Holdings vs Wave
Wave offers free accounting software. Holdings gives you that plus a free bank account, debit cards, sub-accounts, and $1.75% APY — all in one platform.
Feature comparison
See how Holdings stacks up against Wave
| Feature | Holdings | Wave |
|---|---|---|
| Business Banking | ✅ Free checking | ❌ Discontinued (Wave Money) |
| Monthly Fees | Free | Free (ad-supported) |
| APY on Deposits`, holdings: `${SITE_CONSTANTS.APY}%`, competitor: `N/A (no banking) | ||
| FDIC Insurance | Up to $3M | N/A |
| Accounting | ✅ Included free | ✅ Free (with ads) |
| Auto-Categorization | ✅ Included | ✅ Basic rules |
| P&L / Balance Sheet | ✅ Real-time | ✅ Manual generation |
| Invoicing | ✅ Free tools | ✅ Free (processing fees) |
| Payroll | Not included | $40/mo + $6/employee |
| Debit Cards | ✅ Physical + virtual | ❌ N/A |
Why choose Holdings over Wave
Banking + accounting in one
Wave is accounting only — you still need a separate bank account. Holdings combines free banking and accounting in one platform. No syncing, no reconciliation gaps.
No ads
Wave's free accounting is ad-supported. Holdings has no ads, no upsells, and no premium tiers for core features.
Earn interest on your cash
With Wave, your money sits in a separate bank account earning whatever that bank pays. With Holdings, every dollar earns 1.75% APY automatically.
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When Wave might be the better choice
Wave may be better if you need payroll features, prefer traditional double-entry accounting with journal entries, or only need accounting software and are happy with your current bank.
Frequently asked questions
Is Wave really free?
Wave's accounting software is free but ad-supported. Wave charges for payroll ($40/mo + $6/employee) and payment processing (2.9% + $0.60 per transaction). Holdings is free with no ads.
Does Wave offer banking?
Wave Money (banking) was available in limited regions but has been discontinued in most areas. Holdings offers full business banking nationwide.
Which has better accounting?
Wave has more traditional accounting features (journal entries, chart of accounts). Holdings focuses on automated accounting — auto-categorization, real-time P&L, and balance sheets with less manual work.
Can I use Holdings instead of Wave + a bank?
Yes. Holdings replaces both your bank account and your accounting software in one platform. No syncing, no reconciliation, no separate tools.
Does Holdings support invoicing like Wave?
Holdings offers free invoicing tools. Wave also includes free invoicing with payment processing (at a fee per transaction).
Ready to switch?
Open your Holdings account in minutes. Keep your current bank during the transition — move at your own pace.
1.75% APY† • Zero fees^ • FDIC insured to $3M*
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Calculate Your Savings
See how much you could save by switching to Holdings.