What You Need to Know About Stash
As the word signifies, Stash (Investment) is to store something, especially money, in a safe mostly stored for future use, often secret place to stash something away.
Stash helps you stash small amounts from your connected bank card every day in a tax-free investment called the Stash Tax-Free Investment.
The amount you earn with Stash is going to depend completely on you. The more you invest and the better your investments do, the more you can earn. As a reminder, investing involves risk and while your investments have an opportunity to gain value over time, they also may lose value.
Stash was first launched in 2015 with the goal of democratizing financial opportunity so every American has the tools and guidance necessary to grow their wealth through investing. It was founded by Brandon Krieg and Ed Robinson, who are still involved with the company today as CEO and President, respectively.
The Stash Investment has deposits Stash bank accounts are FDIC insured up to the legal limits through a partnership with Green Dot Bank. Investments with Stash are protected up to $500,000 through Partner Company.
Stash is a good choice for beginners who just started learning about saving and investing. It is an easy-to-use platform that gives new investors a convenient way of managing all of their money via a single mobile app.
Who Can Start Investing On Stash
There are some requirements to start a Stash Invest account:
- You have a bank account with a U.S bank.
- You will need to have a Social Security Number (SSN).
- You will be a U.S citizen, have a Green Card or have certain varieties of visas.
How to Invest On Stash
All you need to do is download the app, create an account, and choose the Stash plan that’s right for you. You will also need to answer a few simple questions about your investment portfolio and risk tolerance, and you will need to be willing to pay Stash’s fees, which start at $3 per month for the Growth plan.
Stash Investment Fees
There is always a fee attached to any high investment platform required for the conveniences that comes with it. However, all this convenience comes with a relatively high price tag. Stash charges flat monthly subscription fees, and while they only amount to a few dollars a month they’re still quite expensive relative to other options available, especially for smaller portfolio balances.
Moreover, the bank account does not offer an annual percentage yield (APY), making it a poor option for savings. The service has a $0 account minimum (though managed Smart Portfolios require $5 to get started) and charges $3 or $9 a month, depending on what services and account types you are looking for.
The Stash Growth is $3/month, and Stash+ is $9/month. The subscription fee is collected once a month, around the date when you first opened your account. Stash customers can withdraw from their Smart Portfolio at no cost.
You can also be charged to sign up for a Stash plan for at least $1 a month, if you intend to have a Stash debit card. There is no fees charged for trading but you will incur fees charged by ETFs after purchase, and the ETF list includes several securities with high expense ratios
How to Get Paid/Cash out Through Stash
Rather than receiving cash back or rewards points, cardholders can earn rewards in stock of their choice. Note, however, that the amount of stock you’ll actually earn is pretty meager — Stash Growth users can earn 0.125% back on purchases while Stash+ customers can earn 0.25% back.
If you have a balance on Venmo, Cash App, or PayPal, or similar payment app, you can use that money to fund your Stash banking account. You can send money directly to your Stash banking account from PayPal, but you cant currently link your PayPal account by signing in.
When you cash out all or part of your Stash Investment money, the transaction is sent to your bank immediately. However, the money may take up 7 working days (usually a lot quicker than that) to reflect in your bank account.
How to do Instant Transfer on Stash App
- Tap Transfer on the bottom navigation bar.
- Tap Move Money.
- Select Stash banking account.
- Tap on your debit card.
- Enter the amount you would like to transfer and tap Continue.
- Review the transfer details and tap Transfer to complete your instant transfer.
How to Get a Stash Debit Card
Stash offers access to an online banking account with a stock-back rewards debit card, but the account doesn’t pay interest. You should receive your Stock-Back® Card (debit card) in the mail 7-10 business days after you deposit at least $1 into your Stash banking account.
After you receive your new card, activate it directly in the Stash app by following the steps. You can use your debit card anywhere within the U.S, but is restricted to some certain places in U.S such as Puerto Rico.
The most you can deposit to your account in cash is $2,500 in the aggregate in any day. You will not be able to deposit money to your account if the deposit will cause you to exceed the maximum allowed account balance. Checks or cash mailed for deposit or inbound wire transfers are not accepted.
Amount You Can Withdraw With Your Debit Card
You may only withdraw up to $500 from ATMs in a single day. Stash in sole discretion, further limit your use of the Card at ATMs, and, in addition to the limits, an ATM owner or operator may impose additional withdrawal limits.
The maximum you can withdraw from your Stash banking account1 at an ATM or Teller is $1,000 every 24 hours. The daily spend limit is $10,000 per day. Fees may apply. Daily withdrawal and cash limits apply.
How to Open a Stash Investment Account
- Three dollars $3 for your monthly subscription fee and at least $1 to put in your Personal investment account.
- A bank account with a U.S. bank.
- A Social Security number.
- S. citizenship, a Green Card, or certain visas.
- To be 18 or over.