Advertiser Disclosure

Moven Bank Review: Checking, Plus a Tool for Savings

Banking, Checking Accounts
You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here's how we make money.
Moven Review

NerdWallet rating: 3.5/5.0

Where Moven shines:

  • No monthly fees, no overdraft fees
  • Real-time spending tracker and other budgeting tools
  • Free access to over 42,000 ATMs

Where Moven falls short:

  • No interest given
  • Cash and check deposits may be costly and inconvenient

Where Moven shines:

  • No monthly fees, no overdraft fees
  • Real-time spending tracker and other budgeting tools
  • Free access to over 42,000 ATMs

Where Moven falls short:

  • No interest given
  • Cash and check deposits may be costly and inconvenient

Where Moven shines:

  • No monthly fees, no overdraft fees
  • Real-time spending tracker and other budgeting tools
  • Free access to over 42,000 ATMs

Where Moven falls short:

  • No interest given
  • Cash and check deposits may be costly and inconvenient

The bottom line

Moven is a startup that partners with a bank to offer its mobile-first checking account. It has a mobile app and a prepaid debit card that works like a regular debit card but without overdraft options. Your everyday spending is tracked automatically to make budgeting easy, and you can set aside money in a savings tool called “Moven Stash.” But Moven accounts earn no interest, don’t make depositing cash or checks easy and have no access to bank branches.

Best if: You’re looking for a better way to track your spending.

Learn more at Moven


Read on for details on Moven’s checking, app ratings and more.

» MORE: Moven vs. Simple

CHECKING: 4.5/5.0

Moven’s checking account is a stellar and cheap option. It has a large ATM network as well as no monthly fees and no minimum opening or regular balance requirements. But the account isn’t best for international travel or for adding cash or checks.

Upsides:

Very few fees: There are no regular fees to worry about, unless you travel abroad or need to add cash to your account. If you close your Moven account, there’s a $10 fee.

Free access to thousands of ATMs: Moven belongs to a free network of over 42,000 ATMs. Outside of that, Moven has no fee for using any domestic ATM, but the ATM operator might charge you.

Downsides:

Inconvenient to deposit cash: You must visit a retailer such as CVS Pharmacy or 7-Eleven that’s part of the Mastercard rePower network. Stores usually charge a $4.95 fee per deposit.

Not ideal for cashing checks: Moven partners with the check processing service Ingo Money to let you deposit checks from your phone, but it’s only free if you can handle 10-day processing. If you can’t wait that long, you can have your money available in minutes for a fee of at least $5, but it can be up to 5% of the check amount.

Foreign transactions are costly: You’re charged 4% for any transaction made in a foreign currency, and international ATM withdrawals have an additional 1% fee.

SAVINGS TOOL: Not rated

The savings product, called “Moven Stash,” isn’t a formal savings account but a tool attached to the checking account. The Stash gets opened automatically when you sign up with Moven.

Upside:

Easy to set aside funds: The Stash is part of the checking account, so moving money between the Stash and checking is instant. You can transfer money into the tool up to 10 times per day and transfer out up to 10 times per day.

Downsides:

No interest earned: The real incentive of using the Stash is keeping money from being spent, not making money on your money like a standard savings account does.

Funds added must be from checking: You can only transfer funds to the Stash from checking, and any transfer requires the mobile app.

OVERDRAFT FEES: 4.0/5.0


Upside:

No overdraft fees: Moven doesn’t allow overdrafts. Any transaction that would go below your balance is rejected.

Downside:

No overdraft line of credit: Some banks offer this cheap alternative to standard overdraft programs so you can dip negative to still pay bills if needed and then pay back the bank with interest on the overdrawn amount later. But Moven doesn’t offer this service.

BANK EXPERIENCE: 3.0/5.0

Upsides:

Real-time budgeting features: When you make a purchase with a Moven account, the transaction gets instantly tracked and categorized on the app and you can view insights into your spending habits daily and monthly. Moven shows visuals of how much you’ve spent each month and eventually compares this with what you typically spend in a month. You can link up non-Moven bank accounts as well to get a full reading on your financial health.

Multiple payment methods: You can pay for things in four ways: the Moven card, the card number for online or phone purchases, digital wallets including Apple Pay, Android Pay and Samsung Pay, and a sticker you can place on the back of your phone that enables contactless payments at stores.

Support phone line available 24/7: You can find the phone number on the mobile app, but it’s not currently listed on the website.

Downsides:

Website could be more intuitive: Unlike other bank websites, you won’t find a button to sign up for an account. Instead you must download the mobile app first and either create a login to continue signing up on the app or switch over to the website to complete an application.

Not the highest app ratings: As mobile-first as Moven is, app ratings aren’t the best. The iOS app receives 3.5 stars across all versions, and the Android app 3.8 stars.

No branches: Moven is a digital bank with no physical locations. It relies on a third-party network, Mastercard rePower, for depositing cash at retailers, which some prepaid debit card issuers also use.

More on mobile banks and free accounts

Spencer Tierney is a staff writer at NerdWallet, a personal finance website. Email: spencer@nerdwallet.com. Twitter: @SpencerNerd. Jeanne Lee contributed to this report.

Updated September 5, 2017.


Ratings methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.