Categories
Mobile Banking

SFGI Direct Savings Review: High-Yield Online-Only Savings Account For You

Are you looking for a high-yield online-only savings account? If so, then this SFGI Direct Savings review is for you as it focuses on providing essential information customers need to know about the product and the bank as well.

SFGI Direct Savings Review: High-Yield Online-Only Savings Account For You

Digital banking is a rising industry. Over the recent years, the number of people who prefer digital or mobile banks increases, and experts say there is no sign of slowing down. This prediction was made even more evident with the turn of events that happened in 2020.

According to a study conducted by J.D. Power, it was found that during the height of the COVID-19 pandemic, “37% of retail bank customers said they were using their bank’s mobile app more frequently than ever before, and 48% said their preferred means of depositing a check during that period was via mobile phone.”

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11 Best Online Savings Accounts In 2020

More so, in July 2020, Cornerstone Advisors published a report, which says that “14.6 million Americans considered digital banking to be their primary way to the bank“.

These studies are proof that, indeed, the future of digital banking is bright. With the pandemic still ongoing, and health experts not knowing when people get to go back to their normal lives, the digital banking industry will continue to be in demand.

Of course, we also cannot deny the fact that digital banking provides a lot of benefits as compared to traditional or conventional banking. Digital banks are very convenient, easy to use and do banking jobs in real-time.

Even before the pandemic hit, digital banks are already becoming the preferred choice by most young people. It was just that during the pandemic, adult people who are used to traditional banking have also transitioned to mobile banking for health and safety reasons.

Now, with the increasing demand, the competition among digital banks is really high. Today more than ever, digital banks see to it that they have the best offerings in order to keep up with the competition.

Surely, there are lots of digital banks out there, and for customers, choosing one could really be tough. However, for as long as you know what you need and what you prefer in a bank, picking among an array of options should be a lot easier.

Anyway, one of the digital banks out there is SFGI Direct, and today, we are going to specifically do an SFGI Direct Savings review to help you find out if this account and the bank is exactly what you are looking for.

To help you compare and do a thorough assessment on the bank and the product, in this SFGI Direct Savings review, we are going to particularly tackle the following:

  • What is SFGI Direct?
  • Who is SFGI Direct best for?
  • What are the products offered by SFGI Direct?
  • What is SFGI Direct Online Savings Account?
  • What are the advantages and disadvantages of the SFGI Direct Online Savings Account?
  • How to do banking with SFGI Direct?
  • Is SFGI Direct safe?
  • What to like about SFGI Direct?
  • What not to like about SFGI Direct?

WHAT IS SFGI DIRECT?

When selecting an online bank, there are a lot of things that you need to consider. Apart from ease of use, convenience, products and services offered, and many more, one of the most important things every customer needs to look into is the bank’s credibility.

Sure, there are a lot of digital banks out there. Many of them offer really amazing deals, but the question is, are these banks reliable? If things come to the worst, will you be assured that your money is intact?

Now, to be able to know if a bank is credible and reliable, it is every customer’s responsibility to do a background check.

Good thing, you need not go elsewhere, because we are giving you some of the most important things you need to know about SFGI Direct in particular.

As stated on its website, SFGI Direct is an online division of Summit Community Bank, which is owned by the Summit Financial Group Inc., a financial holding company based in Moorefield, West Virginia that provides community banking and insurance services.

SFGI Direct allows customers to bank safely and easily, at the same time, enjoy competitive rates on its online-only savings account.

Yes, currently, the bank only offers one product and that is a high-yield online-only savings account.

By the way, if you want to know more about what a high-yield savings account is, here’s a very informative video by Think Wealthy with Mike Adams. This will surely help expand your knowledge.

The online bank is committed to “offering efficient banking products with personal customer service“. Furthermore, the bank assures customers that their “tradition of old fashioned service with regular investments in technology yields a unique combination of high-quality service standards and high-tech capabilities.”

With SFGI Direct, customers need not worry about their money in case the bank fails, because all accounts are covered by Federal Deposit Insurance Corporation (FDIC) insurance up to $250,000.

WHO IS SFGI DIRECT BEST FOR?

In the previous section of our SFGI Direct Savings review, we talked about what SFGI Direct is about.

