Unifimoney

Unifimoney

Unifimoney

Unifimoney

The only multi-asset investing app in the market with active and passive investing in stocks and ETFs. Invest in 30+ cryptocurrencies including Doge and Bitcoin as well as precious metals like gold and silver. Get a $25 to $5,000 Bitcoin reward when you sign up and deposit at least $1,000.

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Highlights

-3.13%

Asset Class Return30d

#40 Rank

In Robo Advisor30d

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Invest from

$100

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Unifimoney Review

autor

Leah Moore384 days ago

Can you really ditch your bank and your broker? Unifimoney says yes and wants to help streamline the process of managing your money.

Get up to a $1,000 Bitcoin reward when you sign up.

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Overview

Unifimoney is the only multi-asset investment app that supports passive and active investing in thousands of stocks and ETFs as well as over 30 cryptocurrencies (including Bitcoin and Dogecoin) and precious metals (including gold and silver). Unifimoney has been created to provide people with a better way to manage their money. They offer a single solution that includes everything you need for everyday money management—to save, spend, and invest. They optimize your money management to make it effortless: maximize passive income via interest and cashback, and create long-term financial assets through automatic and default investments. Unifimoney makes your money work for you—not the bank.

Things to Know

  • You make money on

    Value + Dividends

  • Fees

    0.15%

  • Min Investment

    $100

  • Payout frequency

    Asset Sold

  • Term of investment

    Zero

  • Target Return

    Varied

  • Liquidity

    Easy

  • Open to

    All Investors

  • Mobile Application

    iOS

Top Perks

  • Hybrid high-yield, full service checking account that pays savings-level interest (APY 0.20% today)

  • Commission free, self-managed trading

  • Let the pros manage your money with two tiers of professional wealth management

How you make money

Supporting both passive robo investing and commission-free trading, Unifimoney helps ensure your money is always working hard for you automatically and effortlessly while providing access to trade both traditional and alternative assets when you want. Unifimoney helps you automatically capture the small change that you lose everyday from low interest rates on your cash deposits, poor returns on credit cards, and the opportunity cost of not dollar cost averaging with frequent investments into a low cost diversified fund. It includes a unique money management capability featuring a hybrid high-interest checking account with a Visa debit card, remote check deposit, bill payment and checkbooks, and with a credit card coming soon paying rewards in your choice of Bitcoin, gold or equities.

Opening an account requires a minimum investment of just $100, and you can earn up to a $5,000 Bitcoin Reward depending on your deposit amount. Additional benefits include exclusive offers like student loan refinancing (up to $2,500 bonus), insurance, HSA, mortgages, auto loans, and more. 

How Unifimoney makes money

Unifimoney is fee-free to those users who use it as their primary bank account and meet the minimum activity levels, which include a minimum direct deposit of $6k a month within 4 months of account opening (to give time to change salary payments, etc.). To keep costs low and to benefit users as a whole, they charge for accounts that are not being used the way they are intended. In the traditional banking model, the best customers are actually subsidizing the least active — Unifymoney thinks that’s unfair. They want their best users to benefit the most and inactive users to pay their own costs rather than being subsidized by others. They make a small amount on deposit interest, interchange, and investment fees.

Is it safe?

They work with UMB Bank, one of the largest program administrators in the US (a program administrator is one that provides its services to other institutions as well as direct to consumers). Unifimoney is not a bank. To participate in the program, you must open an account at UMB Bank, n.a., Member FDIC, through which your funds will be placed in accounts at participating program banks. Your funds will be FDIC insured up to applicable limits while in transit through UMB Bank.  Customers are responsible for monitoring their total assets at each of the program banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. They also work with the leading white-label investment infrastructure company called Drivewealth. Drivewealth is member FINRA, SIPC, NFA. SOCII type 1, GDPR and CCPA compliant. Registered in all 50 U.S. states.

  • Established

    2019

  • Country Available

    US Only

  • Assets Managed

    n/a

How You’re Taxed

Capital Gains

Capital Gains

As with any stock realized stock gains, investors are subject to capital gains tax. If gains are realized within one year, you are taxed at your income tax rate. If gains are realized after one year, you are subject to a long-term capital gains tax of 0% to 20%. A common service that some robo-advisors offer through their systems is automatic tax-loss harvesting. Tax-loss harvesting is a deliberate strategy whereby any loss from the sale of a security in a taxable account is used to offset a capital gain or taxable income, thereby reducing the tax paid.

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