Monarch Money Review: Budgeting Made Easy, if You're Willing to Pay
Review
Updated
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I made my first budget years ago using the free version of Mint, but like many others, I was left on the hunt for a new budgeting app when Intuit recently discontinued Mint. Enter Monarch Money.
Monarch Money is not a free app, but in exchange for paying a monthly or annual fee, you get to share household expenses with a partner and view all your accounts in one place.
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For a limited time, use code For a limited time get 50% off your first year with code MONARCHVIP to get 50% off your first year of Monarch Money.
Monarch Money is a budgeting app that helps users sync their financial data all in one place. It has either a monthly or annual cost, and it allows users to link all of their financial accounts.
You can also use the platform to track your net worth, as well as your progress toward various goals, like building an emergency fund or saving for a vacation.
The types of accounts and assets Monarch Money supports include:
After you create a Monarch Money account, you'll need to do a bit of upfront work to take full advantage of the app's features. Here are the steps to take:
You can add up to five members of your household if you want to track expenses as a family. Each household member gets their own login, but can view accounts and transactions. You'll also have the option to give your financial advisor access.
Monarch Money is supported by subscription fees and doesn't have ads. That makes for a cleaner user experience and could also be an advantage if you're trying to avoid the temptation to sign up for new credit cards or other financial products.
Monarch Money creates an all-in-one dashboard that includes your income, expenses, and progress on goals for the month, as well as a month-by-month breakdown of your net worth, your total available savings, your spending for this month vs. last month, and recent transactions. The dashboard is ideal for if you're seeking a high-level overview of your finances. You can also customize your view by keeping the widgets you like and turning off the ones you don't.
Monarch Money comes with a ton of useful spending categories built right in, but you can also add your own, change the names of existing categories, or customize with emojis. Who says budgeting has to be boring?
And you can also easily split a purchase over multiple categories. If you buy both toilet paper and a video game on Amazon, put part of the charge into Groceries and part into Entertainment, for example.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 11, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
The downside to no ads is that Monarch Money doesn't have a free version. You'll need to pay a monthly or annual subscription fee in order to use the app.
Monarch Money syncs with over 11,000 financial institutions, but some users report problems setting up new connections or syncing transactions. If an account you've added doesn't sync within 24 hours, one option is to upload a CSV of your transaction history.
If you're deep in the world of cryptocurrency, Monarch Money likely won't be a fit for you. It only works with Coinbase and no other crypto exchanges.
This is a fault with many budgeting apps, especially because many of us shop with retailers that sell items that could fit into multiple categories. If you make a purchase at the drugstore, is it groceries, medical, or something else entirely? Luckily, you can modify the expense category.
If you want access to your credit score, you won't find it on Monarch Money. Thankfully, it's fairly easy to find credit scores offered by banks and credit card issuers (for the most bang for your buck, look for your FICO® Score, as it's most popular with lenders).
Here's what you'll pay for a Monarch Money subscription:
As of September 2024, Monarch Money offered 30% off your first year plus an extended 30-day trial with the promo code WELCOME, which would bring your monthly cost down to $5.83 if you opt for annual billing.
Many online reviewers compare Monarch Money against the recently discontinued Mint, noting that it offers a simpler user interface and that it's easy to set up. However, some users complain about the $99.99 annual cost.
They also report that it's difficult to monitor investment transactions using the app and that the recurring expenses feature often makes inaccurate predictions.
The Monarch Money app gets mostly high ratings:
The Monarch Money platform is appealing to those who want to visualize their finances. You can get a bird's-eye view of your money with the dashboard, as well as a visual breakdown of things like your cash flow and progress toward goals.
Setup can be a bit tedious, as is common with budgeting apps, and you need to be vigilant about how it first categorizes your expenses. For instance, Monarch Money initially categorized my gym membership at the YMCA as a recurring charitable donation.
However, you can improve the accuracy by taking time at the beginning to make sure transactions are accurately categorized.
Monarch Money dashboard. Image source: Monarch Money.
Monarch Money accounts tab. Image source: Monarch Money.
Monarch Money reports tab. Image source: Monarch Money.
Monarch Money touts safety and privacy as key advantages of its subscription-based model, as apps with a free version make money from selling your data. When you connect an account, the platform doesn't store your login credentials and receives read-only information from the account, meaning the platform can't move money into and out of your account.
Monarch Money uses third-party data providers Plaid, Finicity, and MX to connect your accounts, each of which uses industry-leading security protocols like encryption and SOC 2 type 2 reports.
If you want an app that can help you cut expenses: Rocket Money is a good alternative for anyone looking for a budgeting tool that can help reduce unnecessary subscriptions, negotiate bills on your behalf, and monitor your credit.
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If you want an app that helps you control your spending: You Need a Budget is serious about giving every one of your dollars a job. If you need help with impulse purchases and overspending, YNAB may be better for you. But using it effectively does have a learning curve, unlike Monarch Money.
The app and business is supported by subscription costs (which is why you won't see ads).
Yes, Monarch Money is a legitimate budgeting and finance app. Its website notes that it was developed by former employees of some of the best technology companies in the world.
Monarch Money says it will never sell your financial data to third-party companies.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
