Review of Mint.com Canada

Problems with Mint.com in Canada

It’s official: Mint is now ready for Canada. Or is it? I think their service still has problems but overall I like it. I wanted to provide an unbiased review of their service.

This post has appeared in the following blog carnivals!

http://www.budgetinginthefunstuff.com/totally-money-blog-carnival-2/, http://personaldividends.com/news/admin/carnival-of-wealth-21-jan-16-2011-edition, and http://canadianfinanceblog.com/2011/01/16/canadian-finance-carnival-19.htm.

Mint.com is a website (owned by Intuit), where you can see your financial accounts in one place, set budgets, and do more with your money — for free. According to Mint.com they support all major Canadian banks and accounts, and find personalized savings so you can spend less. Their Mint app is available in the Canadian iPhone and Android app stores.

Review of Mint.com Canada

It has received these compliments:

“Mint’s most unique feature is the way it analyzes your spending by category.”
-Rob Carrick, Globe and Mail

“Mint appeals to those who want to see their spending clearly and start to make changes.”
-Ellen Roseman, Toronto Star

Now these are two financial experts in Canada that I respect and I enjoy reading their columns.

Now, I was pleased when registering that it was very easy to integrate most of my financial accounts with their service. It was very easy to integrate my PC Financial account, ING Direct savings account, and MBNA Mastercard.

The major problem I have is I like many Canadians have a self-directed RRSP and investment account with Questrade.

Questrade is a great service and provides low rates (here is my review on Questrade).

My major problem is that Questrade is not recognized in their system.

How can I do more with my money in their terms if they do not recognize my major assets? It is frustrating because it gives me an incomplete picture of my finances.

Another major problem is the fact that Mint.com Canada claims that they find personalized savings so you can spend less.

How can it give recommendations without knowing my complete financial picture? It does not know what rates I pay for a credit card for the interest I may pay so how can it provide a recommendation?

This is a wonderful recommendation to get an American Express savings account. Do they not know that I currently have an interest rate higher with ING Direct?

Conclusion:

My advice is to use their tools as a summary but honestly, don’t spend too much time on their recommendations. They obviously generate revenue from these recommendations and it will never replace a more qualified money coach or certified financial planner.

Any thoughts from fellow Canadians that have used Mint.com?

Steven Zussino

Steven Zussino is the co-founder of Grocery Alerts Canada. He loves to help Canadians save money on groceries. He also runs the blog, CanadianTravelHacking.com.

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