it difficult to get a job at Stash?
No. You have to go through the usual channels of getting a job. You apply for a job with them, send in your resume, and hope for an interview, and when invited for one, you do what you can and hope for the best.
Best Stash Alternatives
Listed below are some other platforms that offer financial and investment assistance, such as Stash does. You can always turn to them as they all are alternatives to you using Stash.
- Robinhood
- SoFi
- M1Finance
- Ellevest
- Acorns
- Unifimoney
- SigFig
- Pearler
- AxosInvest
- Upstox
Additional FAQs
Any notable characteristics of Stash?
The distinguishing characteristics of Stash are:
- Automated Investments
- For first-time investors, self-directed investing and learning are excellent options.
Is stash a smart choice for newcomers to invest in?
Stash is the ideal choice for novices who want to automate investing possibilities and want to pick their investment opportunities.
Users who are beginners at investment can make investments in hundreds of assets at any dollar level by purchasing fractional shares. For modest balances, it charges a cost of $1, which is more than the rates imposed by competing apps for similar amounts.
How do I deposit into Stash?
To deposit cash, transfer your cash and Stash Stock-Back card to one of the participating dealers and wipe or give them to the cashier on the register together with the cash. You deposit your cash into your account.
What Banks work with Stash?
Here is a list of banks that are currently supported by the platform: Randolph Brooks Federal Credit Union, PNC, Navy Federal Credit Union, Golden 1 Credit Union, First Hawaiian Bank, Fidelity, Desert Schools Federal Credit Union, Citi, Chase, Charles Schwab, Capital One 360, Capital One, BB&T, and Bank of America.
Is Acorn better than Stash?
Stash and Acorns are two investment applications that are popular with novice investors because they want their money to grow, but they may not have the time or the know-how to handle it. Stash is best suited for DIY investors, whereas Acorns is better for outsourcing investment management.
Is it worth paying for Stash?
All in all, Stash offers sufficient quality features to make it a valuable choice. Stash is a wonderful location to start your adventure if you need support to get your investment started. The relatively hefty charges, however, reduce the appeal for seasoned investors.