Moves Financial Review: Banking Designed for Gig Workers

Moves Financial Review: Banking Designed for Gig Workers

GOBankingRates Score


4.7

SCORE

GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our
research/editorial team. Our scoring formula weighs several factors that differ from
category to category depending on what consumers want from varying products and
banks.

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Quick Take: Moves is a fintech company that provides banking services specifically for gig workers. By providing products and services that are compatible with the way gig workers earn, Moves helps those who are independent contractors manage their money.

  • Moves Spending Account

  • Business Cash Advance

  • Stock Rewards

  • Bank Experience

How did we calculate this?

Pros

  • Separate business and personal expenses
  • No maintenance fees or overdraft fees
  • See your holds and their availability
  • Cash advances

Cons

  • No interest paid on deposits
  • 5% fee for cash advances

Moves Overview

Moves is a financial services app for gig workers. If you work for Uber, Lyft, Shipt, Instacart, GrubHub, DoorDash, Uber Eats, Favor, Handy, Cornershop TaskRabbit, Amazon Flex, Rover, Waitr, Shiftsmart, or other companies as an independent contractor, Moves may provide the services you need that other banks don’t.

Banking services are provided by, and the Moves Financial Visa Debit Card is issued by, Blue Ridge Bank, N.A., which is FDIC insured. Cash advances are provided by Moves Financial, not by Blue Ridge Bank.

GOBankingRates has ranked Moves Financial among the Best Neobanks of 2023.

Key Features

Moves caters to gig workers, and the features they offer have this demographic in mind. Here are some of the features offered by Moves.

Moves Spending Account

The Moves Spending Account is where you deposit your gig work earnings. Then you use the Moves Card as you would any other debit card, to pay bills and withdraw cash. Moves gives you fee-free access to the over 55,000 ATMs in the Allpoint network.

There are no monthly maintenance fees or overdraft fees, and you don’t need to undergo a credit check to open a Moves Spending Account and get a Moves Card. Although it’s not an available feature yet, there are plans for more than a dozen apps to instantly deposit your daily earnings into your Moves Spending Account, so watch for this feature. For now, you can see any holds that are authorized on the funds in your Moves Spending Account so you’ll always know your accessible balance.

Business Cash Advance

Moves provides a Business Cash Advance that helps smooth out the ups and downs of gig workers’ compensation. You can access a cash advance when you need money. There’s a 5% service fee that will be deducted from your future earnings. Your cash advance is deposited to your Moves Card.

When money comes in, 10% of the earnings you deposit are put toward paying off your Business Cash Advance. No interest is applied, so it’s a cost-effective alternative to the credit cards that most gig workers rely on when cash isn’t coming in steadily.

As you build your independent business and your earnings increase, your cash advance limit will increase as well.

Stock Rewards

Moves offers rewards to customers who use the platform, shop with the Moves Card and refer friends to Moves. These rewards come in the form of stock in the companies that gig workers work for, like Amazon, Lyft, Uber, Target, and DoorDash. Obviously, Moves is not handing out shares of Target at around $150 a pop every time you use your debit card. But you will earn fractional shares when you make purchases like groceries, gas, and dining, and when you refer friends. There’s a limit of $75 in rewards per person per year.

Banking Experience

The biggest advantage to the Moves experience is that it “gets” how gig work, well, works. This is a fintech that understands that earnings are not predictable, but the rent still needs to be paid.

As with most online banks and neobanks, the experience lives and dies by the app. The Moves app has a rating of 4.3 stars out of 5 on the App Store. Based on the comments, however, it appears that a recent upgrade has solved many of the original issues. On Google Play, the average rating is 4.1 out of 5 stars.

GOBankingRates has ranked Moves Financial among the Best Neobanks of 2023.

Comparable Neobank Options

If you’re a gig worker, it might be tempting to jump on the Moves bandwagon. But you always want to compare your options. Here are two others to consider.

LendingClub Bank

LendingClub Bank is a more traditional bank and offers business banking for companies of all sizes, including independent contractors. There’s no cash advance option per se, but you can apply for a business loan or line of credit. You will need to complete an application, however, and there’s always the risk you could be turned down. LendingClub Bank offers personal banking and loans as well.

Albert Cash

Albert Cash isn’t specifically for gig workers, but there is a cash advance option. You can get up to $250 with no fees, which is paid off the next time your direct deposit hits. To qualify, you need to be a Genius subscriber, which is a pay-what-you-want program that gives you extra perks like cash advance.

Final Take

Moves understands the advantages and disadvantages of being a gig worker and has designed its offerings around reducing some of the pain points that gig workers face. If you’re a Lyft driver, DoorDasher, Rover walker or other gig worker, Moves should be one of the banking options you consider.

Moves FAQ

Here are the answers to some of the most frequently asked questions about Moves.

  • What bank does the Moves app use?
    • Banking services for Moves customers are provided by Blue Ridge Bank, N.A., which is FDIC-insured. Blue Ridge Bank also issues the Moves Financial Visa Debit Card. Cash advances are provided by Moves Financial, not by Blue Ridge Bank.
  • Is the Moves app legitimate?
    • Yes. Moves is a financial technology, or fintech, company that provides banking services to gig workers and independent contractors. Banking products are provided by Blue Ridge Bank, N.A., and are FDIC-insured.
  • How does Moves Cash Advance work?
    • When you sign up for a Moves Spending Account and have your gig work earnings direct deposited, you can get a cash advance. The amount depends on your history but usually starts at $100. If you need cash, you can request a cash advance amount and it will be transferred to your Moves Card, which is a Visa debit card. Your account will be charged a fee of 5% of the amount of the advance.
    • The next time your gig earnings are direct deposited into your Moves account, 10% of your earnings will be used to pay your advance. If there is still money owed on your advance, another 10% will come off the next time, until the advance is paid. If you use and pay your advance regularly, and your earnings warrant it, your advance limit may be increased.
  • What loans are available for gig workers?
    • Moves offers a cash advance for gig workers. Since gig workers are independent contractors, they are also eligible for business loans, but these can require significant record-keeping and paperwork, and you may be declined if the lender doesn’t think you are a good risk.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 1, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

To determine rankings for the Best Neobanks, GOBankingRates looked at the following factors: (1) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (2) savings APY; (3) products/services offered (credit cards and investment services); (4) the average mobile app rating between the Android and Apple app stores; and (5) number of extra benefits and perks unique to neobanks. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 0.5 times, and factors (2) and (5) were weighted 2 times.

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