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what is going on everyone i hope you were all having a fantastic day so today we're going to be taking a look at a brand new bank that a ton of you have requested and i'll tell you right now that after spending a lot of time researching and getting to know this platform this is definitely up there as one of my favorite banking platforms and for those of you who are switching from simple banks since they are sadly closing this might be the best alternative so today let's do a full review on envel bank and break down every unique feature that they offer to see if it's a good banking tool for you all right let's jump right into it [Music] so the core feature of nvel 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 now if you've done any research at all on the different budgeting methods then i'm sure at some point you have heard about the envelope method of budgeting and i've even mentioned it previously here on this channel but in a nutshell the envelope method is typically where you have various physical envelopes for each budgeting category and then you put cash into each of those envelopes and you use that to pay for your various expenses throughout the month now even though a lot of people don't use cash anymore for their daily expenses the envelope method is still a proven and effective way to budget and nvel is trying to bring that method back in a more modern and virtual way and i'm assuming that that's where their name envel comes from being short for envelope envelope envel we're going to go with envel for the sake of this video so when you first open your account you'll be given four envelopes which include cash an emergency fund a bills envelope and a vault which is basically your savings account from there it's really up to you and you're able to create up to 99 different envelopes that are each fdic insured and each one is essentially its own bank account so you can create a goals envelope a groceries envelope a car envelope a mortgage envelope and literally anything that you need for your personal budget and you're also able to share these custom-made envelopes with other nvel users so say you and four of your other friends are all renting a house together well you could create a rent envelope and each member can put in their share of the rent and utilities to make sure that everyone is pulling their own weight and there are a ton of other ways that you can use this really awesome feature now as an extension of that you also have their card link feature which allows you to connect your envel debit card to a particular envelope in your app and then basically you can pull a transaction from the correct budgeting category now we've seen this feature from other places like simple bank and even one finance but it is something that a lot of you are very interested in and you have mentioned in the comments section but there are a lot of competitors who do not currently offer this and personally i think it is really useful so if you go to the grocery store for example you can switch your envel debit card to your grocery envelope and then that transaction will be automatically pulled from the correct budgeting category now it is a little annoying that you have to manually go into the app and switch it to the correct envelope however i'm assuming that in some way you're probably able to categorize your transactions after they are made so if you do forget to switch it to the correct envelope then i'm assuming that you can probably change that afterwards now the other core feature of this platform is called autopilot the default when you first open up your account is a standard manual banking account that you're probably used to but you do have the option to enable autopilot within the app and this allows you to link all of your income your utilities your subscription services your rent your mortgage and really any other monthly payment that you might have and want to keep track of and then autopilot is automatically going to divvy up your paycheck across those various envelopes and make sure that those bills are being paid on time and they're also going to make a catered budget specifically for you based off of all of those income and spending variables that we just talked about 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 emergencies bills and your vaults which is your savings and in my opinion that's really all you need for a really basic surface level budget because you are making sure that you're paying your bills you're setting money aside for your savings you're making sure that you're funding your emergency fund and of course you're setting money aside that you can spend as well from there you're gonna get a daily weekly and monthly spending limit that they call your guilt-free spending money and this helps to make sure that you are staying on track with your overall budget now personally i think that this is useful on a monthly level so that you know how much guilt-free cash you have left for the entire month but i don't really see a whole lot of value in having a daily spending limit at least in my opinion because most people probably aren't going to spend the exact same amount of money every single day throughout the entire month but that's really a personal preference and at least this feature is there if you need it and you can always switch it off within the app if you don't want it 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 being put aside into your guilt-free spending category so if you're really trying to save a lot of money and limit your spending across the board then you can put it in penny pincher mode and this is going to help you catch up on your savings goals and as a result your spending limit will be much lower and this goes all the way up to what they call party mode where you will have the highest spending limit and you're going to be able to choose from these different spending modes right from within the app speaking of the app i really love it and think it is the perfect balance of giving you an in-depth look at the various variables of your finances without being overly cluttered and complex i think a lot of these newer fintech companies fall into the trap of being overly simplified while others are often cluttered with useless information and advertisements that really just take away from the overall user experience but personally i think the envel app is really well designed at least from what i can tell from the website and it is broken down into five simple tabs which is your home page your wallet your goals your transactions and the last one which is customization which is basically these settings the wallet tab is going to be the first one all the way on the left and this is going to give you a quick snapshot of all of your different envelopes and you can click on each of them to get a closer look at the different transactions for each of those accounts and at the top of the page it's also going to tell you your income for the month as well as your overall net worth the goals tab is the next one over and this is where you can set up various savings goals such as saving for a house a new car and even a college fund and again it's going to give you a quick snapshot of how much money you have put aside for that savings goal and how much more you have left and how much time you've given yourself to reach that particular goal the middle tab is going to be your basic home page and this is where you're going to see a snapshot of your overall spending and savings throughout the week and see that daily spending limit that we talked about earlier the transactions tag doesn't really need a big explanation but obviously this is going to show you the various transactions across your entire account and all of these different envelopes and lastly all the way on the right you have the settings tab that allows you to customize the entire interface of the app and customize the various features that we talked about throughout the video so as far as the surface level banking features are concerned this account currently has no fees for the core services which includes the envelopes the autopilot the visa debit card and all of the features that we talked about today you're also going to have access to 32 000 free to use atms here in the us and you're fully fdic insured up to 250 000 now as far as an interest rate is concerned i wasn't able to find anything on the website or in the faq section so i'm assuming that that means that they currently don't offer any interest rate at all but this honestly is kind of normal for these brand new companies because considering they are still in a crowdfunding phase it wouldn't really make a whole lot of sense to take money from investors just to turn around and pay that money out in interest when they're currently trying to build a brand and stay afloat now this may be a big bummer but again this is a brand new company and in my opinion it is far more important that they are putting that investor money to developing the platform and making sure that it is the best user experience as possible so hopefully down the road when they're more established they'll be able to have a more competitive interest rate but at least for the time being it's not that big of a deal in my opinion and if you are that concerned about getting a return on your money then you would be much better off just investing that money in a simple diversified portfolio i will also mention that like i said envo is a brand new company that was actually started by a group at harvard university and they're still in the crowdfunding stage but it looks like they're planning on launching the full platform this summer which is 2021. so depending on when you're watching this you can either add yourself to the waitlist currently to make sure that you are one of the first people to get access to the full platform or if you're watching this further down the road then you can probably go ahead and just download the app or sign up through the website as well so overall i am really impressed with envel and while it is definitely a brand new company that is just getting started and hasn't fully launched their platform yet i am really excited to see where they're able to take this concept in the future and as i mentioned earlier i think this is a fantastic alternative to simple bank because of some of those unique features that they offer so let me know what you think of envel down in the comments section below and whether or not you plan on adding yourself to the waitlist as always if you did enjoy this video it would mean a lot to me if you would hit the like button subscribe to the channel and share this video with someone who you think will get value out of this content as well and as always thank you so much for your time i really do appreciate it take it easy and i'll see you in the next one