Frequently Asked Questions

Wave Frequently Asked Questions

Plynk FAQs

Most commonly asked

What is Plynk?

Plynk is an investing app designed to help make investing easier for beginners. Our goal is to help you start investing, build confidence, and grow your knowledge along the way.

Here’s what you can do with Plynk:

  • Link a bank account and start trading instantly.
  • Get investment ideas based on your personal interests.
  • Buy up to 10 investments at once with the “Add to cart” feature.
  • Set up monthly automatic investments.

What can I invest in with Plynk?

The Plynk app allows you to invest in a wide selection of stocks, exchange-traded funds (ETFs), and mutual funds.

Who can use Plynk?

We created Plynk with the beginner investor in mind—in fact, there’s no experience required to use the app. Plynk is available to US residents who are at least 18 years old.

Getting started

How much money do I need to start investing?

There’s no minimum required to open a Plynk account, and you can start investing with as little as $1.

Where can I download the Plynk app?

The Plynk app is available for iPhone® in the App Store, opens in new window and for AndroidTM in the Google Play Store, opens in new window.

How do I open a Plynk account?

Opening an account is easy! Once you’ve downloaded the Plynk app, we’ll ask you some basic questions and verify your identify (for security purposes). You’ll then create a username and password to use to log in to your account in the future.

What type of account am I opening with Plynk?

When you open an account with Plynk, you’re opening what’s called a brokerage account. It's an investing account that gives you access to the stock market. It holds the stocks, mutual funds, and exchange-traded funds (ETFs) that you invest in.

Security/privacy

What information do you collect and why?

Social Security number: Plynk asks for your Social Security number to verify your identity and protect against fraud. As a financial company, we’re required to collect, verify and record identification information.

Phone number: Plynk asks for your phone number to ensure the security of your account through your mobile device. We send you a one-time passcode when you log in to your account for the first time to verify it’s you setting up the account, and also when you change your username or password.

Address: Plynk asks for your address to (1) verify your identity and (2) mail you a tax form.

How does Plynk protect my data?

  • Plynk uses encryption to protect sensitive data—such as your Social Security number and any bank info you’ve provided.
  • We don’t share this personal information with other financial institutions (unaffiliated with Plynk) for marketing or any other purpose.

How is Plynk regulated?

Plynk is a service of Digital Brokerage Services LLC, a broker-dealer regulated by the Securities Exchange Commission (SEC), and a member of the Financial Industry Regulatory Authority (FINRA). Plynk follows rules and regulations set by both the SEC and FINRA to act fairly and transparently to protect all investors.

What can I do to keep my account secure?

Develop a strong password that:

  • Contains 10 or more characters, including numbers, letters and special characters
  • Is different from passwords you use for other accounts or apps
  • Doesn’t reference your birthday, street address, family member names, social media handles or number sequences (such as 1111)

Don’t share your password with anyone else

Use the biometric/fingerprint login feature

Log out after each use

Regularly check your account activity

Support and pricing

How can I contact customer support with questions?

Plynk has an extensive list of account-specific FAQs in the More section of the app under Help. If you still can’t find the answer you need, you can get in touch with our support team by selecting “Contact us” in the app or by emailing us at service@plynkinvest.com.

How much does Plynk cost?

The Plynk app is free for the first 3 months. After that, you’ll pay a $2.00 subscription fee each month to continue using the app.

What if I forget my username?

If you've forgotten your username, you can contact customer service at service@plynkinvest.com

What if I forgot my password?

If you’ve forgotten your password we will have you create a new one, follow these steps:

  1. Open the app and select “Need help logging in”
  2. Fill in your personal information
  3. Select “Submit”
  4. Verify your identity with a one-time password sent to your mobile device
  5. Once verified, you can create your new password

Current Promotions

For more detailed information on our current offers, visit our promotion terms.

How do I earn up to $32 in bonuses with Plynk?

Plynk customers can earn up to $32 in bonuses by taking advantage of both the $10 sign-up bonus and the “Learn & earn” investment match (up to $22).

How do I get the $10 sign-up bonus?