As we have said, as customers, we have to be responsible for choosing the right bank. We need a credible and reliable bank that won’t fail us come what may.

Now, before we even proceed with the main point of our review, to help you assess, we are sharing with you who SFGI Direct is best for.

Generally speaking, SFGI Direct is appealing to people who want high-interest rates on their savings. Of course, it also suits people who prefer to do online banking.

Additionally, SFGI Direct will attract people who prefer online banks without monthly fees, as well as a bank that provides easy transfers from your external checking account.

So, if opt for these features, then SFGI is perfect for you.

WHAT ARE THE PRODUCTS OFFERED BY SFGI DIRECT?

Unlike other online banks, SFGI Direct only offers a single type of account, and that is a high-yield savings account.

In the next section, we are going to discuss more the product. After all, this is an SFGI Direct savings review, right?

WHAT IS SFGI DIRECT ONLINE SAVINGS ACCOUNT?

When we talk about a savings account, the first thing that comes to mind is that it is a way of keeping our money secure as we work towards a particular financial goal.

However, for sure, you will agree with us, that a savings account is even better when it allows us to earn interest on what we save.

SFGI Direct offers a high-yield savings account, which makes it at par when it comes to digital banking competition.

Apart from the fact that it allows you to earn a high-interest rate, SFGI Direct online-only savings account is simple and easy to use. Of course, since it is online-only, it means it is accessible anytime and anywhere for as long as there’s internet access.

By the way, as of January 2021, the annual percentage rate of SFGI Direct online-only savings account is 0.56%. The rate fluctuates, so, it is best to always check.

Moving on, another feature that SFGI Direct Savings Account offer is that it does not charge a monthly maintenance fee, which is very common in many online banks. Also, it allows you to set up automatic transfers from your external account, as well as allows you to transfer money from your SFGI Direct savings to your external account.

As mentioned earlier, all SFGI Direct savings accounts are FDIC-insured up to $250,000.

Now, since the account is an online-only savings account, it does not come with an ATM card, which means you need to perform an electronic transfer when you want to withdraw your money. Fund transfers usually take two working days.

More so, the account can only be funded with electronic transfers from another bank account. Unfortunately, the account does not accept paper checks.

To open an account, all you need to do is go online. You will need to plug in your name, as well as other personal information including Social Security number, date of birth, address, and phone number. Your employment information will also be asked. More so, you will need a valid government-issued ID as well.

Apart from all that, the bank requires a minimum initial deposit of $500. By the way, to earn interest, you must have at least a $1 account balance.

Once your account is activated, please note that the bank limits your transactions on your savings account to six per month only.

WHAT ARE THE ADVANTAGES AND DISADVANTAGES OF THE SFGI DIRECT ONLINE SAVINGS ACCOUNT?

In this section of our SFGI Direct Savings review, we are going to give you a summary of the advantages and disadvantages of the SFGI Direct savings account. This, hopefully, helps you decide if this online-only savings account is fit for you or not.

Advantages

  • High-Interest Rate – As of January 2021, the APY of the SFGI Direct savings account is at 0.56%. But, in the past, it has reached as high as 1%, which makes it one of the best online-only savings accounts out there.
  • No Monthly Maintenance Fee – Not all online banks offer this perk, thus, we find this a good advantage. SFGI does not charge monthly maintenance fees, which allows account holders to save a few bucks.
  • 24/7 Accessibility – Since it is an online-only savings account, for as long as you have an internet connection, you can access your account and make transactions.
  • Simple and Easy to Use – Unlike other online-only savings accounts, SFGI offers a simple and easy-to-use online banking platform.
  • FDIC-Insured – All accounts under SFGI Direct are FDIC-insured up to $250,000.

Disadvantages

  • No ATM Access – SFGI Direct savings account is an online-only account, which means it does not come with ATM access. So, if you want an account that allows you to withdraw or deposit cash using an ATM, you may have to look elsewhere.
  • No Paper Check Deposit – Unfortunately, the SFGI Direct savings account does not allow paper check deposits. Needless to say, it does not have a paper check feature as well.
  • No Cash Deposit – The online-only savings account does not come with ATM access, which is why it’s understandable that it does not allow cash deposits as well.

HOW TO DO BANKING WITH SFGI DIRECT?

