NerdWallet and Mint are two of the most popular personal finance management apps out there. Both apps make tracking your spending, setting financial goals, and planning your future easy.
But what’s the difference between them?
And which app is better for you? I’ll break down some key app characteristics to help you decide which is best for all your money-management needs.
NerdWallet Overview
NerdWallet is a financial website that helps people save money and make smarter decisions with their money.
It offers free credit scores, credit reports, financial advice, and tools to help you find a job or home loan. It also has an iOS app, Android app, web browser extension, and Alexa skill (a voice command feature on Amazon Echo devices).
Mint Overview
Mint is a free online financial management tool that helps you track your spending and savings. It’s easy to use, but there are some limitations on what you can do without paying for a premium account. Mint also offers a mobile app for Android and iOS devices, which makes it easy to check your accounts on the go.
Mint was founded in 2006 by Aaron Patzer, who left his job as an analyst at Intuit (the maker of TurboTax) after learning that many people were not using their tax refunds wisely or managing their finances. He wanted to create something that would make managing money simple enough so anyone could do it—and thus, Mint was born!
NerdWallet App vs Mint: User Interface
NerdWallet and Mint both offer robust financial tracking tools with their strengths. NerdWallet’s user-friendly mobile application allows for detailed tracking of income and expenses. While its minimal transaction management and homepage design may feel unusual, it offers a budget-friendly solution with features similar to Mint but without ads.
On the other hand, Mint is known for its excellent user interface and effective use of artificial intelligence and automation for transaction tagging. It also provides simple budgeting tools, which are easy for new users to understand. However, the free version of Mint does contain ads, which some users may find irritating, and it has been noted for poor investment tracking and a discontinued bill pay feature.
Therefore, if you’re looking for a way to track your finances easily, NerdWallet and Mint can be solid choices depending on your preferences. NerdWallet might suit those seeking a more budget-friendly and ad-free experience. At the same time, Mint could be more appealing if you prefer automated transaction tagging and are comfortable with ads in the free version.
NerdWallet App vs Mint: Key Features
- Expense Tracking & Budgeting: Mint provides a platform for users to track their expenses and create budgets, while NerdWallet has basic expense-tracking capabilities.
- Personalized Financial Advice: NerdWallet shines in its ability to provide personalized financial advice, while Mint focuses more on budgeting and expense tracking.
- Credit Score Monitoring & Improvement: Mint and NerdWallet offer credit score monitoring, but NerdWallet provides more comprehensive advice for improving your credit score.
- Financial Product Comparison & Recommendations: NerdWallet specializes in comparing various financial products (like loans, credit cards, and investments) and offering personalized recommendations, while Mint focuses primarily on tracking finances.
- Investment Tracking & Advice: Mint allows users to track their investments and provides basic investment advice, whereas NerdWallet offers well-researched investment recommendations and comparisons.
- Bill Reminders & Payments: Mint offers bill reminders and facilitates bill payments through its platform, while NerdWallet does not have this feature.
- Financial Goals & Planning: Both apps help users work toward their financial goals by offering goal-setting and planning features. However, NerdWallet takes it a step further with personalized advice tailored to individual goals.
- User Interface: Mint’s user interface is well-known for being intuitive and easy to navigate, while NerdWallet’s interface is informative and focuses more on providing detailed advice.
NerdWallet App vs Mint: Pricing/Billing
Both Mint and NerdWallet offer free versions.
For those seeking an ad-free experience, Mint offers an Ad-Free plan for $0.99/month, available only on their mobile app. For more advanced reporting tools and daily spending trend notifications, Mint has a Premium plan costing around $4.99/month or $4.66/year.
While NerdWallet is entirely free to use, it may charge for some exclusive features, which are optional and must be opted into.
If you’re not interested in the additional features, you can use a basic account like Mint or other budgeting tools like YNAB or Personal Capital.
NerdWallet App vs Mint: Security and Privacy
Security and privacy are two of the most important aspects of financial apps. Mint and NerdWallet take these considerations seriously and implement measures to protect your data.
Mint uses bank-level encryption and monitoring through various third-party companies to protect your personal and financial data. This provides read-only access to your financial data, meaning it can be viewed but not modified or withdrawn. While not specified, many apps of this nature also utilize multi-factor authentication (MFA) or biometric security methods, such as fingerprint scanning, to ensure account security.
NerdWallet also prioritizes security, using 128-bit encryption to protect your data. It’s important to note that the term ‘bank-level encryption’ is common and doesn’t exclude using other security measures like MFA or fingerprint scanning.
NerdWallet App vs Mint: Similarities
Free Usage: NerdWallet and Mint are free to use, making them accessible to users at no cost.
Ease of Use: Being user-friendly is a common aspect of both apps. They provide interfaces that are generally considered easy to navigate, with each offering unique features and tools.
Tracking Income and Expenses: Both apps provide tools to track your income and expenses.
Saving Money: Mint and NerdWallet are equipped with features that aid you in identifying areas where you could save money. These might be areas where you overspend or could allocate more funds, such as retirement savings or college tuition.
Mobile Apps: Both NerdWallet and Mint provide mobile apps, allowing users to manage their finances on the go without needing to log into their respective websites on a computer.
NerdWallet App vs Mint: Differences
NerdWallet has more features than Mint, including:
- NerdWallet allows you to track your investment accounts, including 401(k)s and IRAs. Mint does not offer this feature.
- A credit score tool that updates monthly instead of once per year, as with Mint’s free version. You can also get free credit scores from other websites like Credit Karma or Quizzle—but only if you have an account with them already; otherwise, they’re paid services too!
Conclusion
Mint is a great tool for managing your finances and keeping track of your spending. But it’s not the only option out there. If you’re looking for more features and customizable options, you should consider using NerdWallet instead.
