The 10 Financial Apps Every Gen Z Should Have
The 10 financial apps you should have right now:
- Chase Bank for checking account
- Varo for high interest savings
- Venmo for transferring money
- Robinhood for investing
- Vanguard for retirement
- Capital One Credit Wise for a detailed credit report
- NerdWallet for managing your net worth
- Truebill for tracking your expenses
- Capital One for the Savor Rewards Credit Card
- Apple Wallet for the Apple Card
Bonus:
- Chase Freedom Flex Card for cash back
- Amazon Prime Card for cash back on amazon purchases
- Webull for Trading and Investing (get a free stock valued up to $1,600)
Chase Bank is popular place to open a bank account for young people. Chase Bank makes it easy for college students to open up a bank account. Chase offers great customer service and an easy-to-use app with the perfect banking user interface. If you’re currently a college student, I recommend to open a Chase College Checking Account. New customers receive a $100 bonus, more info here: Chase.
Varo is a FDIC secured high-interest savings account. This is one of the highest yielding savings accounts in the market. “High interest” or “high yield” savings accounts are basically just savings accounts that pay better-than-average interest rates. This means more money returned to your savings account. In Varo, you can automate a certain amount of funds per week or month to your account. The current return rate for Varo is 1.21% Annual Percentage Yield (APY) with a $0 minimum balance. For example, if your current savings account has a $1000 balance in Varo, in 12 months that amount will be $1,012.10. Varo even has an option for customers to earn 2.80% APY!
Venmo is a popular cash app. Venmo is widely used and creates a seamless way to send money to friends or family. Pay friends and family using money you have in your Venmo account, or link your bank account or debit card quickly.
Robinhood is one of best trading apps in the market by far. Robinhood is easy to use and allows fractional share investing. This means you can invest $1.00 in Apple, Tesla, or your favorite stock. You can even automate a certain amount of money you would like to invest in a particular stock on a daily, weekly, or monthly basis. Robinhood makes it easy to invest and is the best trading app for beginner investors.
Vanguard is one of the world’s largest investment companies with 30 million investors. Vanguard allows customers to create retirement accounts like a Roth IRA or manage their existing 401k provided by their employer. If your employer doesn’t provide a retirement plan, it is recommended to open a Roth IRA. Take advantage of the maximum contribution to your IRA account, which is $6,000 a year. To get most out of your returns, it is recommended to invest 90% of your contributions in a stock heavy index fund. Within your IRA, you have many different Vanguard Index Funds to invest in. My favorite is Vanguard Growth Index Fund Institutional Shares (VIGIX).
Capital One Credit Wise monitors and checks your credit score. It is completely free and shows your full credit report. You’re able to see different inquiries, key factors reflecting your credit score, breakdown on how much you owe, and tools to improve your credit.
NerdWallet manages your net worth and expenses. See how much money you have between your connected accounts and assets, as well as a breakdown of your savings, investments, retirement and more. Easily see the rewards rates on each of your credit cards so you know what to swipe where. You don’t even have to link your accounts to see these tips.
Truebill saves customers money by cancelling unwanted subscriptions. Truebill also manages an individual’s expenses and breaks it down into different categories. It allows customers to see a better insight into their expenses and where to cut back. Truebill makes it seamless to cancel unwanted recurring fees; like a Chegg subscription that is no longer in use.
Capital One — Savor Credit Card is a foodie’s favorite credit card. It currently offers unlimited 4% cash back on dining and entertainment. This is great for most young adults who spend a lot going out to eat and getting drinks. You also get 2% cash back at grocery stores. The card has a nice feel, its 100% stainless steel, not like your ordinary plastic credit card. The card also comes with a $300 bonus if you spend $3000 in the first 3 months of opening an account.
Apple Wallet — Apple Card estimates how much interest you’ll owe, and suggests an amount to help you pay off your balance faster. The Apple Card gives 3% cash back on Uber purchases, this includes Uber Eats. Apple also gives 2% cash back anywhere you use apple pay. I recommend to use this card for Uber/Uber Eats purchases.
Bonus:
Chase Freedom Flex Card offers a $200 bonus after you spend $500 on purchases in the first 3 months from account opening.
- Earn 5% on up to $1,500 on combined purchases in bonus categories each quarter you activate.
- Earn 5% cash back on Lyft purchases (through March 2022)
- Earn 3% on dining at restaurants, including takeout and eligible delivery services.
- Earn 3% on drugstore purchases.
- Earn 1% on all other purchases.
It is recommended to use this card for Lyft services, bonus categories, drugstore purchases, and dining.
Amazon Prime Card offers 5% cash back on all Amazon purchases and receive $70 bonus upon sign up approval.
Webull offers an easy-to-use UI with extra features for more advanced young traders. Webull differs from Robinhood by allowing users to create retirement accounts, offers more in-depth stock research and ability to short stocks. Webull offers a free stock for each new user, more details here: Referral Link.
Thank you for reading. To support us please download Webull through our Referral link -> JustEze and receive a free stock.
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. JustEze is not being compensated for any of the above references except for Webull. JustEze is part of Webull’s affiliate network and receives compensation from Webull.
