Is Stash legit? Check out this guide for accurate information about this investment app’s operation, safety, quality, and what users think of it.
Are you worried about your financial situation and considering investment options?
You’re not alone. 77 percent of Americans feel anxious about their financial standing, with 58 percent reporting that finances control their lives.
Struggling with money is becoming a staple of life, after all, the average American is swimming in $90,460 debt and 57 percent of U.S. adults can’t afford $1,000 in emergency funds.
Luckily, fintech companies are offering financial services and apps to help people improve their money situation. Solutions range from facilitating investment opportunities to growing retirement accounts.
Stash is one of the most popular aiming to make investment easy for Americans so they can build long-term wealth. But is Stash legit?
Today’s guide takes a comprehensive look at the company, what it offers, its safety, and customers’ experiences with using it.
Stash is a financial technology and monetary services company with an app available on the App Store and Google Play.
Based in New York, Co-founders Ed Robinson and Brandon Krieg launched Stash in 2015.
Stash is a platform that facilitates investing, banking, and saving for everyday Americans. It’s designed to accommodate building wealth through long-term investment rather than day trading.
To date, Stash has more than 6 million users and has raised over $450 million in venture capital funding.
Upon joining Stash, you answer some questions to help the app better understand your financial goals and tailor its recommendations to your needs.
From there, you can choose either the Stash Growth plan or the Stash+ plan to start your journey.
After you add money to the account, you can invest in thousands of stocks, cryptocurrency, and ETFs (exchange-traded funds).
You can invest on your own or use the Stash Smart Portfolio feature that invests on your behalf.
You can also receive Stash financial counseling, open a traditional IRA (individual retirement account), and get life insurance coverage (Avibra).
Stash even offers an associated debit card; Stock Back, that lets you earn stock rewards when you use it to purchase. You can also get pieces of stock through the platform’s weekly Stash stock party.
You’ll find out more details about the legitimacy of the Stash app and whether you should trust its services in the following sections.
But first, here are some common questions that many people ask before investing.
Yes, you can legitimately make money on Stash via its rewards system. Whenever you spend money using the Stock Back card, you earn back some money.
If you’re on the Stash Growth plan, the Stash Stock Back card earns you 0.125 percent back in stock on all purchases. Purchasing from certain merchants with bonuses can earn you up to 2 percent in stock back.
If you’re on the Stash+ plan, you can earn up to 1 percent in stock when you spend $1,000 per month. If you spend more than $1,000, your earnings will become 0.125 percent per swipe.
This is an update to a previous policy that stopped receiving free stock after spending $1,000 unless you exceed $4,000 a month in purchases.
For purchases at bonus merchants, Stash+ users earn up to 3 percent in stock with the Stock Back card.
You can cash out of Stash whenever you want. You can also cash as much of your Stash as you want at a time. There are no charges, penalties, or fees included.
When you decide to cash out your Stash, the platform pays your funds back to your connected bank account/card. You’re then free to spend your earnings as you wish.
The transaction to your back starts immediately after you decide to cash out. But it can take up to 7 working days for the money to show up in your bank account. That’s because different banks have varying processing systems.
Stash is only open to citizens of the United States and legal U.S. residents with a green card or a valid visa. Stash accepts visa types TN1, O1, L1, H1B, F1, E3, E2, or E1.
To use Stash, you must provide a valid Social Security number.
Yes, Stash is a legit company, no doubt about it. Whether you’re on the Stash Growth plan or Stash+ subscription, using the app or browsing the platform’s website, Stash is a legitimate business.
Here are a few of the main reasons you can trust this company with your money:
Stash is a registered investment adviser with the United States SEC (Securities and Exchange Commission).
This means that the company is required by federal law to provide you with the best financial/investment advice in your interest while protecting your information.
Investors don’t just give money away. With more than 10 investors backing up Stash -including T.Rowe Price and Entrée-, the company’s current and future presence is more than established. Stash has raised $480 million in total funding as of October 2022.
Stash is on a solid track of growth with a focus on sustainability while exploring initial public offering (IPO), private financing, and acquisition options.
In February 2023, Stash welcomed renowned scaling expert Liza Landsman as the CEO to lead it into its next phase.
Stash received reviews and praise from various globally-recognized organizations such as CBS News, Business Insider, Bloomberg, Workweek, and TechCrunch.
According to The Wall Street Journal, Stash protects people from the negative habits associated with day trading.
In recognition of their operation and performance, Stash won multiple prestigious awards such as Forbes Fintech 50 and Forbes America’s Best Startup Employers.
