How Does Envel compare to Simple?
App Features
Autonomy
Machine Learning (ML), Rules, Calibrations, AI based Autopilot
Rules and calibrations based.
Bill Pay
Dedicated Bills Bank Account with ACH Auto debit, Machine Learning base Bills sorter. Ability to add Itemized Bills
Expenses feature with ACH Auto debit
Budgeting
Automated split into 4 Envelopes (Cash, Bills, Emergency, Vault) - Calibration upon onboarding. Machine Learning thereafter.
Goals and Expenses (auto-funding optional) - set-up required.
Debit Card
Contactless Visa® Debit card
Contactless Visa Debit Card
Direct deposit
Yes - to a special Paycheck account
Yes
Emergency
Emergency Envelope - Automated no set-up
Emergency Fund Goal: set-up required
Envelopes System
Coming soon: 1 primary bank account (Cash Envelope) with all other Autonomous Envelopes as subaccount. Manual Envelopes and Goals have separate routing numbers.
1 primary bank account with account and routing number. Sub-accounts (Expenses and Goals) have no Account or Routing number.
External Account Linking
Yes, via Plaid or ACH Pull.
Yes via ACH Pull or Plaid.
Fees
No monthly fees, no minimum.
No monthly fees, no minimum.
Label transactions
Coming soon!
Yes
Fraud protection
Daily or Weekly Spending Limit (if on), Lock/Unlock/Replace Card
Lock/Unlock Card, daily and weekly limits & 2FA
Goals
Automated goals funded daily
Automate goals every pay day/ weekly/ daily.
Instant Funds Transfer to Platform Friends
Yes to Envel customers (Send and Request)
Yes, to simple customers
Instant Purchase Push Notifications
Yes
Yes
Joint Accounts
Shared Envelopes - You can share to anyone whether partner, family or friends instantaneously
Joint accounts set up between 2 parties only with unlimited joint expenses and goals separate from personal account.
Language options
Yes (Off, Funny, Crude)
No
Link Card to Any Envelope
Linked to Cash Envelope by default, instantaneously switch to other Envelopes or Goals with one swipe
No - all transactions to main checking account.
Manage Debit Card in App
Yes (Lock/Unlock/Replace Card)
Yes
Savings Accounts
Coming soon
Yes (Protected Goals Account)
Mobile App
Yes
Yes
Mobile Check Deposit
No (we're planning this feature)
Yes
Mobile Wallet
Apple Pay, Google Pay, Samsung Pay
Apple Pay, Google Pay, Samsung Pay
Savings
Vault - payday split + daily Spending limit remainder
Round up & Protected Goals
Spending Guidance
Daily/Weekly Guilt Free Spending Limit
Safe-to-spend for paycheck cycle (Account bal - goals - recurring expenses)
Themes
Dark / Light / Mode, 7 Colors. Estimated 3rd week of May: Extra Dark Mode
Dark/ light mode
Transaction Location
Yes (if switched on)
Yes
Web-based
No*
Yes
Loans
Not yet
Personal Loans
ATM locator
No (working on it)
Yes
Join Envel now
Takes less than 3 minutes. Won’t affect your credit score! No monthly fees or minimum balance.
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Link your card to any of your envelopes
All you have to do is link your card before you make a purchase and the money will be taken out of the envelope of your choice
Link your other bank accounts
Login to your bank account via Envel and add your bank accounts to your Envel Wallet
Send money to your friends in 2 seconds
Easy and fast transactions between Envel users
Join Envel now
Takes less than 3 minutes. Won’t affect your credit score! No monthly fees or minimum balance.
Get it now:
