mint

Mint savings review June 2019

Keep on top of your spending and manage your finances all in one place.

Mint tracks, displays and advises on almost every aspect of your spending and savings through a single user interface – from budgets to bills and even your credit score.

We’ve reviewed Mint to help you find out whether it could help you manage your money, when it arrives in the UK.

What is Mint?

Mint is a free personal finance management service, functioning in the US and Canada. It aims to help users keep track of their budgets, create and achieve goals, and aggregate financial accounts on one user-friendly dashboard. The service can be accessed with any browser or mobile device.

Currently, Mint only supports banks and financial institutions in the US and Canada. While it says it may expand to other countries in the future, it doesn’t have a timeline for when that may be.

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How does Mint work?

Mint is about helping you manage your money through a single app:

  • Everything in one place. Add multiple accounts, track bills and check your credit score. You can see all your finances at a glance while keeping on top of your outgoings in the future.
  • Create budgets. Mint allows you to create budgets for specific categories such as restaurants, gas & fuel, clothes or coffee, enabling you to closely track your spending.
  • Smart Budgets. Mint will automatically suggest budgets based on your spending history.
  • Free credit score. By verifying your identity, Mint can provide a credit score report, advise on how to improve your credit score and provide credit monitoring alerts for your peace of mind.
  • Alerts and Advice. Mint will alert you if you’re being charged fees you might not have noticed, if you’re going over budget, if there is any unusual or suspicious account activity and it’ll send bill reminders.
  • Investment Tracking. Mint tracks your investment portfolio performance, comparing it to market benchmarks to give you an idea of how it’s doing. Mint can also provide advice and tips as well as help you identify unnecessary fees from providers.

Mint has recently introduced its Bill Pay feature, enabling you to track and pay all your bills in one place. It will monitor your bills, bank accounts and credit cards so you don’t miss a payment or lose track of your finances:

  • Balances and outgoings at a glance. Mint will show you exactly what you have and what you owe. You can view your available cash and credit alongside all upcoming bills without having to log into multiple sites.
  • Bill alerts. Mint will send reminders to help you pay bills on time. This helps you avoid penalties or late fees.
  • Bill pay feature. Scheduled your payment of bills in advance so you know you won’t miss a due date.

Fees and limits?

Mint is free to download and free to use.

It makes money by recommending financial products to its users – when they sign up for “sponsored” accounts on the Ways To Save feature on Mint’s website, it gets a fee from the providers.

Is Mint safe?

Mint doesn’t actually hold your money, so you don’t have to worry about the company going bust. However, it does hold a whole lot of your personal and financial data.

Unlike in the UK, Open Banking isn’t a thing in the US yet, so what you’re doing when using Mint is basically giving it your bank account’s details and granting Mint access to it. However, Mint is still not allowed to move money – it accesses your data in read-only mode.

Moreover, Mint uses a variety of systems to keep your data safe – it’s all encrypted and is also monitored by third-parties services like VeriSign.

Pros and cons of Mint

Pros

  • Free to use
  • Free credit score and breakdown.
  • Bill alerts will help you keep track of bills and avoid late fees.
  • View everything on one interface without logging into multiple sites.

Cons

  • Not currently available in the UK.
  • Some users have reported synchronisation issues. At times the connection with your bank accounts doesn’t work properly, and can take a long time to get resolved.
  • Some users may not be comfortable entering all their banking data and bill information for security reasons.

Compare Mint against its competitors

Updated June 17th, 2019
Name Product Fees and charges Delivery speed
N26
Free
5-7 working days
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Free with finder.com, otherwise card delivery is £4.99
Up to 9 working days
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Free
Between 3-5 working days
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
None
Between 3-5 business days
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app

Compare up to 4 providers

Updated June 17th, 2019
Name Product Foreign ATM withdrawals Foreign transactions fee Card cost Delivery speed
N26
ATM fees differ depending on country
No fees
Free
5-7 working days
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
No ATM fees
No fees
Free with finder.com, otherwise card delivery is £4.99
Up to 9 working days
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
No ATM fees up to £300 a day.
No fees
Free
Between 3-5 working days
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
€1 per withdrawal
2% on card spend and ATM usage
Card delivery is free
Between 3-5 business days
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app

Compare up to 4 providers

Updated June 17th, 2019
Name Product Fees and charges Interest Savings goals
N26
Free
None
n26 'Spaces' feature lets the user open sub-accounts to stash your money away
Free with finder.com, otherwise card delivery is £4.99
No interest
Set budgets in the app
Free
0.5% AER up to £2,000, 0.25% over £2,000 to £85,000
Create different spending goals and protect money from daily spending
None
No interest
Not a feature

Compare up to 4 providers

Updated June 17th, 2019
Name Product Direct debits UK ATMs Payments Freeze your card
N26
Yes
Free
Use MoneyBeam to transfer money instantly. Is partnered with Transferwise so can send money to 16 countries.
Yes: touch of a button in app
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Revolut currently only supports direct debits with the Euro IBAN account
Free up to £200 a month
Easy UK payments and can transfer money between 23 countries
Yes: touch of a button in app
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Yes - future Direct Debits shown as alerts
Free, limited to £300 a day
Pay via bank transfer or using PayPal or Google Nearby
Yes: touch of a button in app
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
Yes - can cancel with touch of a button too
£1 per withdrawal
Pay via bank transfer, easier to send to another Monese account.
Report lost/stolen in app to be sent replacement
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app

Compare up to 4 providers

FAQs

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N26
N26

What is it?

App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Revolut (Standard)
Revolut (Standard)

What is it?

App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Starling
Starling

What is it?

Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
Monese (Starter)
Monese (Starter)

What is it?

A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app
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