Empower Review 2024

Automatic Savings, Cash Back, and Free Cash Advances When You Need Them

In the world of personal finance apps, Empower stands out with a wide array of features designed to enhance your financial management abilities. With automatic savings, a debit card that gives cash back, and even no-fee cash advances, Empower can change the way you handle your money. However, it does come with a monthly fee that could add up over time. This comprehensive review will delve deeper into the pros, cons, and features of Empower.

Empower At a Glance

What is Empower?

Empower is a comprehensive personal finance application designed to revolutionize how users manage their finances. It is more than just a budgeting tool; it aims to actively assist users in enhancing their financial well-being through a variety of innovative features.

The app’s standout offerings include proactive saving strategies, lucrative cash back opportunities, and convenient cash advance options. Empower’s user-friendly interface, combined with a diverse range of analytical tools, empowers users to take control of their financial health effectively. The Empower Visa debit card is a notable addition, providing a seamless financial management experience.

Key features like spending categorization, automatic savings, and customizable budget limits position Empower as a holistic solution for individuals looking to streamline their financial management and gain better control over their economic life.

Noteworthy features include:

• Empower AutoSave: Once Empower understands your spending habits, its AutoSave feature transfers money from your main spending account to your Empower AutoSave Account. This allows for automatic savings without any additional efforts.
• Empower Advance: If you ever find yourself in need of a small loan, Empower provides a cash advance of up to $250. This service does not require any interest, late fees, or a credit check.
• Empower Card: The platform also offers a Visa debit card with numerous additional benefits. Cardholders can receive up to 10% cash back on special offers, get paid up to two days earlier than most traditional banks, receive cash advances two days before other banks, and enjoy free ATM withdrawals across a vast network of ATMs.

External Empower Reviews & Ratings

Firsthand User Experience with Empower

Here are some reviews from traders who have experienced the platform firsthand:

Empower Review Videos

Top Perks of Empower

Empower offers several unique benefits, making it a compelling option for users seeking a comprehensive personal finance app.

All-in-One Budget View

Empower gives users a consolidated view of their finances by allowing them to link all their bank accounts and credit cards to the app. This makes it easy to view the balance and recent transactions from a single platform. Empower users can customize their budget according to their needs, setting limits on different spending categories. The app sends an alert if a spending limit is nearing its cap.

Empower Debit Card

Empower offers a Visa debit card that can be linked to the user’s Empower account. There is no minimum balance required, and overdraft fees are not charged as transactions exceeding the balance are declined. Cardholders can enjoy additional perks, such as earning cash back and getting paid up to two days early.

Intelligent Savings & Cash Back

Empower’s AutoSave feature learns your income and expenses and automatically transfers an affordable amount from your spending account to your Empower AutoSave Account. Empower cardholders can also enjoy cash back rates as high as 10% on special deals. The app aims to offer deals that are practical and easy to use, rather than random offers at places users rarely visit.

Free Cash Advances & ATM Withdrawals

With the goal of being your financial safety net, Empower offers cash advances of up to $250. There are no fees, no interest, and no credit check involved, making it a quick, simple, and affordable solution for users in need of immediate funds. With the Empower Card, users can enjoy free ATM withdrawals across a wide network of ATMs in the U.S.

What Empower Could Do Better

Despite its impressive range of services, there are several areas where Empower could improve.

• $8 Monthly Fee: After a 14-day free trial, Empower charges an $8 monthly subscription fee. This amounts to $96 annually, which could be a significant amount for some users, considering the availability of free or cheaper alternatives.
• Uncompetitive Interest Rate: Empower offers a 0.01% APY on the account balance. Compared to the higher interest rates provided by many other savings accounts (without any monthly fees or minimum balance requirements), Empower falls short.
• Foreign Transaction Fee: Empower charges a 1% foreign transaction fee, which applies to transactions made through a foreign bank or in a currency other than the U.S. dollars.
• No Cash or Check Deposits: Empower does not currently accept cash or check deposits, a feature that is commonly offered by many banking apps.

Reviewing Costs and Fees

Empower’s pricing structure is straightforward, with a monthly subscription fee of $8 after a 14-day free trial period. This fee grants users full access to the app’s extensive features, including automated savings, cash back on select purchases, and the option for interest-free cash advances.

While the monthly cost totals to $96 annually, it’s important to consider the potential financial benefits and convenience that Empower offers. For instance, the automatic savings feature can help users effortlessly build their savings, while the cash back opportunities can offset some of the subscription costs.

Additionally, the cash advance feature can be a lifeline in emergencies, offering up to $250 with no interest, late fees, or credit checks. It’s essential for prospective users to weigh these benefits against the cost to determine if Empower aligns with their financial needs and goals.

Who is Empower Right for?

Empower is an excellent fit for individuals seeking an all-encompassing app that facilitates not only efficient budget management but also promotes active saving and offers substantial cash back rewards. The app’s advanced functionalities, including the Empower Visa debit card, automatic savings, and easy-to-navigate interface, make it particularly suitable for users who have struggled with saving and budgeting in the past.

However, the $8 monthly subscription fee, amounting to $96 annually, is an important consideration. Empower is most beneficial for those who intend to fully leverage its diverse features to improve their financial situation.

For users who are ready to take control of their finances and use the app to its full potential, Empower can be a valuable tool in achieving financial stability and growth. Click here to get started with Empower and take the first step towards smarter financial management.