Editor's Overview:
- The Winner: WalletHub
- WalletHub and NerdWallet offer free accounts that let users manage their finances and track their credit scores. Monarch Money does not have a free plan.
- WalletHub has the most budgeting templates, giving users multiple ways to build a budget.
- WalletHub is the only app here that offers debt payoff plans, which help you find the cheapest and quickest way out of debt.
- WalletHub provides a credit builder feature that lets you use on-time rent and utility payments to help build your credit history. NerdWallet and Monarch Money don't offer this feature.
- Unlike Monarch Money and NerdWallet, WalletHub can help safeguard your personal information with identity protection tools such as Social Security number trace alerts, dark web monitoring, and identity theft insurance.
- WalletHub offers the most tools, helping you manage all aspects of your finances, including budgeting, identity theft protection, investing, and credit building.
NerdWallet vs. Monarch Money vs. WalletHub: Key Characteristics
| Features | NerdWallet | Monarch | WalletHub |
|---|---|---|---|
| Average App Rating | 4.6 | 4.8 | 4.8 |
| Free Plan Available | Yes | No | Yes |
| Premium Plan Cost | $49/year | $49.99 for the first year; $99.99 after that | $7.99 per month, billed annually (SAVE 50.0%) |
| Number of Authorized Users | N/A | No limit | 5 |
| Credit Builder | No | No | Yes |
| Daily Updates to Scores & Reports | No | No | Yes |
| Credit Monitoring | Yes | No | Yes |
| Overall Financial Health Score (e.g. WalletScore) | No | No | Yes |
| Budgeting | No | Yes | Yes |
| Spending Tracker | Yes | Yes | Yes |
| Debt Payoff Plan | No | No | Yes |
| Dark Web Monitoring | No | No | Yes |
| Identity Theft Restoration/Insurance | No | No | Yes |
| Net Worth | Yes | Yes | Yes |
| Investment Tracker | Yes | Yes | Yes |
| Compatible Devices | Web, Apple, and Android | Web, Apple, and Android | Web, Apple, and Android |
Below, you can see an even more detailed breakdown of the differences between these three apps. We’ll also highlight the winner in each category.
NerdWallet vs. Monarch Money vs. WalletHub: Budgeting Tools
Winner: WalletHub
| Features | NerdWallet | Monarch | WalletHub |
|---|---|---|---|
| Spending Tracker | Yes | Yes | Yes |
| Budgeting | No | Yes | Yes |
| Transaction Alerts | Yes | Yes | Yes |
| Financial Reports | No | Yes | Yes |
| Share Transactions | No | No | Yes |
| Number of Budgeting Methods Supported | 0 | 2 | 5 |
| Subscription Manager | Yes | Yes | Yes |
| Savings Goals | No | Yes | Yes |
| Spending Trimmer | No | No | Yes |
| Transaction Validator | No | No | Yes |
| AI-enhanced Transactions | No | No | Yes |
You can sync your financial accounts to automatically track your expenses with any of these apps. They all give you access to a subscription manager as well, allowing you to keep tabs on your recurring bills all in one place. But NerdWallet doesn’t give you the ability to make a budget or set and track savings goals. Only WalletHub and Monarch Money can help with those things.
WalletHub wins this category since it also offers debt payoff plans for free. WalletHub’s debt payoff plans help you find the quickest and cheapest way to become debt-free. Monarch Money and NerdWallet don’t have this feature.
NerdWallet vs. Monarch Money vs. WalletHub: Budgeting Methods
Winner: WalletHub
| Features | NerdWallet | Monarch | WalletHub |
|---|---|---|---|
| 50/30/20 budgeting | No | No | Yes |
| Envelope budgeting | No | No | Yes |
| Micro envelope budgeting | No | No | Yes |
| Simple budgeting (income/expenses only) | No | No | Yes |
| Pay yourself first budgeting | No | No | Yes |
| Zero-based budgeting | No | No | Yes |
| Rollover Capability | No | Yes | No |
While Monarch Money gives you two ways to organize your budget, WalletHub offers five-plus different budget strategies to choose from, which is why WalletHub takes the top spot in this category.
WalletHub users can budget with just their total income and expenses if they want to keep things simple, or build a budget based on the 50/30/20 rule, the pay-yourself-first method, envelope budgeting, or micro-envelope budgeting. In addition, users can create a zero-based budget by referencing the “Summary” section under the “Budget” tab in their WalletHub account.
NerdWallet does not have any tools for building and tracking a budget.
