Ellevest Review 2024

Ellevest is a unique robo-advisor, created with the aim of promoting greater equality in the world of investing. It is a female-centric platform, and in our review we'll evaluate its services to see what it has to offer and how it fares on today's competitive market.

What Is Ellevest?

Ellevest is one of many services on the list of robo advisors. However, this one has a unique function: it’s a platform created with the sole aim of eliminating the gender pay gap between men and women in the areas of investment and finance. It does this by specifically targeting its services at women, as you can tell from its slogan: “Built by women, for women.”

That’s not to say that this platform is only for women. While it was initially designed as such, over time Ellevest has evolved. Women remain the primary audience, but the platform offers its services to individuals of all gender classifications and identities. The company’s sole purpose isn’t just to provide a space for investing for women, but to ensure that the age-old problems of difference in wealth creation due to gender are addressed.

Ellevest Overview

An epiphany is the sudden realization of a fact or truth that has perhaps not been so apparent in the past. It’s that moment when you realize that things aren’t working the way they should.

For Ellevest founder Sallie Krawcheck, her epiphany was the realization that the investment sector was tailored to cater to men at the expense of women. In a nutshell, she could see that the platforms, investment tactics, and even the investment options themselves didn’t take into consideration many distinct factors pertaining to women. Krawcheck saw that the status quo wasn’t working and sought to correct that. Her solution? Ellevest.

The vision for this platform is simple: Ellevest modernizes investment strategies in order to optimize financial planning for women so they can build profitable portfolios and create wealth. The ultimate goal is to make women financially stronger, acknowledging that greater equality creates a better society overall.

Founded in 2014, Ellevest is, according to the company itself: “a financial company built to get more money in the hands of women. Financial planning, career coaching, investing, & banking that gives you cash back.” In this way, Ellevest is both revolutionary and innovative; it’s the first service of its kind to provide specified investment services primarily for women.

Ellevest Products and Services

Now it’s time to take a closer look at the services Ellevest offers.

Ellevest Save and Ellevest Spend

Ellevest accounts come with spending and saving options to meet every need. There is a Mastercard debit card feature that enables account holders to spend directly from their accounts. The card also comes with various features, such as ID theft resolution, warranty, a tap-to-pay option, and other perks. Users who do not wish to spend can make use of Ellevest’s Save Account feature, which keeps their funds until they need them. Both accounts are insured by the FDIC up to total amounts of $250,000.

There are no hidden fees on the card or account: no overdraft charges or fees on minimum balance. Card replacement is also free. Account owners are also eligible for reimbursement on ATM fees when the direct deposit feature has been activated.

Ellevest App

The app is available on iOS and Android, meaning you can use invest on the go no matter what device you use. The app also offers great functionality, so those who prefer mobile to desktop won’t miss out on anything.

All of the features available on the website are also available on the app, from creating an account to depositing funds and investing. You can also make a withdrawal using your mobile device. Security and safety are top priorities; the app uses two-factor authentication to verify access to personal data.

Ellevest IRA

Ellevest only offers IRA access to members on Plus and Executive plans; those with the Essential plan don’t get to use this feature. Whatever the case may be, if your plans include an IRA account, then you’ll be paying at least $5 per month for the Plus subscription. It may not look pricey, but the lack of options for Essential plan holders might be a little discouraging for some.

Nevertheless, you get to plan for retirement with the more advanced plans, and estimated amounts help the Ellevest algorithm finetune your financial position in line with your goals. It’s important to remember that IRAs under Ellevest are similar to those on competing platforms, in that any contributions to this account for future retirement savings are tax-deductible.

Ellevest Roth IRA

Where a traditional IRA treats contributions as tax-deductible, Ellevest Roth IRA contributions are calculated after tax earnings, meaning there is no tax to be deducted from them. Any gains on your investments are also non-taxable. As is the case with the standard IRA, Ellevest users can only create a Roth IRA if they’re on the Plus or Executive plans.

Ellevest Pricing

There are three different plans to which users can subscribe: Essential, Plus, and Executive. Each of these plans comes with its own features, but the Essential plan is the most limited, as it does not cater to retirement accounts. The other two grant users full access to IRAs.

The Essential plan costs $1 per month. It gives users access to banking, learning, and investing features, as well as 20% off coaching access. The Plus plan costs $5 per month (or $36 per year) and gives users the same features, as well as retirement accounts and 30% off coaching access. The Executive plan gives you full access to all features, retirement accounts, multi-goal investing, and 50% off coaching access for $9 per month (or $72 per year).