Albert App Review 2024: All-in-One Money Management at a Cost

These days, many customers have a wide variety of digital accounts to manage their finances, from checking to investing to budgeting.

If you despise keeping track of all those logins, the Albert app could be worth a look. This app lets you bank, invest, budget, get cash advances, and more under one umbrella—giving you a comprehensive look at your finances.

But that convenience comes at a cost, and the price tag could be fairly steep depending on your situation. Here’s what to know about the Albert app, who it’s best for, its drawbacks, and how its cash advances work.

TIME’s Take

Albert offers expert guidance and the convenience of holistic money management, but its relatively high cost and convoluted cash advance feature could deter potential users. Consumers may find certain features cheaper among Albert’s competitors, so it’s important to be clear on what you want and shop around.

Who is the Albert app best for

The Albert app is best for people looking for an all-in-one option for managing their money. It offers banking, investing, budgeting, and cash advance components. It also offers identity-theft protection and expert financial guidance through its Genius function.

Still, the user needs to be OK with paying for the features. The Albert app costs $9.99 to $14.99 per month, and offers a free 30-day trial (access to the Genius feature costs $14.99 a month - or $12.99 per month if you pay upfront).

How the Albert app works

Albert is a subscription-based app that acts as an alternative to traditional financial institutions, letting you access and manage your money all in one place. Besides the convenience, Albert offers expert financial guidance through the Genius feature, as well as overdraft protection, net-worth tracking, budgeting, identity-theft protection, and automated savings tools.

Requirements to get a cash advance with Albert

Cash advances through Albert are more convoluted than competitors—and really is more of an overdraft protection feature. Its Instant feature lets you overdraft your Albert Cash account by up to $250, and you won’t need to undergo a credit check.

Not everyone can get approved for Instant overdrafts, though, and the limits may be as low as $25. And unfortunately, the app doesn’t disclose specific requirements to qualify beyond mentioning that you need a Genius subscription and an Albert Cash account, the app’s version of a checking account. The average overdraft limit is around $95 in 2024, according to the company.

So if you’re hoping to sign up for the free trial and get a $250 overdraft limit immediately, you might be out of luck.

How to get a cash advance with Albert

1. Sign up for an Albert Genius subscription. (Note: You can try it for 30 days free, then you’ll be charged up to $14.99/month.)
2. Begin using Albert Cash and the Albert Smart Money feature.
3. Follow the prompts to set up Instant in the Albert app.
4. Albert will assign an overdraft limit, ranging from $25 to $250.
5. Spend up to your limit, then repay the amount from your paycheck or a connected bank account.

Albert app details

Eligibility

You’ll need to meet certain requirements to be eligible for an Albert account. Users must be 18 or older, U.S. residents or citizens, and have an account with a U.S. bank. You’ll also need a qualifying mobile phone from a U.S. carrier, and that phone will need to be compatible with the Albert app.

Deposits and withdrawals

Albert users can set up direct deposit or move money into the app from an outside bank account. You can withdraw funds from Albert by transferring them back to your connected bank account.

Interest and fees

You won’t be charged interest if you qualify for Albert’s Instant overdraft feature. But you’ll need to pay for a Genius subscription to be eligible—which costs up to $180 a year.

Funding time

You won’t necessarily qualify for Albert’s Instant overdraft feature, and if you do, the amount you get may be much smaller than $250. The company doesn’t specify a timeframe for approval; it only mentions that it reviews accounts daily, so you could qualify in the future.

Eligible Instant overdraft users can spend up to their overdraft limit on their Albert debit cards, via electronic transfer, or ATM withdrawal.

Customer reviews

Albert has good reviews overall in the Google Play and Apple App Stores, with average ratings of 4.2 and 4.6 stars respectively. Satisfied users praise its Instant feature, customer service team, and other app functions. But many unhappy reviewers complain that it’s very difficult to close your Albert account and you’ll need to repay your Instant overdrafts first— so be mindful of this if you’re considering a free trial.

Pros and cons

Benefits of Albert

Offers free trial

You can try Albert for one month before you need to pay for a subscription. The trial period can help you familiarize yourself with the app and decide if it’s right for you.