In the previous sections, we already talked about what SFGI is about and what it has to offer, as well as the important details you need to know about the SFGI Direct online-only savings account.

This time, we are going to talk about how to do banking with SFGI Direct.

As we have already mentioned earlier, SFGI provides an easy process when it comes to account applications. Since SFGI Direct is an online banking platform, you can easily open an account for as long as you have an internet connection.

To open, go to the SFGI Direct website and client “Open an Account”. Make sure, however, to collect everything you need to open an account as your session will time out if you leave it inactive for 30 minutes. This is a security feature of the site. If that happens, unfortunately, you have to start over again.

To proceed with your account application, you will be asked to provide your personal information such as your name, Social Security number, date of birth, address, and phone number. You will also be asked to provide your employment information.

In addition, you will need a valid government-issued identification such as a driver’s license and passport as well.

To complete the account application process, you will need to make a minimum initial deposit of $500.

To deposit, you can link your account to an external checking or savings account. Also, you can put money into your account via ACH transfer or direct deposit but not through an incoming wire transfer or paper check deposits. Since SFGI Direct does not have a mobile app, it does not support mobile check deposits as well.

IS SFGI DIRECT SAFE?

Online banking can be crucial especially because of fraud and identity theft threats. So, in this SFGI Direct savings review, we are also looking into the safety and security features of the bank.

SFGI Direct uses multiple security measures to help ensure the safety and security of its customers’ personal information as well as banking transactions.

The bank’s security measures include 128-bit SSL encryption, password, and other authentication methods.

As mentioned, SFGI Direct is FDIC-insured under the Summit Community Bank umbrella. This means that the federal government protects the account holders’ money up to $250,000 (combined between all SFGI Direct and Summit Community Bank accounts) per depositor, per ownership category, in case of a bank failure.

WHAT TO LIKE ABOUT SFGI DIRECT?

Earlier in our SFGI Direct savings review, we talked about the advantages and disadvantages of the online-only savings account. This time, we are going to share with you a summary of the things that we particularly like about SFGI Direct.

This includes the following:

  • Competitive Rates – What makes SFGI Direct known in the world of digital banking is that it offers a high-yield online-only savings account that could go as high as 1%, which definitely is one of the best rates in the United States.
  • No Monthly Maintenance Fees – SFGI Direct does not charge a monthly maintenance fee as compared to other banks of the same type. This allows account holders to save a few bucks, really.
  • 24/7 Online Access – SFGI Direct savings account is accessible through the website anytime, anywhere.

WHAT NOT TO LIKE ABOUT SFGI DIRECT?

Of course, to complete our review, we also listed down some of the things we particularly do not like about SFGI Direct. Well, nothing is perfect, as they say – and the same goes for SFGI.

So, some of the not-so-good things about SFGI Direct are as follows:

  • No Mobile Banking App – Currently, SFGI Direct does not have its own mobile app, however, you can access your account through the Summit Community Bank mobile app.
  • Limited Personal Account Options – SFGI Direct only offers online-only savings account. It does not have other products like checking, CDs, money market, loans, etc. So, if you are someone who needs this kind of feature, SFGI Direct is not for you.
  • No Physical Branches – SFGI Direct is an online bank, and does not cater to what traditional banks offer. So, it is understandable that it does not come with physical branches.
  • High Minimum Deposit Requirement – Contrary to other online banks out there with similar product offerings, the $500 minimum initial deposit for SFGI Direct bank savings account is high. Although, the good thing is that the minimum balance requirement is only at least $1.
  • No Cash or Check Deposits – Since the online-only savings account does not come with ATM access, cash and check deposits are not allowed. In addition, since it does not come with its own mobile app, mobile check deposits are also prohibited.
  • No Business Accounts – Again, SFGI Direct only offers one account, which also means it does not provide business account options as well.

FINAL THOUGHTS ON SFGI DIRECT SAVINGS REVIEW

SFGI Direct has its share of advantages and disadvantages, and the same goes with its online-only savings account.

We must say, though, that the best feature that this online bank offers is the high-interest rate on its savings account. As mentioned, it is one of the highest in the industry. It definitely is very competitive even with what the top online banks have to offer.

