Albert review September 2024: Budgeting, overdraft advances, investments, and more
Founded in 2016 to help “Americans get smarter about money” and built by Albert Corporation, headquartered in Los Angeles, the Albert app has become an all-in-one solution for wealth management, providing what you need to spend, save, and invest. You’ll also find help negotiating bills and avoiding unwanted payments and fraud, with alerts for unusual activities, overdraft fees, and more.
This Albert review compares the app’s features, plans, and unique offerings to help you determine if it’s the right budgeting and cash advance platform for you.
Note that all rates and fees are current as of September 19, 2024, and are subject to change.
Albert App
Monthly fee: | Starts at $9.99 |
Other potential fees: | Fees for direct transfers and ATM use |
Free services available: | Only during the 30-day trial period |
Premium services: | Bill negotiation, cash advance, finance advisory, subscription monitoring, and more |
How Albert Works
The Albert app serves as a one-stop shop for financial management. When you link the budgeting app to your financial accounts, it syncs your transactions and lets you create budgets, manage subscriptions, negotiate bills, monitor your credit score, and save or invest money. You can also set up a checking account that comes with a debit card.
Spending tracking
The Albert app records transactions completed on your linked financial accounts automatically. It categorizes these transactions and lets you add new categories so you can see where your money goes. This budgeting feature tracks your spending, showing you how much you have saved and how well you meet your monthly budget. It will also notify you of recurring and overdraft charges so you don’t lose money to unwanted expenses.
Savings & investment tracking
With Albert’s Smart Money feature, you can build an emergency fund and multiply your savings. First, Albert looks at your income and expenses to recommend a saving schedule. You can set your schedule, whether it’s weekly, biweekly, or monthly, and choose the amount to save or invest. Your money is held at Coastal Community Bank or Wells Fargo, N.A., and you can withdraw it anytime.
The Albert app also designs an investment portfolio based on your goals, risk tolerance, and location and lets you pick a sector to invest in. There are over 4,000 stocks and exchange-traded funds (ETFs), and the auto-invest feature helps you invest on a recurring schedule.
Bill negotiation
Albert scans your expenses for cable, media, cell phone, and internet bills. Then, it contacts the providers to negotiate better rates so you can gain some savings. You can also submit bills to Albert’s expert negotiators to negotiate bills on your behalf.
Subscription monitoring
Albert helps users save money by tracking recurring bills and subscriptions and looking for forgotten or unwanted subscriptions. The app also detects bill increases and alerts users so they can cancel them or ask for bill negotiations.
Identity Protection
Albert protects your money from fraud to ensure your savings or investment efforts are not wasted. Since the app can access your financial accounts, it monitors your financial activities 24/7 and alerts you of any fraudulent or unusual activities. It also ensures that your personal information is not exposed on the dark web.
Getting started with Albert
Setting up an account will take a few more minutes than it takes to set up an account on other budgeting apps. You’ll also be toggling between the Albert app and your messaging app, but that’s because Albert wants to keep your financial accounts safe and obtain all the information it needs to customize your financial journey.
Here’s what to do to sign up:
- Go to the website and click “Signup” or visit the Google or Apple Store to download the app on your mobile devices.
- Enter your full legal name and email address, set your password, and agree to the app’s terms and conditions.
- Choose your top goal from the options provided. There are options to open a bank account, track your spending, create a budget, protect your identity, and even get instant overdrafts. For budgeting, choose “create a budget.”
- Verify your identity by providing your phone number and entering the four-digit code received.
- Enter your birth date.
- Opt in or out of receiving text messages about your account and Albert’s features.
- Choose the Albert product you want to set up first, whether it’s budgeting, identity protection, or instant overdrafts. You can set up others later.
- Link your accounts. Albert supports thousands of financial institutions, and its search bar makes it easy to find the ones you use. Note that Albert uses Plaid to connect your accounts, so you’ll need to give the app permission to do so.
- Choose the plan you want and start using the app. You’ll get a 30-day free trial.
How much does Albert cost?
An Albert subscription costs $9.99 monthly and provides budgeting, saving, investing, and credit score monitoring features. Albert’s basic plan gives insight into your spending and provides identity protection features by monitoring suspicious activities on your financial accounts. There’s also a Genius plan if you want additional features, such as the Albert Cash account, a checking account with Sutton Bank, cash back rewards on your Albert debit card, and access to financial experts. This plan costs $14.99 monthly or $12.49 per month when billed annually.
