Ever since the pandemic started during the first quarter of 2020, many people have been in dire need of financial help. And, more than ever, Americans wanted to put their finances in order.
Did you know that 69% of adult Americans have less than $1,000 in a savings account? While the majority of those with less than $1,000 in savings have no savings at all.
What should we do?
The answer: start SAVING NOW.
Related: How to Budget and Save Money to Transform your Finances
There are many personal finance and budgeting apps you can get started with right away. Each has its unique features and offerings. But how can you know which one is best for you?
Luck you! We will cover the Empower App, a mobile-friendly budgeting app that not only helps you track your expenses but also lets you save even more money.
So, without further ado, let's get started!
What is the Empower App?
Empower app is an all-in-one budgeting app that integrates all your financial accounts, lets you budget with ease, analyze your finances, and automate your savings goals.
It can also help you track your money, create a spending limit, and discover hidden savings by lowering your bills.
Seriously, isn't that too much for a budgeting app?
Well, that's because Empower does empower you! With level-up mobile banking, an easy and intuitive app, savings has never been this good. Isn't it nice to have an app that is tailor-fit to your financial needs?
The Empower app is available both on iOS and Android platforms.
All-in-one budgeting and savings app perfect for your financial needs.
How does Empower App work?
To get started, it's pretty easy as 1-2-3.
- Download the app on Google or Apple Pay. (You can also input your mobile number on the Empower website that'll send you a link to download the app.)
- Verify your mobile number and input additional details such as your name and date of birth.
- Connect your primary checking account and other bank details and start saving.
Empower may prompt you to input your email address for them to send you their special offers. You can choose not to do this or accept it otherwise.
In linking your checking account, make sure your primary account is used to deposit your paychecks, pay your bills, and make your everyday purchases via a credit or debit card. This is so that the Empower app can help you assess your finances; thus, giving you personalized recommendations and tips.
Features
| Platform Availablity | Mobile App only, iOS and Android |
| Key Features | Cash Advance, Automatic Savings, Budgeting, Interest Checking, Smart Recommendation, |
| Bank Features | Online banking, Mobile bank and Empower Visa Debit Card |
| Support | Email and chat |
| Fee | Free 14-day Trial, $8 Premium Services |
| Security | 256- Secure Socket Layer (SSL) encryption |
Cash Advance (New)
Empower added a new feature that allows its users to get up to $250 fast cash.
I'm sure there are times when you needed some cash for unexpected expenses, or you didn't have money before the next payday hit. Well, with Empower App, you can get up to $250 cash directly to your checking account.
The cash advance feature has no interest, no late fees, and no credit check. However, it does require eligibility requirements.
You can pay the cash advance back once you get a new direct deposit into your checking account.
According to the Empower App website, here are the eligibility requirements to apply.
- Minimum direct deposit to an Empower Checking Account, among other conditions, is necessary to qualify for advances greater than $50.
- Free instant delivery is available for eligible Empower Checking Account customers.
AutoSave
One of the best features of the Empower App is its automatic savings feature. It is an intelligent and effortless way to save.
You simply indicate how much you want to save weekly, and the app will do the rest. All you have to do is set it and forget it!
It will evaluate your income and spending habits to detect when you have excess cash, and it will automatically put money aside for you when or if you can afford to do so.
Once it detects you have some extra cash on hand, it'll deposit the amount you specified into the autosave account.
Further, unlike other apps where you could set a specific amount to go into a particular savings account, the Empower autosave feature won't run if you don't have enough money in your account.
You can also withdraw money or pause the autosave feature anytime, so you're always in control of your money. Therefore, allowing you to meet that weekly savings goal!
Budget and Spending Tracker
If you want to control your finances, the first thing you can do is figure out exactly where your money is going. Empower helps you do that. Empower helps you do that.
You can link all of your accounts, including credit cards, debit cards, and other checking accounts. Empower will automatically track your expenses and categorize them; thus, it will be able to show you how much you're spending, what categories you're spending the most and least on, and where you can save.
On the other hand, you can also manually set up the spend tracker. You can set up limits on how much money you should spend on coffees or grocery expenses, and so on.
As a result, the app will be able to let you know whether your overspending or not.
High-interest checking account
Earning money on money that sits in your account sounds good, right? Now, with Empower App's high-interest checking account, you'll earn 0.25% APY (Annual Percentage Yield) on all of the money within your Empower checking account. Take note that the APY is much higher than most traditional banks.
Although APY varies and may change from time to time, this is not bad after all. You might be wondering how the app can give a high-interest checking account.
Well, since Empower is an online bank, its costs are low, so it passes those savings in the form of higher interest rates. So generous.
There are no minimum deposit, no overdraft fees, no insufficient fund fees, unlimited transfers, and you can withdraw money anytime.
