Envel Bank Review | The World's Smartest Bank Account
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- เผยแพร่เมื่อ 4 ต.ค. 2024
- Envel Bank Review:
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The core feature of Envel and the reason that I really like it myself and believe that it is a great alternative to Simple is their feature called the envelope system. When you first open your account you'll be given four envelopes which include cash, an emergency fund, a bill envelope, and a vault which is basically your savings account. From there it's really up to you and what you need and they currently let you create up to 99 envelopes that are each FDIC insured and each one is essentially its own bank account so you can create goals envelopes, a groceries envelope a car fund envelope a mortgage envelope and literally anything that you could possibly need in your budget. And you're also able to share any of these custom envelopes with other Envel users. As an extension of that, they also have their card link feature and this allows you to switch which envelope your Envel debit card is connected to so that your transactions will be pulled from the correct category.
The other core feature of this platform is called autopilot. The default when you first open your account is a standard manual banking account but you do have the option to enable autopilot within the app and this allows you to link your income, utilities, subscription services, your rent or mortgage, and really any other monthly payment that you have and the autopilot feature is going to take all of that information and then calculate a catered budget for you based on those variables. So first it's going to take your monthly income and split it up over those four main envelopes that we talked about earlier which are cash, emergency, bills, and your vaults. From there, you're going to get a daily, weekly, and monthly spending limit that they call guilt-free-spending and this helps ensure that you are staying on track with your budget.
As part of this guilt-free-spending, you're also able to choose from several different spending modes and this is going to determine how much money is put into your guilt-free spending category. So if you're really trying to save a lot of money and limit your spending then you can put it in penny pincher mode and that's going to help you catch up on your goals and as a result, your spending limit will be much lower. And this goes all the way up to party mode where you will have the highest spending limit and again you're able to choose which spending mode you want right from within the app.
Speaking of the app, personally, I love it and think it is the perfect balance of giving you an in-depth look at the different variables of your finances without being overly complex. I think a lot of these newer fintech companies fall into the trap of being overly simplified while others often clutter the screen with useless information and advertisements that are just not helpful and can really take away from the overall user experience. But personally, I think the Envel app at least from what I can tell on their website is really well designed, and it's broken down into five simple tabs which are your home page, your wallet, your goals, your transactions, and then a customization tab which is the settings that allow you to change all of those different features that we talked about throughout the video.
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After a little over a week over watching your videos I finally had to subscribe. Your content is just too good and it's helped me narrow down the two banks I wanted to use, I ended going with SoFi and One. I'm excited to use them and I want to thank you for your awesome videos.
Thanks so much for the support I really appreciate it!
I'd like to see a Envel vs Qube video!
Dude, thank you so much for this! I've been with Simple since beta and have been freaking out since I got the 'death' email haha. Envel looks great.
Of course, thanks so much for the support I really appreciate it!
The Apps Interface Is Somewhat Similar To Currents App...And Splendidly Nice Indeed...
Thank you for this video!! This might be up my alley!
I kinda like the "envelopes" feature. However, it should include a way to control how much of each deposit goes into each envelope - by percentage and set amount. A third setting should permit splitting up each dollar of each deposit to each envelope so each envelope reaches it max needed at the same time.
I completely agree! Thanks so much for the comment!
I switched from Simple to Sofi Money and it’s not meeting my needs. The vaults just don’t function logically for budgeting. For example I have a vault for all my bills lumped together so that my available spending is accurate. But if I don’t move each bill out of the vault before it’s due the transaction will be declined. The vaults don’t have account numbers so there is no way for me to have bills funded without doing it manually. I think I’m going to open an Envel account next.
You should do a One Finance vs Envel 👀
Thanks so much for the great suggestion! I've added it to my list of potential video ideas!
I wasn't impressed with One Financial. Need to have a pdf bank statement to start using the card/transfer funds... My bank doesn't offer PDF anything. I live in a damn cornfield. 😂
@@MagnifiedMoney off the top of your head, which would you choose? Envel or One? I've been using Simple since around 2015 and I've been very happy with it.
I switched to One months ago and love it. It’s simple. I didn’t trust the AI in envel.
I still use ally . Yet i kinda like envel
i think you should do a review on Qube as well!!! deff much like simple! or even do a Envel vs Qube vs One bank
Qube is still in development. Their premium features are not available yet.
Thanks so much for the great suggestion! You're not the first to mention this one so I've added it to my list of potential video ideas!
Ur Partially Correct...I Still Use Cash...But Alot Less Now Since I Began Using Debit Cards...I Deposit The Cash In Those Various Debit Cards...
This is going to be your best bank for starters when you want to budget your money. This is highly recommended for children, teens, college students, or if you want to set aside for cash spending and monthly credit card payments or bills
Great Review...I committed to "One" after leaving Simple....but this review made me think twice. UGH SIMPLE makes me sick....LOL
Hahaha I completely agree! Thanks so much for the comment!
I think after a few months of updates envel will be amazing, but for now I'm using One until they polish the envelopes better
@@zekeclark2594 i left one and starting using Envel and i like it much better. One i couldn’t cash out on my side hustles using their debit card.