All-in-one money management

Albert offers checking and savings options, investing via a taxable brokerage account, budgeting, identity theft protection, and an overdraft protection feature that can act as a cash advance. It also offers automated savings through its Smart Money feature. Having all these tools in one place is really convenient and can give you a bird’s-eye view of your finances.

Offers cash advances and expert guidance

Albert lets you access up to $250 in extra cash through its Instant overdraft feature.

You also get expert guidance on loans, insurance, and more when you sign up for Albert’s Genius subscription. The company’s financial experts are available to answer questions via text or video call.

Supports fractional share investing

Albert users can invest with small amounts of money—as little as $1—because the app supports fractional share investing. With fractional shares, you buy a portion of one of the hundreds of stocks or ETFs Albert supports. The app can also automate investing in a custom portfolio aligned with your preferences. Albert Invest is only available to Genius subscribers.

What can be improved of Albert

Relatively high cost

While the Albert app may market itself as ideal for users with small amounts of money—for instance, it supports investing with just $1, lets qualifying users overdraft up to $250, etc.—its high cost contradicts that.

Even the basic version of Albert costs $9.99 a month, so it’s a pretty expensive app. If you want Genius access, you’ll pay up to $14.99 monthly. Yearly costs range from around $120 to $180, depending on your subscription.

Doesn’t pay interest

You won’t earn interest on your Albert savings or checking balances. The app does pay monthly “savings bonuses” to Genius users, but the highest bonus available is just $0.35.

Cash advance amounts vary

Albert’s Instant feature offers overdraft limits of $25 to $250, effectively providing Genius subscribers with a cash advance up to your limit. However, it mentions not all users will qualify, so if you are just getting Albert for the cash advance from Albert, you might be disappointed.

No retirement savings available

Certain financial apps let you invest money into an IRA for retirement, but not Albert. When you invest through Albert, your money goes into a taxable brokerage account. It’s not a great option if you want to build a retirement nest egg.

How the Albert app stacks up

Albert comes with a high price tag compared to competitors. For instance, the Dave app offers similar features to Albert, including cash advances, for just a $1 monthly subscription. You can also get cash advances through MoneyLion, which is free for the standard delivery.

If you’re interested in all-in-one money management, Revolut might be a cheaper alternative. It offers monthly subscriptions with investing access for as little as $0.

Who Albert isn’t right for

If you’re looking for a free app to help you wrangle your money, Albert isn’t going to cut it. Its monthly subscription fees are fairly high, at $9.99 a month for its basic option. If you want Genius access, your costs will be even higher.

It’s also not the best choice if you’re looking to invest in retirement or want to earn interest on savings. And although you can get nominal bonuses each month, its highest is a mere $0.35.

TIME Stamp: Albert is a costly, all-in-one financial tool

If you want the convenience of all-in-one money management and access to expert financial guidance, Albert is worth a look. But if you’re looking for a free app or a guaranteed cash advance, this isn’t your best bet. Albert costs between $120 and $180 annually, depending on the features you’d like to access. And you might not get approved for its cash advance option at all.

Frequently asked questions (FAQs)

Is Albert a trusted app?

Albert is a legitimate app, and any money you deposit into your Albert cash or savings account is insured by the FDIC. The app is well-rated in Google Play and the App Store, with average ratings of 4.2 and 4.6 stars, respectively.

Does the Albert app give you $250?

You might qualify for a $250 overdraft limit in Albert, but there are no guarantees. Its overdraft limits start at just $25—and not all users qualify for overdraft protection. You’ll need a Genius subscription, Albert Cash account, and the Smart Money feature turned on to see if you’re eligible.

Can you really get money from Albert?

You could potentially get a cash advance from Albert, but not necessarily. It depends on whether you’re approved for its Instant overdraft feature. This feature is only available to Genius subscription members who use certain Albert features, such as its Cash account and Smart Money tool.

Does the Albert app charge a monthly fee?

The Albert app offers two subscription tiers: The basic account costs $9.99 a month, and the Genius feature costs $12.49/month if billed annually or $14.99/month if billed monthly. Albert does offer a 30-day free trial.