Unifimoney App Review: Up to $1,000 Bitcoin Bonus Details

Unifimoney is a new “money super app” which promises to help manage all of your assets in a single mobile app. I should start by mentioning that the app is currently iPhone/iOS only. Here’s a quick rundown at what it includes:

• High-yield checking account. Allpoint ATM network, Billpay, Remote Check Deposit, 0.20% APY. FDIC insurance through UMB Bank.
• Cash back credit card. Launching later this year with “target” 1.5-2% cash back rewards.
• Self-directed brokerage account. $0 commission stock trades. SIPC-insured through broker-dealer DriveWealth.
• Crypto and precious metals trading account. Bitcoin + 30 others, gold, silver. Uses Gemini trust, regulated and reputable crypto custodians, same as the BlockFi promo.
• Roboadvisor. 0.15% annual advisory fee. SEC-registered RIA.

That’s a pretty impressive bundle out of the gate, especially considering that most other companies start with one thing and then add on other features. For example, Robinhood started with free stock trades, then tried to add on high-yield checking. Ally Bank went many years before buying the brokerage firm TradeKing and renaming it Ally Invest. Unifimoney seems to have put a lot of different parts together and jumped through all the regulatory hoops, but will it work as a user-friendly package?

New user bonus details (Up to $1,000 Bitcoin). First, they need to attract some customers to try it out. I like trying out new apps, but a good bonus is always appreciated. They have a tiered bonus, starting with a $25 bitcoin bonus after depositing $1,000, going all the way up to a $1,000 bonus for a $100,000 deposit. Here is the full chart:

Here’s how those bonuses break down in terms of annualized return. Note some have a 30-day holding period and some have a 90-day holding period.

• $25 BTC bonus for holding $1,000 for 30 days works out to the equivalent of 30% APY.
• $100 BTC bonus for holding $10,000 for 30 days works out to the equivalent of 12% APY.
• $250 BTC bonus for holding $20,000 for 90 days works out to the equivalent of 5% APY.
• $500 BTC bonus for holding $50,000 for 90 days works out to the equivalent of 4% APY.
• $1,000 BTC bonus for holding $100,000 for 90 days works out to the equivalent of 4% APY.

So far, those numbers are pretty good, and comparable to the transfer bonuses from many brokerages on the high end. If you kept $100,000 in a 0.50% APY savings account, you’d only have $500 after an entire year.

Here are the steps to earn that bonus (taken straight from their site):

• Open a new Unifimoney account.
• Deposit the minimum amount based on the tiers in the chart above between $1,000 and $100,000+ within 14 days of account opening.
• To qualify, hold that same minimum amount in combined deposits/assets in the account for 30 days for Tiers 1-2 and 90 days for Tiers 3-5.
• Your Bitcoin reward (shown in the tiers above) will be paid into your Unifimoney Crypto account within 14 days of qualifying.
• Bitcoin Rewards are inclusive of transaction fees and calculated at the rate of Bitcoin at the time of purchase (see details in terms and conditions below)

Here is an important detail below about funding. I always fund using a push from my online savings account anyway (usually Ally Bank), but I’ve heard many complaints about push/pull from within a startup bank. At least here they tell you the limit upfront.

For single funding transactions greater than $10,000 we recommend these funds are pushed to your Unifimoney account from your existing bank either via ACH or Wire Transfer. Funding transactions initiated within the app are restricted to a maximum $10,000.

Sign-up process details. You will need to have the following things handy at account opening:

• Cell phone number
• US Citizens: Photo ID and SSN. Non-US Citizens: Passport and SSN.
• Address listed on Photo ID should match your current mailing address.
• Account and routing number for funding bank account. You’ll need to fund with at least $100 initially, and you can add the rest to reach your desired bonus tier above within the next 14 days.

Tip: If you are deep into the account opening process and go off to find your photo ID and your phone goes to “sleep”, it will look like you have to start everything over again. Simply tap on “Login” and type in your phone number, and it should let you resume the application from where you left off.

Bottom line. Unifimoney is an ambitious new fintech with a banking/credit card/stock trading/portfolio management/crypto/gold all rolled into one app. They have a new user bonus of up to $1000 in Bitcoin, depending on how much you deposit. I’ll update this review after I have a chance to play around with the various parts.