In the dynamic world of personal finance, managing multiple accounts, budgeting, and planning for retirement can be overwhelming. Empower, formerly known as Personal Capital, offers a comprehensive financial app designed to simplify these tasks. This review delves into Empower's features, pricing, user experience, and more to help you determine if it's the right tool for your financial needs in 2025.

What is Empower?

Empower is a personal finance application that integrates budgeting, spending analysis, financial account monitoring, and automated savings features to help users gain control of their finances. Founded in 2016 and headquartered in San Francisco, California, Empower is venture-backed by Sequoia Capital and Initialized Capital, among other investors.

Key Features of Empower

1. Account Aggregation

• Empower allows users to link various financial accounts, including checking, savings, credit cards, loans, and investments, providing a unified view of their financial status.

1. Budgeting Tools

• Users can create budgets, track spending across categories, and set financial goals. The app offers alerts when spending nears set limits, aiding in disciplined financial management.

1. Automated Savings

• Empower's AutoSave feature analyzes income and expenses to determine safe amounts to transfer into savings, promoting consistent saving habits.

1. Cash Advances

• Eligible users can access cash advances up to $250 with no interest or late fees, providing a safety net for unexpected expenses.
  Empower Support

1. Spending Tracking

• The app categorizes transactions, enabling users to monitor spending patterns and identify areas for improvement.

1. Empower Card

• Empower offers a Visa debit card with benefits such as up to 10% cash back on select purchases, early direct deposit access, and fee-free ATM withdrawals at over 37,000 locations.
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1. Financial Insights

• The app provides personalized financial recommendations and insights to help users optimize their financial health.

Pricing

Empower operates on a subscription-based model:

• Monthly Subscription Fee: $8 after a 14-day free trial.
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This fee grants users full access to the app’s extensive features, including automated savings, cash back on select purchases, and the option for interest-free cash advances.

User Experience

Empower's mobile app is highly rated:

• Apple App Store: 4.8 out of 5 stars from over 80,000 reviews.
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• Google Play Store: 4.7 out of 5 stars from over 71,000 reviews.
  Forbes

Users appreciate the app's comprehensive features and ease of use. However, some have noted occasional issues with data syncing and customer support responsiveness.

Who Should Use Empower?

Empower is ideal for individuals seeking an all-in-one financial management tool that offers budgeting, savings automation, and spending tracking. It's particularly beneficial for those who prefer a hands-off approach to saving and value the convenience of accessing multiple financial tools within a single app.

However, active investors or individuals seeking advanced investment management features may find Empower's offerings limited in that regard.'

FAQs

1. Is Empower safe to use?
Yes, Empower employs bank-level encryption to protect user data and adheres to strict security protocols to ensure user information is secure.

2. How does the cash advance feature work?
Eligible users can request cash advances up to $250, which are deposited directly into their linked bank accounts. Repayment is automatically deducted on the user's next payday, with no interest or late fees.

3. Can I link multiple financial accounts to Empower?
Yes, Empower allows users to link various financial accounts, including checking, savings, credit cards, loans, and investment accounts, providing a comprehensive view of their financial health.

4. Does Empower offer investment management services?
While Empower provides tools for tracking investments, it does not offer active investment management or advanced trading features. Users seeking such services may need to consider additional platforms.

5. How does Empower's automated savings feature work?
The AutoSave feature analyzes your income and spending patterns to determine safe amounts to transfer into your savings, helping you build savings effortlessly over time.

6. What is the Empower Card, and what are its benefits?
The Empower Card is a Visa debit card linked to your Empower account, offering benefits such as up to 10% cash back on select purchases, early access to direct deposits, and fee-free ATM withdrawals at over 37,000 locations.