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Twine app review

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A saving and investing tool designed to help couples reach individual and joint goals.

finder.com’s rating: 4.6 / 5.0

★★★★★

Developed by John Hancock, Twine offers savings and investment options to help you and your partner tailor your strategy for short and long term goals. But it doesn’t offer cash deposits and can take up to three days to access your money.

0.6%

Annual fee

$100

Minimum deposit to open

Details

Available asset typesStocks
Bonds
ETFs
Account typesRobo-Advisor

Benefits of Twine savings

Twine‘s free savings account has low minimums and fees, and pays a competitive interest rate. Here’s what makes it stand out from the competition:

  • No fees. The Twine savings account is free to open and charges no monthly service fees.
  • Access when you need it. Use the dashboard or mobile app to access your money anywhere.
  • Low minimum balance. You can open an account with as little as $5 and you won’t pay fees for low balances.
  • Security. Twine uses bank-grade encryption and is covered by both FDIC and Securities Investor Protection Corporation (SIPC).
  • Savings goals. Set up as many individual or joint savings goals as you’d like.
  • Set it and forget it. Set up recurring deposits from other bank accounts to build a saving and investing habit that can help you reach your financial goals.

What should I look out for?

The Twine savings account offers strong features with virtually no fees, but there are still a few things to look out for:

  • No interest. Unlike other savings accounts, you won’t earn anything when you stash your money with Twine.
  • No branches. Twine operates entirely online, so you won’t be able to visit a branch for assistance.
  • No cash deposits. Since Twine doesn’t have ATMs, you won’t be able to make cash deposits.
  • No ATM card. Unlike some other savings accounts, the Twine savings account doesn’t come with ATM access.
  • Withdrawal wait times. You’ll usually have to wait two to three business day to process your withdrawal.

Benefits of Twine investing

Once you’re ready to invest, Twine uses robo-advising to diversify your money in a mix of ETFs. Its dashboard allows you to easily manage your money, which is protected by FDIC and SIPC. Other benefits include:

  • Few fees. Other than ETF management fees, the only fee you’ll pay is 25 cents monthly for every $500 in your account, which works out to 0.6% annually.
  • ETFs. Twine invests your money in a diversified portfolio with a selection of stocks and bonds.
  • Personalized. Your investment portfolio reflects your risk tolerance, preferences and more. Plus, you can set up custom recurring deposits to grow your savings faster.
  • Dividends. Some ETFs pay cash dividends that are moved into your savings account.
  • Goals. Create individual or joint goals to save for short and long term financial plans.

What should I watch out for?

While Twine is a unique platform that encourages couples to work together, it does have a few drawbacks:

  • Online only. You can only access your portfolio online or on the app — there are no physical branches.
  • Slightly higher fees. Twine‘s 0.6% annual fee is slightly higher than some of its competitors.
  • No retirement accounts. Unlike some other robo-advisors, Twine doesn’t allow you to open retirement accounts.
  • Minimum opening deposit. To move from the savings to the investment account, you’ll need to have a balance of at least $100.
  • ETF fees. Twine only charges a 0.6% management fee for invested accounts, but the underlying ETFs in your portfolio may charge small fees.
  • No human advice. While you can get personalized tips and investment advice from Twine‘s algorithms, there’s no human financial adviser to assist you.

Customer reviews and complaints

Based on its Apple App Store rating, Twine is well-liked by its customers.

As of April 15, 2020, Twine has a 4.5 out of 5-star rating based on over 4,400 reviews. Customers enjoy the ease and simplicity of Twine’s goal feature, allowing them to create individual or collaborative goals with a spouse or partner to save for a future milestone.

As far as complaints go, slow processing seems to be a common concern among Twine investors. Customers making a withdrawal from their Twine account cited wait times in excess of 10 business days before gaining access to their funds. Others reported a three-week waiting period to have their account application processed.

Unfortunately, this is the only Twine feedback we could find. It doesn’t have a Better Business Bureau or Trustpilot page, and no complaints have been lodged against it on the Consumer Financial Protection Bureau.

Compare Twine to other options

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
American Express® Personal Savings High Yield Savings
1.00%
$0
$0
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Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
CIT Bank Savings Builder High Yield Savings Account

0.95% on balances of $25,000+ or set up a direct deposit of $100+ each month
0.79% on balances of $0 to $24,999
$0
$100
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No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
Discover Online Savings Account
1.01%
$0
$0
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Take advantage of a high-interest online savings account with no fees, no minimums and more.
Aspiration Spend & Save Account

1.00% on balances of $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0
$10
Go to site
View details
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
UFB Direct High Yield Savings
0.40%
$0
$100
Go to site
View details
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
BBVA Money Market

0.19% on balances of $1,000,000+
0.10% on balances of $100,000 to $999,999
0.05% on balances of $0 to $99,999
$15 per month
(can be waived)
$25
Go to site
View details
Earn a promotional APY for your first 3 months and access your money by ATM, check or bill pay.
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Compare up to 4 providers

How much does Twine cost?

The service doesn’t charge many fees, but there are still a few you should look out for:

Type of feeSavings accountInvestment account
AnnualNone0.6%
OtherWire transfers, paper statements, insufficient funds (varies)ETF fees (varies)

How do I fund my Twine account?

There’s only one way to fund your Twine account, and that’s by linking your bank account, which is required during the application process.

How do I apply?

Twine operates entirely online, so the application process begins on the Twine website:
Online

  1. Click Sign up in the top right corner.
  2. Enter your email address, create a password and click Next.
  3. Enter your phone number and click Send verification code.
  4. Enter the five-digit verification code.
  5. Select your avatar, then click Next.
  6. Link your bank account.
  7. Enter any other requested information and adjust your preferences.
  8. Your application is complete.

Eligibility

To open either type of account, you’ll need to meet a few eligibility requirements:

  • US Social Security number
  • US mailing address
  • US citizen
  • Social Security number
  • At least 18 years old

Required information

Whether you apply online or on the app, you’ll be asked for the following information:

  • Email
  • Social Security number
  • Government-issued ID
  • Investment preferences and goals

How can I get in touch with customer service?

You can contact Twine customer service using:

  • Email: Support@Twine.com
  • Instagram: @Twine
  • Facebook: Twine USA
  • Twitter: @Twine

I’ve signed up. Now what?

Now that your account is open, here’s how you can get the most out of it:

  • Review your investment preferences. Line them up with your risk tolerance, income and goals.
  • Log in. Use the online dashboard or mobile app to monitor and manage your accounts.
  • Set up investment goals. Set up as many individual or joint investment goals as you need.
  • Recurring deposits. Set up recurring deposits from one or both of your linked accounts to reach your savings goals faster.

Bottom line

Unlike other robo-advisors, couples can organize their money according to joint short and long term financial goals. Plus, you can create individual goals and fund them manually or with recurring deposits.

However, you can’t open a retirement account and investing is done solely online. Compare your options to find the robo-advisor that meets your needs.

Frequently asked questions

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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