Moves Financial Review 2024

If you want to succeed in the gig economy, your finances have to be in order. It’s that simple.

Whether you’re a freelancer or a rideshare driver, you’re probably no stranger to some uncertainty and inconsistent pay as a gig worker. This is simply the trade-off for the flexibility that the lifestyle can offer.

Fortunately, you can simplify your finances and stay on track with the Moves Financial app.

What is Moves Financial?

Moves Financial is an all-in-one financial app built for workers within the gig economy.

It was founded in 2020, and it’s based out of Toronto, Canada. The company provides tailored financial services to the growing gig worker demographic.

Moves Financial believes that the financial industry currently underserves this population and is set on doing something about it.

Moves helps its customers cut down on banking fees, stay organized, and ultimately grow their gig business. To learn just how they go about it, keep reading.

Moves Financial Features

The Moves Financial app offers freelancers three core products: Business Cash Advance, the Moves Spending Account, and The Moves Collective.

1. Business Cash Advance

With Moves’ Business Cash Advance, you can access a low-cost advance for business expenses of up to $2,000. It’s free to sign up, and you can receive instant funding directly into your Moves account.

How much can you borrow with Moves Financial Cash Advance?

You can borrow up to your weekly earnings amount through Moves Financial’s Cash Advance program. For example, if you make $250 per week driving for Lyft, you can borrow up to $250 in total. You’ll then make your repayment spread over 10 weeks, with a flat 5% fee tacked on.

Business Cash Advance is a cheaper alternative to piling up credit card debt or borrowing from a high-interest lender. There are no fees for late-payments and no credit checks.

To qualify, you must earn income from any of the following gig platforms:

• Uber/UberEats
• Lyft
• DoorDash
• InstaCart
• Amazon Flex
• Postmates
• Caviar
• Grubhub
• Shipt
• Dolly
• Wag
• Rover
• Gopuff

To gain eligibility for a Business Cash Advance, you first need to open a Moves Spending Account. We’ll cover that next.

2. Moves Spending Account

Moves Spending is a bank account designed specifically for gig app workers. It’s completely free, so you won’t pay any monthly, overdraft, or minimum balance fees. The account comes with a Visa debit card and Business Cash Advance access.

The account also allows you to deposit and organize gig income from multiple apps and use your card to cover business expenses like your phone bill and gas.

Unfortunately, there’s no APY or interest for funds left in the account. But it does have a pretty cool free stock program, which is called The Gig Workers Collective.

3. Gig Workers Collective

Moves’ Gig Workers Collective helps gig workers gain ownership of the companies they work for. It does this by issuing free stock in those companies through a partnership with Bumped Financial.

Here’s how it works:

When you complete tasks within the app, you earn free stock in a company that you gig for. Tasks can be as simple as depositing a certain amount into your Moves account. Of course, the more tasks you complete, the more stock (and say in the company) you’ll ultimately earn.

Fees & Pricing

Moves is an almost entirely free platform. You shouldn’t expect any of the usual fees that come along with traditional banking.

There is a 5% fee for any Business Cash Advance. Fortunately, this fee is spread out over your 10 payments.

For example, if you borrow $1,000, you’ll pay a $50 fee. Instead of paying upfront, each payment will be for $105, for a total of $1,050.

How To Sign Up for Moves Financial

To sign up for Moves, just download the app. It’s quick and easy to get started, and you can access your account in just a few minutes.

There’s no credit check required, so you don’t have to worry about it affecting your credit score.

Otherwise, it’s as simple as signing up, linking your gig apps, and making Moves work for you.

Promotions

At the moment, there are no sign-up incentives for new Moves users. It’s a relatively new app, so this may change. If opportunities pop up, I’ll be the first to let you know.

Security

Moves Financial ensures users that its platform was designed with security in mind. The app never stores your usernames or passwords, and you can count on bank-level 256-bit encryption to safeguard your sensitive info.

Customer Support

If you need support, check out the online Help Center, which has a ton of useful information.

If you want to talk with someone, you can submit a request or send an email to hello@movesfinancial.com. Unfortunately, Moves Financial does not currently have a customer service phone number listed, but it does offer live chat in the app during business hours.

