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Envel bank account review

Set your budget on autopilot or customize your spending, but you can’t use it with a family member.’s rating: 4.2 / 5.0


Envel combines the power of digital banking with budgeting tools using the cash envelope system. Set up a budget and organize your money into digital envelopes that your debit card purchases can withdraw from. But you’ll need to temporarily link an envelope before each transaction on the Envel app, which can be a bit of a hassle and difficult to remember.

$0 per month





Minimum deposit to open


Fee$0 per month
Minimum deposit to open$0
ATMsNo access to ATMs

Review by

Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.

Expert review

The Envel bank account is best for those who want a checking account that helps you budget and prevents you from overspending in a particular category. Envel is a digital bank account with the tried-and-true money envelope budgeting system. It’s free to use, and you’ll have access to your cash at thousands of surcharge-free ATMs.

But for a digital bank account, it’s still missing key features, like mobile check deposits. And if you’re not good about remembering to switch your spend categories before you swipe your debit card, you may be better off with another digital bank account.

How do I open an Envel account?

Envel boasts that it takes less than three minutes to sign up. But since Envel doesn’t have a web-based platform, here’s what the process looks like on its mobile app:
  1. Go to the provider’s site and follow the steps to apply.
  2. Add your phone number and select Join Now.
  3. Download Envel Mobile Banking onto your phone.
  4. Tap Sign up.
  5. Enter your phone number and email address.
  6. Verify your phone number by inputting the security code sent to your phone.
  7. Input your personal details, including your name and date of birth.


  • At least 18 years old, 19 if you’re in Alabama or Nebraska or 21 if you live in Mississippi or Puerto Rico
  • A US residential address
  • A Social Security number

Required information

Here’s what you’ll need when you sign up for Envel on its app through your smartphone:

  • Full name
  • Date of birth
  • Social Security number
  • Residential address

What are the benefits of an Envel bank account?

Check out a few advantages of using Envel:

  • No monthly fee. You won’t have to worry about paying a fee every month to use Envel.
  • No opening deposit. Sign up for free without a funding requirement.
  • Up to 99 bank accounts. Each bank account — what Envel calls “Envelopes” — is insured by the FDIC for up to $250,000 and can help you budget and manage your finances.

What should I look out for?

Consider some of Envel’s weaknesses before opening a bank account:

  • Limited features. Envel is still new to the banking industry and is a work-in-progress. It currently lacks key features, including mobile check deposits and an ATM locator.
  • Must juggle accounts. One account or envelope is dedicated to deposits only. To make withdrawals, you must use the correct routing information from one of your other envelopes. And if you want to link your debit card to a custom envelope, such as your monthly budgeted coffee envelope, you’ll need to select it before each transaction, which is an extra step when you make a purchase.
  • No checks. You can’t deposit or write checks from this account.
  • Can’t add a family member. You can’t include a family member’s expenses in your account, which can mess up your budget if you manage finances together.

Envel’s ATM network and fees

You can use any of the 38,000 free MoneyPass and Visa-network ATMs across the country. And while Envel doesn’t charge a fee for out-of-network ATMs, the ATM operator may.

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Compare up to 4 providers

How do I deposit or withdraw my money?

Aside from peer-to-peer transfers between Envel accounts, here are a few other ways you can access the money in your bank account:


  • Direct deposit
  • Connect an external bank account to transfer funds
  • ACH deposit


  • ATM withdrawal
  • Debit card
  • ACH withdrawal

How to contact Envel customer service?

You can live chat with an Envel rep on the mobile app or navigate to the Envel Help Center website and click the messaging icon in the bottom right corner.

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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