Empower Review: Money Management With Cash Advance

There are so many options for managing your finances with plenty of apps with great features for consumers–think minimal fees and rewards–that it may seem strange to sign up for yet another new tool to help your finances.

However, there doesn’t seem to be many apps that offer a checking account, budgeting tools and cash advances like Empower does. Launched in 2016, the app took a foray into the banking space by offering deposit accounts. That’s already in addition to their app that offers to track your credit card and banking accounts to help you find ways to save money after helping you create a budget.

The question you’re probably wondering is if the hype is worth it. The short answer is yes, but the Empower app isn’t for everyone. Keep reading for our Empower review to see whether your financial life will benefit from signing up.

What is Empower?

Empower is an app that enables today’s generation to achieve greater financial health and wellness. They help their customers save, budget and also give you access to fast cash when you need it. There are no physical branches–less overhead costs means Empower can pass on savings to its customers. Empower deposits are FDIC insured up to $250,000.

Empower is a financial technology company, not a bank. Banking services provided by nbkc bank, Member FDIC.

Overview of the Empower Card

The Empower Card  is essentially a debit card and has three amazing benefits: Get Cash Advance of up to $250^, get paid up to 2 days faster* and get up to 10% cashback**. Plus, there are no overdraft fees and you can get free unlimited access to over 37,000 ATMs across the US.

As for fees, there are minimal fees. Empower doesn’t charge overdraft fees, nonsufficient fees nor charges you to get your Empower card replaced. There is a $8 monthly fee, however, to access Empower’s full offering of features to help you manage your money (more on this below). You’ll be able to use them for free for the first 14 days after signing up.

Additional Empower Features

Monthly Reports

One of the many powerful features of this app is the ability to see how your finances are doing. Empower offers an overview of your financial behavior so you can quickly see what’s going on with your money.

The app also offers a monthly report that recaps your income and expenses so you can see where your money is going and have the opportunity to reflect on how you can improve moving forward.

Intuitive Budgeting Tools

You can also use the app to create a budget that works for you. There is the ability to customize budget categories and Empower helps to classify all your expenses easily.

It doesn’t stop there. Since a budget is meant to help you guide your spending, the app will send notifications when you’re about to go over your spending limit, plus other reminders and insights into your spending based on your checking account and beyond.

Autosave

Empower has an automated savings called Autosave. All you need to do is indicate on the app how much you want to save each week and link your checking account, and Empower will automatically set it aside for you. The funds are there for you to access at any time.

The app also looks at your income and expenses to suggest whether you should be saving more or less. It sets aside more money if the app detects you have extra cash and less if it notices expenses are higher.

Bottom Line

Though still a relatively new company, Empower has a lot to offer. The Empower Card offers many amazing features to help you thrive in your finances. 

Plus some of their AI features, including budgeting tools and helping you save money might be worth the $8 monthly fee. If you’re unsure, you can sign up for 14 days and give it a try.

Empower Disclosure – ^ Eligibility requirements apply.

* Timing may vary by employer.

** Deals will vary and must be selected in the app.