Dough Budgeting App Launches New Robo-Advisor Feature
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When it comes to investing and budgeting, it can be difficult to know where to start. You may want to start saving with a specific goal in mind, like saving money for a vacation in Europe, or budgeting with the intention of being more aware of your spending and saving.
There are many apps and services that help you budget, like Mint and Personal Capital, and others that make investing easier like Robinhood and Wealthfront.
However, Dough, an Australian FinTech company, intends to help you achieve those financial goals with the ease of using just one app. While Mint is a budgeting app and Wealthfront is a robot-advisor app, Douugh promises to provide users with both. Dough also owns Goodments, a $ 0 commission trading platform.
With Douugh’s new robo-advisor feature launched today, known as Douugh Wealth, you’ll have access to organized investment portfolios as well as Douugh’s main platform which includes a checking account and an associated debit card. There is no management fee for using the robo-advisor feature, but Dough will cost you $ 4.99 per month, plus a withdrawal fee of $ 0.50 will be charged.
“It’s too easy for people to go to these platforms and spend their money on crypto or trading one-off stocks on Tesla and all those memes stocksâ¦ we want to be the first kind of responsible finance super app where we’re no, we’re not building a platform that you can play or speculate with, “said Andy Taylor, CEO of Douugh.” We help you save money and make a long-term plan. “
When using Dough Wealth, you’ll have a choice of two types of investment portfolios: the Core Series and the Sustainable Series, according to Tom Culver, global head of wealth management at Douugh. Depending on your level of risk, you can choose a conservative, moderate or aggressive portfolio of the Core series or the Sustainable series.
The Sustainable Series is a set of socially responsible investments focused on green energy and which avoid investing in tobacco, fur, the military or weapons. For consumers who aren’t interested in social impact investing, you can opt for the Core series which Culver describes as “tech-driven and forward-looking.” These portfolios are managed by a group of internal investment experts.
Although Dough Wealth is a new addition to the app, you will also have access to the original platform which includes a debit card and a checking account. There is no minimum deposit required for the checking account and there is no overdraft fee.
You also won’t get interest on the money you put in your Dough checking account, so if you’re looking to save a lot of money, it’s best to invest it in one of their wallets or place your money in another high. – yield savings account.
Some of the special features offered on Douug’s original platform are automatic expense categorization, which can be used for budgeting, and virtual “pots”, which allocate money to savings, to bills. , a rainy day fund or a pot you create.
By connecting your other checking accounts and credit cards to the app, Dough sorts your transactions (up to two years ago) and uses artificial intelligence to understand your fixed spending. He then allocates money to the various âpotsâ.
The Rainy Day Fund is intended to help people save for unforeseen expenses. He sets an automatic goal at $ 1,000. The Bill Jar is for automated payments of everything from your Netflix payment to your rent payments. Finally, your savings pot can be used for your specific financial goals, like saving for a house, a car, or a vacation.
Wealthfront and Betterment offer similar services, providing consumers with access to diversified investment portfolios comprised of ETFs and index funds. Both offer different portfolios depending on your level of risk tolerance. Wealthfront, however, requires a minimum deposit of $ 500 for your investment account and charges an annual advisory fee. Betterment also charges a management fee for its investment account, but there is no minimum balance.
And if you want to have a checking account with either of the robo-advisers, Betterment and Wealthfront also offer the option to do banking through their platform. Your cash deposits will earn interest with every business, unlike Dough’s bank account.
Dough is for consumers who want to consolidate all of their financial information into one app, including investing. With Dough Wealth, investing is supposed to be easier and more accessible by allowing consumers to choose between investment portfolios that have been curated by experts, and it will only cost you $ 5 per month.
Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.