Moven and Simple bring banking to the palm of your hand with financial accounts designed for mobile apps. Both these startups offer digital bank accounts, cards and tools, but they have some differences that can help you choose one over the other.
Digital bank accounts
Overdrafts, ATMs, customer service
Choose Simple if:
- Minimizing fees is a priority
- You need mobile check deposits to go through quickly
Choose Moven if:
- You prefer a spending tracker that will track your Moven and other bank accounts
- You’re a fan of Samsung Pay
Below is a detailed breakdown of how the mobile-first accounts and bank experiences compare.
Digital bank accounts
|Minimum opening deposit||$0||$0|
|Interest||None||0.01% APY; if you create a protected goal account between Sept. 25 and Oct. 31, 2018, and fund it with at least $2,000, that money will earn 2.02% APY. Protected goal accounts opened before Sept. 25 also qualify for the promotion as long as they hold at least $2,000.
|ATMs||42,000 free ATMs||40,000 free ATMs|
|Overdraft fee||No overdrafts allowed. Transactions that exceed your balance are declined.||No overdrafts allowed. Transactions that exceed your balance are declined.|
|Other fees|| |
Moven also charges:
Simple charges no other fees.
If you get paid in cash or prefer in-person customer support, neither would be a good fit as your only bank account. There are no branches, and the ATMs can’t accept cash deposits.
» Another option similar to Moven and Simple is Chime, which offers some cash rewards. See NerdWallet’s review of Chime.
|Opening an account||Must download mobile app first, create a login and then open account on either app or website||Can open account on app or website|
|General account features|| ||
|Savings or budgeting features|
|Cash deposits||Deposit cash at Mastercard rePower merchant locations such as convenience stores (fee up to $4.95)||Not available. Either convert cash into a money order and deposit that, or transfer funds into Simple from another bank or credit union.|
|Time it takes for a check to clear||10 days; for clearing within minutes, third-party service charges fee of 2% or 5% depending on check ($5 minimum)||Generally after one business day|
|Customer support and app store ratings |
(all ratings out of five stars)
Moven’s mobile-first approach may be confusing if you aren’t used to banking on mobile apps. To open an account or find a customer service phone number, you must first download the app. Simple makes these experiences easier by letting you do both on its website or mobile app.
Both support digital wallets Apple Pay and Android Pay, but Moven goes further. It also works with Samsung Pay and has another payment method with no touch required: a payment sticker you attach to your phone or Moven card. You can buy things by bringing this sticker close to a retail checkout’s payment terminal that supports Mastercard PayPass.
Simple’s budgeting tool shows how much of your account balance is “safe to spend,” meaning your available balance after subtracting any scheduled bills, transfers, savings goals or budgets you’ve set up.
Read our Moven review for more details.
Good for mobile banking, but limited as bank accounts
Moven and Simple provide strong mobile-first banking experiences without the overdraft or monthly fees you’d find at traditional banks. On the flip side, these accounts lack branches, paper checkbooks and other perks that brick-and-mortar banks offer.
If you’re looking for a wider range of services, consider Moven or Simple as a secondary checking account or check out NerdWallet’s list of best checking accounts for other options.
» To compare more options, here’s our list of the best banks for mobile banking.
Updated April 4, 2018.