Why Mint isn’t better than Yodlee

While Mint is touted as one of the better online financial aggregators, it is not the best option for everyone. Yodlee.com is! RELEVANT ARTICLE!: – Top 11 Reasons You Should Use Yodlee MoneyCenter For some people Mint provides a sufficient service, but many will find the service lacking after some time. If you are using Mint or thinking about using Mint, you should check out the following review.

 

The Pros

 

Mint is very easy to use and to understand. Everything is laid out in an intuitive manner, and it is easy to put all your accounts in one place.

Mint has useful (though somewhat irritating) alerts, and you can sign up for email or text message alerts to tell you when bills are due or when your bank account falls below a certain level.

Related Article: Mint vs Yodlee vs PageOnce vs Quicken vs Hello Wallet

Mint’s budgeting tools are useful and illustrative once you have put in all your information. For example, the spending graphs are a great way to see what you have spent and the relationship between that category to your total income and your total spending.

Mint has bank level security, and users can rest assured that all of their financial information is safe.

 

The Cons

 

In some cases with Mint, it can be hard to update or add information. Sometimes accounts cannot be added, or they will not update. Many times the balances reflected on Mint are inaccurate, and they do not reflect the current balance in your account. For example, the weekly text messages often reflect the balances from a couple of days in the past.

Making budgets with Mint is difficult and time consuming because mint automatically assigns categories to your purchases or expenses. In many cases Mint gets these categories right, but in some cases it will assign categories incorrectly. For example, you might not want your alcohol purchases to go under “Groceries,” but “Bars and Alcohol.” This means that you have spend time checking the categories and changing them. Also, when Mint does not recognize an expense, it will be categorized as “Uncategorized.” This often happens with loans, credit cards, and financed purchases.

Related Article: Top 11 Reasons You Should Use Yodlee MoneyCenter

 

The Interface

 

Overall, the interface on Mint is great. It is bright, colorful, and easy to read and use. The easy to use graphs are helpful, and the main interface shows you all of your accounts, including credit, debit, loans, cash, net worth, etc. Unfortunately, the site is not as useful as it is pretty.

 

The Cost

 

With Mint, one might say that you get what you pay for because Mint is free.

 

In Conclusion…

 

Mint is relatively easy to use, and this is an advantage for the general user who does not know much about computers or finances. If it worked all the time, it would be a much more useful site. However, when it will not add or update an account, and when you have to spend hours trying to arrange the categories so that you can have an accurate spending record and budget, the site is not worth the time.

If you want a general idea of your spending habits, then Mint might be a great option for you, especially because it is free. If you do not make frequent purchases, then Mint might be a great option for you. If you want to take the time to arrange all of the categories (and continue to adjust them regularly) then Mint shows you a great picture of what you have spent in the past.

However, because Mint does not update quickly with regards to checking accounts, it is not the best option if you want a quick picture of your finances on the go. You are better off checking your bank account balance on your bank’s website.

Bottom line – Mint, while pretty, is more trouble than it’s worth.

Call to Action!

What do you think? Have you used Mint in the past? Do you still use it? Do you like it or would you recommend another account aggregation tool?

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19 comments

  • I've used mint before. I liked it at first, but then it was too complicated for me. Not the actions itself, but the things I had to do in order for it to work for me. When I used it, you couldn't even budget months in advance, which was too bad.
    My recent post Save Money on Alcohol This Summer

  • We' d love to join the conversation on this, .. one of our partners (a not for profit credit counseling agency) did a video comparing us (Planwise) to mint a few months back. Check it out here ..

    – while we are not trying to compete as a 'budgeting tool' we think our approach gets around a lot of the issues cited here (complex, time consuming)

    We're about to implement a whole new range of capability so keen to know more about the cons of existing tools and the gaps from guys at the front line

    My recent post Planwise Gets Seed Funding.

  • I have used Mint and Yodlee. Everything in this article is spot on. The problem with Yodlee for me has been how extremely slow the interface is. It does appear to be more accurate. The best thing which I have now resorted to is mvelopes. The reports aren't quite as nice but it is quick and easy. The support is instant when you need it which makes the 10.00 a month I pay worth it to me.

    • URFinanceSimple /

      I'm not a fan of paying for account aggregators, but I'll check out the reviews on it.

  • Mint is hands-down best tool IMHO. But, I now will check Yodlee. Thanks for sharing.

  • This was a really lame article. It mentioned a lot of good thigns about mint and mentioned a couple minor annoyances with miny. However it didn’t mention anything about Yodlee at all. Like how everyone hates the version 10 interface and all of its other shortcomings.

    Is Mint perfect? Heck no. But it’s the best option out there once you learn to work around it shortfalls. There are a few minor things that Mint could fix (if they had anyone actually working on their system) to make it a home run. For now it’s probably a double. Sucks that they don’t care to update it or fix the bugs any more.

    I actually started a blog to compare the two but never really got very far into it.

    • URFinanceSimple /

      I have another article dedicated 100% to Yodlee and why best article. It's included in the relevant posts. You should site the reasons you feel mint is better (in the comments section)

  • That sounds pretty cool, although I haven't heard about Yoodle yet. I think I should give it a try, it seems to be a really useful service. Thanks for this great review and for the inspiration!
    My recent post Diplomarbeit: Abgabetermin steht schon vor der Tür

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  • I like Yodlee because yo can have access to your data via their API. I have tried Mint but I'm not sure they allow you to do that. the average Joe then Mint can be for you but if you are a developer or you want to automate your business tracking then you should use Yodlee.

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