Stash is also FinTech Breakthrough’s Best Personal Finance App, Comparably’s Best Company Outlook, and one of USA Today’s and Statista’s Top 500 Best Financial Advisory Firms.
Yes, Stash is a reliable investment and banking platform that services millions of users every day. Its operation has been running since 2015, with over 500 employees working to ensure a smooth, safe, and profitable user experience.
Here are a few reasons why you can rely on Stash:
Yes, Stash appears to be a safe platform with multiple policies and tools designed to protect your money and information. A few reasons to feel confident in Stash’s security include:
Now that you’re more familiar with the Stash platform and its operation, it’s time to see what users think.
Here’s a quick look at the positive side of their experience on the most popular review sites:
At the time of writing, Stash had 86 reviews on ConsumerAffairs with an average rating of 3.5 stars.
5-star reviews make up around 22 percent of all user reviews while 4-star reviews make up the majority (45 percent). The highlights of the reviews include:
At the time of writing, Stash’s rating stands at a disappointing 1.5 stars. However, 5-star and 4-star ratings are both at 33 percent and 14 percent respectively.
Here’s what high-rating reviewers thought of the platform:
Despite the positive feedback from many users, the general impression of the platform tips to the negative side.
In this section, we’ll have a brief look at some of the common downsides to the Stash experience.
Both ConsumerAffairs’ 1 and 2-star ratings make up around 8 percent of all reviews each.
Here are some of the aspects that reviews didn’t like about Stash:
Although ConsumerAffairs reviews were fairly positive, reviewers on Trustpilot weren’t as satisfied with their experience. In fact, one-star reviews make up the majority of ratings with over 44 percent of reviews.
Here’s a quick snapshot of the main problems users encountered:
Stash’s operations are under the regulation of the US SEC, so the company must abide by federal laws to act in the user’s best interest and provide tight security of their information and finances.
Stash covers each user’s investments with insurance of up to $500,000. It also offers up to $250,000 insurance coverage of $250,000.
Stash requires your Social Security number to verify your identity as per the Patriot Act, but it doesn’t run a credit check. The company also provides you with a tax report form each year.
Stash is Payment Card Industry Data Security compliant, which ensures protection against malicious attacks.
Yes, Stash offers its users customer service. They’re available 24/7 and are generally quick to respond while being adequately helpful.
The company has a contact page, a support email, and a customer service number. It also uses a support chatbot to quickly address common issues to save you time.
You can contact Stash’s customer support by phone at (800) 205-5164. They’re available Monday to Friday from 8 AM to 8 PM (Eastern Time). Phone support on Saturdays and Sundays is from 10 AM to 6:30 PM (ET).
You can access Stash’s support bot here for quick answers to common inquiries. For further support, you can email the company’s customer service team at support@stash.com.
If your question concerns any of the app’s features, contact Stash’s support team at accessibility@stash.com.
It’s safe to say that Stash is a legit company. It has millions of users and has successfully raised hundreds of millions in venture funds.
The company has an extensive operation set in place with plenty of guarantees to give you peace of mind about becoming a Stasher.
From insurance coverage of your investments and cash to security measures against hackers, the company prioritizes the safety of your information and funds.
Even with its current growth, Stash strives to expand further with the company’s new CEO and plans for a potential IPO.
Whether for long-term investment, traditional accounts, or debit card payments, Stash is trustworthy.
Yet, users do have a responsibility of practicing web security procedures and understanding that the identity verification process takes time.
If you’re creating a smart portfolio with the Stash investing app, certain questions are bound to come to mind. Here are a couple of the most common inquiries and their answers:
Both Stash and Robinhood allow you to trade stock, cryptocurrency, and EFTs while receiving spending perks.
Stash, however, is better if you want the option to trade solo or put money into an automated smart portfolio that Stash Invest manages.
Robinhood is better in terms of fees, market research, and investment selection
You can easily cancel any kind of transfer via the Stash app as long as it’s marked as pending. You can also cancel your subscription whenever you want in the app or on the official website.
Canceling your plan entails closing your account, but not deleting it completely. To do so, you’ll need to send a request via email to the Stash support team.
Now that you know more about Stash, you can take a look at other services/apps that offer various ways for making money online:
Brett Helling is the founder and owner of Gigworker.com. Having worked in the gig economy for nearly a decade, he has mastered freelance, remote, and app-based work. You can learn more about his journey in his book, "Gigworker: Independent Work and the State of the Gig Economy", now available on Amazon.