We’ll deposit $10 into your Plynk account within 30 days once you satisfy the following criteria as a new customer:

  • Download the Plynk app and create an account
  • Plynk approves your account
  • Link an eligible bank account

Please note: There is a limit of one sign-up bonus per customer, and the $10 cannot be withdrawn or transferred for 30 days after it’s deposited into your Plynk account. If you’ve invested your sign-up bonus, there’s no 30-day waiting period necessary before you sell and withdraw your investment(s).

What can I do with the $10 sign-up bonus?

You can invest your sign-up bonus as soon as it’s deposited into your Plynk account. To explore investments that could align with your interests, check out the Plynk Explore feature in the app.

You can also withdraw or transfer your sign-up bonus 30 days after it’s deposited into your Plynk account.

How do I get the “Learn & earn” investment match?

Both new and existing customers can take advantage of this promotion. There's a limit of one investment match per customer. This promotion will run March 31 to June 30, 2022.

Here's how it works:

  1. Read the following article in your plynk app: Stocks, ETFs, and mutual funds
  2. Buy any investment by June 30, 2022
  3. We'll match that investment up to $22

Please note: To be eligible, you must read the selected article in your app before buying the investment.

Which investment will Plynk match?

Plynk will match the first investment you buy after reading the selected article—as long as you buy it by June 30, 2022.

Plynk will match your investment in any stock, ETF, or mutual fund available in the Plynk app! An investment in your account’s core money market position is not a Qualifying Trade.

Please note: If you use the Add to cart feature to buy your investment, the first investment you add to your cart after you read the lesson will be matched. Any investment added to your cart before the promotion starts (March 31, 2022) is not considered for the match.

How long do I have to buy an investment to remain eligible for the match?

You have until June 30, 2022, to buy your investment (after reading the selected article in order to receive the investment match).

This means you can read the selected article and buy your investment during two different visits to the Plynk app—you don’t have to do it all at once!

Do I have to invest exactly $22 to get the match?

No, you can invest any amount you’d like, but Plynk will only match your investment up to $22.

Here are a few examples to help clarify the process:

If you invest $5 after reading the selected article, Plynk will match that $5 investment.

If you invest $22 after reading the selected article, Plynk will match that $22 investment.

If you invest $40 after reading the selected article, Plynk will match $22 of that investment.

When will I receive the investment match?

You can expect to receive the investment match in your Plynk account the week after you place your trade.

For example, if you read the selected article on Wednesday, April 6, and bought your investment on Thursday, April 7, you would see the match in your Plynk account by Friday, April 15.

Plynk is matching your investment, so you'll receive a fractional share of that same stock or fund, not a cash deposit.

What if I’ve already read the selected article on stocks, ETFs, and mutual funds?

We love to hear that! To be eligible for the investment match, you’ll need to read the article again in the Plynk app during the promotion period: March 31 to June 30, 2022. A quick refresher on stocks, ETFs, and mutual funds can’t hurt, right?

Can I sell the share I receive from this investment match?

You may sell the investment at any time after Plynk issues you the matched share. But, if you sell it, you must wait 30 days to withdraw or transfer the cash value from the sale.

If I have a recurring investment set up, does that count toward this promotion?

Plynk will only match new investments made during the promotional period: March 31 to June 30, 2022.

So if you set up a new recurring investment during the promotional period, Plynk will match the first recurring investment (up to $22) after you read the selected article.

However, if you had a recurring investment set up before March 31, 2022, that is not eligible for the match.

Can I earn in both the sign-up bonus and the Learn & earn investment match?

Yes! If you're eligible, you can earn both the sign-up bonus and the Learn & earn investment match.

Tax information

What type of tax form do I receive?

We provide you with what’s called a “Consolidated 1099” tax form. This form reports money you earned or received from the investments held in your brokerage account to both you and the Internal Revenue Service (IRS).

This is money you may have earned or received from capital gains, interest, dividends, and promotional incentives during the last calendar year.

