Did you know that only 41 percent of Americans are using a budget? Maybe you're a part of the other 59 percent of the U.S. population that doesn't currently follow a budget, but you're looking to, and that's why you landed on this Personal Capital vs. Mint review.

So, the question I'm sure that you're looking for the answer to is, which app is better? Which one should you use?

Honestly, these are very subjective questions. Personal financial management is very uniquely based on your personal financial situation, so there's no clear answer on which budgeting platform is the absolute best.

However, it's important to do your research on each one to determine which one will fit your needs.

My boyfriend and I recently started using a budgeting app, and it has completely changed our lives. It helps you save so much money and really stay on top of your expenses. We personally did a lot of research before choosing the right one for us.

What Is Personal Capital?

Personal Capital is a personal financial planning service that utilizes both a website and a free mobile app.

Personal Capital offers two separate services: a free personal finance app and a paid financial advisor service. In this review, we will be focusing solely on the free app for the purpose of a true comparison to Mint.

The app can be used for a variety of personal financial planning, such as budgeting, investment analysis, and future financial planning.

Personal Capital can help you save a lot of money throughout your lifetime, especially in terms of figuring out hidden fees and how to avoid them.

The app even helped one person figure out how to save $87,000 between now and their retirement! How cool is that?

Personal Capital features

When looking at Personal Capital vs. Mint, it's important to note that Personal Capital has numerous features that make it a great financial tool.

Manage all accounts in one place

Personal Capital allows you to link all of your accounts, and be able to view them all in one dashboard.

That includes bank accounts, credit union accounts, credit cards, 401(k)s, IRAs, investments, and any debt that you may have.

Interactive cash flow tools

Personal Capital has great cash flow tools, and you can create and follow a budget.

It's easy to see how much you're making versus how much you're spending, and see how to cut back on certain expenses.

You can also monitor your credit card balances through the app, and see a detailed income and spending report.

The app also features a Recent Transactions Today extension where you can review all of your transactions in the past 24 hours.

Personalized investment advice and investment tracking

Personal Capital offers registered financial advisors who can provide you with customized advice that is tailored specifically to your goals.

You are also able to track all of your investments through Personal Capital, which is one of their biggest advantages.

With the app, you are able to see what the market is doing and how it is affecting your assets. You can track your investments by asset class, account, or individual security.

The app also allows you to compare your portfolio against major market benchmarks. It helps you to stay on track to meet your investment goals.

They also offer an extension, Holdings Today, where you can track the daily market and individual holdings movement.

Uncover hidden fees

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Another huge advantage to Personal Capital is that it can uncover hidden fees for you with its Allocation Checkup Feature.

That can save you a ton of money in the future.


Personal Capital specifications

  • Cost: Free
  • Customer Service: 24/7 phone; Email
  • Budgeting: Yes
  • Bill management: No
  • Investment tracking: Yes
  • Retirement planning: Yes
  • Tax reporting: No
  • Credit score monitoring: No
  • Zillow tracking: Yes
  • Custom categories: Yes
  • Manual entries: No
  • Currency support: U.S.
  • Access: Website, iOS, Apple Watch, Android
  • Two-Factor authentication: Yes

Benefits of Personal Capital

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Personal Capital has numerous benefits that set it apart from other budgeting apps.

Mobile app

Personal Capital offers a completely free mobile app that is available through iOS (even through the Apple Watch) and Android devices on the App Store and Google Play.

Customer service

Personal Capital's customer service can be reached 24 hours a day, seven days a week.

Their customer service team can be reached through phone or email, and they will generally get back to you within 24 hours if you choose to email.

That even applies to their free services, but their paid Wealth Management service also comes with two live financial advisors.

Security measures

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Personal Capital is equipped with numerous security measures.

First of all, they are read-only. That means that no transactions can be made through the app, so even if a hacker were to get ahold of your account, they would not be able to make any purchases or withdraw money.

Additionally, you must register all devices that you are using to access their platform. That can be seen as a drawback, but it is definitely a benefit in terms of security.

Personal Capital also uses military-grade encryption at 256-bit AES, meaning your data is kept secure. They also utilize firewalls and perimeter security.

If you are using iOS devices, you can also use fingerprint scanning to access the app.

Customer reviews

Personal Capital earned 4.8 out of 5.0 stars on the App Store from tens of thousands of reviewers.

