Personal Capital and Quicken are two of the most popular online financial tools on the market, leading many people to ask themselves: Which is better?
Both tools can help you take control of your finances, and they do have many of the same features. But Personal Capital and Quicken have some important differences to consider before choosing the best tool for you.
What is Personal Capital?
Personal Capital’s budgeting and cash flow tools help you make a plan for your money and track what money is coming and going throughout the month. It also has a variety of tools to help you meet specific financial goals. Tools include:
- Net Worth Tracker
- Savings Planner
- Retirement Planner
- Education Planner
- Investment Checkup
- Fee Analyzer
Read More: Personal Capital vs. Mint
What is Quicken?
Quicken is one of the longest-standing financial management tools — it’s been on the market for more than 30 years. Quicken uses a subscription model with an annual fee. Using this tool, individuals can manage their cash flow, view and manage bills, and track their investments.
Quicken has four membership levels, meaning the tools you have access to depends on the subscription you choose. The most affordable plan allows you to see all of your accounts and track your monthly expenses.
It’s not until you sign up for the next plan that you can create a budget and manage debt. Finally, the most expensive plan comes with free online bill payment and priority access to customer support.
Features of Personal Capital and Quicken
Personal Capital is a financial planning tool built with investors in mind. The free dashboard tools come with a variety of features to help you track your investments. First, the net worth tracker gives you an accurate sense of your net worth. You can watch it increase as your investments grow.
Personal Capital’s tools also help you to keep an eye on your portfolio’s health. The Investment Checkup tool shows you how your investments are performing and compares them to the ideal asset allocation for your goals. And the Fee Analyzer shows you if you might be losing money to hidden fees in your various accounts.
Quicken also has an investment tracker tool, allowing you to monitor all of your investment accounts in one place. Additionally, you can compare your portfolio to target allocations. Unfortunately, because Quicken is a desktop tool, this tool is only available for Windows users.
Personal Capital’s Retirement Planner is uniquely designed to help you plan for a comfortable retirement. The tool tells you whether you’re on track for retirement and what your projected retirement spending will be.
Some of its key features include the ability to run different retirement scenarios, anticipate large expenses and their impact on your retirement, add income events like Social Security and cash windfalls, and get on a spending plan for retirement.
“Personal Capital is a great way to keep track of your investments and retirement planning,” said Kevin, a Personal Capital free tools user, in May 2020. “It has completely replaced Quicken for my daily transaction record keeping.”
Quicken’s retirement planning tool allows you to see all of your retirement accounts in one place and use a lifetime planner to see various scenarios. Though I believe the tool’s retirement planning features aren’t as robust as Personal Capital’s.
Read More: How To Calculate Your Retirement Number
Both Personal Capital and Quicken have budgeting tools to help users make a plan for their money and track their incoming and outgoing cash flow.
Personal Capital’s budgeting tool allows users to set monthly targets for each spending category, organize spending and saving by date, and stay updated on whether they’re on track. It also allows you to easily see what money has come in and gone out over the past 30 days.
“[Personal Capital gives] up-to-the-minute insight into all finances,” said Stephen, a Personal Capital free tools user, in June 2020. “I used Quicken for years, then Mint for years, and now only use Personal Capital. Best simple tools for managing budget, household expenses, and financial outlook. No debate.”
Quicken also has a budgeting tool where users can see their monthly expenses, find potential areas to save and create a personalized budget. Unfortunately, Quicken’s customized budgeting tool isn’t available for its most affordable plan.
Any time you’re connecting an online tool to your bank accounts or sharing other financial information, it’s critical to make sure the tool has the most advanced security measures in place.
Both Personal Capital and Quicken use advanced security measures, so you don’t have to worry about your data being compromised. Both companies use encryption to protect your data as it’s being transferred.
Read More: Is Personal Capital Safe?
Personal Capital makes it easy for customers to contact their customer support team. When you’re logged into your account, the tool’s chat support allows you to instantly get in touch with a customer service representative. You can also contact the company via phone or email.
Quicken has a variety of ways to get your questions answered. You’ll first be directed to a community forum to ask questions and get feedback from other users. If that doesn’t work, you can contact the company via phone or online chat.
It’s worth noting that Quicken has a tiered customer service approach. Only those who pay for the two most expensive plans receive priority customer service.
When it comes to cost, Personal Capital and Quicken couldn’t be more different. Personal Capital’s personal financial management tools are free — yes, free. You have access to the net worth, savings, budgeting and cash flow, retirement, and investing tools with no fee. You’ll only pay if you sign up for the company’s wealth management services.
Quicken, on the other hand, is a subscription tool that requires an annual fee. When you sign up, you’ll choose between three different plans:
- Starter: $35.99/year
- Deluxe: $51.99/year
- Premier: $77.99/year
- Home & Business: $103.99/year
Because of this tiered approach, many of the features aren’t available until you upgrade to one of the most expensive plans.
The Bottom Line
There are many online money management tools to choose from, so it’s understandable to feel overwhelmed choosing among them. But thanks to the robust features and entirely free online tools, Personal Capital has been an easy choice for many users.
Personal Capital combines excellent budgeting and cash flow tools with robust retirement and investment planning, making it a well-rounded online tool. And given that the tool is free — especially when compared to Quicken’s annual fees — it’s hard to beat.
“Since switching to Personal Capital two years ago, we have enjoyed the ease of use afforded to us in managing all our finances in a single application across multiple platforms,” said Michael, a Personal Capital free tools user, in May 2021. “Our ability to regularly review our expenses, credit card transactions, and all investments has freed us from the tiresome efforts we had with our previous finance management software (Quicken). What a joy Personal Capital is to use!”
Kevin, Stephen, and Michael are users of Personal Capital’s free tools, and they were not paid for their testimonials. Personal Capital compensates Erin Gobler (“Author”) for providing the content contained in this blog post. Compensation not to exceed $500. Author is not a client of Personal Capital Advisors Corporation. The content contained in this blog post is intended for general informational purposes only and is not meant to constitute legal, tax, accounting or investment advice. You should consult a qualified legal or tax professional regarding your specific situation. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.