The Consolidated 1099 is made up of a few different types of 1099 forms, including the:

  • 1099-INT, which reports any interest you earned
  • 1099-DIV, which reports any dividends you earned
  • 1099-B, which reports any capital gains (or losses)
  • 1099-MISC, which reports any promotional incentives you earned

When can I access my tax form?

Your Consolidated 1099 tax form will be available in your Plynk app on March 4, 2022.

How can I access my tax form?

Starting March 4, 2022, you’ll be able to access your Consolidated 1099 tax form in the Plynk app.

To view your form in the app, follow these steps:

  1. Log in to the Plynk app
  2. Select More
  3. Scroll down to the Activity and Banking section and select Statements and Documents.
  4. Select the Tax Forms tab

What if I’m having trouble accessing my tax form?

Please email service@plynkinvest.com if you experience any issues viewing your Consolidated 1099 tax form. Our team is dedicated to making this process as simple as possible.

Does Plynk offer any discounts for tax filing services?

Plynk is pleased to offer special discounts through tax services to help you prepare and file your tax forms:

Why does my tax form say it’s from National Financial Services instead of Plynk?

NFS is the entity behind the scenes of the Plynk app that distributes any money you make into your account. As a result, NFS is the payer and is responsible for reporting investment income to you and the IRS.

Why did I receive a corrected 1099?

There can be a few reasons why you may have received a corrected 1099.

  1. Income reclassification: Previously reported dividends or interest payments were updated to another tax classification.
  2. Updates to your personal information were made after your original 1099 was issued.

How do I correct errors in my 1099?

To make any corrections to your 1099, please email us at service@plynkinvest.com.

My tax form says “De Minimis.” What does that mean?

De Minimis means “about minimal things.” If you made less than $10 from your investments (from dividends or interest), you’ll receive a de minimis 1099.

In general, NFS is not required to send your form 1099 to the IRS to report this income, but you’ll still receive a Consolidated 1099 tax form for your records.

How do I upload my tax form to a digital tax prep service?

You can import your Consolidated 1099 tax form directly into TurboTax, H&R Block and TaxAct to make preparing your taxes even easier.

Follow the instructions within the tax prep service for reporting any investment income. When given the option to import your 1099 forms from a bank, broker or financial institution, select “National Financial.”

You’ll then be prompted to enter your Plynk username and password. This gives the tax prep service access to your tax forms.

Once the information is imported into the tax prep service, be sure to carefully compare it against the official tax form that NFS provided for you in the Plynk app.

If you notice any discrepancies, you may want to manually enter the information on the tax form to avoid errors.

Investing FAQs

Preparing to invest

What's investing?

Investing is simply defined as using your money to buy something (an investment) with the intention that it could grow in value. With Plynk you're able to invest in stocks, mutual funds, and exchange-traded funds (ETFs). An investment has the potential to return more money to you than you originally spent, if the investment has increased in value when you sell it. But investing is also risky; investments can lose value, which means that you may lose money. Past performance doesn’t guarantee future gains, as you've probably heard before.

How will I know how much to invest?

At Plynk, we know how important it is to be comfortable with your money and how you spend it, especially when you're new to investing! Therefore, it's a good idea to start with an amount that you're comfortable with, knowing that the value of your investment can go up or down. Fortunately, Plynk lets you start with as little as a dollar so you can get started no matter your comfort level. As you learn and feel more confident, you can invest more.

Is 1% of your paycheck too little? Learn about the power of 1.

Consistently saving, any amount, can add up over time. And, whether your saving amount is $1, $10, or $100, investing over time can give your money a chance to grow.

Should I invest a set amount on a regular basis?

Deciding on a set amount to invest on a regular basis is a great way to help you stay on track with your investing goal. In fact, Plynk will offer the ability to set up automatic recurring investments so you can set it up once and feel more confident knowing that you're regularly investing in your Plynk account.

Types of investments

What's a stock?

Stocks are what you hear about most often when people are talking about the “market.” Stock allows you to invest in (or “own a piece of”) a company; each piece of ownership is known as a “share,” and each share is worth a certain dollar amount that changes throughout the day as stocks are bought or sold in real time on stock exchanges. Investing by buying stock in a single company is like “putting all your eggs in one basket,” and may be riskier—but possibly also more rewarding—than investing in a “fund,” like a mutual fund or an ETF.

What's a mutual fund?

Think of a mutual fund as an investment stew. Investments, such as stocks, bonds, and other ingredients are mixed together (some funds may invest only in stocks, or only in bonds) and sold as 1 dish, creating a mutual fund. Mutual funds offer a way to buy different investments packaged together, or served together like a “dish,” and sold together as 1 entity instead of as individual companies. Investments in mutual funds change all the time, as they are managed by a team of professionals who decide which investments to buy and sell. Mutual funds often come with additional fees (some low, some high) that stocks don’t have because professional managers are making the investment selections. The price of a mutual fund is updated at the end of each business day. You can find out more about each fund’s objective and strategies in its prospectus.

What's an ETF?

An ETF (exchange-traded fund) is another sort of investment stew (or for ETFs, more commonly referred to as a “basket”), that mixes together stocks and/or bonds, and sells them for 1 price. ETFs often try to mimic a major stock index, like the S&P 500®, which represents the 500 largest companies in the United States. Since you can’t buy from the S&P 500® directly, and most likely don’t want to buy stock in each individual company, you can buy one ETF “unit” or “share” and invest in all these companies at once, trading real-time like stocks. Doing the same with mutual funds that track indexes is possible, but your mutual fund trade would be executed at the end of the day, and not in real time.

What's a bond?

A bond is essentially a loan; money that you give to a company or the government and they pledge to pay you back in the future with more money than you originally gave them. Bonds are usually lower risk than stocks or funds, which means you usually won’t earn as much as with a successful stock or stock fund selection, but you also won’t usually lose as much as with an equally unsuccessful stock or fund. Bonds, however, have their own risks, such as interest rate risk (as interest rates rise, price will fall).

Basic investing terms

As I prepare to invest, what are some important concepts I should have on my radar?

It's important to understand the impact that asset allocation, diversification, rebalancing, and risk tolerance will have on your investments in the short and long term.

What's asset allocation?

Asset allocation is putting your money into a combination of investment types—like stocks and bonds—to help spread your risk. An easy way to remember it is, to spread your risk, you may not want to “put all your eggs in 1 basket.”

What's diversification?

Diversification takes asset allocation 1 step further by spreading your money between investment types with different focuses. There are different companies, industries, and business sizes for each investment option on the market—helping you spread out your risk even more. It's what helps decrease risk within your portfolio when 1 company, industry, or business performs poorly. Of course, diversification does not guarantee a profit or ensure against a loss, but it may help smooth out otherwise dramatic changes in a portfolio.

What's rebalancing?

Rebalancing is an essential part of managing your portfolio. Your mix of investments will likely change over time depending on how your different investments perform. Therefore, it's important to periodically review your asset allocation to make sure it still aligns with your objectives and timeline. When it doesn’t, that’s the time to rebalance your investments.

What's risk tolerance?

Risk tolerance is the degree of uncertainty you're willing to take when you invest. It's best determined by considering several factors: how much time you have to reach a goal, your experience investing, how much your goal amount is, your other financial resources, and how much risk (including loss) you’re comfortable taking.

What's micro-investing?

Micro-investing involves investing small amounts of money (even $1) to buy fractions of a share, making it easier for folks who may not have traditionally had enough money or been ready to invest.

Will I be able to micro-invest with the Plynk app?

Definitely! Micro-investing is helpful for investors who don’t want, or can’t afford, to invest a lot of money, regardless of the reason. The Plynk app is designed for beginning investors who often want to start with small amounts of money, so it’s a great fit for micro-investing.

What's dollar-based investing?

Dollar-based investing allows you to invest by the dollar rather than by the share and can be a good example of micro-investing. So instead of buying 10 shares of a company, you can buy $50 of a company. This method, otherwise known as buying fractional shares, allows you to match how much you invest with the money available in your account. On Plynk, you can buy fractional shares of stocks, ETFs, and mutual funds through dollar-based investing.