However, we must admit that functionality is a major factor as well when choosing a bank. Unfortunately, SFGI does have a lot to work on in this aspect. It would be best if the bank also has its own mobile app, as well as additional product offerings to give customers more options.

Nonetheless, overall, SFGI Direct serves its purpose based on what it promises to offer.

Now, given all the information we have provided, do you consider opening a savings account with SFGI?

Well, we hope that through this SFGI Direct savings review, we are able to help you compare your options, and weigh whether this bank is worth it or not.

Categories
Mobile Banking

Barclays Online Savings Review: A High-Interest Rates Online Bank For You

While there are a lot of online savings accounts out there, only a few offer high-interest rates. If you are looking for such, though, then this Barclays Online Savings review is perfect for you.

Barclays Online Savings Review: A High Interest Rates Digital Bank For You

Obviously, the recent pandemic has brought a lot of changes in people’s day-to-day lives. For a time, most of us were restricted to go out unless necessary, and it was during that time when people relied so much on anything digital — including banking.

In fact, an article published by Reuters says that digital banks “have won over more U.S. customers during the coronavirus pandemic” most particularly because of the fact that it has helped process stimulus payments faster. Thanks to digital banking, people survived.

But then, pre-pandemic era, digital banks have already captured a lot of consumers/customers in the country, especially young people. It was just that during the pandemic, even older customers have seen how valuable online banks are.

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Charles Schwab Bank Review: What Makes This Online Bank Stand Out

In a study conducted by Statista, it was found that in 2018, roughly 61 percent of Americans are using digital banking and that experts project it to increase to 65.3 percent by 2022.

We would not be surprised, though, if the number rises higher than projected given the turn of events in recent years.

Moving on, as the number of digital bank users is increasing, the same goes for the number of existing digital banks. Customers have so many options that sometimes it can really get overwhelming to choose one.

However, at the end of the day, it all boils down to what your needs and preferences are as a digital bank user. One example is – are you looking for an online savings account that provides one of the best – if not the best — rates out there?

If your answer to this question is a yes, then you got to keep reading this Barclays Online Savings review.

In this review, we are going to provide you with thorough information about Barclays Online Savings, and the bank itself, which is very important especially if you are a first-time customer or a first-time digital bank user.

In particular, this Barclays Online Savings review will touch on the following:

  • What is Barclays Bank?
  • Who is Barclays Bank best for?
  • What are the products offered by Barclays Bank?
  • What is Barclays Online Savings?
  • What are the advantages and disadvantages of Barclays Online Savings?
  • How to do banking with Barclays Bank?
  • Is Barclays Bank safe?
  • What to like about Barclays Bank?
  • What not to like about Radius Bank?

WHAT IS BARCLAYS BANK?

Before we even go into a detailed review of Barclays online savings, it is important that we get to know the bank itself first.

Knowing about the bank will greatly help us be confident with the institution that will help keep our money.

So, with that said, here are a few important things you need to know about Barclays Bank —

Barclays Bank is a London-based bank that services 48 million people from all over the world since 1690. The bank’s operation in the United States, however, is online-only, which means, it does not provide traditional or conventional banking products and services.

However, the online-only bank is known for providing customers one of the best annual percentage yields on savings accounts as well as certificates of deposit (in this review, though, we are just going to particularly focus on the savings account).

Since it is an online-only bank, at least in the country, similar to other all-digital banks out there, it lacks a branch network, making it suitable for customers who prefer online banking or those who do not require in-person assistance.

If you are interested to know more about Barclays, we recommend you check this video out:

WHO IS BARCLAYS BANK BEST FOR?

As mentioned in the previous section, Barclays Bank in the United States is an online-only bank, thus, making it ideal for people who prefer online banking, and does not need in-person assistance.

Apart from that, Barclays also appeals to customers who are looking for an online-only bank with savings account that provides competitive rates. In this case, though, Barclays Bank’s savings account, as well as its CDs are known to be one of those that provide the highest annual percentage rate in the market.

Furthermore, the online-only bank is also suitable for customers who are looking for a digital bank that does not require a minimum balance, as well as does not charge monthly fees.

Ultimately, Barclays is best for those who want to have the ability to set and achieve savings goals.

WHAT ARE THE PRODUCTS OFFERED BY BARCLAYS BANK?

