If you are one of the millions of users who rely on Mint to manage your personal finances, you may have heard the shocking news: Mint shutting down by the start of 2024. Intuit, the company that owns Mint, has decided to wind down the service and migrate users to Credit Karma, another personal finance app that it acquired in 2020.
What does this mean for you as a Mint user? How can you save your data and find a new app that suits your needs? In this article, we will answer these questions and more. We will explain why Mint app is shutting down, what will happen to your account and data, what are the alternatives to Mint, and how to choose the best personal finance app for you.
What is Mint and Why is Mint Shutting Down?
Mint is a personal finance app that was launched in 2006. It allows users to link their bank accounts, credit cards, loans, investments, and other financial accounts in one place. Mint helps users track their income, expenses, budgets, goals, net worth, credit score, and more. It also provides personalized recommendations for saving money and improving financial health.
Mint was acquired by Intuit in 2009 for $170 million. Intuit is a software company that also owns popular products such as TurboTax, QuickBooks, and Quicken. Since then, Mint has faced several challenges that have affected its performance and profitability.
Mint: A Popular Personal Finance App
Mint was one of the first and most popular personal finance apps in the market. It had over 20 million users at its peak and won several awards for its design and functionality. Mint was praised for its simplicity, convenience, and user-friendliness. It was also free to use, which attracted many users who wanted to manage their money without paying a fee.
The Challenges of Mint’s Business Model
Offering free personal finance apps like Mint comes with a financial burden due to high data fees for connecting to financial institutions. Mint’s revenue model based on advertising and referrals couldn’t fully offset these escalating costs.
Moreover, this ad-based business model created misaligned incentives between Mint and its users. The financial products that offered the highest commissions were not necessarily the best ones for the users. There was always a tension between doing what was in the users’ best interests and trying to drive revenue to keep the business alive.
Intuit’s Decision to Close Mint and Shift Users to Credit Karma
Intuit acquired Mint in 2009 but didn’t prioritize its development. They focused on products like TurboTax and QuickBooks instead of innovating Mint. In 2020, Intuit acquired Credit Karma, a personal finance app similar to Mint but with unique features, a larger user base (100+ million), and a more profitable lead generation-based model.
Intuit decided to wind down Mint and shift users to Credit Karma by the start of 2024. Intuit said that Credit Karma offers many of the same features as Mint and more, and that it will provide a seamless transition for Mint users. Intuit also said that it will continue to support Mint until it shuts down and that users can export their data before deleting their accounts.
When Will Mint Stop Working?
Mint will stop working on January 1, 2024. This means that you will not be able to access your account, link new accounts, update your transactions, view your budgets, goals, etc., after this date. You will also stop receiving any notifications, alerts, or emails from Mint.
What are Mint Alternatives
If you are looking for a new personal finance app to replace Mint, you have many options to choose from. However, not all apps are created equal. Some may have more features than others, some may charge a fee while others are free, some may have better security and privacy than others, etc.
Credit Karma
Intuit is encouraging Mint users to switch to Credit Karma, but there’s no straightforward method to move your Mint data directly into Credit Karma. To make the transition, Mint users can download their Mint data and then connect their external bank accounts to Credit Karma Money for spending and saving.
Credit Karma is a personal finance app that helps users monitor their credit scores, reports, and factors for free. It also provides free tax filing, identity monitoring, savings accounts, and other financial tools. Credit Karma has many of the same features as Mint, such as linking accounts, tracking income and expenses, creating budgets and goals, etc.
Monarch
Monarch is a modern and intuitive money management platform that helps users take control of their finances and achieve their goals. Monarch is designed to be simple, elegant, and user-friendly.
Monarch is not free to use, but it offers a 7-day free trial for new users. After that, it charges $14.99 per month or $99.99 per year for unlimited access to all its features. However, it does not show any ads or sell any products to its users. It also does not sell or share users’ personal information with third parties without their consent.
Money Manager
Money Manager is a handy app for managing your personal finances. It allows you to keep tabs on your income, expenses, assets, debts, and budgets. The app is versatile, supporting various currencies, multiple accounts, and different spending categories.
You can easily synchronize your financial data across all your devices, and you also have the option to export it as CSV or Excel files. Money Manager is available for free with advertisements, but if you prefer an ad-free experience with additional features, you can choose the premium version, which costs $3.99 per month or $39.99 per year.
GreenStash
GreenStash is an investment app that makes it easy to save and invest your leftover change in a mix of ETFs to diversify your portfolio. In addition, it provides customized financial guidance, educational resources, and tools to set and achieve your financial goals.
You can begin investing with just $5, and the cost is straightforward: a flat fee of $1 per month if your balance is under $5,000, or 0.25% per year if your balance is over $5,000.
Frequently Asked Questions
Conclusion
Mint is shutting down by the start of 2024. This means that you will have to find a new personal finance app to manage your money and achieve your goals. There are many alternatives to Mint that you can consider, such as Credit Karma, Monarch, YNAB, Personal Capital, Quicken, Clarity Money, etc. However, not every app will suit your preferences and needs.
You should consider the features and support of different apps and choose the one that works best for you. You should also export your data from Mint before it shuts down and delete your account if you want to. We hope this article has helped you understand what Mint shutting down means for you and what to do next.
Mint Shutting Down: What You Need to Know and What to Do Next