Posted by William Charles on April 24, 2019
Deals no image

Published on April 24th, 2019 | by William Charles

45

Twine – Saving/Investing App – $20 Sign Up Bonus

Twine is a saving and investing app that allows users to set up individual or joint savings goals. Funds in each goal (or account) can either earn a traditional savings rate of 1.05% APY or can be invested into a portfolio. Funds invested in a portfolio have a fee of 25¢ per month for every $500 in funds and there are no fees for the savings account. When using the investment account for a goal/savings Twine will also automatically change the risk profile based on the time horizon (for example if a goal is far in the future it will be more aggressive than if a goal is close to completion).

Sign Up Bonus

Twine has agreed to give Doctor of Credit readers a higher than normal sign up bonus of $20 (please note we don’t receive anything when you use this link. We pass the full value onto you, the reader). The requirements to receive the $20 are as follows:

  • User must create a Twine account and fund first goal (as savings or investment) with $5
  • Twine will credit the user with $20 upon holding the account for 7 days, make take up to 14 business days to receive credit (usually takes 5 days)
  • Must be a brand new user to Twine
  • User must be a USA resident with a USA bank account (to connect to Twine)

Final Thoughts

I don’t think the savings account is really worth using, especially when there are so many other high yield products on the market that earn up to 2.5% APY with no requirements. The fees for the investment portion are higher than competitors (e.g Twine is 0.05% monthly vs 0.25% annually with Acorns), but the one advantage Twine does have is that there is no minimum fee whereas competitors will charge a minimum fee of $1 per month. For larger investors this doesn’t matter, but for somebody with a small investment the flat minimum fee can be prohibitive for getting started.

 



45
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Alys Holden
Alys Holden

I’m trying to fund with $5 and keep getting the following error: “Please enter a number greater than 10.” William Charles

oh nevermind, i guess that number is for the so-called “goal”

Skip Phone
Skip Phone

I just funded with 5$ a month and it worked.

Alys Holden
Alys Holden

Are we able to cancel the reoccurring deposit (it says it takes the second deposit on the 7th day) and still receive the bonus William Charles

doc
doc

There’s an option to Pause recurring deposits, below it. But, it seems the site forces the user to set up a recurring deposit, at least, initially.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Just signed up did a general savings for a small goal. Will report back with bonus posting time and how easy they are to work with.

Sri
Sri

Just a heads up for folks who are not USC or GC holders, This is Open only for US citizens or permanent residents (Green card holders). Folks with work visa having SS number are not eligible although IRS considers you as resident aliens for taxes.

Staradmiral
Staradmiral

how would they know? can’t i just put in my SSN. I’ve discussed this in person before in branch at other banks they always tell me to just check permanent resident since I am a resident for tax purposes. even a “permanent” resident could always lose their green card if they leave the country for too long

Same thing when i signed up for Swell. I emailed them with my visa status and they just told me to check permanent resident

doc
doc

They do a background check to verify personal information, via a soft pull. Anyway, SSN’s are tied to identifying information. The first 5 digits indicate origin.

Staradmiral
Staradmiral

Your SSN never changes. Even when i become a US citizen i will still have the same SSN

Sri
Sri

I don’t think they would know but I just don’t want to be on the wrong side and have this come and bite later for $20 or a SUB. Some apps are really smart and just care if you a “US Person” which includes work visa holders too.

Aditya Shrivastava
Aditya Shrivastava

Thanks for letting us know!

Gerhardt
Gerhardt

It looks like it must be a minimum of a $10 opening deposit and you must also set up a recurring deposit (4 times per month) initially. Still worth the $20 to me though.

doc
doc

You can pause the recurring deposit, before it actually happens, and opt to send money directly. I believe then you will find the minimum deposit is only $5.

The $10 is a minimum goal, of which I don’t think gets automatically deducted from anything.

Andrew
Andrew

Any household restrictions on this, or can my wife and I each do one? Thanks.

Ann
Ann

I’d suggest that you each link a unique account (i.e. if you have a joint account, don’t both use that one in Twine). I don’t know about Twine, but with Personal Capital, that’s how they decide who gets the signup bonus – duplicate account linkup invalidates the bonus.

john m
john m

I don’t see anything about a bonus on their website, Would like to see it before I link my account.

Vadim
Vadim

I assume they will send a tax form for the bonus?

Jay
Jay

Signed up. Set a goal of $40 and a monthly contribution of $20 (split into four $5 weekly payments I guess).

Anyone know (or read through the fine print) what happens once you achieve your goal?
Is it just ‘finished’, as long as you don’t set a new goal, or do you have to actively cancel the account or sth.?

Ben
Ben

Would be nice to know whether the “connect a bank account” is going to use routing and account number, or require login credentials.

If it requires login credentials I’d rather not start down the application path.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

It requires login, it uses Plaid they don’t have your login credentials. This is the biggest misconception around here. Almost everything is through Plaid.

Ben
Ben

Plaid is architected on the assumption that phishing behavior is acceptable, but I’m never going to type my username and password in anywhere except the bank.

Thanks for saving me from the effort of filling out an application (and ending up with Twine having my personal information)

See https://github.com/plaid/link/issues/68#issuecomment-445484976

Wilson
Wilson

“Almost everything is through Plaid” so about as safe as Equifax

Peek

I used an account to find that was an idle account I don’t commonly use (due to the login requirement). Because the balance was under 100 I got the following message in email this morning:

“We detected the possibility that your linked bank account may be at risk of a potential overdraft, and we stopped your My Cash Goal goal’s recent deposit of $1.25 just to be safe.

Twine has protections in place to attempt to prevent reversed or failed Twine deposits that may result in ACH reversal or other bank fees. These protections also seek to ensure that your linked bank account has at least a $100 balance after any Twine deposits complete.”

Annoying as there was more than enough money in there to cover the small goal I set.

doc
doc

Yeah, the $100 surplus, over and above a deposit, is the most ridiculous requirement I’ve seen. They don’t need to worry how much money is in someone’s bank account. All that matters is that the money is there by end of business.

It’s tantamount to spying on someone to check their bank balance. That’s not what a broker is supposed to be doing.

All the more reason to sign up to these pushy products with backup accounts.

Wilson
Wilson

Annoying, but I see the usefulness to the average customer who wants to set-and-forget

Brendon Lobo
Brendon Lobo

Resident aliens are not allowed.

Jason_08
Jason_08

They do seem to pull a check on your credit (and looks to be a soft pull?). I got a message that I needed to call in as there was an issue with my account opening. They said that there was a freeze on my account (I freeze all my accounts). Said I don’t need to do a temporary unfreeze, so they just need verbal permission to continue with the account opening.

cn
cn

i got hit with the bank account below $100 deposit is on hold too. i put money in and contact the support no answer, wife account is stick on setup

Staradmiral
Staradmiral

any bonus posted yet?

Sander
Sander

No.

Back to Top ↑