Geezeo is trying to help the average person manage their personal finances online. Following our glowing write-up last month on their competitor Mint (which took home the top prize at the TechCrunch40 event), Geezeo gets a quick mention today for being the first social finance site to add investment accounts to users’ online finance portfolios.
Geezeo, based in Framingham, Mass., has also inked a partnership with the Motley Fool to integrate that group’s CAPS stock rating service.
These “social” personal finance sites are based around the idea that there’s a lot to learn about spending and saving money when a group of people share data and other information about their finances, anonymously or otherwise. Each startup in the space has its own idea of how that works. Geezeo and and similar startup Wesabe employ a bunch of ideas from social networking. Mint, for now, isn’t much of a social personal finance site, but it does offer a personal finance blog and forum where users can read posts and chat with each other about money issues.
Mint’s user interface is still a thousand times cleaner and easier to navigate than Geezeo, but right now Geezeo has a better offering when it comes to adding accounts. Both Mint and Geezeo let users add checking and savings accounts, but only Geezeo allows for the addition of student loans, mortgages, car loans and investment data.
Users can supposedly connect automatically to account data from over 10,000 financial institutions on Geezeo, but I’m still having trouble adding my Bank of America accounts. Meanwhile, when I tried to add in my Roth IRA info, I was told that Vanguard wasn’t supported yet and that I should try again tomorrow. So much for that.
Another free personal finance site, Yodlee, which is modeled more closely on traditional personal finance software and lacks the social aspect found in Geezeo and Wesabe, already offers the ability to add investment accounts. After giving up on Geezeo, I went over to Yodlee to add my accounts and had my full profile, investments and all, up and running in about 10 minutes. But after that, I was on my own. The site offered a detailed look into my spending habits, but didn’t provide any information on how I might go about saving money or advice on budgeting, features I’d expect on the “social” personal finance sites.
Of the aforementioned sites, Mint’s still got my vote, as long as it can add investment accounts in the near future (i.e. before Geezeo gets its act together). Yodlee is functional as a personal finance software alternative, but Mint has tools that fully take advantage of it being an online application. Mint, like Geezeo, adds value to the basic personal finance idea by suggestion specific ways to save money, like higher-interest savings accounts and high-yield CDs. Check out my full review of Mint here.