We live in a world where we can access our bank accounts and investments at the touch of a button.
Still, our attention and time continue to stretch thin as we struggle to keep up with all of the new platforms that support our day-to-day lives.
With so many services and apps to juggle at once, managing multiple accounts is becoming a difficult and time-consuming balancing act.
Unifimoney developed its service to solve this pressing issue by creating an all-in-one platform for finances.
Read on to learn what Unifimoney is all about and how its platform can make managing your finances easier than ever before.
Unifimoney Review: Overview
Unifimoney is a company based in San Franciso, California.
It showcases a team of talent from both the financial and digital worlds to create a safe service for managing all your personal finance needs.
The company was founded in 2019 and has already built a reputation as a strong player in several financial spaces.
They created their money management app to provide an all-inclusive financial platform that contains a user’s entire financial life.
Unifimoney reaches out and partners with big names in banking, investing, insurance, and more to provide the best products to their customers.
Unifimoney Review: What is Unifimoney?
Unifimoney offers an array of financial services through its easy-to-use app, including banking, investing, credit cards, insurance, loans, and more.
It conveniently weaves banking and investing together into one self-managed package, providing users with a tool to manage money in a single space and a platform for self-directed investing.
Partnerships with companies like UMB Bank with over 100 years of experience make it possible for Unifimoney to have a strong showing in several financial niches despite being such a young company.
The service boasts several bonus opportunities, such as a Bitcoin reward for anyone you refer to the Unifimoney platform.
There are ways to get cash back on purchases with a Unifimoney credit card and discounts or incentives when using their loan services.
How Does Unifimoney Work?
Getting started is as simple as downloading the Unifimoney app on an Apple device — Android users will need to wait for a version tailored to their OS.
With the app downloaded, new users must open a Unifimoney account for a minimum balance of $100 to start their high-yield checking account.
From there, Unifimoney’s possibilities are endless.
Once you’ve created an account, you can jump right into investing through commission-free trading.
Investment opportunities include traditional stocks and ETFs or cryptocurrency and precious metals trading.
The platform’s features and tools offer several excellent incentives. For example, new users have to chance to win a $1,000 Bitcoin reward just for signing up.
There’s even an option for robo investing if you lack the desire or the time to track investments on their own.
This is an exceptionally useful feature for busy users who want to make a passive income but do not have the time to dedicate to trading.
The real beauty of Unifimoney is that all of its money-management features are easily accessible in one simple app.
On this all-in-one platform, you won’t need to keep track of separate login information for banking, investing, insurance, loans, credit cards, and the like.
This makes it possible to invest and monitor bank statements from one account.
Fortunately, there’s no need to transfer funds between different entities, spend time logging into multiple sites, or wait for your money to get where it needs to go.
Is Unifimoney Legit?
Unifimoney is a legit company with a few years already under its belt and many happy users.
They are known for following through on their plans and are constantly looking at ways to improve their platform.
The company partners with many big-name financial institutions. For example, Unifimoney has a partnership with Visa for its debit and credit cards.
Unifimoney Review: Features
Unifimoney is stacked with features for all your personal finance needs. These features are:
- Credit Card
- Health Savings Account
- Refund Policy
Unifimoney offers a high-yield checking account that puts some traditional banks to shame. Entirely online, this bank account is a one-stop shop to manage your money.
Your high-yield checking account is provided by FDIC-insured UMB bank, which has over 100 years of banking experience.
Additionally, the account sees 0.20% APY on deposits.
The bank account is fee-free on a monthly basis as long as you deposit a minimum of $2,000 per month or have a minimum balance of $20,000.
It can also be used for money transfers, bill payment, and direct deposit.
If you need paper checks, Unifimoney provides those as well.
Unifimoney even does money transfers through wire or an automated clearing house.
Within this account, Unifimoney offers a visa debit card made from reclaimed ocean plastic. So simply using the visa debit card supports the Ocean Foundation.
Furthermore, it is possible to access funds from over one million ATMs worldwide.
In the U.S. alone, this debit card is part of the largest surcharge-free ATM network with over 55,000 locations.
Unifi Premium is Unifimoney’s credit card that is set to launch this quarter.
This credit card stands out as the first of its kind to offer cashback that’s redeemable as Bitcoin, gold, or to put towards an equity investment account.
Who would have thought that you could invest by shopping normally with 2% cash back for eligible purchases?