When looking for an all-digital bank such as Barclays, it is important to look into the products and services available. This helps a lot in deciding which bank to put your money into.

As a customer, you would want your bank to serve you the best way possible. Needless to say, be able to easily access different banking products and services.

With Barclays, though, the online-only bank is limited to providing customers with only two products. These are:

  • Barclays Savings Account, and
  • Barclays Certificates of Deposit.

Later on, we are going to tell you more about the savings account. For now, let’s talk about the Barclays Certificates of Deposit.

Barclays Certificates of Deposit

Barclays Certificates of Deposit also provides one of the highest annual percentage yields (APY) in the industry. It is particularly slightly better for customers who are interested in 3-month CD terms. At the moment, for a 3-month CD term, the APY is 0.35%, while a 60-month CD term has 3.10% APY.

The online-only bank’s CD terms range from 3 months up to 60 months.

To open a CD account, the bank does not require a minimum opening deposit, which means you can save any amount you can afford. This is actually what we find really convincing to opt for Barclays CDs.

WHAT IS BARCLAYS ONLINE SAVINGS?

As mentioned earlier, while we are providing you relevant information about the bank, ultimately this is a Barclays Online Savings review. Thus, we provided a separate section just to tackle this product.

Barclays Bank offers one of the highest annual percentage yields nationwide, which is absolutely great, to begin with. As of January 2021, the APY for Barclays online savings account is 0.45%. The rates vary every now and then, so, it’s best to always check.

Because of the savings account’s competitive interest rate, the effects of compound interest are more obvious.

Unlike other online savings accounts, Barclays does not charge monthly maintenance fees, withdrawal fees for online withdrawals as well as fund transfers to other banks. More so, the online-only bank does not require a minimum balance, however, Barclays has the right to close the account if you have a balance of less than $1.00 for 180 days.

Additionally, the bank does not have a minimum initial deposit requirement as well, which means, you can open an account in as little as $1.

However, it does charge the following:

  • $5 each for Excessive Transaction (after the allowed six withdrawals or external transfers per month),
  • $5 for Official Check,
  • $5 for Returned Deposit Items,
  • $5 for Non-Sufficient Funds (NSF),
  • $0.50 for Statement Copy, and
  • $25 for Express Mail/Rush Delivery Charge.

Since Barclays does not come with an ATM card, it means customers need not worry about ATM fees.

Since Barclays is an online-only bank, to open an account, all you need is to access the website or download the mobile app. You may contact the bank’s customer service every day from eight in the morning until eight in the evening (Eastern Time).

Barclays is an FDIC member, which means all accounts are insured up to $250,000 in case of bank failure.

WHAT ARE THE ADVANTAGES AND DISADVANTAGES OF BARCLAYS ONLINE SAVINGS?

Since this is a Barclays online savings review, we are going to provide you with a list of the advantages and disadvantages of the account. Hopefully, this insight will give you a clearer picture of what and what not to expect in this online savings account.

Advantages

  • Very Competitive Rates – As stated, Barclays Bank’s online savings account provides one of the most competitive interest rates among its contemporaries. Currently, it’s at 0.45%, but in the past, it has been as high as over 4% APY.
  • No Monthly Maintenance Fee – Unlike other online-only banks, Barclays does not charge a monthly maintenance fee.
  • No Minimum Balance Required – Another perk that we like about Barclays online savings account is that it does not require a minimum balance, which means, you can leave as low as $1 in your account and you won’t be charged for anything.
  • No Minimum Initial Deposit Requirement – Another great advantage of Barclays online savings is that you can open an account for as little as $1. It’s definitely one of the most flexible accounts out there.
  • Low Insufficient Funds Fee – While the bank does not have a minimum balance requirement, it, however, charges accounts with a $0 balance. The charge, though, is relatively low at $5 as compared to $30 charged by many other banks.
  • 24/7 Online Access – Since Barclays is an online-only bank, at least in the United States, you can easily access your account anytime as long as there is an internet connection.
  • Easy Online Transfers – With Barclays online savings account, you can easily transfer as well as receive funds.
  • Allows Linking Your Savings To Your External Checking Account – Last, but not least in our list is that you can link your online savings account to your external checking account without any fuss.
  • Remote Deposits – Barclays online savings account provides an option for remote deposits through the website. The process is simple and fast. However, deposits made after 3 PM Eastern Time will not be available until the next working day. It is important to note, though, that there are limits when using this feature such as $5,000 maximum individual check amount, $10,000 maximum daily amount, 10 maximum daily number of checks permitted, 50,000 maximum 10-day amount, and 20 maximum 10-day number of checks permitted.

