Allio Finance Review
Written by
Dawn Allcot
Edited by
Nicholas Morine
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Allio Financial
-
Fees
4.8
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APR
4.9
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Features
4.8
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Security
5.0
Allio is a savings app that provides automated investing with yields of up to . You can set short- or long-term savings goals, and Allio creates a portfolio that will allow you to achieve your goal within your desired time frame.
Quick Take
- Pros
- Low monthly fees.
- High-yield investments.
- Automation removes the guesswork from investing.
- Round-up feature makes it easy to save.
- Choose to invest in values-based stocks as a portion of your portfolio.
- Cons
- No checks or debit cards.
- Cannot choose your own stocks or ETFs.
- Cannot trade crypto.
- Only available as an app, no access through a Web browser.
Allio Overview
Allio is a savings app available for iOS or Android users. Once you deposit funds, you can choose long-term or short-term savings goals. Allio automatically creates a portfolio and begins investing in the stocks and ETFs that will best help you achieve your goals. There are no account minimums with Allio and you can set up one-time or recurring deposits.
Key Features
Allio has several features that make it a top pick for those new to investing.
Fees: 4.8
Allio has a few low fees you should be aware of. You’ll pay $1 per month for a core portfolio to build long-term wealth. You will pay another $1 per month if you also want to set up savings goals. You can set as many goals as you’d like. Pay another $1 for a holistic account view to track your net worth.
Finally, investing in Allio Impact Funds to help support causes such as clean energy, made-in-America initiatives, social justice and equity causes, animal welfare, cancer research, access to education, and water conservation costs another dollar. Once you reach $10,000 in your account, Allio waives all fees.
APR: 4.9
Allio can create a custom portfolio with yields as high as . This is much higher than the national average of 0.42% as of mid-July 2023.
Features: 4.8
Allio has a robust feature set that stands out amid a crowded marketplace of saving and investing apps. Allio makes it easy to save money with features such as round-up savings, one-time deposits, and recurring deposits.
The automated investing program puts your money into traditional and alternative investments — including real estate, crypto, gold, and emerging markets, as well as stocks and ETFs. Further, you have the option to make impact investments to support causes you care about.
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You can also connect all your financial accounts to track your net worth over time.
Security: 5
Allio is not a bank. It is a registered investment advisor with the U.S. Securities and Exchange Commission (SEC). As such, money placed in your account is protected up to $500,000 through the Securities Investment Protection Corporation.
Allio uses state-of-the-art security measures that meet or exceed financial industry standards, including 256-bit data encryption and multi-factor authentication to keep your money and your personal information safe. Allio uses Plaid for financial account linking.
How Allio Stands Out
Allio stands out by bringing sophisticated investment strategies to beginning investors. Allio creates custom portfolios based on your risk tolerance. There are no minimum balances to maintain and low monthly fees. You don’t have to worry about overdraft charges or hidden fees, either.
In the future, Allio is introducing automated tax optimization, which will use tax-loss and tax-gain harvesting strategies to reduce your tax bill. [6]
Allio’s net worth tracker is a unique feature that allows you to see your assets and debt across all linked accounts at a glance.
Comparable Allio Options
- Wealthfront.
Wealthfront is an automated investment service offering APY on money held in your Wealthfront savings account. It offers commission-free stock trading, including fractional shares. You can get started investing with just $1. There are no account fees with Wealthfront.
- Betterment.
Like Wealthfront and Allio, Betterment is a top-rated automated investing platform. It costs $4 per month or 0.25% of your portfolio annually. It requires no minimum balance. Betterment also offers crypto trading, as well as high-yield savings for your cash reserves. The current interest rate is . Unlike Allio and Wealthfront, Betterment also offers an FDIC-insured, no-fee checking account with a debit card, cashback rewards, and no minimum balance.
How To Apply
To open an account with Allio, download the app from The App Store or Google Play. You’ll need to enter your name and e-mail address. Then, you’ll answer a series of questions regarding your saving and investing goals.
Finally, Allio will confirm your identity and then create your custom portfolio. You’ll need a $10 minimum deposit to begin investing through your Allio account.
Who Allio Finance Is Best For
Allio Finance is best for beginning investors who want an investment app that functions more like a savings account, except with automated investing and high yields. You don’t get to choose your stocks, ETFs, or other investments, so if you’d like more control over your investment choices, you might prefer to use another app.
Final Take
If you’ve wanted to start investing but have been afraid of the risks or unsure what stocks to select, Allio makes it easy. Offering high-yield returns of more than 5% and low monthly fees, Allio offers an easy path to start building wealth.
FAQ
See what people are asking about Allio.
Is Allio Finance legit?
Allio Finance is a fintech designed for robo-investing. It is a legitimate financial service platform available for Android and iOS mobile devices. Allio’s brokerage accounts are powered by Alpaca Securities, LLC, a member of FINRA/SIPC. Your funds are protected up to $500,000 through the SIPC.
Is Allio a bank?
Allio is not a bank. It is a robo-investing app powered by Alpaca Securities LLC.
Who is the founder of Allio Finance?
Allio was founded in August 2020 in Seattle, Washington, by Joseph Gradante. Today, he serves as the CEO. David Chen, former senior software engineer at Minted, serves as Allio’s CTO.
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