Nowadays, if you want to trade cryptocurrencies, take a loan in fiat, open a savings account, finance your studies, get a mortgage, invest in precious metals, get a credit card, and so on, you will likely have to use several different financial service providers.
This means having a separate bank account, another investment account, more fees, paperwork, time wasted, difficult tracking of all financial services you use, and more. However, there is a solution that can help you bring your entire financial life under a single roof.
Unifimoney is an investment and money management platform intended to serve as a one-stop-shop for your banking, investing, and all finance-related needs. So now, let’s begin the Unifymoney review by taking a look at the most exciting features to find out how it compares to other investment apps.
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The iOS-only investing platform and money management app allows you to handle all your personal finance operations from a single Unifimoney account.
By automating the majority of the manual tasks that day-to-day money management comes with, the app allows its users to become more efficient, profitable and maximize their personal finance goals.
The company was founded in 2019 by Ben Soppitt and Edward Cortis.
The Unifimoney team is based in San Francisco and, although still small, combines professionals with rich experience in traditional finance, investment advisory services, and programming to bring a next-generation digital financial management solution.
The company has no physical branches that you can visit. It is also worth noting that, while it offers all the traditional bank services, it isn’t a conventional bank. As Unifimoney puts it, the reason for this is that:
“a typical bank retains over 90% of what they make from people’s money,”
while they claim they are aiming to give 90% of the money back to their users. Alternatively, instead of having to deal with several different financial products, you deal with just one. That way, fees are kept low, and money management gets much easier.
Unifimoney partners with leading financial institutions and technology service providers like Visa, DriveWealth, UMB Bank, Railsbank, and more. So far, the company has been backed by investors like Altair Capital, Global Millennial Capital, Oriza Ventures, and Plug and Play.Click Here To Download The Unifimoney App Now
Save: High Yield Checking Account
The top product that Unifimoney offers its clients is the high-yield checking account.
It aims to overcome the problem of underperforming savings accounts and make sure that “all your money is working hard for you all the time.”
The APY on the deposits into your high-yield checking account is 0.20%. There is a $100 minimum opening deposit requirement. The product also has an auto-invest function that allows you to grow your funds at all times (minimum of $25 per month). The checking account is backed by FDIC insurance up to $750k.
Let’s focus a bit more on the deposit interest. It is, indeed, much higher than the checking account you can open in an existing bank and comparable to what you can get with a savings account. However, while this ranks it among the best checking account offerings in the field, there is the feeling Unifimoney might have made a bigger hit if they added some additional percentage points.
It is also worth mentioning that Unifimoney account holders who deposit at least $2,000 per month or maintain a minimum account balance of $20,000 don’t have to pay account management fees.
The account comes with a Visa fee-free debit card that you can use at over 55,000 Allpoint ATMs. You can also make payments at 20,000 merchants and pay your bills directly from your phone.
The Unifimoney savings account is provided by UMB Bank, a member of the FDIC.
Spend: Unifi Premier Credit Card
Starting from Q3 2021, the users of Unifimoney can take advantage of a premium VISA signature credit card.
The credit card unlocks various perks. Let’s start with the cashback feature, for example. Cardholders can earn 2% rewards on all of their transactions. The cashback can be redeemed in gold, Bitcoin, equity, or as a contribution to their Robo-advisory fund (more on this in a minute).
Users are free to change their minds about the asset in which they want to receive their cashback each month. By choosing to provide cashback in different assets instead of straight in cash, its idea here is to push its users to invest more, thus growing their assets without even moving their fingers.
Other perks that credit card users can take advantage of include auto rental insurance, identity theft protection, and more.
A nice touch that will appeal to the younger generation and environmentally-conscious users is that the card is made of recovered ocean-bound plastic. Furthermore, Unifimoney claims that their clients will be indirectly helping the environment every time they use their cards to organize money transfers. The reason is that the company partners with The Ocean Foundation and donate funds every time a transaction is made.
Unifimoney’s portfolio wouldn’t have been complete without an investment accounts offering, right? So let’s explore the different options the service provider can offer you to find the most suitable choice for your financial goals and preferences.
