Plenty App Review: Financial Planning for Couples

Launched in 2022, Plenty is a wealth-building app and cash management account designed for middle-income couples planning for large life milestones, such as buying a home, and want to merge some or all their finances.

Quick Take

One of just a handful of wealth management, budgeting, and investing apps specifically designed for couples, Plenty stands out with a high APY for savings, AI-powered robo-advising services and value-based investing.  

Plenty Overview

Powered by a team of innovators from Wealthfront, Postmates and Phenomenal Ventures, Plenty seeks to democratize investing with a variety of services designed for couples with combined income ranging from $90,000 to low-$100,000s.

The app features services like budget forecasting, robo-investing, cash management and, with funds insured up to $500,000 per investment account through the Securities Investor Protector Corporation. Cash is insured up to $5 million through the FDIC.

Key Features

APY: 5.0

Savvy savers would be hard-pressed to beat Plenty’s current 5.10% APY for cash held in the account. Plenty can secure a high APY because the organization holds cash in government-backed money market funds, with the bulk invested in U.S. treasuries. This adds a level of security combined with a high interest rate, even after Plenty’s annual fee.

Budgeting: 4.9

Plenty makes it easy to create a household budget that takes into account both partners’ contributions and helps you create shared or individual goals. It also creates financial forecasts so you can determine your next best steps, individually or as a team.

Track goals, spending, assets, debt and net worth for an overview of your financial status. Plenty can connect with all your financial accounts. You can keep some of your finances and investments separate from your partner or combine everything.

Investing Options: 4.9

Plenty uses an AI-powered robo-advisor for investing and tax-loss harvesting. It uses direct indexing so that users invest in stocks, including fractional shares, that typically make up popular ETFs. By investing directly in the stocks that are part of a specific index, the app can leverage tax-loss harvesting to boost after-tax earnings by 2% to 4%.

For investors interested in ESG (Environmental, Social, and Governance) stocks and values-based investing, Plenty helps you choose investments that align with what matters most to you.

Manage portfolios separately or with your partner with commission-free trades and even track investments held on other platforms.

Price and Fees: 4.7

Plenty costs $100 per person, per year, which allows you to keep control of your account while gaining visibility into shared finances.  If you intend to begin with an initial deposit greater than $250,000, Plenty offers priority pricing.

On the surface, Plenty membership seems more costly than other stock trading or financial management and budgeting apps. But AI-powered direct indexing capabilities typically come with a minimum investment of $500,000 upfront. With no minimums to trade and access to fractional stocks, Plenty provides tremendous value for the price. You can also try Plenty free for 14 days.

How Plenty Stands Out

Unlike some money apps designed for couples, Plenty is less about sharing daily costs and more about building a stable financial future. The combination of budgeting, investing, and a high-yield cash management account means that Plenty can be your one-stop app for all things money-related, together or as a couple.

Comparable Plenty Options

In recent years, financial service companies have sought ways to make it easier for couples to merge finances, giving rise to a new category of budgeting apps for couples. Here are some options besides Plenty.

Honeydue

Honeydue is a free mobile app that lets you track back accounts, loans or investments, whether individual or shared. You can coordinate bill payments with automated reminders, and ask about transactions in a secured chat thread.

Honeydue provides all the features you might expect from a free budgeting app. But it lacks a high-yield savings option and it’s not an investing platform. However, Honeydue can be a good first step for couples who aren’t ready to invest together yet.

Zeta

Zeta provides joint and personal online bank accounts for individuals, couples, or families. The online bank has no monthly account fees and provides access to 55,000+ Allpoint ATMs. If you have direct deposit or maintain a $5,000 minimum daily balance, you can earn 2.43% APY across all accounts.

Zeta offers free online bill pay, person-to-person money transfers via Zelle, and budgeting capabilities where you can set shared goals, track expenses, and send messages to family members directly in the app.

Unlike Plenty, Zeta does not offer investing options to help you build wealth.

How to Apply

If you’ve determined that Plenty is the best choice to help you or your partner achieve the next stage of financial growth, it’s easy to get started online. Simply visit withplenty.com and click the “Sign Up Now” button in the top right corner of the screen.

You may be placed on a waitlist, as the app is currently in Beta version. When it comes time to open the account, be prepared to provide personal information for both partners, including your full name, address, and Social Security Number.

You will also want to gather the account numbers for the accounts you want to link to Plenty. If you have more than $250,000 to invest, email Priority@withplenty.com to get started.

You can also sign up for an individual account and later invite a partner to open an account linked to yours. Plenty will refund a portion of the $50 price difference for unused time in your individual annual membership.

Who Plenty Is Best For

Plenty is best for couples who are ready to take steps toward building wealth through investments and also want the convenience of a cash management account with a high APY. If you think of finances as “yours, mine, and ours,” Plenty might be the perfect app to track it all.

Final Take

Plenty fills a niche in the financial services industry that many couples need as they save and invest for shared life goals, which can range from buying a house or having children to planning for retirement.

Rates are accurate as of April 5, 2024, and are subject to change.

Share This Article: