Moven vs. Simple Mobile Checking Accounts: Head-to-Head Comparison

If you’re interested in doing most of your banking via a smartphone, Moven and Simple offer all-digital checking accounts complete with debit cards, bill-pay, tap-to-pay and more. These two startups are similar — and they may appear to be two of a kind.

We compared their features closely, though, and found Simple to be far more consumer-friendly.

Who wins

	Moven	Simple
Checking
Savings & money market	Not available	Not available
CDs	Not available	Not available
Customer experience
Other fees
Overall

Learn More

at Moven

Learn More

at Simple

 

 

 

 

 

Based on certain features of the accounts and the overall customer experience, Simple came out ahead of Moven.

Moven and Simple are alike in that they charge virtually no fees and don’t allow overdrafts — or overdraft fees. Users get a free, FDIC-backed online bank account with mobile tools that automatically track your money. This type of mobile checking account may not be the best fit if you get paid in cash, though: There are no branches, and the ATMs can’t accept cash deposits.

Here’s a closer look at Moven and Simple and how these mobile banking services stack up.

	Moven	Simple
Monthly fees	$0	$0
Minimum opening deposit	$0	$0
Interest	None	0.01% APY
ATMs	42,000 free ATMs	55,000 free ATMs
Overdraft fee	No overdrafts allowed. Transactions that exceed your balance are declined.	No overdrafts allowed. Transactions that exceed your balance are declined.

» MORE: NerdWallet’s best banks for mobile banking

Using the mobile bank accounts

Both services are essentially free to use. Simple charges no fees at all and pays a tiny annual percentage rate — 0.01%. (If you deposited $1,000 for a year, your interest would be 10 cents.) Moven charges only a few fees for occasional items like expedited shipping, account closure or multiple replacement cards. It also offers certain services — like adding cash at merchants and same-day check clearing — through third-party providers that do charge substantial fees.

For customer service, Simple offers phone support seven days a week — including holidays — as well as chat. Moven customers need to submit a support ticket by email.

	Moven	Simple
Direct deposit	Yes	Yes
Link external bank accounts for transfers	One account	Multiple accounts
Cash deposits	Add cash at MasterCard rePower merchant locations — merchants typically charge $4.95 for this	Can't deposit cash
Digital wallets	Tap-to-pay at MasterCard PayPass terminals	Supports Apple Pay
Bill pay	Bill pay through third-party provider Prism	Yes
Send paper checks	Yes	Yes
Mobile check deposit	Yes	Yes
Clearing check deposits	10 days; quick-clearing option available through third-party provider Ingo for a fee of at least $5 per check	Up to $200 available in 1 day; remainder the next day
App store rating	3.7 stars (out of 5) by Android app store users*	4.5 stars (out of 5) by both iPhone and Android app store users

*Moven app currently not rated in iTunes store

Spending money with Moven and Simple

Both accounts come with widely accepted debit cards — MasterCard for Moven and Visa for Simple — and sizeable ATM networks (though Simple has more). They don’t charge you for using out-of-network ATMs, and they don’t reimburse any fees charged by those ATMs.

Both have free bill pay — electronic or paper check. You can have a paper check sent out for you by requesting it online or via mobile. Simple supports Apple Pay. Moven provides a contactless payment sticker so you can pay with a tap of your card or phone at MasterCard PayPass terminals.

» MORE: GoBank offers another mobile banking option

Depositing money with Moven and Simple

For transferring money in or out of your digital bank account, Moven only lets you link one non-Moven account. You can link additional external accounts for the purposes of seeing your balances (not for transfers).

When you deposit a paper check, it may take 10 business days to clear with Moven. Moven does provide users with a paid option for same-day clearing, through third-party provider Ingo Money. Ingo charges a 1% fee for payroll and government checks and 4% for other checks, with a minimum fee of $5 per check. With Simple, check deposits are available in one to two business days.

Using the mobile budgeting tools

Moven’s app is designed to help you budget by automatically categorizing each expenditure under “wants” (dining out, shopping, entertainment), “needs” (housing, groceries, utilities) or “other” (one-offs like gifts, donations, taxes). It displays a real-time “Spending Meter” of your account and alerts you if you’re spending more than you normally do.

Simple’s budgeting tool continually calculates how much of your account balance is “Safe-to-Spend,” meaning that any money that you have previously earmarked for savings goals, payments, or transfers is subtracted from your balance, and the app displays how much you have left after accounting for those commitments.

Both Moven and Simple provide a modern, all-digital checking account solution that’s mainly used from a smartphone. With no fees and no possibility of overdraft, they are likely to appeal to consumers who don’t — or can’t — use a traditional bank. Digital natives or tech early adopters might find the mobile tools appealing. On the flip side, these services are fairly pared down and might be too limited for some consumers. If you’re looking for a wider range of services, check out NerdWallet’s list of best checking accounts for other options.

Jeanne Lee is a staff writer at NerdWallet, a personal finance website. Email: jlee@nerdwallet.com. Twitter: @jlee_jeanne