Disadvantages

  • No ATM Access – Unfortunately, Barclays online savings account does not come with an ATM card, which means, have no access to ATM transactions. If you are someone who prefers having the ability to withdraw cash from your savings account, then, you might have to look for another bank.
  • Excessive Transaction Fee – While other online-only banks offer unlimited transactions, Barclays does not. The online-only bank charges a $5 excessive transaction fee per month after the allowed six online withdrawals and external transfers.

HOW TO DO BANKING WITH BARCLAYS BANK

Barclays is an online-only bank. Thus, opening an account and all the other banking transactions are done using either your smartphone or computer.

Similar to any other banks, you are required to provide personal information like your Social Security number, mobile number, and email address. Make sure to prepare a government-issued identification like a driver’s license and passport to complete the account application process.

Since everything is done online, expect to finish the account application process in just a few minutes.

Furthermore, if you have questions, you may reach the bank’s customer service every day from eight in the morning until eight in the evening (Eastern Time).

IS BARCLAYS BANK SAFE?

When people talk about digital banks or digital banking, one of the major concerns is safety and security. This is valid, though, given the fact that there have been a lot of fraud and identity theft cases that happened in the past.

So, we would not be surprised if you, too, are concerned about this. That is why in this section of our Barclays online savings review, we are going to talk about the safety and security measures that the bank has.

As mentioned earlier, Barclays has been around as a bank since 1690. With that kind of longevity in the industry, it is safe to say that the bank already knows what to do to ensure their customers’ money and personal information are safely kept.

Following all standard safety and security measures in online banking, Barclays Bank assures that all their customers’ money and personal information are safe and secured.

Additionally, the bank is a proud member of the Federal Deposit Insurance Corporation (FDIC), which means every account is insured for up to $250,000 in case of bank failure.

WHAT TO LIKE ABOUT BARCLAYS BANK?

While this is specifically a Barclays online savings review, we thought it is also beneficial that we provide you with an overall summary of the things we like about Barclays Bank. Yes, as a whole. Anyway, we already provided you with a list of the highs and lows of the online savings account earlier.

To help you decipher if Barclays is indeed the right one for you, here are a few things that we particularly like about this online-only bank:

  • Competitive Rates – We honestly like the fact that Barclays offer very competitive rates and is one of the highest interest rates in both online savings accounts and certificates of deposit. It definitely is one that makes this online bank very appealing to customers.
  • 24/7 Online Access – As mentioned earlier, since Barclays Bank is an online-only bank, obviously, customers get to access their account and make bank transactions anytime, anywhere for as long as there is an internet connection.
  • No Minimum Opening Deposits – For both online savings and certificates of deposit accounts, Barclays does not require a minimum opening deposit, which means, anyone can open an account in as little as $1 only. This feature also means anyone, regardless of status in life is able to open an account.
  • No Monthly Maintenance Fees – Another amazing perk that Barclays Bank offers is that it does not charge a monthly maintenance fee, which is contrary to its competitors. Again, this applies to both savings and CD accounts.
  • FDIC-Insured – Of course, we also love the fact that Barclays Bank is a member of the FDIC, which gives an extra layer of assurance to its customers that whatever happens especially in the event of a bank failure, they will get something and that their savings will not be put to waste.

WHAT NOT TO LIKE ABOUT?

In the last section, we provided you with a summary of the things we like about Barclays Bank. This time, to complete our review, we are going to share with you some of the things that we do not particularly like about this online-only bank.

