<p><img src="https://static3.businessinsider.com/image/60355a14bed5c50011a2c1d9-1667/Finhabits%20review%204x3.png" border="0" alt="Finhabits review 4x3" data-mce-source="Finhabits; Alyssa Powell/Insider"></p><p></p><bi-shortcode id="disclaimer" class="mceNonEditable" data-type="pfi"></bi-shortcode><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul class="summary-list"><li>Finhabits is an automated investment app offering accounts for Spanish- and English-speaking clients.</li><li>It has a $20 weekly account minimum, and it charges $2 per month (per every $5,000).</li><li>Finhabits offers Emergency Reserve, Personal Investment, and Individual Retirement Account plans.</li><li id="recirc"><a href="https://www.finhabits.com/" target="_blank" rel="noopener">Click here to set up an account with Finhabits</a>.</li></ul><bi-shortcode id="table-of-contents-sticky" class="mceNonEditable" data-type="h2">Table of Contents: Masthead Sticky</bi-shortcode><h2>Is Finhabits right for you'</h2><p>Finhabits is a bilingual automated <a href="https://www.businessinsider.com/personal-finance/what-are-the-best-investment-apps" target="_blank" rel="noopener">investment app</a> catered toward Spanish and English speakers. The app is best for those who prefer hands-off, long-term investing strategies. It offers three investment account options: Emergency Reserve, Personal Investment, and Individual Retirement Account. Respectively, they work best for investors looking to build emergency savings, meet mid-or long-term goals, or save for retirement through an IRA.</p><p>In addition to goal-based investment planning, Finhabits provides <a href="https://www.businessinsider.com/how-to-diversify-portfolio" target="_blank" rel="noopener">portfolio diversification</a> among <a href="https://www.businessinsider.com/personal-finance/what-is-an-etf-exchange-traded-fund" target="_blank" rel="noopener">ETFs</a>, bonds, and stocks. Its Finhabits Academy offers classes (taught 100% in Spanish) designed for Hispanic entrepreneurswho want to increase their business' revenue. These classes include four lessons, 23 videos, and guide materials. Finhabits is available on both <a href="https://apps.apple.com/us/app/finhabits-invest-learn-plan/id1247975276" target="_blank" rel="noopener">iOS</a> and <a href="https://play.google.com/store/apps/details'id=com.finhabits.finhabitsapp&hl=en_US&gl=US" target="_blank" rel="noopener">Android</a> devices.</p><p>One downside to consider is that you'll likely have to pay both Finhabits' $2 monthly fee (per $5,000 of account balance) and fund fees for its ETF investments (its ETF fees average about 0.12% per year). So if you manage to keep your account balance under $5,000 in the first year, you'll probably pay $24 for the entire year, plus any fund fees or other expenses.</p><p>In addition, while its $20 weekly minimum can be seen as a motivator that helps users regularly invest, other advisors, like <a href="https://www.businessinsider.com/betterment-review" target="_blank" rel="noopener">Betterment</a>, have no account minimum.</p><div><div class="iframe-container" style="height: 510px;"><iframe src="https://moneymade.io/expandableDiscovery'utm_campaign=paidOnly&utm_medium=embed&utm_source=businessinsider" width="100%" height="510" frameborder="0" loading="lazy" allowfullscreen allowscript></iframe></div></div><aside class="quick-tip headline-regular"><p><strong>Bottom line:</strong>Finhabits is best for hands-off investors interested in a diversified blend of ETFs, bonds, and stocks. Because the app is automated, it could also be a good option for beginner investors who don't mind the $20-per-week minimum or $2 monthly fee.</p></aside><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 100%;" colspan="2"><img src="https://static6.businessinsider.comhttps://static6.businessinsider.com/image/60355a5bd920880018591972-1200/Finhabits%20Logo.png" border="0" alt="Finhabits Logo" data-mce-source="Finhabits"></td></tr><tr><td style="width: 50%;">Editor's rating</td><td style="width: 50%; text-align: center;">4.1 out of 5</td></tr><tr><td style="width: 50%;">Fees</td><td style="width: 50%; text-align: center;">$2 per month per $5,000 of account balance</td></tr><tr><td style="width: 50%;">Account minimum</td><td style="width: 50%; text-align: center;">$20/week</td></tr><tr><td style="width: 50%;">Promotion</td><td style="width: 50%; text-align: center;">None at this time</td></tr><tr><td style="width: 100%; text-align: center;" colspan="2"><a href="https://www.finhabits.com/" target="_blank" rel="noopener">Open account</a></td></tr></tbody></table><h2>Finhabits pros and cons</h2><h3>Pros</h3><ul><li>Bilingual investing platform that caters to Spanish- and English-speaking investors</li><li>Personalized portfolios for emergency reserve savers, long-term investors, and retirement savers</li><li>Finhabits Academy offers resources for entrepreneurs</li><li>App invests money in ETFs from Vanguard, BlackRock, and Goldman Sachs</li></ul><h3>Cons</h3><ul><li>Investors must pay $2 per month (per $5,000 of balance) in addition to fund fees</li><li>The $20-a-week minimum is excessive compared to other popular automated apps</li></ul><h2>How does Finhabits compare'</h2><table style="border-collapse: collapse; width: 100%; height: 84px;" border="1"><tbody><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;"><img src="https://static6.businessinsider.comhttps://static6.businessinsider.com/image/60355a5bd920880018591972-1200/Finhabits%20Logo.png" border="0" alt="Finhabits Logo" data-mce-source="Finhabits"></td><td style="width: 33.3333%; height: 21px;"><img src="https://static1.businessinsider.com/image/5eaad5d6e3c3fb58284d8715-470/acorns-affiliate-program-logo.png" border="0" width="242" height="66" style="display: block; margin-left: auto; margin-right: auto;"></td><td style="width: 