Is ELLEVEST the way to go?

"Ellevest is a robo-advisory service designed with the goal of closing gender money gaps, but it welcomes clients of all gender identities and expressions." Created by women for women and open to everyone. Believe it or not the money gaps can be pretty extensive. Is ELLEVEST working? Is it really worth it? Why should I join?

Banking? Investing? Gap closing? Saving plans?

Maybe you've heard of them or maybe not but when searching for updates and news on the company there isn't much info you can come by. I am here to help change that and explain both the pros and cons! First thing's first, I couldn't find much info besides investing plans and goal making so I took a leap of faith and joined.

There are three levels that you can join at with various benefits. The first costs $1 a month. Perfect for anyone looking to make money but don't have money. I really liked that. At the time I had absolutely nothing so I dug up a few quarters, ran to the bank, and deposited all of it! I ended up coming up with $52 total.

Side note: 100% worth saving any and all change

This "essential" option came with the availability of banking, investing, and learning with 20% off 1:1 coaching services. When I say learning I mean you can sign up for different email strings to match your goals. I signed up for a week long course for getting rid of my fear of money. It has helped tremendously and I didn't even realize how much I would benefit from it. It included a short email everyday with a fun small activity and a little coaching with each one.

The second option called "plus" is $5 a month. This comes with banking, investing, learning, personalized retirement planning, retirement specialists access, and 30% off 1:1 coaching.

Finally, the $9 a month "executive" membership comes with 50% off 1:1 coaching, plus personalized, goal specific investment portfolios, and all of the plus benefits.

Now, you may be asking why I didn't join at $9 a month since I had the money. I was just joining and had no idea what it was going to be like. I had never invested, couldn't find any information on the banking and was running blindfolded into a cave. A cave of magic! As soon as I joined I was able to create a saving goal, a spending goal, get my very own Ellevest debit card, invest, and make money!

Yes, I said it. I made money... in a week! Investing was super easy! Setup your account and routing number, input how much you want to invest, how long, how frequent to deposit, and you're done! I invested $50. In a week I was up to $52.86. What they do is divide up your money in stocks, bonds, and alternatives.

Here is an example I found through a simple google search. This is not my portfolio.

As you can see above there are rarely any details left out. I love being able to see the graphs. I am most definitely a visual learner and need to put the words into a picture.

The goals are simple and actually line up with your debit card. After confirming your address through official documents you have a card, with a chip, sent to your address on file. With an option for a savings account you are given goal options. I chose to have a savings and a spending account. With ways on spending intentionally rather than through emotions and wants you learn to get things done. I created my savings to take the change from transactions in my spend account. On top of that you get an average of 5% cash back. I have never had that with a debit card before and I am loving it!

I did have problems with my address and customer service was absolutely amazing. They walked me through everything and got everything done really quickly.

Now for the not so nice part

I always knit pick at everything I do so I can see both sides of anything. Now within that overview I shared all the positive things that I have come across so far. However, this is a honest review.

I was really confused on trying to set up a withdrawal from my investment and had to contact customer support. There is a way I just didn't seem to find it.

If your address you put in doesn't match the ID it prompts in the beginning it will ask for a lease. Now I only had a paper lease and that won't allow it. You have to have a pdf not a picture and it takes about a week.

The card did take a while to get here but at the same time it was around Christmas of 2020.

They only came out with an iphone app until recently but that was a problem for a few months. Thank goodness this has been fixed!

I wish I could share a referral link but unfortunately those have also been stopped. We are told there will be even more fun goodies coming soon.