This includes:

  • No Physical Branches – Although Barclays Bank is a conventional bank that is based in London, unfortunately, its U.S. operations do not have access to physical branch locations. Thus, it is tagged as an online-only bank in the American market. But, who knows? Maybe in the future, Barclays will eventually have bank branches here as well?
  • No ATM Card – Barclays in the U.S. is an online-only bank. This means that everything is done entirely online and without ATM access. So, if you are an ATM-reliant kind of customer, then, this one’s not fit for you.
  • No ATM Cash Deposits and Withdrawals – Since the bank does not issue an ATM card, it obviously is not surprising that it does not offer cash deposits and withdrawals as well.
  • Limited Account Options – Barclays Bank in the United States only offers two products — the online savings account and the certificate of deposit account. Unfortunately, the bank does not offer checking accounts. Although, it allows you to link your savings account to an external checking account.
  • Excessive Transaction Fee -Barclays Bank only allows up to six transactions per month. Anything over the allowed number will be charged $5 per transaction. This includes online cash deposits and transfers.

FINAL THOUGHTS ON BARCLAYS ONLINE SAVINGS REVIEW

Barclays Bank is a banking institution that has been around for so long, and while it only offers online accounts in the United States, it does offer one of the highest savings and CD accounts in the market.

Similar to any other online-only bank, it sure has its advantages and disadvantages. But we would like to say that the advantages that the bank offers are still overpowering the disadvantages.

Particularly on its online savings account, we got to say that it definitely has the best offerings in terms of rates among other online savings accounts out there.

So, have you decided about opening online savings account on Barclays yet?

To end, we hope that this Barclays online savings review has indeed served its purpose. May this brings light to your apprehensions in terms of opening an online savings account with Barclays Bank.

Categories
Mobile Banking

Radius Bank Review: What Every Potential Customer Must Know

This Radius Bank review will provide you all you need to know about this online-only banking platform including the products and services it offers, the rates, and all the other amazing perks that come with it.

Radius Bank Review: What Every Potential Customer Must Know

When we talk about online banks, there is usually a lot of overlap between “online banking” as well as “fintech,” which according to Investopedia is a term used “to describe new tech that seeks to improve and automate the delivery and use of financial services“. The good thing is, Radius Bank aims to integrate the best of conventional or traditional banking with the innovation that comes with a fintech start-up. It basically is like having the best of both worlds.

Anyway, in recent years digital banking has become “in” especially with the younger generation.

People prefer it over conventional or traditional banking because it is more convenient and accessible. Allowing users to save more time to do other more important things than banking transactions.

With the perks that come with digital banking, it is not surprising that in research conducted by Statista, they found that in 2018, about 61 percent of the American people preferred using digital banking. More so, the research found that the number is set to increase to 65.3 percent come 2022.

We would not be surprised though if the number rise more than what the research predicts especially with what happened in 2020 when a lot of American people were “forced to become part of the digital banking ecosystem” as stated in a Forbes article.

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The article further states that while digital banking had been in the mainstream over recent years especially among young people, because of the pandemic, consumers regardless of age have hopped on board.

The same article reported that based on the result of Digital Banking Attitudes Study by Chase Bank among 1,500 consumers (both Chase and non-Chase customers), it has revealed that “Americans have largely adjusted to—and are ready for—a primarily digital banking environment.”

This study alone and all the other recent studies out there prove that people are now more into digital banking. More than the convenience, it brings, it also adds safety and security – health-wise. With digital banking, everything is done online sparing people from in-person transactions. It’s easier to do transactions like paying bills and transferring money from one account to another.

Now, there are a lot of digital banks out there – that’s for sure. Over the years, online banking and fintech companies have emerged, which is actually good because it gives consumers more options to choose from.

Among the online-only banks out there is Radius Bank, and today, we are going to debone what this digital bank has to offer, and see why it is considered as one of the leading digital banks out there.

In this Radius Bank review, we are going to particularly tackle the following:

  • What is Radius Bank?
  • Who is Radius Bank best for?
  • What are the products offered by Radius Bank?
  • How to do banking with Radius Bank?
  • Is Radius Bank safe?
  • What to like about Radius Bank?
  • What not to like about Radius Bank?

WHAT IS RADIUS BANK?

Before we get into a more detailed review, let’s start with getting to know more about Radius Bank first.

As a consumer or as a customer, it is your responsibility to take time to research the banking institution you are eyeing for. This way, you get to see how established the bank is. As you know, for sure, established banks are less likely to fail, and even if they do, most likely your money is insured leaving you secured still.