As a Visa credit card, Unifi Premium shares the same benefits as others of its kind. These bonuses include auto rental insurance, identity theft protection, and much more.
In addition to banking, Unifimoney offers several options for building an impressive investment portfolio.
These options come in the form of stocks and funds or assets such as cryptocurrencies and precious metals (gold, silver).
Investments are SIPC insured, protecting customers for up to $500,000.
Unifimoney features self-managed investment accounts that put you in complete control of your personal finance — we’re talking commission-free trading in U.S. stocks, American depository receipts, or ETFs.
Investing through the app is done in real-time and starts as low as $1 with fractional investing.
All trades in your investment account are completed through the partner app, Drivewealth.
If a Unifimoney account is your first foray into investing, their mobile app provides a list of forward-thinking categories and stocks that the team considers suitable investments.
This makes it a perfect starting point for new investors.
Of course, you can choose to handle your own money management by investing in stocks and ETFs that stand out to you and align with your investment goals.
If you want a hands-off approach to investing, Unifimoney has a pair of robo advisors to do the work for you.
Each robo advisor relies on the Tenjin AI engine and after setting preferences, it chooses the best investments under this criteria.
For just $25 a month, your robo advisor will use your specified risk tolerance to invest those funds into a diversified portfolio.
The Tenjin AI Basic robo advisor is for entry-level investing. It rebalances your portfolio once per year and makes changes based on your risk level.
The Tenjin Basic AI bot hunts down smart ETF choices to get you the growth you desire.
There’s a 0.15% annual advisory fee for assets monitored by this bot that is paid monthly.
The Tenjin AI Advanced robo advisor closely watches the market, predicting downturns and making strategic investment decisions to maximize your profits.
The bot rebalances accounts quarterly to ensure investments remain up-to-date.
Assets guarded by the Advanced bot are charged at an annual advisory fee of 0.30%, which is deducted from your account on a monthly basis.
Unifimoney makes it easy to buy, sell, and even store crypto assets on their safe and secure platform.
Transfers happen through Unifimoney’s partner Gemini, a licensed New York trust company that serves as a regulated custodian, wallet, and exchange.
Sales are executed at lightning-fast speed and are protected by Gemini’s top-notch security.
Currently, you can trade up to 33 different cryptocurrencies, with frequent new additions.
Precious metals are a timeless investment strategy, and Unifimoney provides the opportunity to do precious metals trading of gold, silver, and others seamlessly.
Precious metals purchased through Unifimoney are fully insured and run through a verification and audit process by a third party.
You have direct ownership of any of the precious metals you choose to invest in.
These metals can either be stored at one of three facilities around the U.S. or sent directly to your location.
Any of the precious metals you have stored in one of those three vaults can be instantly liquidized at any time.
Unifimoney features several loan opportunities for its users. Available options include home mortgages, home improvement loans, and auto loans.
Home improvement loans are part of a free home management platform. And Unifimoney’s features take the stress out of making your home the perfect place for you to live.
The company also attacks student loan debt through student loan refinancing.
There are no fees for student loan refinancing, and Unifimoney can refinance up to $250,000 of student loan debt.
This is huge for those looking to start on their profession of choice right out of school.
Each loan type has associated discounts or offers some form of cash back.
Unifimoney works closely with partners that offer life, home, and auto insurance policies, which are all available within one app.
And thanks to its reputable partners, Unifimoney can land some of the top providers in home and car insurance that are currently available.
The application process for each type of insurance is done entirely online and takes only minutes to complete.
Successfully applying for a home or car insurance quote can even net you a $15 Bitcoin even if you don’t follow through with the service.
Insurance plans can be tailored to your specific needs. Unifimoney makes a point of mentioning that all fees for these services are transparent.
Health Savings Account
Unifimoney also has a health savings account (HSA) made available to its members.
HSA’s are a great way to obtain tax breaks on medical expenses, and they offer other incentives.
HSA balances over $1,000 can be invested into one of Unifimoney’s many investment opportunities.
Unifimoney has a partnership with UMB Healthcare Services, a leader in HSA payments. Best of all, HSAs have no monthly fee to use.
All of the features and services that Unifimoney provides are either free to use or have a fee schedule based on use.
As a result, there is no refund policy listed for any of its services.
Is Unifimoney Safe?
Each of Unifimoney’s main features has a different form of protection, but you can rest assured that your funds are taken care of.