The independent traders among you will find Unifimoney an excellent fit for your day-to-day trading activities. The self-directed investment account functionality is convenient and offers a variety of features that will appeal to the needs of beginner-to-semi-professional traders.
Unifimoney Self-Managed Trading allows you to trade commission-free various instruments, including around 3,000 US equities, 1,000 exchange-traded funds (ETFs), and 300 American Depository Receipts (ADRs). Moreover, you can create your portfolio and shape it according to your personal preferences.
You can also participate in cryptocurrency and precious metals trading through the “Invest” page in the app. Unfortunately, Unifimoney doesn’t support mutual funds but has plans to introduce options trading.
For young professionals or those making their first steps on financial markets, Unifimoney’s team has provided valuable guidance. The company’s Board Advisor Max Osbon has created 12 equity investments themes comprised of interesting companies with long-term growth potential. The investment opportunities are curated around AI, biotech, IT, clean energy, digital health, entertainment tech, LGBTQ+, and more.
The Unifimoney investing feature is suitable even for beginners with limited starting capital as it allows for real-time fractional investing from only $1.
All trades are executed through the platform of Unifimoney’s partner, Drivewealth. The investments in securities through the Unifimoney Inc. and Unifimoney RIA Inc. accounts aren’t FDIC insured or covered by bank guarantees.
AI Quant based Robo Investing
The AI-powered quant-based robo investing feature is probably the more interesting one. The idea here is for users to take advantage of the latest computationally trading advancements and auto-invest without any stress.
The Unifimoney robo advisor service is designed as user-friendly as possible, making it an excellent fit for complete beginners. Users can choose between two options, Basic and Advanced Robo Investing. The difference between both is in the costs and the functionalities.
The Basic alternative charges an annual advisory fee of 0.15% on all assets under management deducted monthly, while the fee for the Advanced plan is 0.30%. For the premium, you get an AI-powered robo advisor that monitors and analyzes your investments every quarter and adjusts your allocations based on changes in market trends. It also uses Tenjin’s proprietary MarketCrash Index to predict market downturns and auto rebalance to maximize returns.
Both plans employ the powerful Tenjin AI engine to build your portfolios and invest money automatically. The funds are managed based on your risk profile and preferences. To determine your investment goals, you will have to answer several questions during your account opening procedure.
Based on your answers, the platform will create a personalized investment portfolio tailored to your risk profile. The main principle is to ensure that your money is invested in a diverse group of curated ETFs that provide you with the right balance of growth and portfolio volatility.
You can take advantage of the auto-investing feature (starting at min $25 with no maximum) each month or invest lump sums whenever you want.
Being faithful to its mission to provide a comprehensive independent financial advice and money management platform covering all types of operations, Unifimoney provides various alternative services. These include:
Student loan refinancing
Those among you looking for a convenient student loan refinancing offering should look at what Unifimoney has to offer. The student loan refinances service covers loans up to $250,000 (the company plans to increase the limit) with a 1% variable bonus on the value of their student loan debt and a free online application.
Home loan refinancing
Unifimoney customers looking to purchase a new home can take a loan up to $5m, get a discount off their entire home improvement loan amount, or refinance their current mortgage. They are also granted access to a free home-management platform.
The idea here is to compare multiple offers from top insurance companies and find one that has better terms than what you are currently paying. Furthermore, the platform gives you a $15 Bitcoin credit just for applying for a quote.
The Home Insurance service works in a similar fashion. Unifimoney allows you to quote, compare, and purchase a personalized home policy in minutes through Covered’s online marketplace. The same $15 Bitcoin reward for a successful application also applies here.
Thanks to the partnership between Unifimoney and Ladder Life, the platform’s users can choose from life insurance offerings starting from $100,000 and going up to $8m in coverage for people aged between 20 and 60. In addition, the procedure is relatively quick, and Unifimoney claims you might be covered in as little as 5 minutes.
Health Savings Accounts (HSAs)
The HSAs accounts are offered through a partnership with UMB Healthcare Services. The offerings have quite flexible terms, including no monthly fees, a 1% cashback on your first transfer, no minimum account or contribution requirements, and more. You can access your funds through the Unifimoney Visa debit card.
