Personal Capital and Mint are two of the most popular apps for personal finance right now. Both Personal Capital and Mint have free options so that you can track your balances and transactions without any additional expense. So, which one is better? Read on below to see the detailed comparisons between Personal Capital vs Mint!
Continue reading below if you want to find out more about:
– The unique capabilities of Personal Capital and Mint,
– The comparisons of their essential features,
– The weaknesses of Personal Capital vs Mint, and
– Which finance app that is generally more recommended for you.
Personal Capital: Overview
Personal Capital offers a free basic service for tracking your net worth and bugeting. It was founded in 2009. There is also an optional paid service for financial advice and guidance, which may be useful for managing your investments. See also: Personal Capital vs Quicken.
Personal Capital is preferred by many because it does not only tracks your financial accounts, but also analyzes your investments. This is very useful. With Personal Capital, you can easily see whether you are on the track for preparing your retirement. In addition, Personal Capital has a fee analyzer to help you identify the investment funds that cost you the most so that you can change them with lower-cost equivalents.
Personal Capital is also great because it does not have ads. The company makes money from the optional paid service, so the basic version can stay free and clean. This is very convenient. You can sign up for Personal Capital here!
On the other hand, Mint is a free service for aggregating all financial accounts in a single place. It can connect to your bank accounts, credit cards, investment accounts, and loans. It was founded in 2006 and acquired by Intuit in 2009.
Mint is very easy and intuitive to use. It has a simple yet effective budgeting function, which allows you to create budgets to limit your expenses in multiple categories. In addition to US dollars, it also supports Canadian dollars. There is a premium feature for reporting your credit scores; this feature is useful if you want to track your credit health.
However, Mint is ad-supported. The ads may be quite annoying at times, but they are necessary to support the development of the app. The company also makes money by suggesting products according to your financial accounts. The company receives commissions from these products.
Account and Balance
One of the primary benefits of using an app like Personal Capital or Mint is the ability to see all your accounts and balances in a single place. You won’t need to log-in to every bank, investment, credit card, or loan account just to keep track of your money. Simply open your smartphone and see the app’s dashboard.
As a matter of fact, Personal Capital’s interface is a little less attractive compared to Mint. However, Personal Capital scores better in this aspect because it is much more consistent and reliable. It can sync with the financial accounts smoothly without many issues.
On the other hand, Mint has an intuitive and good-looking interface, but it constantly experiences connection issues and errors. As the effect, Mint usually requires frequent manual updates and corrections.
Personal Capital vs Mint are similar that they both can receive transaction data from the linked financial accounts to keep track of your expenses. They can categorize the transactions automatically. You will still need to make adjustments from time to time, but at least you won’t have to manually input every single transaction.
Personal Capital’s budgeting function is very simple. You can split your money into several categories. Afterwards, you can see a chart of your cash flow for the current period. The chart will mark categories that are still far from their limits as green, categories that are close to the limits as yellow, and categories that have passed the limits as red. However, the overall budgeting function is very simple and limited.
Mint is better in the budgeting aspect. The budgeting function is more robust with more advanced features. For example, Mint can show you historical trends so that you can determine the suitable allocations for your future budgets. Mint can also show spending projections, so that you can see the potential effects before making a purchase.
Although Personal Capital does not have much to offer in the budgeting aspect, it has robust capabilities in investment management and analysis. In fact, many users will say that Personal Capital is all about investing. By upgrading to the paid subscription, you can get the access to a hybrid robo-advisor platform that can help you manage your investments.
Without upgrading to the paid subscription, Personal Capital already does a very good job in analyzing your investment. It can graphically show you where you are losing most returns to fees and how to make changes. By switching to lower-cost mutual funds, you can save hundreds of dollars a year.
On the other hand, Mint does not have much to offer for investing. It can connect to your investment accounts to track your balances. However, the other features are not very useful. Sometimes, the features may give errors or inaccurate values.
Both Personal Capitalvs Mint are able to automatically categorize transactions. However, they both make mistakes occasionally. Sometimes, they crop text and replace description with unrelated information. On the good side, both Personal Capital and Mint are more often right than wrong. Mistakes don’t always happen, and you can make manual adjustments to fix things.
In terms of customer support, Personal Capital is definitely better. This is not surprising, considering that the paid subscription involves real human advisors. The customer service agents are helpful, and they usually give the right solutions for your app-related issues. The only minor issue is that the agents sometimes get a little pushy to make you upgrade to the paid subscription.
Mint’s customer support was great before the company was purchased by Intuit. Now, it is terrible. To be fair, the customer support is actually quite responsive. But they often only give inconvenient workarounds instead of solving the root problems.
Personal Capital vs Mint
|- Free version without ads, premium subscription for investment advisor||- Free with ads, premium feature for credit score reports|
|- Basic budgeting function||- Robust budgeting with historical trends and spending projections|
|- Excellent capabilities in investment management and analysis||- Only shows the balances in investment accounts|
|- Smooth and reliable performance||- Connection issues and errors from time to time|
|- Great customer support||- Not very good customer support|
In general, Personal Capital is more recommended. It has a free version without ads. The overall experience is great, as it rarely has connection issues or errors. The budgeting function is useful despite being quite basic. However, the capabilities in investment management and analysis are truly great.