Is Albert easy to use?
The Albert app is easy to use, with transactions categorized to give an overview of your income and expenses. It is also highly customizable, allowing you to customize categories, edit transaction names and titles, and add categories to fit your needs. You can also use the search feature to find transactions and features and hide specific transactions or accounts. However, the interface can be complex, so it might take some time to get used to it.
Albert customer support
Albert has many articles and frequently asked questions (FAQs) on navigating its features. You can access these via the Albert app or website. If you don’t find an answer, you can text or email to chat with a support agent.
For complaints, fill out the Albert complaint form and expect a response in 10 business days and a resolution within 30 days. A Genius subscription also gives access to a team of financial experts who can answer your money questions.
Is Albert safe?
Like many financial institutions and apps, Albert uses industry-standard security measures, such as data encryption and secure logins, to keep your information and data safe. It also uses secure sockets layer (SSL) to transmit data and partners with Plaid to protect data at rest. Funds in your Albert Cash and savings are Federal Deposit Insurance Corp. (FDIC)-insured up to $250,000 while those in Albert Investments are protected by the Securities Investor Protection Corporation (SIPC) up to $500,000 in securities.
Albert user reviews
Albert users are happy that they can see all their accounts and transactions at a glance. They also enjoy Albert’s fee transparency since there are no hidden fees, which makes budgeting better. However, a few users who save with Albert complained about recurring failed transfers and issues with withdrawing funds. Many also had an issue with the lack of phone support, which caused prolonged responses to complaints.
How Albert stacks up against competitors
Albert is one of many budget planners and financial apps. Other apps are available to help you monitor your funds and promote saving habits. Here’s how two of them compare to Albert.
Albert vs. Rocket Money
While both budgeting apps offer similar functions, Rocket Money is a solid Albert alternative, especially for those looking for free features, including subscription management and budgeting tools. Albert requires you to pay at least $9.99 per month for those features, while Rocket Money users pay monthly fees as low as $4 to access premium features.
Albert vs. Monarch Money
Albert and Monarch Money offer similar features, including budgeting, investments, and subscription management. However, Albert provides additional tools, such as a network tracker, checking and savings accounts, and bill negotiations, which aren’t available through Monarch Money. It also allows you to test its premium features for up to thirty days, while Monarch Money restricts you to a seven-day free trial.
On the other hand, Monarch Money is more user-friendly. Its charts, diagrams, images, and various views clearly show where your money goes. Also, its collaboration tools allow you to share account information with your spouse or financial advisor, making multiplying savings easier.
So, should you use Albert?
The Albert app is worth considering if you’re looking for a comprehensive tool to organize your finances in one place. Those looking for unique features, such as bill negotiation, cash advance, identity protection, and checking or savings accounts, will also find Albert suitable. However, if your main goal is budgeting, you’re better off using a more tailored app, such as YNAB, which has more budgeting features, or free budgeting apps, such as Empower and Honeydue.
Frequently asked questions
Is the Albert budgeting app safe?
Yes, the Albert app is safe since it uses industry-standard security measures to protect your data and money. Also, funds in your Albert Cash and savings are FDIC-insured up to $250,000 through Albert’s partner banks, Sutton Bank, Coastal Community Bank, and Wells Fargo, N.A.
Does Albert app really give you $250?
The Albert app offers up to $250 in instant overdraft without checking your credit score. There’s no interest on the money, which you can repay anytime, but there are applicable processing fees if you want it immediately and can’t wait two to three days. Also, you must be an Albert Genius user to enjoy this offer. Other criteria include a long transaction history with Albert and a qualifying direct deposit on Albert Cash.
Does Albert charge a monthly fee?
The Albert app is free to download, but you can’t access its features without the Albert subscription, which costs at least $9.99. Albert offers a trial period that allows you to test its features for free for 30 days.
Is Albert a bank?
While Albert offers banking services, such as checking and savings accounts, overdraft protection, and cash back rewards on everyday spending, it’s not a bank. Its banking services are provided in partnership with Sutton Bank, Member FDIC.