Getting the most value out of your savings isn’t always possible from a regular bank. While some savers are able to lock in competitive APYs, others leave their account balances to collect little to no interest in a traditional savings account or checking account.
Allio Finance makes it easy to put your hard-earned dollars to work. While Allio doesn’t offer a traditional savings account option, it does offer a high-interest portfolio designed to help you grow your funds over time. In this Allio Finance Review, we explore the investing platform to help you decide if it’s a good fit for your situation or not.
- Allio Finance is a financial platform designed to help you build wealth through saving and investing.
- The platform offers high-interest portfolios to help you grow your funds.
- As of writing in July 2023, the platform offers a high-yield portfolio with a 5.18% yield.
$1 for Core Portfolio, free with $10,000 or more
What Is Allio Finance?
Allio is an automated savings app that is similar to many robo-advisors on the market. Upon signup, you answer a series of questions so that Allio can design a custom portfolio tailored to your needs. However, Allio includes other money management tools, such as the ability to add goals, impact investing, access to diversified long-term portfolios, a net worth tracker, and more.
What Does It Offer?
Allio Finance’s mission is “to bring advanced money management to all.” Since its founding in 2020, the company has developed products designed to make building wealth more streamlined. Let’s take a closer look at Allio Finance’s main features:
Set Financial Goals Of All Sizes
Allio Finance helps you build wealth with a focus on your specific goals. As you work with the platform, Allio will ask you to select a time frame for your savings goals. Whether you want to use the funds in in the short or long term, Allio will help you select the right product.
As of July 2023, Allio is offering a high-yield portfolio with a yield of 5.14%. But the accounts isn’t the same as a high-yield savings account. It’s a T-Bill investment, which means your funds aren’t guaranteed. That said, the risk is extremely low. The portfolio gives you the potential to build your short-term savings more quickly than you would in a basic savings account.
Make An Impact With Your Investments
Allio Finance allows you to choose value-based investments, with portfolios focused on Clean Energy, Social Justice & Equity, Made in America, Cancer Research, Animal Welfare, and Water Stewardship. Allio harnesses the power of AI in conjunction with manual analysis to build portfolios that build value without compromising your values.
Automate Your Savings
When you create an investment or savings plan with Allio, you’ll have the option to set up recurring deposits automatic round ups. By automating your contributions, you’ll increase your chances of reaching your savings and investment goals.
Long Term Investing
Similar to other robo-advisors, Allio also allows you to invest for the long term as part of your strategy. In addition to stocks and bonds, you can select several types of alternative investments, including commodities, precious metals, smart beta, real estate, emerging markets, and crypto (opt-in only). Their goal is to give you a portfolio that performs as well as possible over the long term.
Highly-Rated Mobile App
You’ll manage your Allio Finance account through their mobile app, which has earned positive feedback from customers. The iOS version has earned 4.5 out of 5 stars in the Apple App Store. The Android version has earned 4 out of 5 stars in the Google Play Store.
Are There Any Fees?
Allio Finance has a fee of at least $1 per month for accounts less than $10,000. Here’s a closer look at the costs:
- Core Portfolios are $1 per month to maintain
- Create unlimited savings goals for $1 per month
- Impact funds cost $1 each per month
All of the monthly fees above are waived if you maintain a minimum account balance of $10,000.
How Does Allio Finance Compare?
Allio Finance offers automated investing options for anyone looking to build wealth over the short term or long term. They operate very similar to a robo-advisor, where you can deposit money and ‘set and forget’ your investment while their technology does the work.
Acorns is another option for automated investing. Through Acorns, you can automatically invest your spare change. But at $3 to $9 per month, Acorns costs more than Allio. They also lack the high-interest goal portfolios for short term investments. That said, Acorns does offer a checking account, whereas Allio does not.
If you are looking for a platform that focuses more strictly on investing, Betterment is an excellent alternative. With the help of Betterment’s robo-advisor service, you can enjoy automatic investing. Plus, Betterment offers a free checking account and a high-yield cash account. However, their monthly fee starts at $4/mo or 0.25% AUM.
How Do I Open An Account?
To get started with Allio, download the mobile app to your smartphone. From there, you’ll need to provide your name and email address. Be prepared to answer some questions about your investment goals. This will lead to some recommendations from Allio. Once you confirm your identity, you can complete your portfolio of financial goals and risk tolerance preferences.
Finally, you’ll need at least $1 to open an account (your money won’t be invested until your account reaches $10). At this point, you can choose to link automatic contributions and connect your financial accounts.
Is It Safe And Secure?
Allio Finances provides extensive security for your funds, including 256-bit data encryption and multi-factor authentication. However, Allio provides investment options, and not guaranteed savings accounts, so there is some level of risk. As an investor, it’s possible to lose the principal.
How Do I Contact Allio Finance?
If you want to get in contact with Allio Finance, you can send an email to firstname.lastname@example.org. Based on the positive reviews of the app, you should expect a pleasant experience working with Allio Finance.
Is It Worth It?
Allio Finance is a good value for savers and investors looking for a streamlined way to build wealth. Through the platform, you can set up multiple savings goals and automate your pathway to success.
However, this platform isn’t suitable for users who are looking for a principal guarantee. If you don’t want to take any chances on losing your principal, then a high-yield savings account might be a better choice for you.
Allio Finance Features
*All fees waived on account balances over $10,000
Value-Based Investing Options
Opt-in (Available through ETFs)