Albert is a personal finance and mobile banking app equipped with banking, saving, investing, and cash advances to help you manage and grow your money.
What is Albert App?
Albert app was founded to help people achieve financial wellness. They offer mobile banking with automatic savings and free ATM withdrawals, cash advances of up $250, and commission-free trades starting from $1, all in one easy-to-use mobile app. You can also choose to upgrade to Genius and pay for the app, which gives you extra features like access to Albert’s financial experts that can give you financial advice or a black design for your debit card. But, first, let’s review the featured on the Albert app in more depth.
Mobile Banking
Right in the Albert app, you can connect your existing accounts to start managing your cash from the app, invest, save and access the advice you need to achieve your financial goals. You can start with your primary checking account, where you receive your paycheck, pay your utility bills like your cable and internet, or other annual expenses like your car insurance. You can also connect other accounts like credit card accounts, loans such as student or car loans, and investment accounts like retirement or brokerage accounts. This makes sure that the Albert app has access to your past performance and a whole picture of your financial state to use their powerful technology and give you the best advice to manage and grow your money.
Automatic Savings
The Albert app allows you to open an Albert savings account right in the app to save money for your future goals. You can set up different funds for what you want to save money for, like a holiday or a big purchase. You can choose to set up automatic savings using their smart savings feature or simply transfer savings manually. To help you save more money, Albert adds annual base cash bonuses of 0.10% of your savings, or 0.25% if you pay for Genius. To withdraw money from this savings account, you can use their ACH service to transfer funds, and that will take about two days. Since Albert is not a bank but a financial technology company, they partner with FDIC-insured banks that safely store your money and handle your savings account.
The Cash Account and Debit Card
With Albert Cash, you can set up an account with a routing number, a debit card to spend your money and receive your paycheck directly into the app. The account has no fees, and your money is FDIC-insured up to legal limits since Albert banking services are provided by one of their partner FDIC-insured banks. You can use the mobile check deposit or direct deposit funds to add money to your account or transfer money from an external bank account. With your Albert debit card, you can access over 55,000 free Allpoint ATMs to withdraw money, add your card to Google Pay and other virtual payment apps, and activate cashback rewards to get cash right back into your account against qualified purchases.
Cash Advances
If you have an Abert Cash account or bank account connected to your Albert account, you can apply for an up to $250 cash advance with no credit check, no interest, and no late fees that you will pay for when your next paycheck is due. To qualify for the cash advance through Albert instant, you must receive regular income via direct deposit and more than a $0 balance in your bank account. It usually takes three business days for your cash advance to arrive in your account, although you can pay a $4.99 fee to get it in only 10 minutes if you are in a rush.
Investing
Through the Albert app, you can choose to invest your money to grow your savings and meet your financial goals. They have a team of registered investment advisors that you can access if you pay for Genius. In addition, the Albert app gives you flexibility depending on your investing expertise level and the amount you want to invest. Starting at only $1 investments with no trade commissions, you can choose a managed portfolio for a guided investing experience tailored for people with no investing experience or self-managed your own portfolios and investments for expert investors. To use Albert investing, you must have an SSN, a legal residential address in any of the 50 U.S. states or Puerto Rico, and a Genius member.
The Albert App Pricing
The Albert app core features are free to access. This means you can set up your Albert account to connect your accounts, open cash and savings accounts, and get a debit card without having to pay. You can enable Genius in the Albert app if you need financial advisory services to get financial advice from human experts and other extra features like investing or a black debit card. Albert Genius costs a minimum of $4 a month, but you can choose a higher amount if you think it is fair to pay more for the Albert extra features and services.
Security: Is the Albert App Safe?
The Albert app use encryption technology to protect your information, and both the Cash and Savings accounts are protected by the FDIC up to the legal amounts. Since Albert is not a bank, all their banking services are provided by one of their partner banks, like Axos Bank, Wells Fargo, or Coastal Community Bank. The Albert Mastercard is issued by Sutton Bank, Member FDIC, and pursuant to a license by Mastercard International. As a member of the SIPC, Albert Securities protects your securities products up to legal amounts.
How to Get Started with the Albert App
You can download the app for Android devices in the Google Play Store or iOS devices in the Apple Store and open your account. To open an Albert account, you must be a U.S. citizen or resident of at least 18 years old. You also need to hold a bank account with a financial institution in the U.S. and a mobile phone number with a plan provider by a U.S. mobile carrier company.
There is a questionnaire requesting more information about you, so the Albert app can better understand your priorities and give unique insights at your fingertips, like how to lower bills or how much you can save monthly. After that, you are ready to connect your financial accounts, start saving automatically, and invest all through the Albert app’s convenience.
