Finch, a New York City fintech startup, offers a two-for-one checking and investment account with a debit card and access to a surcharge-free ATM network.
$0
Minimum deposit
A Finch account functions as both a checking and investment account. This hybrid offering is aimed squarely at those seeking a simple, hands-off investment opportunity without having to open a separate brokerage account. It’s essentially a robo-advisor with a debit card.
When you open a Finch account, your entire account balance is automatically invested in up to three exchange-traded funds (ETFs). There are no commission fees, and the ETFs Finch selects for your portfolio hinge on your risk tolerance — essentially, how much loss you’re comfortable risking in your investments.
Anything you deposit into your checking account is automatically invested to begin generating returns. Finch states that its average rate of return is 2.35%.
The blending of checking and investment accounts is what sets Finch apart. And the instant liquidity of assets is what makes it work.
Finch claims that three of every five Millennials don’t invest at all, either because they don’t think they have enough money to set aside for it or they don’t think they have enough time to understand how to invest. Plus, even the simplest ETF investments typically take between two to three business days to liquidate from a traditional brokerage account. Finch invests your money for you but gives you instantaneous access to your account balance whenever you want.
“Many of our customers express that investing is too complex, while others feel they have very little financial flexibility to think about investing and other financial opportunities,” said Founder Neel Ganu in a recent announcement. “But by keeping their money idle in a traditional checking account, they could be missing out on up to 50% of their wealth every 10 years.”
Finch accounts come with a debit card that you can use to spend invested funds at any time. The card also offers access to a surcharge-free ATM network.
The Finch app is available to both Apple and Android mobile users. You can find links to both at the Finchmoney.com web site. You will need to be 18 or older; have a valid Social Security number; have a U.S. residential address; and be a US citizen, Green Card holder or a valid US Visa holder.
Finch’s basic offering — the Stable account — is free. Its accompanying debit card provides access to a surcharge-free ATM network and there are no monthly fees. You can open an account with any amount, but you’ll need at least $5 to receive your Finch debit card and begin investing.
For investors who want more say in their portfolio holdings, Finch offers Growth and Adjustable accounts, which offer more flexibility and control over your investments for a monthly fee of $2 to $7.
| Account type | Fee |
|---|---|
| Stable | $0 |
| Growth | $2 monthly for balances under $1,000 $7 monthly for balances over $1,000 |
| Adjustable | $5 monthly |
Finch is a New York City fintech startup that officially launched its hybrid platform to the public in November 2020. It doesn’t have a Better Business Bureau or Trustpilot page and it has no complaints on the Consumer Financial Protection Bureau.
With such a limited track record, it’s difficult to assess this startup’s reputation. That said, Finch has taken steps to protect its investors’ interests, offering coverage through the Securities Investor Protection Corporation (SIPC). Finch balances are SPIC-insured for up to $500,000, including up to $250,000 for cash claims, in the event that the platform goes under.
Since Finch is so new, there are very few reviews to draw on. As of December 2020, the only feedback we could source were reviews of its mobile app left in the Apple App Store.
Investors report that the Finch app is easy to navigate and that they appreciate the instant liquidity of invested funds. One complaint mentioned the app going down for maintenance resulting in issues withdrawing funds but outside this complaint, no other withdrawal issues were reported.
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Finch offers a new way to invest with its hybrid checking and investment account. But the app is currently only available for Apple users.
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