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 how Simple compares to Ally, another online bank.
Moven and Simple feature digital banking accounts that are designed to be used on the go. Both startups offer mobile banking, payment cards and tools, but they have some differences that might leave you favoring one over the other.
Digital bank accounts
Overdrafts, ATMs, customer service
Choose Simple if:
- Earning interest is a priority.
- You want advanced features for tracking your balance.
Choose Moven if:
- You prefer a spending tracker that will track your Moven account with other bank accounts.
- You want to deposit cash.
Below is a detailed breakdown of how the mobile-first accounts and bank experiences compare.
Digital bank accounts
|Minimum opening deposit||$50.||$0.|
|Interest||None.||0.01% APY; if you open a Protected Goals account, that money will earn 1.40% APY.|
|ATMs||42,000 free ATMs.||40,000 free ATMs.|
|Overdraft fee||None. Transactions that exceed your balance are declined.||None. Transactions that exceed your balance are declined.|
|Other fees|| ||
If you prefer in-person customer support, neither would be a good fit as your only bank account. There are no branches, and you’d need to conduct transactions mostly online or by mobile app.
» Another option similar to Moven and Simple is Chime, which offers some cash rewards. See NerdWallet’s review of Chime.
|Opening an account||Can open account on app or website.||Can open account on app or website.|
|General account features|| ||
|Savings or budgeting features|
|Cash deposits||Deposit cash via third party Mastercard rePower merchant locations such as convenience stores for a fee.||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 without charge, via Ingo, a third party service; for clearing within minutes, Ingo generally charges a 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)
Read our Simple review for more information on this account’s features.
Moven’s app also automatically categorizes each transaction under “wants” (dining out, shopping, entertainment), “needs” (housing, groceries, utilities) or “other” (one-offs like gifts, donations, taxes). There’s also a spending meter that tracks how much you normally spend at any point in the month and alerts you when you exceed that amount.
Read our Moven review for more details.
Simple’s budgeting tool shows how much of your account balance is “safe to spend,” meaning your available balance after subtracting any bills, transfers, savings goals or budgets you’ve set up.
Both support digital wallets Apple Pay, and Android Pay and Samsung Pay.
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 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.