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- Use the Clink app for micro savings
- Users can deposit and withdraw funds at any time
- Automatic transfers from a bank account to a Clink account
- Invest in the stock market for as little as $1 per month
Clink is an intuitive micro-investing app that enables users to invest a portion of their money into a diversified portfolio. This app appeals to new investors who may be intimidated by investing and its core user base is primarily millennials.
|Cost||$1 monthly fee when balance is $5,000 or less|
0.25% of total balance annually after
|Pros||$5 registration promotion|
Users can invest as little as $1 biweekly
|Cons||Only 6 ETFs available|
Limited customer service
|Bottom Line||Not the best option for micro-investing|
How the Clink App Works
Clink’s platform launched as a free service, but it will soon begin charging a flat fee of $1 per month to manage a user’s accounts of up to $5,000. When the balance is over $5,000, Clink will charge 0.25% of the total balance annually. There are no additional charges.
It takes about five minutes to open a Clink account, according to its website. Consumers can either download the app or use the website to link their checking account to their Clink account. Then they select a fixed amount of funds that will be invested in a diversified ETF portfolio. Clink will automatically withdraw this amount. Settings can be changed any time and larger amounts can be invested on a daily, weekly, bi-weekly, or monthly basis.
Clink also has a savings element connects savings deposits to your dining and shopping habits. With a linked credit card to the account, Clink will invest a percentage of your spending, such as a portion from a restaurant bill. The percentage selected will automatically be added to the Clink account and invested in the portfolio in an effort to balance your savings and spending.
Users have several investing options within Clink. First, you select how aggressive or cautious you want to be from five options. The funds are then placed in an investment portfolio which consists of exchange-traded funds (ETFs) in a basket of six Vanguard’s ETFs. You cannot choose specific stocks.
Clink has a daily deposit limit of $10,000.
Currently, Clink is offering a promotion for users to receive $5 for joining. There is no minimum deposit or maximum investment amount for the platform, but users can at least invest $1 biweekly on a continuous basis. Other than setting it up, Clink does all the work. For many people, this is an ideal way to start saving because it doesn’t require you to remember to set aside funds.
As for ratings, Clink has positive reviews, ranging from 3.3 to 4 starts on Apple. However, its micro-investing competitors, Acorns and Stash, also receive high ratings.
Clink is easy to use, but it does have downsides. It limits investment options to the six ETFs, and does not provide many details on them. For novice investors, this can be concerning.
Of course, like with any investment vehicle, Click provides a disclaimer that investors are not guaranteed a return. Clink is transparent about the risks associated from investing in the stock market, which is notoriously unpredictable.
One final downside is the time it takes for approval and transfer of funds to the Clink account. From first micro deposits for bank verification to the completed transfer, it can take up to 12 business days for the process to be completed.
Clink’s app is good for short-term savings including for a vacation or rainy-day fund. It’s an easy way to save passively, and for stock market novices, it’s an opportunity to begin investing in the market. But for those interested in establishing long-term retirement savings, Clink likely isn’t the best option. What user can expect includes:
- Free micro-investing app that uses banking accounts or credit cards
- Individually set savings limits and deposit frequency from Clink accounts
- Stock market investing which does carry risk
Author: Debbie Baratz