Bank accounts are protected through Unifimoney’s partner bank UMB Bank member FDIC. FDIC insurance secures funds with up to $750,000 in coverage.
Investment products through Unifimoney are SIPC insured and protect members for up to $500,000 in the event of loss (through Drivewealth).
Cryptocurrency and precious metals are protected as well. Gemini is a custodian and exchange of cryptocurrencies and is regulated by the New York State Department of Financial Services.
While there is no insurance coverage on precious metals, the physical asset is held in one of three secure facilities around the U.S.
Unifimoney Fees Review
Surprisingly, you won’t need to pay any fees when starting your investment journey with Unifimoney.
The platform just requires an initial investment of $100 into your Unifimoney bank account to unlock every feature.
The monthly fee associated with banking can be negated if you’re able to supply a direct deposit of at least $2,000 per month or have a minimum balance of $20,000.
It is unclear how much this fee is if you’re unable to meet their requirements.
Investing is all commission-free for any of your self-managed stock or ETF trades. There’s also no limit on how much trading you can do in a month.
The same holds true with other investable assets such as cryptocurrency and precious metals.
All that’s required is to pay the current buy rate to purchase the metal or coin.
The website does mention that any applicable fees are included in the asset’s buy price.
Unifimoney doesn’t charge for the storage of metals or cryptocurrency.
The only area that explicitly calls out a fee schedule is automated robo investing.
Since these robo advisors take care of your investments for you, the platform charges accordingly.
The Basic robo advisor sees fees of 0.15% annually, whereas the Advanced bot costs 0.30% per year to use. These fees are billed out monthly.
Unifimoney Review: Pros and Cons
Unifimoney has a lot of features for a newer company but executes them very well.
That being said, there are a few things to be aware of when creating a Unifimoney account. Here are the pros and cons of the platform:
- Money management tools all in one location
- Several strong financial partners
- Full-service banking with a high-yield checking account
- Several cashback opportunities
- Commission-free trades
- Can invest in alternative assets such as cryptocurrencies and precious metals
- Automated AI investing
- Large fee-free ATM network
- Many Bitcoin reward opportunities
- Only available on the Apple devices
- Limited traditional investing opportunities
- Customer service is only in-app
Is Unifimoney Right For Me?
Unifimoney contains a lot in a small app package, but it is possible to open a high-yield checking account for just $100. Investing can happen in fractions of shares and start at as low as $1.
Its low barrier to entry makes it possible for anyone to start and use the full functionality of their Unifimoney account.
That being said, the site does specifically mention that it was designed with high-income individuals in mind.
Young professionals and other individuals with large amounts of student debt can turn to Unifimoney to work through financial woes.
Bottom line, any busy soul who struggles to find time to manage a portfolio can benefit from the convenience Unifimoney has to offer.
The only individuals faced with a hard stop at this time are those with Android phones, as there is still no app for Android users.
Unifimoney Reviews by Members
On both TrustPilot and the Apple store, Unifimoney users are raving about the service. Check out some of the recent reviews below:
As a busy young professional, Unifimoney offers a great detail of product features where I feel confident to manage my money and grow my wealth. It’s easy to use and has a beautiful UI. It puts my mind at ease to be able to pay bills, send money to peers, and invest!
-Trina, on Trustpilot
Great app for managing all of my money/investments in one place. Saves me so much time by not having to navigate between multiple apps to invest in ETFs, crypto, etc.
Love that an overview of your accounts is available right from the home screen, and the plethora of rewards for signing up, referring others, getting a quote for car insurance, etc. are great.
I’m a huge fan of the automated investing feature so I can set it, forget it, and know I’m building wealth without having to go in and make transfers.
A must-have finance app if you’re tired of juggling multiple apps/accounts to manage your money. Can’t wait for the upcoming credit card!
-Lex, on the App Store
For people who want a single service to optimize all of their savings, spending, and investing, the Unifimoney app is the answer. It integrates it all so you can manage it holistically, including cryptocurrencies, precious metals, and investing.
-Mark, on the App Store
Unifimoney Final Verdict: Is It Worth It?
Unifimoney is currently the only platform of its kind to pull banking, investing, loans, insurance, and more together in one easy-to-use app.
Although geared toward those in the higher income bracket, this is a huge win for anyone looking for a convenient trading platform.
The team at Unifimoney has already been able to build a stable system with solid backing in just two years.
If this trend continues, the sky is the limit for where the platform can go.
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