Frequently Asked Questions
No and no. MoneySwell is not a bank and we aren’t affiliated with a bank. We make software to help you manage your money. But we aren’t a transaction platform. In other words, you can’t deposit money with us, transfer money between your accounts through us, or send money to friends through us.
There’s nothing wrong with those features, it’s just not what we focus on.
We DO allow you to sync account balance data and other transactional data from your bank accounts through an integration with our syncing partner, Plaid. This ensures you can have a complete view of your money through your MoneySwell account.
No. MoneySwell has not taken any outside investment. We are 100% privately owned, built from the ground up.
Why did we build MoneySwell this way? Here are a few reasons.
- Our time and energy is limited. We want to focus these limited resources on building a great product, not on convincing investors to give us money.
- We like sustainable growth. Investors often expect growth at all costs, even if it means failing in the long-term. But the truth is, there’s plenty of room for all kinds of financial software. We don’t need to reach the “finish line” first or “crush the competition.” We just need to build a product that works for us, and find others who it works for too. How’s that for an honest answer?
- We can build it this way. The skillset of the team is wide enough that we are able to build a useful tool without giving ownership and decision-making power to investors.
- We have experience working for venture-backed companies. From what we’ve seen, these environments have a lot of waste, a lot of hype, and more often than not, a lot of sad faces at the end of the journey. The future isn’t guaranteed for any business no matter how it’s built. But by being privately owned, at least our successes and failures will be ours alone based on our vision for what success looks like.
- Privately funding felt safest. We’re not massive risk takers. Like our customers, we have financial obligations like mortgages, day care for our kids, and a whole lot more. Privately funding allowed us to earn income from other sources as we built the business. Investors don’t typically support this model. But for us, it was the financially responsible way to go when we got MoneySwell off the ground.
Would we ever accept venture capital funding? Possibly. Not all VC firms are the same nor do they treat every project they invest in the same. While we really want to start our business without VC funding, there may come a point where the best way to grow our product and support our customers is by accepting funding…with the right investing partner. We’ll let you know if we reach that point.
Yes, with MoneySwell you can build an action plan for your money in minutes! After completing a brief survey, MoneySwell will generate your customized action plan which outlines your financial roadmap. Depending on where you are in your financial journey, some tasks will be left out of your plan. But you can always customize your plan as needed by adding or removing tasks.
A MoneySwell Benefit Membership is when an organization you’re associated with – often a company or educational institution – has purchased MoneySwell on your behalf.
Certified Financial Planners (CFPs) serve an important role in helping to create financial wellness. MoneySwell is not a replacement for CFPs. CFPs can learn about the intricacies of your financial circumstances, your goals, and even your personality, in a way that only a human can do.
However, the foundations of financial wellness are close to universal. Your job is to take action! And MoneySwell will help you do just that. By following your personalized action plan, you will be following time-tested steps that have worked for millions of people to meet their financial goals. Your MoneySwell action plan sets you up for success long before you ever meet with a CFP. And if you do meet with a CFP, we’re confident they’ll be glad you used MoneySwell to organize your finances and get on track.
Yes. You can use any email you like for a benefit membership. In fact, we recommend you use a personal email address as it ensures that if you ever leave your institution you’ll still get the necessary updates for your account. Also, you can change your account email address at any time on the My Account page.
Not at all! With MoneySwell you can sync your account balances all in one place, save your record of assets, liabilities, and net worth over time, and use a simple but powerful budgeting tool to stay on track with spending, saving, and income, and leverage the most useful retirement planning tool around. You can also add your own notes to each educational article as a reminder of the steps you took to improve your financial health.
Yes! Well, free to you. If your organization has purchased a bulk set of user accounts, your access to MoneySwell is free for the duration of the contract (typically a renewing annual subscription).
Most financial apps make money by selling advertising space on their site, selling your data to credit card providers and other lenders, or investing your money and taking a cut of the returns.
We don’t do that. 100% of MoneySwell’s revenue comes from user subscriptions. This ensures that our only agenda is to help you improve your financial health. Additionally, because there are no advertisements on our site we can create the best user experience possible, uncluttered by promotions for products you probably don’t need in the first place.
If you’ve been offered MoneySwell as a benefit, go to this sign up page, enter your organization-provided access code and email address (it doesn’t have to be an email associated with your organization).
If you’re looking to sign up for an individual subscription, sign up here.
Many financial applications sell your personal information to advertisers or lenders.
At MoneySwell, we don’t do that. Really, it’s true! We believe personal finance should be personal. We don’t sell your personal data to anyone. If you’re curious to see the legal details, check out our Terms of Service and Privacy Policy.
Additionally, MoneySwell adheres the to the latest standards in online security. We don’t store your bank account login credentials. And we’re not a transactional platform. All of this ensures that your money and all your personal financial information stays 100% within your control.
Your subscription will remain active until the end of your organization’s contract. After that point, you will be given the option to continue your subscription – without any disruption to your account or service – and pay the associated plan (monthly or annual) subscription fee.
If you choose not to sign up for an individual subscription, you will lose access to your account 30 days after your organization’s contract ends, and all the associated data will be permanently deleted 60 days after your organization’s contract ends.
Most people will spend between 10 minutes and 30 minutes a month. Using MoneySwell your regular routine will involve a monthly account sync, a quick update to Cashflow Goals (your easy budgeting tool), and sometimes completing a few steps in your financial action plan. Of course you can spend as much time as you like. But we’ve designed MoneySwell to help you build an efficient and impactful financial routine that allows you to get in, get out, and enjoy your life.
Much like if you leave your organization (or for whatever reason are no longer associated with it), you will be given the option to continue your use of MoneySwell through an individual subscription without any disruption to your MoneySwell account or service.
Using the organization-provided benefit access code, you may only sign up for one account. However, if you want more MoneySwell accounts for any reason, you can go through the normal signup flow on MoneySwell’s website and pay the applicable subscription fees.
No. Your organization has zero visibility into who signed up and zero visibility into your account data. We believe personal finance should be personal and we mean it.
in Boulder and San Diego.