Twine Review 2019: A Budgeting App for Couples

twine app

There’s no shortage of apps and websites out there designed to help you save money. Some charge fees, some connect directly to your bank accounts, and others automate the best budget for your spending habits. Twine is different than all of them.

Unlike the majority of financial apps that cater to just you, Twine is designed specifically for couples and partners. A team is only as strong as its weakest link, and the same can be said for finances in a marriage. By encouraging partnership and strategic financial decision making, Twine gives couples the tools they need to improve their financial trajectory – together!

How Does Twine Work?

As with most financial apps, you start using Twine by creating an account and connecting all of your bank accounts to it. Then it’s time to set your savings goals. Twine doesn’t tell you how much to save – that’s up to you and your partner. You’re not locked into the figure you choose, so don’t worry. Savings goals can be changed at any time.

But Twine doesn’t just ask you to choose your savings goal: It asks you to make that goal a reality by setting up automatic recurring transfers from your checking account into an interest-bearing Twine savings account. The cash savings account offered by Twine is surprisingly competitive. You can expect a variable interest rate of about 1.05%, which is better than the interest rates offered by most traditional banks on small accounts.

Twine also supports investments beyond standard savings by offering three investment portfolios:

  • The Conservative portfolio is stable and meant to protect against losses. It includes securities with stable historical returns. You won’t make as much money with a Conservative portfolio, but you’ll shield yourself from risk.
  • The Moderate portfolio is also designed to minimize losses, but it pursues growth with bonds and money market funds. It’s a middle-of-the-road option for a balance between risk and reward.
    The Aggressive portfolio targets growth with a higher percentage of stocks. Though this is a more volatile investment strategy, it offers the highest potential returns as well.

It’s important to keep your timing in mind as you and partner select your investment strategy. Conservative portfolios are best for short-term goals, while long-term goals can better absorb the swings of an aggressive investment.

What Does It Cost to Use Twine?

Twine’s basic features are free to use, including its savings account. This means you can earn more than 1% interest and save toward your goals with a partner at no cost. However, if you opt into one of Twine’s investment accounts, you can expect to pay a fee of 0.6%. That equates to roughly $0.25/month for every $500 you invest.

Who Should Use Twine?

Twine is an ideal savings solution for couples who want to work toward the same goals, even if they keep separate bank accounts. It’s also a great tool for investors who are just beginning and looking for simple guidance and easy access to preset investment choices. Since you can start saving through Twine with just $5 and start investing with only $100, Twine is valuable even for those saving small amounts at first.

The Bottom Line

Twine is a risk-free way to improve your savings habits. Since you can start and stop saving anytime and adjust your savings goals as you desire, you can play around with the features to make the most of everything Twine offers.

Read about micro-investing and how to get started with our complete guide: Micro-Investing: What It Is, Why It’s for You and How to Start.

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