Enzo App Review – 3.56% APY + 10% Cashback On Uber + Equity For Early Customers

Enzo is a new financial app that offers cashback on Uber and DoorDash.  With Enzo, you get a checking account and a Visa debit card. I expect more rewards to be added in the near future. You must be a US citizen and at least 18 years old to sign up. The company recently raised $3 million in capital from White Bay Group.

Enzo App review

Enzo Rewards

  • 2.0% cash back on rent (not available for new customers, existing customers will earn cashback on rent until June 2023)
  • 10% cashback on Uber
  • 5% cashback on DoorDash
  • 1% cash back on PayPal purchases (there have been some issues lately with this – PayPal transactions no longer count as purchases)
  • 1% cashback on everything else
  • Enzo’s high-yield savings account  earns 3.56% APY (from 11/3/2022)
  • Early customers also get equity in the company

Total cashback is limited to $20 per calendar month and $150 per calendar year. Once you reach your monthly or annual limits, you will earn $0.25% cashback. You will need a minimum balance of $2,000 or $1,500 in direct deposits per month to get the high rewards rate.

The most interesting reward feature is the 2% cashback on rent. Since the product is still in beta phase, customers need to manually tag their payments as rent payments. In the future, the company hopes to automate this process to reduce abuse.

How cashback works

You will get the cashback for the previous month in your Enzo checking account a few days after the end of the month. Cashback has a monthly cap of $20 and an annual cap of $150. Once you reach your cap, you will continue to earn 0.25% cashback on purchases.

Deposit is FDIC insured

Your money with Enzo is insured by the FDIC for up to $250,000.

Sign up bonus

Sign up bonus is currently not available. But the company offered a $50 sign-up bonus recently.

Getting equity in Enzo

Here are the terms and conditions for getting equity in the company

To receive Enzo stock you must be registered on the Enzo waitlist. You can earn a maximum of 250 Enzo shares for qualified referrals. Total shares under the Waitlist Equity Program (“WEP”) shall not exceed 100,000. WEP is subject to terms and conditions and does not require opening an Enzo account. Enzo reserves the right to modify the program at any time. Terms for receiving equity will be available soon upon request.

Referral reward

When you refer someone to Enzo, you get 1 share for every 3 referrals. The maximum number of shares you can earn through referrals is 250.

Enzo is not a bank

Enzo is a fintech company. Banking services are provided by Blue Ridge Bank. Enzo has partnered with another company, Unit, for its backend technology. Customers have access to funds in their checking account through Enzo’s debit card.

Future products

The company has plans to offer mortgage and investment products in the future. The timing of the launch of these services has not been announced. Another product the company may offer is cashback on mortgage payments.

Does not work with Zelle

Enzo is a checking account with a debit card. It does not work with Zelle. So you cannot earn rewards for paying rent with Zelle.

Comparison to Bilt

Enzo is a checking account + Visa Debit card whereas Bilt is a credit card. Enzo works everywhere, whereas Bilt only works at specific rental properties.

Risks of new financial apps

While Enzo’s rewards are lucrative, it’s not clear how Enzo will sustain the reward structure long-term. Other financial companies such as HM Bradley scaled down their rewards after their initial launch. Any money you put in Enzo is protected by FDIC for up to $250,000.

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