Before you subscribe to any of them, make sure to check out the Benefits & Offers section on the site. There, you will find all types of promotions, bonus programs, rewards, and other incentives.
It is a bit disappointing that the service provider doesn’t feature a unified pricing policy page where users can find all the details they need. However, we will do our best to summarize the available pricing information on the site.
Unifimoney’s fee structure depends on the type of product you use. Here is a summary of the fees charged by the platform:
- Self-directed stock and ETF trading: free
- Basic Robo Investing plan: 0.15% of AUM
- Advanced Robo Investing plan: 0.30% of AUM
- Checking accounts with a minimum of $2,000 monthly deposits or $20,000 balance: free
Checking accounts that fail to meet the minimum balance or activity requirements are subject to a fee. Unfortunately, this fee isn’t publicly disclosed.
For some instruments, such as precious metals, the platform states that the trading fees are already factored in the price. In other words, you will be paying a higher price for buying gold, silver, and platinum, for example, that will reflect the platform’s fee. However, we should say this isn’t the most transparent pricing model in the industry.
Promotion: Bitcoin Reward
New Unifimoney users can get up to $5,000 as a Bitcoin Reward when signing up for an account. While this might make you jump the gun and sign up for a new account, the truth is that there is a catch.
The reward program consists of 7 different tiers, which determine the amount you should deposit to get rewarded. While the minimum deposit required to use Unifimoney is just $100, you will have to deposit at least $1,000 within 14 days of opening your account if you want to qualify for the Bitcoin Reward program.
Such an initial deposit will place you in the lowest tier (#1) and guarantee a $25 Bitcoin reward. To get the maximum possible reward, you should deposit $500,000.
Furthermore, to qualify, users would have to hold that minimum amount in combined deposits/assets in their account for 30 days for Tiers 1-2 and 90 days for Tiers 3-7.
The full terms of the Bitcoin Reward program are available here.
Unifimoney Review Summary
For those looking to combine a brokerage account, cryptocurrencies and precious metals investing app, or simply access a professional financial advice service provider from the same platform, Unifimoney is worth a shot.
The difference for the platform is that it combines a wide range of financial products and services under a single roof.
This means you won’t have to rely on a bank, an investment broker, and an insurer to handle things like student loans, taking out a mortgage, investing in the stock market, getting a car or life insurance, and more. In that sense, Unifimoney epitomizes the future of the financial industry. This service provider gives you everything you need from the comfort of your phone without having to pay exorbitant fees.
While the platform is still under development, and plenty of new products and services are yet to be launched, the current offerings are excellent. They are flexible, reasonably priced, diverse, and convenient. For its relatively young age, Unifimoney has done a tremendous job.
The mobile app has plenty of functionalities that appeal to the needs of beginners, seasoned investors, individuals close to retirement, students seeking loans, or various other profiles of market participants. The goal of the comprehensive financial app is to ease the complex task of money management by combining everything you need in a single intuitive and highly functional platform.
It is reasonable to believe that any inconsistencies or flaws in the service, such as the lack of a transparent pricing policy regarding some of the products, will be addressed as the platform evolves.
- Invest, spend, save, get insurance, mortgage, or loan refinancing all from a single platform
- A convenient Visa card to give you access to your funds all the time;
- Access thousands of investments, including cryptocurrencies and precious metals, from your phone
- Commission-free trading for self-directed investors
- An extensive partnership with financial institutions that allows for FDIC insurance and SIPC protection on your funds and investments
- Low minimum account balance requirement.
- Lack of transparency over the fee policy
- Available only for iOS
- No mutual fund trading
- Limited customer support options.
Who is Unifimoney best for?
To wrap up this Unifimoney review, let’s say that the comprehensive investment management app is best for users looking for a single solution to bridge the gap between all the financial services they use. The Unifimoney app is an excellent fit for both self-directed and hands-off investors interested in equities, ETFs, cryptocurrencies, precious metals, and ADRs. While the minimum balance required to open an account is set at $100, users who have enough capital to qualify for the zero-fee account options are best positioned to make the most out of the app.
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