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).
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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.
