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Moven Review: Checking, Plus a Tool for Savings

Feb. 21, 2020
Banking, Checking Accounts
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Editor’s note: Moven shut down its checking account and savings tool permanently on April 30, 2020. For more details, see Moven’s letter to customers. See alternatives to Moven on our list of best checking accounts.

3.5 NerdWallet rating

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:

  • Accounts earn no interest.
  • 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:

  • Accounts earn no interest.
  • Cash and check deposits may be costly and inconvenient.

The bottom line

Moven is an online financial provider that partners with a bank to offer a 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.


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

» Want to earn a high rate on your savings? Check out NerdWallet’s best savings accounts

CHECKING: 4.0/5.0

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, although your prepaid card requires an initial load with a $50 minimum. 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 Moven’s 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.

BANKING EXPERIENCE: 4.0/5.0

Upsides:

Real-time budgeting features: Each transaction you make from a Moven account gets instantly tracked and categorized on the app with insights into your spending habits. 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 via the Moven card, in stores or online or by adding the card onto digital wallets including Apple Pay, Android Pay and Samsung Pay.

Good phone line support available: Moven offers phone support on weekdays and some weekend hours.

Solid mobile experience: Its iOS and Android apps get better-than-average app ratings.

Downsides:

Website could be more intuitive: Unlike many 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.

No branches: Moven is a digital service 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


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.