Interface and AccountsOne place where Mint has always stood out from Mint alternatives is the interface and design. The site always focused on a clean, intuitive look and feel, though I found the improvements pretty much stopped shortly after Intuit acquired the company in 2009. I have also found that, over time, Mint has had increased bugs with account synchronizing to my banks. For example, the link to my small business checking account causes duplicate transactions regularly, and for some of my older accounts like Chase and Schwab, I have completely duplicated accounts where EVERYTHING shows up twice. Personal Capital was the first entrant to the space with a design to rival Mint. Past competitors such as Adaptu had great data, but the designs did not quite compare with Mint. Personal Capital has a very clean, professional approach that exudes the same feelings as major Wall Street investment companies. One place Personal Capital wins is account support. While I’ve had many account connection issues at Mint over the years, many requiring contact with Intuit’s relatively frustrating support department, my account connections with Personal Capital have always just worked. No extra hassle required.
Budgeting and Spending AnalysisThe place Mint has always been strongest is in the area of budgeting. Mint’s budget tools are unrivaled by any competitor. When you sign up with Mint, the site will suggest a budget based on your average spending habits. From there, you can adjust, tweak, and add more budget categories you want to use to guide your spending habits. Mint’s automated transaction categorization is generally pretty good, so you can get a snapshot anytime you’d like either on your desktop or with the mobile app. Personal Capital is focused more on higher income individuals and people with a net worth over $25,000, so budgeting is not quite as big of a focus. Instead, the site’s primary budget tracker focuses on a more business metric for income and expense, cash flow. The site does not break down every transaction into budget categories with the same focus as Mint. If you just care about one overall budget target, Personal Capital does just fine. It does track each transaction and categorizes them on your cash flow tracker, but does not benchmark your categories against a budget. It is also great for focusing on growing your net worth through increased income and lower spending, but if you care about specific budget categories, Mint is the winner.
Investment AnalysisMint first introduced investment analysis tools in October 2008, about a year after I started using the service. While I was excited about the new feature, Mint never really developed its investment tools to their fullest potential. To this day, I have issues with how Mint tracks common things like stock splits and even the value of each investment in my account. When I logged in today, the site had replaced one of my stocks with the nickname of the account on Schwab, so instead of showing the stock ticker symbol, it says “Joint Investment Account.” Investments is where Personal Capital really shines. Personal Capital’s investment analysis tools are the best I’ve ever seen in both paid and free tools ranging from online sites to desktop based software like Quicken. Personal Capital has a few unique investment tracking and check-up tools that I have grown to love.
- The “You Index” – Personal Capital puts together your entire portfolio and tracks it as an “index” against the S&P 500, Dow Jones Industrial Average, a foreign stock index, and US Bond index. This compares your personal investment performance compared to the market.
- Portfolio allocation – Personal Capital creates a visual chart showing your investments by asset category and compares it to a suggested allocation based on a survey of your investment goals and risk tolerance.
- 401(k) Check-Up – The 401(k) analyzer looks at your current retirement investments and breaks out projected growth and fees to show you how your investments will fare over the horizon until you need to cash in during retirement.
- Investment Checkup – This is the feature that really sold me on Personal Capital. After adding my investment accounts, the site generated a report showing all of my mutual funds and ETFs and their related fees. I did some adjustments based on that report and moved most of my retirement savings into Vanguard funds and Schwab index funds. I saved over $300 per year, worth thousands over the life of my investments, based on that report alone.