Users had almost nothing but good things to say about Personal Capital, such as:

  • "Great app and it may come with a personal human advisor!"
  • "Good for record-keeping."
  • "Goodbye Quicken, hello Personal Capital!"

Personal Capital earned 4.6 out of 5.0 stars on the Google Play store, also from tens of thousands of reviewers.

Users had a variety of things to say, but reviews are mostly positive. Reviews include:

  • "Some of the goal tracking tools don't really work consistently. Otherwise, great dashboard."
  • "Had some trouble connecting to some accounts; customer service tried several times to resolve the issue. No luck."
  • "Absolutely the most complete, easy to use financial management tool available."

What Is Mint?

Mint is a free financial planning service that is powered by Intuit.

Intuit acquired Mint in 2009, and when they sold Quicken in 2016, Mint became their sole focus for personal financial management.

Mint is a bit more user-friendly than Quicken was, as it does not require you to install any software. You can access it anytime, anywhere from your smartphone, computer, or just about any other mobile device.

Mint will incorporate all of your financial accounts into one place, and allow you to view your full financial situation easily.

Mint features

When looking at Personal Capital vs. Mint, it's important to note that Mint has numerous features that make it a great financial tool.

Manage all accounts in one place

Mint is free and simple to set up. You can have it up and running within a couple of minutes, with all of your accounts.

Mint will connect to almost any U.S. financial institution.

You can see and manage your accounts anywhere and at any time. Mint tracks them all for you and updates them in real-time, automatically updating and categorizing your information.

That includes bank accounts, credit cards, retirement accounts, brokerages, CDs, IRAs, and more.

From there, Mint will even give you tips on how to save money.

Track bill payments

Something that sets Mint apart is the fact that it can track your bill payments for you. That includes credit card bills, utility bills, rent payments, and more.

You won't have to worry about logging into multiple sites to see when your bill is due, and you can completely forget about having to worry about late fees.

All you have to do is set reminders, and Mint will remind you to pay on time and warn you if funds are low.

Mint will also let you know if you have any large or suspicious transactions.

Track budget goals

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If you're looking to get some assistance with creating a budget, Mint will do that for you, too.

Mint will help you create a budget that you can actually stick to.

Basically, they will calculate your average spending per category so that you can easily create a budget based on spending patterns.

You'll be able to see what money you have leftover with their daily budget tracker.

Free credit score reporting

Mint is one of the only budgeting apps that offers completely free credit score reports.

There is no credit card required, so it is 100 percent free, and it's fast. All you have to do is verify your identity, and you'll receive your credit score within minutes.

Mint specifications

  • Cost: Free
  • Customer Service: Email
  • Budgeting: Yes
  • Bill management: Yes
  • Investment tracking: Yes
  • Retirement planning: No
  • Tax reporting: Yes
  • Credit score monitoring: Yes
  • Zillow tracking: Yes
  • Custom categories: Yes
  • Manual entries: Yes
  • Currency support: U.S.; Canada
  • Access: Website, iOS, Apple Watch, Android, SMS
  • Two-Factor authentication: Yes

Benefits of Mint

Mint has numerous benefits that set it apart from other budgeting apps.

Completely free

Unlike Intuit's previous program, Quicken, Mint is 100 percent free to use. Quicken was quite expensive, so it's nice that they have switched to something everyone has access to.

Mint also has just about every feature that Quicken had.

Customizable

You can choose to utilize just a few of Mint's services or all of them. It's completely up to you!

You can have 75 budgeting categories or just 5 of them. You can link your investment accounts, or don't.

Mint completely tailors to your needs, which is what makes it so great and user-friendly.

User-friendly

Mint downloads all of your transactions for you, so all that you really have to do is assign each transaction to its respective category.

But, over time, Mint will start to recognize how your transactions need to be categorized and will even start to handle that for you.

Customer reviews

Mint earned 4.7 out of 5.0 stars on the App Store from hundreds of thousands of reviewers.

They had mixed things to say, but reviews are mostly positive. They include:

  • "Great budget app."
  • "Great app, couple issues."
  • "Needs small fixes -- otherwise a great product."

The app earned 4.3 out of 5.0 stars on the Google Play store, also from hundreds of thousands of reviewers.

Reviewers have mainly positive things to say, such as:

  • "They reversed the horrid UI changes made... and now I'm happy."
  • "Simple, easy to see my budget and expenses, categorize..."

From the Google Play reviews, it seems that Mint updated the User Interface a couple of months ago and it was garnering negative reviews. However, it seems as though Mint listened to its customers and updated it, and customers are now satisfied again.