NerdWallet vs. Monarch Money vs. WalletHub: Credit Tools
Winner: WalletHub
| Features | NerdWallet | Monarch | WalletHub |
|---|---|---|---|
| Credit Scores | Yes | Yes | Yes |
| Full Credit Reports | Yes | No | Yes |
| Daily Updates to Scores & Reports | No | No | Yes |
| Credit Builder | No | No | Yes |
| Credit Analysis | Yes | No | Yes |
| Enhanced Credit Report Insights | No | No | Yes |
| Why My Credit Score Changed | No | No | Yes |
| Credit-Improvement Plan | No | No | Yes |
| Credit Score Goals | No | No | Yes |
| Credit Score Simulator | Yes | No | Yes |
| Debt Payoff Plan | No | No | Yes |
| Debt Payoff Goals | No | Yes | Yes |
All three apps let you view your credit score. WalletHub and NerdWallet also give you access to your full credit report and provide credit monitoring services that will quickly notify you of suspicious activity in your credit report.
WalletHub has the edge since it is the only app here that provides you with daily updates to your credit score and report, so you’ll always have the latest information. In addition, WalletHub’s credit builder feature allows you to report your rent and utility bill payments to TransUnion to help increase your credit score. Monarch Money and NerdWallet don’t have a credit builder feature.
NerdWallet vs. Monarch Money vs. WalletHub: Identity Theft Protection
Winner: WalletHub
| Features | NerdWallet | Monarch | WalletHub |
|---|---|---|---|
| Credit Report Monitoring | Yes | No | Yes |
| Real-Time Credit Inquiry Alerts | Yes | No | Yes |
| Change of Address Alerts | Yes | No | Yes |
| Password Monitoring | No | No | Yes |
| Social Security Number Trace Alerts | No | No | Yes |
| Credit Lock (with alerts and scheduling) | No | No | Yes |
| Identity Theft Restoration | No | No | Yes |
| Dark Web Monitoring | No | No | Yes |
| $1,000,000 Identity Theft Insurance | No | No | Yes |
| Enhanced Loan Monitoring | No | No | Yes |
| Lost Wallet Assistance | No | No | Yes |
| USPS Address Monitoring | No | No | Yes |
| Bank Account Takeover Monitoring | No | No | Yes |
| Checking & Savings Account Application Alerts | No | No | Yes |
| Criminal Activity Monitoring | No | No | Yes |
| OFAC Sanctions List Monitoring | No | No | Yes |
| SMS for Urgent Alerts | No | No | Yes |
Unlike Monarch Money, both WalletHub and NerdWallet provide credit monitoring that watches for suspicious activity on your credit report. However, WalletHub leads in this category since it also offers additional identity theft protection features that neither NerdWallet nor Monarch Money has, such as password monitoring, Social Security number trace alerts, dark web monitoring, and lost wallet assistance. In addition, you get access to identity theft restoration services as well as $1,000,000 in identity theft insurance to help restore your identity if you are ever the victim of identity theft.
NerdWallet vs. Monarch Money vs. WalletHub: Investing & Retirement
Winner: WalletHub
| Features | NerdWallet | Monarch | WalletHub |
|---|---|---|---|
| Net Worth | Yes | Yes | Yes |
| Investment Tracker | Yes | Yes | Yes |
| Investing News | No | No | Yes |
| Sync Real Estate Values | Yes | Yes | Yes |
| Sync Vehicle Values | No | Yes | Yes |
These apps all let you sync your investment accounts to see your balances and monitor your performance all in one place. They also offer a net worth tracking feature.
WalletHub and Monarch Money both give you a detailed breakdown of your investment activities, unlike NerdWallet. However, WalletHub has the edge since you can see investment news straight from your account.
NerdWallet vs. Monarch Money vs. WalletHub: Additional Features
Winner: WalletHub
| Features | NerdWallet | Monarch | WalletHub |
|---|---|---|---|
| Interactive Alerts | No | Yes | Yes |
| Custom Dashboards | No | Yes | Yes |
| Auto Insurance Score | No | No | Yes |
| Financial Timeline | No | No | Yes |
| App Store Rating | 4.8 | 4.9 | 4.8 |
| Google Play Rating | 4.3 | 4.7 | 4.7 |
| Details Loaded From Credit Report | Yes | Yes | Yes |
| Customer Support (like email/live chat/etc) | Email & Chat Support |
Unlike NerdWallet, both WalletHub and Monarch Money provide interactive alerts and let you customize your dashboard to your liking. However, WalletHub offers far more features to help you manage all aspects of your finances, such as a financial timeline that summarizes important alerts as well as access to an auto insurance score and a WalletScore, giving it the top spot in this category.
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