Additionally, it will alert you on your spending habits if you are spending over your usual amount. The Empower high-interest checking account will help you keep track of all your spending.
Then, If you want to withdraw money from ATMs, ATM fees are waived for the first three ATM withdrawals in a month.
Therefore, when you allow that money to sit into your account, it will grow overtime and give you more money.
Smart Recommendation
With the Smart Recommendation tool, Empower can give you more relevant, personalized insights and tips on managing your money better.
As the app supports over 10,000 US bank, credit card, loan, investment, cryptocurrency, and even 401 (K) accounts, once you connect one of your financial accounts, it will analyze your bills, paychecks, and purchases continuously to detect patterns and trends you might be unaware of.
For instance, the app can detect whether you've missed rent payment or if there's a way to pay less interest on a loan. You also have the option of using bill negotiation services with Billshark from within the app.
Billshark attempts to negotiate a lower price on your bills. Billshark's team of negotiators contact and deal with your bill providers directly to get you better pricing.
To use Billshark's services, you will be required to confirm or provide specific personal, account, and payment information, which the Empower app will submit to Billshark on your behalf.
To know more about Billshark, read our full review here.
So, you will never run out of opportunities to save, thus, allowing you to make smarter financial decisions.
Additional Features- What's more to the Empower App?
Empower Visa Debit Card
Since Empower is also an online bank, it offers a slick peach debit card with Visa zero liability insurance. The deposits are FDIC insured up to $250,000, which is issued by NBKC bank. As previously said, it offers a competitive APY of 0.25%, which may change at any time.
Empower offers reimbursement for up to 3 ATM fees per month, with a maximum refund of $10 per ATM withdrawal. According to the Empower website, the app does not charge foreign transaction fees for using the Empower Visa Debit Card outside of the United States.
However, Visa charges a foreign transaction fee of 1%. Empower does not reimburse this 1% transaction fee on foreign ATM transactions or other foreign transactions or purchases.
Also, Empower charges an auto-recurring monthly subscription fee of $8 for access to the full suite of money management features offered on the platform after your 14-day free trial.
Referral Program
In order to be eligible for this feature, the referrer must share his or her own unique referral code or link to friends or family, even strangers.
Empower will give both you and your referee a $20 bonus for a successful referral. Provided that the referee must open an Empower Autosave Account or Empower Checking Account and reach a milestone of $10 in either of the two accounts within 30 days of signing up.
Cashback Rewards
You may earn cashback rewards based on qualifying card purchases. Empower offers cashback rewards of 1% on the first $1,000 of qualifying card purchases made in each calendar month.
Qualifying card purchases include Point-of-sale (POS) purchases made by card and online card purchases.
Alternatives to Empower App
As mentioned above, there are numerous budgeting apps and spending trackers you can choose from. Each app has its key features that may fit your financial needs. Some of them are:
Related: Comparison of The Best Budgeting Apps in 2020
Pros and Cons
Besides many cool features Empower possesses, there are also some drawbacks to it. Let's break down the pros and cons of Empower.
PROS
- Automatic Savings and high-interest checking account – You are in control of how much you want to save each week and maximized from its high-interest checking account.
- Intelligent software – With Empower App's spending tracker, you are given real-time insights into your financial health.
- Cash Advance – Empower gives you a safety net when you need it the most.
- Free to use for the first 14-day trial.
- All your financial accounts in one place.
CONS
- $8 monthly fee for the full suite of money management features
- No remote deposit
Frequently Asked Questions (FAQs)
Is Empower Bank legit?
Empower Bank is a legit mobile banking app tailored for you. Although it's a start-up, it has over a thousand downloads, and it does empower its users by providing competitive offers and flexibility in managing finances. Moreover, it uses multi-factor authentication, Touch ID, and strict access controls.
Is the Empower app safe?
Yes, it uses a 256-bit SSL level of security, the same security level use by banks. In terms of support, you can reach them via email or through their website.
Final Thoughts
The Empower app/bank is one great way to get your budget organized. It does live up to its brand name; it empowers and gives its users the potential to do so. If you want to take serious control of your finances, Empower is your partner to success.
Additionally, the aesthetic of the app's user interface and graphics adds gets plus points from me. I mostly took notice of its dreamy pastel theme and easy to hover website.
Moreover, the cash advance feature is the most favorite of all. The Empower app gives you a safety net when life happens, and it is such a handy feature for most of us.
It also has a fun pop quiz for you to find out what your money personality type is. I got the Stockpiler, which is pretty accurate and has the character of always saving for a rainy day.
Overall, the Empower app is recommended for newbies in budgeting, especially for those who want to gain control of their financial life; this app can be your stepping stone towards financial success.
I hope you learned about the Empower app through this review article and if you have any questions or concerns, please comment down below.
On another note, have you used Empower Finance? Tell us about your experience. We would love to hear from you!
And if not, what are you waiting for? Download it today.
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