Are These Apps Safe to Use?

It goes without saying that it can be a bit nerve-racking to link your bank accounts to a mobile app. You're probably worried about safety and security, and the potential of others gaining access to your personal information and data.

Hacking and security breaches have been extremely common over the last decade or so, and it even happens with large financial institutions such as J.P. Morgan Chase.

A lot of times, you will hear from banks that you need to be careful when sharing bank account information with third-party sites, such as Personal Capital or Mint.

However, it's quite possible that the banks are saying this because of competition. When you're using these budgeting tools, you obviously are not visiting the bank's website anymore.

The bottom line is, budgeting apps such as Personal Capital vs. Mint are generally safe to use. They both have heavy security measures in place. Both are read-only, so even if hackers do gain access to your information, they won't be able to make transactions or withdrawals.

Of course, use caution when using these apps. There is always the possibility for something to go wrong, which is true for any financial institution as well.

Personal Capital vs. Mint: Similarities and Differences

So, what exactly are the similarities and differences of Personal Capital vs. Mint?

Similarities

The main similarities between Personal Capital vs. Mint are that they both link your financial services for you.

Through both apps, you are able to link accounts from thousands of U.S. financial institutions. That includes banks, credit cards, PayPal accounts, loans, investments, and more.

Additionally, both services provide you with notifications. These can be alerts that one of your account balances is low, or that you are about to be late on a bill payment. These notifications can come through email or directly from the mobile app.

Finally, both services provide you with cash flow reporting. They are both able to tell you where you are spending monthly and what categories you are spending in.

Differences

While Personal Capital vs. Mint generally provide similar services, there are also many differences to these two apps. Essentially, they are for two completely different types of people.

Saving methods

The first major difference between Personal Capital vs. Mint is in their methods of saving. Mint will recommend ways for you to save money through your investments, credit cards, loans, and insurance.

It is a paid service from Mint, and it is how they make their money. Personal Capital doesn't really offer an equivalent to this service, although they do offer ways to save by telling you about hidden fees.

Budgeting

The second difference between the two services is budgeting. Mint is the clear winner when talking purely about budgeting. Personal Capital only monitors cash flow, and while you can budget with Personal Capital, that isn't their main selling point.

For Mint, that's their biggest draw-in for users. Mint is all about budgeting, and that is its main use for people utilizing their services.

401(k) analyzer

A major difference between these two financial services is in 401(k) analyzing. Personal Capital offers a 401(k) fee analyzer, whereas Mint does not.

This analyzer will determine which funds in your retirement plan cost you the most money. It will then help you find a way to lower those fees.

Retirement planning

A big difference in Personal Capital vs. Mint is in retirement planning.

Personal Capital will help you figure out if you're on track for retirement, and will provide you with "what if" scenarios. Mint does not offer this.

Credit score reporting and monitoring

Another difference between Personal Capital vs. Mint is credit score reporting and monitoring.

Mint offers completely free credit score reporting, and Personal Capital does not. No credit card is required to use this service from Mint, and they will also provide you regular updates on your credit score.

Mint also offers a paid service that gives you a more detailed credit score report from three different agencies.

Paid financial management

One difference that you may think is a bit strange is in financial management in general.

Obviously, both services offer financial management. That's what they are both all about.

However, Personal Capital has an optional paid service that will manage your money for you and provide you with advice on investments.

Security

Another difference between Personal Capital vs. Mint is security. Although both services have security measures, Mint offers two-factor authentication. This feature keeps your personal information completely secure.

Asset Allocation

Personal Capital offers this unique service. It will tell you if you're underweight or overweight in any major equity categories.

Ads

Personal Capital is 100 percent free and does not monetize through ads or recommended services where it would get a commission. Mint does utilize ads in order to make some money.

Personal Capital vs. Mint: Which One Should You Use?

Even after all of this, there still isn't a clear answer on which one is ultimately the better service or app with Personal Capital vs. Mint.

However, if you're looking for more of a budgeting tool, we would recommend using Mint. It's very user-friendly and provides a lot more budgeting features than Personal Capital does.

If you're looking for assistance with investments, or just have a lot of different accounts to keep track of, then we would recommend Personal Capital. It can help you save a lot of money with investments and retirement planning, and that isn't really the case with Mint.

Have you used both Personal Capital and Mint? Which one did you prefer, and why?

Let us know in a comment!

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