Customer Reviews

Moves Financial currently holds a 2.8 out of 5-star rating on Trustpilot, but it only has 18 reviews. Let’s take a look at what real-life customers have to say about the company.

5 star customer review:

I have recommended Moves to my friends and all of them including me are very happy with their services. It’s quick and reliable.

2 star customer review:

So this is an up-and-coming competitor, but their rates aren't really something to speak about. Read the fine print and you will be surprised.

1 star customer review:

Unexpectedly had my bank account closed while working for GrubHub. I already had a Moves Financial account that I hadn't used so I thought why not switch my gig deposits over? What a mistake that was 2 weeks ago and I still haven't been paid over $700. While the support is quick to respond, they're not quick to do anything.

Pros and Cons

Alternatives to Moves Financial

Moves is unique in the sense that it exclusively serves app-based gig workers. That said, other banking options could be a fit for the same population. Here are a few worth checking out:

Chime

Chime is one of the best neobanks in the business, period. It offers fee-free bank accounts, high-yield interest rates, and a top-tier mobile app. Compared to Moves Financial, Chime customers appear to have a higher rate of satisfaction. While the two companies have similar ratings on TrustPilot, more than 50% of Chime’s nearly 9,000 reviews were 5 stars.

Overall, Chime offers more features than Moves Financial. Chime also casts a wider net with the demographics it serves, whereas Moves is an alternative banking solution for gig workers who may not have options. Let’s take a look at Chime’s notable features:

• Automatic savings (not available with Moves)
• More than 60,000 ATMs (Moves partners with 55,000 ATMS)
• High Yield Savings Account (not available with Moves)
• Credit Builder Credit Card (not available with Moves)

Like Moves, Chime has a built-in cash advance program. When customers enroll in direct deposit, they can access their funds up to 2 days before regular payday.

Lili

Lili is a financial platform built for freelancers. It offers innovative banking solutions, plus helpful tax time tools for self-employed individuals. While Moves operates more like a traditional bank, Lilli provides additional resources through a subscription model.

Customers can forgo these features and stick to Lili Basic. This subscription level doesn’t have any additional fees. Lili Pro allows business owners to access additional features, including a 4.15% APY, overdraft protection, and budgeting tools.

Axos

Axos is a full-service online bank with both personal and business accounts. It consistently offers some of the highest interest rates in the business, plus regular sign-up bonuses for various accounts. Axos offers significantly more bank account options than Moves.

While Moves only offers one spending, or checking account, Axos has four checking and several savings options, including Money Market accounts and Certificates of Deposit (CDs).

Frequently Asked Questions

What bank is Moves Financial with?

Moves Financial works in partnership with Blue Ridge Bank, a member-FDIC institution. Blue Ridge issues Moves Financials accounts, so your funds are protected up to $250,000.

Is Moves Financial for Freelancers?

Yes, but not all freelancers. To qualify for a Moves account, you need to earn income from one of its partner gig apps.

Is Moves Financial safe?

Moves Financial deposits are FDIC-insured, and all accounts are encrypted to prevent fraud. We recommend you consider customer reviews and the value of Moves Financial’s services to determine if they’re the right bank for your needs.

How do you get an advance on Moves?

You can get an advance on Moves after you’ve set up gig deposits and hit the $100 minimum deposit requirement in a 28-day period.

What loans are available for gig workers?

Gig workers can qualify for most loans if they meet the other requirements. Moves Financial provides business cash advances to qualified customers, but it’s not the only option. Talk to a financial advisor or loan officer to qualify for a secured loan, secured credit card, and other financing options.

Is Moves Financial Best For You?

There are a ton of benefits of independent work. Whether you’re a courier, an Uber driver, or any other type of independent worker, you do it for a reason. Maybe it’s the convenience or flexibility. Maybe the current pandemic caused a change in your work life.

Whatever your motivation is, you deserve a banking partner that understands your lifestyle. With Moves, you have an option entirely dedicated to making things easier for you as a gig worker.

While the app is still somewhat new, Moves is worth considering as you strive to stack your side hustle earnings.