Twine is a money management app for couples. With Twine, you and your partner set financial goals together and reach them by saving money or investing in the stock market â€” or both.
Combining finances with a partner can be tricky, but the process is easier when you can clearly track how much each person is contributing and track your progress as a team. We took a deep dive into Twine to see how the app stacks up.
With Twine, you and your partner save and invest money to make progress towards common financial goals. Twine is owned by financial services giant, John Hancock.
To get started, you and your partner connect your bank accounts to the Twine app. Then you set up one or more common goals, which are funded by recurring deposits from your bank accounts into Twineâ€™s savings account or investing account. The app calculates an estimated date when youâ€™ll reach the goals youâ€™ve established, based on the amount of your recurring deposits and the returns from the savings and investing accounts.
If you opt for the savings account route, youâ€™ll earn 0.63% APY on the money you stash away. With the investing route, market returns dictate how much you earn. You can withdraw your funds from either account type at any time; withdrawals from savings take two to three business days, while withdrawals from investing accounts take 7 to 10 business days.
Whichever route you decide on, Twine creates separate accounts for you and your partner, but your deposits are funneled toward the same goals. Twine does not have any requirements concerning who you can team up with â€” as long as both users are 18 or older, youâ€™re good to go.
There are no fees for Twineâ€™s savings account product, which earns 0.63% APY. However, Twine charges a fee of 0.60% of your investing accountâ€™s average daily balance, to be paid out per month.
The app enables you to save for one or more goals, like a vacation, wedding, home down payment, children or even just general savings. You and your partner set a target amount for each goal, and then set up monthly deposit amounts.
Twine makes weekly recurring installments (the amount is based on your monthly contribution), and the money is moved from your linked bank account to your Twine account. The app will then provide you with estimated projections as to what date you should reach your goal.
When you choose the investing option, Twine creates separate brokerage accounts for you and your partner with John Hancock.
Twineâ€™s investing feature offers conservative, moderate and aggressive portfolios, made up of exchange traded funds (ETFs) and mutual funds. Twine recommends you choose an investment portfolio thatâ€™s in-line with your goals and risk tolerance.
No minimum balances or minimum deposit amounts are required, though there is also a custom portfolio option that requires a $100 minimum balance in your account. Investment accounts are protected by the SIPC up to the legal limit.
Twineâ€™s savings account currently pays 0.63% APY, although it cautions that its interest rates are variable and are adjusted with market interest rates. The app does not require any minimum deposits for its cash savings account, and you can withdraw your money at any time. Cash accounts are FDIC-insured up to the legal limit with deposit services provided by Apex Clearing Corporation.
Twine takes on the same job as a joint savings account or joint brokerage account, but it definitely streamlines and simplifies the process of joint money management. Being able to visually track your progress towards goals is helpful, and itâ€™s easy to see who is contributing exactly what, which increases the transparency that is necessary when combining finances.
While the interest offered is weak, and Twine doesnâ€™t offer money management tools outside of its core savings feature, this app is worth checking out if youâ€™re looking for a tool to save towards a shared expense, like a wedding or vacation.
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