Personal Capital vs. Mint | The Two Best Financial Services Apps Around

Personal Capital vs. Mint? When it comes to personal finance, there are a lot of good tools out there, but the key is to pick the best ones for you.

It’s tempting to get all of the tools out there, but this could lead to overwhelm.

With that being said, there are 2 free tools (we LOVE) that can help you with your finances, which we will go over today.

 

Personal Capital Summary

The first one that we will look at is Personal Capital. Have you heard of it? We love it!

The main focus of Personal Capital is investing. There are 2 different parts to Personal Capital – a free one, and a paid one. We will just look at the free aspect of it today for the sake of comparison.

The company was founded in 2009, and they have over 2 million people using it, with over $9 billion in assets under management.

In the account, you are able to see a good overview of your finances, which include things like:

 

Mint Summary

Mint has been going a little bit longer, they were founded in 2006, but they were acquired in 2009 by Intuit.

We love how you can see an overview of all of your finances – this is a great site for budgeting.

It has personal finance tools on there to help you, such as:

 

How are they the same?

Cost

Both Mint and Personal Capital are free to use.

Linking Accounts

You can link up your various financial accounts to collect all in one place, such as your bank accounts, loans, investments and so on.

Tracking Expenses

Both sites will show you where you are spending your money each month and which categories your expenses are going into. Very handy for budgeting like Dave Ramsey!

Email Notifications

Both sites will send you email alerts if there are any changes to your finances.

 

How are they different?

Now that we’ve seen the similarities between Personal Capital vs Mint, it’s time to look at the differences. This may help you to make your decision when deciding between the two.

 

Mint

Budgeting

If you are looking for a platform that will help you with your budgeting, then Mint is a great one to use.

Advice on Savings

Mint will give you recommendations on the ways that you can save money on the things that you have linked e.g. your credit cards, investments

Credit Report Monitoring

We’ve covered before how important it is to keep an eye on your credit report, so it’s really handy that Mint does this for you.

It will check on a quarterly basis if there have been any changes to your credit score.

 

Personal Capital

Retirement Planner

This is a great tool to allow you to see different scenarios for retirement and see if you are on track with them.

401(k) Fee Analyzer

This will help you to see which funds in your retirement plan are costing you the most, and allow you to make adjustments.

Asset Allocation Target

This will help to show you if you need to make any adjustments in your equity categories.

 

How does Personal Capital and Mint Make Money?

They are both free platforms, but they have to make their money somewhere!

Mint makes money by using adverts on their site and getting commissions from the financial products that they recommend.

Personal Capital doesn’t make any money from its free financial app. Instead, their free financial app is a tool used to funnel customers to their premium investment management service. Customers must have $100,000 in investment assets in order to qualify.

They charge 0.89% of assets under management under $1,000,000, with fees scaling down to 0.79% for money between $1 – $3 million, 0.69% for the next $2 million, 0.59% for the next $5 million, and 0.49%  for money over $10,000,000.

 

The Personal Capital vs. Mint Showdown

We can have a look at the different parts of each platform in more detail now, to see how they stack up against each other.

 

Budgeting

Personal Capital budgeting is essentially where you are able to see all of your finances at a glance, whereas Mint is more of a budgeting tool to help you manage your money.

 

Fees

Both Mint and Personal Capital are free to use. With Personal Capital, you have the option of signing up for their paid version, which is a robo-advisor for clients who have more than $200k in assets.

If you are trying to be a bit frugal, it may be worth sticking with Mint’s totally free service to begin with.

 

Bill Alerts

This is probably an area that both Mint and Personal Capital need to work on, but it’s probably because they want you to frequently log into the sites.

Mint does let you set up bill payment reminders, which is useful.

Personal Capital can also remind you when your bills are due, but only for the accounts that you have linked.

 

Synchronization

This is an important thing to consider when you are choosing between money management systems because you want to see everything in one place and have it be accurate.

There have been reports that Mint is a bit slow, or doesn’t register transactions, so this is something to look out for.

Personal Capital seems to do better in this regard, however.

 

Mobile App Access

There is both a Personal Capital app and Mint app, which is great for when you are out but still want to see an overview of your finances.

 

User Experience (dashboard and ease of use)

I don’t know about you, but it’s really important to me to use something that is really easy to navigate and looks nice!

It’s worth taking a look at both and seeing which is more appealing to you, but we really like Personal Capital.

The reason that it sways our vote here is because there are no ads or distractions.

 

Investment Analysis

Mint allows you to link your investment accounts and get a good overview of how they are doing.

Personal Capital is much more investment-focused, and have the tools on the site to break it all down for you.

They also offer a free investment checkup which will analyze the allocations and costs of all of your investments. This is well worth doing as something that you can get for free!

 

Retirement Planning

If you are looking at retirement planning, Mint can give you a good look based on the investments and accounts that you have linked.

In terms of actual planning and forming a strategy, Personal Capital would win here.

The retirement planner on the Personal Capital site will look at the age that you want to retire, and how you are on track to get there. It will do this by looking at all of your information, including your current net worth and your current retirement contributions.

 

Safety and Security

Both Personal Capital and Mint work in quite the same way when it comes to security – although Personal Capital doesn’t have the multi-factor authentication that Mint has. They do both offer fingerprint log-in though, via Apple devices that allow this.

Some security features that they both have include:

 

Customer Service

Personal Capital offers 24/7 help through their Help or the Contact button on the site.

They are known for excellent customer service and will typically respond within 24 hours.

Mint offers a Chat option, which is more email-based.

 

Who’s the Winner? Personal Capital Vs. Mint

If you are looking for the best money management tool, these are 2 awesome companies to choose from. It really does depend on what your financial goals are, and what you want to get out of these apps.

If you are looking for something to help you in regards to budgeting, Mint is probably the best one for that.

If you are looking for one that will help you with more of the investment and retirement side, then Personal Capital would be the one for you.

Your personal goals will help you to choose – but there’s no reason why you couldn’t use both of them at the same time!