33.3333%; height: 21px;"><img src="https://static2.businessinsider.com/image/5fb8147950e71a001155689e-1200/Betterment%20Logo.png" border="0" alt="Betterment Logo" data-mce-source="Betterment"></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>Min. Investment</strong></p><p>$20/week</p></td><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>Min. Investment</strong></p><p>$0 ($5 to start investing)</p></td><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>Min. Investment</strong></p><p>$0 or $100,000, depending on plan</p></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>Fees</strong></p><p>$2 per month per $5,000 of account balance</p></td><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>Fees</strong></p><p>$1 to $5 per month</p></td><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>Fees</strong></p><p>0.25% (0.40% for premium plan)</p></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px; text-align: center;"><a href="https://www.finhabits.com/" target="_blank" rel="noopener">Open an account</a></td><td style="width: 33.3333%; height: 21px; text-align: center;"><a href="https://www.businessinsider.com/reviews/out'u=https%3A%2F%2Fwww.acorns.com%2F" target="_blank" rel="noopener">Open an account</a></td><td style="width: 33.3333%; height: 21px; text-align: center;"><a href="https://www.businessinsider.com/reviews/out'u=https%3A%2F%2Fwww.betterment.com%2F" target="_blank" rel="noopener">Open an account</a></td></tr></tbody></table><h2>Ways to invest with Finhabits</h2><h3>Automated investing accounts</h3><p>Finhabits offers two primary investment account options: Emergency Reserve (Protect) and Personal Investment (Grow). Its Protect investment account functions as an emergency reserve for users who want to prepare for the unexpected.</p><p>The account invests you money into a combination of short-term corporate bonds and US treasury bonds. It also offers automatic deposits, unlimited withdrawals, bank alerts, and online support. The Finhabits app also includes "learning journeys," which are daily recommendations designed to help users improve their financial habits.</p><p>Finhabit's Grow plan is a personal investment account that lets you invest for goals you plan to accomplish in three or more years. Finhabits says this account invests your money into ETFs at <a href="https://www.businessinsider.com/vanguard-personal-advisor-services-review" target="_blank" rel="noopener">Vanguard</a>, BlackRock, and Goldman Sachs (its funds also charge an average of 0.12% per year).</p><h3>Retirement accounts</h3><p>Finhabits also lets you contribute pre-tax or after-tax dollars toward retirement with its traditional or <a href="https://www.businessinsider.com/personal-finance/best-roth-ira-accounts" target="_blank" rel="noopener">Roth IRAs</a>. If you have an existing <a href="https://www.businessinsider.com/personal-finance/how-to-invest-in-a-401k-for-retirement" target="_blank" rel="noopener">401(k)</a> or IRA elsewhere, you can also move your money into its IRA account, but you'll only be able to do so for its <a href="https://www.businessinsider.com/personal-finance/best-ira-accounts" target="_blank" rel="noopener">traditional IRAs</a>.</p><p>As with its Grow and Protect accounts, Finhabits' traditional and Roth IRAs generally rely on a blend of ETFs from Vanguard, Goldman Sachs, and BlackRock. Its traditional IRAs also grant you access to educational resources, news and tips, and bank alerts.</p><p>Finhabits says its long-term IRA portfolios typically offer returns of 4% to 7% per year. And like its standard investment accounts, you'll need to pay $2 per month per $5,000 of account balance for IRAs.</p><h2>Is Finhabits trustworthy'</h2><p>Finhabits has received an A+ rating with the <a href="https://www.bbb.org/us/ny/new-york/profile/investment-management/finhabits-advisors-llc-0121-171268" target="_blank" rel="noopener">Better Business Bureau</a>. The BBB uses a grade range of A+ to F, and it takes a number of factors into consideration when assigning its ratings. These include customer complaint history, time in business, licensing and government actions, and advertising issues. But the BBB also says on its website that its ratings don't guarantee that a company will perform well or be reliable.</p><p>Finhabits' record is clear of any lawsuits or scandals. According to BBB data, the investment app has zero complaints.</p><h2>What is Finhabits'</h2><p>Finhabits, Inc. is a bilingual financial services company that serves both Spanish-speaking and English-speaking investors. Its registered investment advisor, Finhabits Advisors, LLC, offers investment advisory services.</p><p>The company is also registered with the US Securities and Exchange Commission (SEC) and the Securities Investor Protection Corporation (SIPC). The SEC regulates investment advisors, and the SIPC provides insurance on investment accounts.</p><p>Headquartered in New York City, this investment app has been in business since 2015. Carlos Garcia is Finhabits' CEO, and Julien Serdaru is the company's CTO.</p><p>The company's <a href="https://reports.adviserinfo.sec.gov/reports/ADV/210522/PDF/210522.pdf" target="_blank" rel="noopener">SEC Form ADV</a> shows that it currently manages more than $21 million in client assets.</p><p><em>Rickie Houston is a wealth-building reporter at Personal Finance Insider who covers investing, brokerage, and wealth-building products.</em></p><bi-shortcode id="related-content-module" class="mceNonEditable" data-type="more-investing-coverage" data-sheetname="More Investing Coverage">Related Content Module: More Investing Coverage</bi-shortcode><p><a href="https://www.businessinsider.com/personal-finance/finhabits-investing-review#comments">Join the conversation about this story »</a></p>
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