Personal capital vs mint: They are both big names when it comes to managing your money. It ranks high among all other apps in possible finance. But how do you know which one suits your taste and offers you the best services when it comes to managing your finances? This article will compare both apps and show you their major functions to answer that difficult question that has been bothering you. Keep reading!
21st-century technology has offered us a tremendous opportunity to do a lot of things with ease, one of which is managing our finances from the comfort of our homes through online apps.
Things that ordinarily should have been done either in the bank or any financial institution. This of course is where possible finance apps come to play.
You’ve probably already heard of two of the biggest names in financial apps: Mint and Personal Capital. Personal Capital and Mint are two of the most popular personal finance apps today.
Normally as it would be, both Personal Capital and Mint have pros and cons. In some cases, Personal Capital is the best option. In other cases, Mint is the better choice.
This all depends on your perspective and the services you want these apps to perform. Unarguably, because both are free, there is meant to be a form of comparison as to which one is the best.
So let’s dive into the details of these apps where you can make your choice.
An Overview of Personal Capital and Mint
Both Mint and Personal Capital are online finance apps designed to help us manage our money. And they are both free.
Let’s get into a little background check of both apps
Personal Capital is an app that performs two services combined into one: a free personal finance app and a paid financial advisor service.
This comparison will focus only on Personal Capital’s free app tools.
Personal Capital is owned by Empower Retirement, which on its own administers more than $1 trillion in assets through retirement accounts.
Personal Capital is a legit and registered investment advisor performing the functions of managing investors’ portfolios.
For this article, we will focus on the free financial tool that this app offers, regardless of whether or not you use its investment management services.
The Personal Capital app offers tools that enable you to link your financial accounts. You can link bank accounts ( savings, money market accounts), credit cards, student loans, mortgages, retirement accounts (e.g., 401(k) and IRAs), crypto coins and tokens, etc
This simply means by linking personal Capital with your numerous financial accounts, you can keep tabs on all of your transactions with just a click through personal capital online tools.
Through this, you can monitor and analyze your money.
Mint is a free service app founded in 2006 by Aaron Patzer and acquired by Intuit in 2009 to the tune of about 170 million dollars.
Since Intuit sold Quicken in 2016, Mint has become the company’s sole focus for personal finance management.
The mint platform brings into connectivity all of your financial accounts, including bank accounts, investment accounts, credit cards, and other loans.
It also provides you with a wealth of view of your entire financial situation on one website.
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Personal Capital vs Mint; Simple Similarities
Personal Capital and Mint share a lot of features in common. Let’s discuss some important ones that might interest you;
- Connectivity: Both apps give users the liberty to connect to just about any other financial institution that possesses an online login platform. What is required of you is your username and password to create the connectivity and grant you direct access to it. Fortunately, both sites use strong security features to keep users’ data ultimately protected. And at no time can either company control the money in any of a user’s accounts.
- Dashboard: Both apps offer a financial dashboard where users can get a high-level view of their investments. This financial dashboard consists of your budget, cash flow, spending, your credit score, etc.
- Financial Reports: Both can examine and analyze where your monthly expenses are going and into what categories.
- Cost: Both apps are free and do not in any way extort from their customers
- Mobile apps: Apart from their websites which they provide, they also offer apps for mobile phones, tablets, and other devices.
Personal Capital vs Mint; Outstanding Differences
This is where your question of which of these apps is best.
Here we will analyze their outstanding differences giving you the liberty to choose which one best suits your financial demands.
Personal Capital offers you the tools to monitor your cash flow, but you cannot use the app to create a personal budget for yourself.
You will be able to analyze and examine a detailed list of all your expenses based on different categories for a particular duration of time, but you will not be able to set limits for those categories.
On the brighter side, Mint offers spectacular budgeting capabilities. The salient feature of the app is keeping track of your budget and helping you stick to it.
You can disintegrate your spending into several categories and set personalized limits on each category.
Conclusively, the budgeting features offered by Mint are very useful while Personal Capital leaves a gap for something to be desired in the budgeting arena.
The Personal Capital platform is outstandingly created to help you examine, analyze and adjust your investment plans.
In fact, the main aim of the platform is to build around concentration and help you in managing your investments.
In addition, Personal Capital offers a 401(k) fee analyzer to help you determine which funds in your account are the most costly as well as set out plans to help you lower your fees.
This is essentially helpful to people who have retired or are near retirement.
Mint will give you access to your portfolio’s value over time, but it won’t offer tools to aid with your retirement planning or asset allocation processes.
If you are looking for a good app to manage your investments, Personal Capital is certainly the best bet.
Mint is a completely free app to use. You will not need to include a line item for Mint fees in your new budget.
Personal Capital offers a free version with some capabilities, but their paid version offers more features.
You can keep tabs on your credit score through Mint. On the other hand, Personal Capital doesn’t offer this feature for you to monitor your credit score.
Who is Personal Capital Best For?
With all evidence glaring, Personal Capital is best for those with investments. It helps them to plan their investments wisely. It can track retirement accounts (e.g., 401(k), 403(b), TSP).
It offers some of the best tools available to retail investors. You can easily delve into the details of your asset distribution across all of your accounts.
It offers an excellent fee analyzer to evaluate your investment costs and their effect on your wealth over time.
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Who is Mint Best For
If you are just about to start a journey with your personal finance plans, then creating a budget may very well top your priority.
Mint provides numerous tools at your disposal to get your finances on track without feeling overwhelmed.
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