Mint, the fresh, free, easy and intelligent way for people to manage their money online, today announced new features that provide more personalized savings and financial management recommendations, giving users deeper insight into their expenses and bank fees.
This is the second round of product enhancements since the beta product's launch in September 2007.
"We're happy to see how quickly people are adopting our new personal finance features. Budgeting - which launched last month - is already one of our most popular money management features," said Aaron Patzer, founder and CEO of Mint. "When people have a free, no-accounting-required way to manage their money, they're able to make better financial management decisions and ultimately to do more with their money. And that's what Mint.com is all about."
Mint's new features are:
- Expanded Savings Database. Mint.com has just added information on interest rates, terms and rewards on tens of thousands of financial products to its proprietary database. This increases Mint's ability to match its bank account and credit card recommendations to users' individual needs, resulting in more personalized ways to save.
- Transaction Splitting. Mint users can now divide a single ATM withdrawal across the categories in which the cash was spent (e.g. Gas, Restaurant, and Groceries). Likewise, users making a large purchase from a department store like Target can now divide that transaction into Clothes, Electronics and Toys. This feature helps users get an even more detailed view on where their money goes each month.
- Automatic Detection and Categorization of ATM fees. Unique to Mint.com, ATM transactions will have any fees automatically categorized separately from the amount of cash withdrawn. An ATM withdrawal of $103 will be split into its $3 ATM fee and $100 cash - providing more transparency on fees charged by banks.
These features join others launched in October that are already giving users enhanced control over their money:
- Budgeting and Budget Alerts. Mint users can set budgets in any spending category, and track spending versus that budget throughout the month. If requested, users can receive email or text message alerts if they exceed their target.<
- Account Naming and Customized Views. Users can now view spending in business accounts separately from spending in personal accounts, or view individual accounts separately from joint accounts. In addition, bank and credit card accounts can now be renamed by users. Taken together, these enhancements enable users to create a more customized and intuitive view of their spending.