@@AnotherTekGuy I just tried to add money to Envel today & it's giving me errors 🙃
@@zekeclark2594 i add money using Apple Cash...my side hustle money drops str8 into the account with no issues using my debit card. I direct deposit is still at SIMPLE
Thanks for the behind the scene perspective- similar to Dave Ramsey
Of course! Thanks so much for the support!
Could you do a Qube vs Envel video? 👀
Tried pulling money from bank using Envel on Tuesday.... Its says it could take 3-4 buisness days when you go to do it. Then it changed to 3-6 days after. It is Saturday now... still no money on debit card.
One thing i don’t hear mentioned on here is that Envel direct deposit can take 1-2 days before having access like mine today. Just shows pending, and cant access it till sometime next week, every payday. This isn’t going to work out for me.
As of last payday, it was available after the deposit. Thank you.
You should do a comparison for One and Envel. Those seem to be the front runners for me after Simple.
check out Qube man deff closer to simple than One and Envel
Thanks so much for the great suggestion! I've added it to my list of potential video ideas!
I second that! Would be a great video, especially since One just started supporting recurring transfers.
I really like it. I wanted to do the envelope method but I didn’t like the idea of carrying cash
Thanks for the good introduction.
Of course, thanks so much for the support I really appreciate it!
I wish they had options for paper checks and bill pay
I completely agree! Thats always a good feature to have. Thanks so much for the comment!
Great review!
Thanks so much for the support I really appreciate it!
Can you do a Envel vs One Finance video
My problem now is that the bank I'm trying to move money from doesn't recognize my Envel routing number so I can't add funds.
Definitely will have to look into. By any chance thou have to done a video on N26 US checking?
I haven't looked into them yet but I will add it to my list. Thanks for the suggestion!
I had them, it sucked IMO. Featureless and dry. Simple. One, SoFi, and Varo are my reccomendations.
Have you made an in-depth review on One finance?
I have actually! Check it out and let me know what you think!
th-cam.com/video/H6ffT06dyco/w-d-xo.html
That's a very Peter McKinnon esque intro
To be honest I have to say it's a very interesting bank it's fresh it's new
I have to say is an impressive app
Pass on this one. No good interest rate or Bill Pay from what saw and didn't heard.
Very interesting. Thanks so much for sharing!
Envel has folded. During its run, the envel dev team did a great job interacting with users on their discord and adding many features that users suggested. Simple was still my favorite but Envel was getting close to dethroning them. I have no doubt the developers will take their skills and experience to other exciting projects.
I watched a lot of your videos and this was the exact bank I was looking for. But can you link stock brokerages like Webull
So glad you found the video to be helpful. Thanks so much for the support I really appreciate it!
The lack of interest is the reason I currently don't plan to get this bank even if their reasons are valid.
I already do a good bit of investing but whatever I don't have invested I don't want to be loosing all of that value especially when inflation is so high there needs to be at least a small amount of interest.
Do you foresee SoFi ever adding automatic funding or expenses to their feature set?
Thanks for the great question! I sure hope so! There are several features I would love for them to add so hopefully as they continue to grow I can totally see them adding those features!
Does envel work with credit cards?
Thanks for the great question! I don't believe they have any credit card options themselves but you should be able to add any external card to the app and keep track of spending on those external cards.
How do you like in comparison to one finance or even Qube?
Thanks so much for the great suggestion! I think that is an awesome idea since there are so many similarities. I've added it to my list of potential video ideas!
Just out of curiosity, if investing at the $250 investor level you get a convertible note. Is that a good?
Haha its really impossible to say without knowing the ins and outs of the company but I'd say the general rule of thumb is if you see value in the company and believe in them then its a solid investment regardless of the format it comes in. Thanks for the great question!
Thanks!
Thanks so much for the support I really appreciate it!
You can;t attach credit cards to the envelopes?
Thanks for the great question! I don't believe they have any credit card options themselves but you should be able to add any external card to the app and keep track of spending on those external cards. I hope they add this feature for sure!
credit karma wanted me to open their checking account and stayed on me about it so i did it now just waiting on the debit card..
Very interesting. Thanks so much for sharing! How do you like that account?
I like to see a ENVEL VS LANCE
Using the envelope system, if I set up a “rent” envelope would that be under a subcategory of bills?
It'd be a separate envelope with it's own information
will you be doing a Qube bank review?
Haha I actually just posted a video on them today! Let me know what you think!
I agree....the name is kinda awkward. ENVEL? ONVEL? Lol
Agreed...still not sure myself! Thanks so much for the comment!
I’m torn between envel and douugh
Hmm thats a tough one! Let me know which one you go with!
Radius bank FTW
Very interesting. Thanks so much for sharing!
You mean LeadingClub. 😉
@@fernandov2838 whats wrong with it ??
Envel is not ready. DO NOT USE IT! They have all of my money locked up and I have zero access to it. Run as fast as you can away from this company!
I mean something had to happen for that to happen