Anyway, so, here’s what Radius Bank is all about —

As mentioned earlier, Radius Bank is an online-only bank and considered one of the leading digital banks out there.

The bank, which was founded in 1987 and is headquartered in Boston has over $1.4 billion in assets as of 2020, which makes it really solid.

Also, the online bank is being acquired by LendingClub, which is a fintech company that offers online personal loans. As far as history is a concerned, this is the first time that a fintech company acquired a regulated bank in the United States. The acquisition was formally announced in February 2020 and is expected to be done within 12 to 15 months. This move allows the bank to expand its products and service offerings, which definitely will even make them ahead of the competition.

Radius Bank offers a full complement of personal as well as commercial banking services such as checking, savings, lending, and a lot more.

With all that the bank has to offer, including interesting features and amazing perks, this is definitely worth checking out, and you do not have to go elsewhere because we are going to provide you what you need in this Radius Bank review.

Before we proceed, know more about Radius Bank and its amazing perks in this review by Magnified Money:

WHO IS RADIUS BANK BEST FOR?

Now that you already know what Radius Bank is, let’s move on to knowing exactly who it is best for.

Generally speaking, Radius Bank should appeal to most consumers who are comfortable with online banking. Those people who do not need access to a physical branch.

More so, the bank appeals to those who enjoy free access to ATMs wherever they may be in the world, cashback on purchases made using the debit card issued by the bank, and a low-fee online banking relationship.

Furthermore, the bank is ideal for those who want interest-bearing accounts particularly savers who have a lot of cash to keep as they could get the very best rates the bank has to offer.

WHAT ARE THE PRODUCTS OFFERED BY RADIUS BANK?

Here’s the thing, not a lot of online-only banks offer a wide array of products and services. With Radius Bank, it definitely is not the case because they do have a wide selection.

In this section of our Radius Bank review, we are going to particularly tackle the standard options for deposit accounts that are being offered by the bank.

These accounts include:

  • Checking Accounts
  • Savings Account
  • Certificates of Deposit
  • Credit Cards

Now, let’s take a look at each of these products:

Checking Accounts

Radius Bank offers a selection of checking accounts, which are as follows:

  • Rewards Checking
  • Superhero Checking
  • Essential Checking

Rewards Checking

Rewards Checking is the bank’s primary checking account. It comes with lots of amazing perks like no monthly maintenance fees, no ATM fees, unlimited ATM fee rebates, interest on balances of $2,500 and above, and cashback on valid purchases.

Customers can earn a standard 1.00% cashback on debit purchases provided they receive $2,500 in direct deposits during a statement cycle or have maintained a minimum balance of $2,500. The rewards, however, can move up to 1.50% on certain categories like health, food, social good, and entertainment.

For ATM rebates, the banks pay it off at the end of each statement cycle. Account-holders earn a 0.15% annual percentage yield for balances between $2,500 and $99,999.99 and 0.15% for balances of $100,000 or greater. The APY changes, though, so you have to constantly check with the bank.

To open a Rewards Checking account, the bank requires a minimum opening deposit of $100.

Superhero Checking

The bank’s Superhero Checking account is almost the same as the Rewards Checking except that this account pays interest at a different rate. Also, it donates a matching amount to the March of Dimes.

For this account, customers with account balances of $2,500 or more earn around 0.05% interest. Again, the APY changes, so better check with the bank regularly.

Essential Checking

The Essential Checking account is ideal for customers who have less-than-perfect credit histories who may not qualify for Rewards Checking or Superhero Checking accounts.

This account charges a $9 monthly service charge and comes with a few other limitations including a daily debit card limit of $250 for the first 30 days, a  daily debit card limit of $500 after 30 days, and mobile check deposits in a single day are only limited to $1,000 or $2,000 worth every 10 days.

But, the good thing about it is that account holder who is able to maintain a positive banking history for 12 months may be eligible to upgrade to either a Rewards or Superhero Checking accounts.

By the way, to help customers improve their savings habits, the bank offers a free Goalkeeper app, which allows the user to set up specific savings goals as well as automate savings to those goals. The bank requires a Radius Bank checking account to be able to use this app.

Savings Account

Radius Bank offers a high-yield Savings Account. Currently, customers earn 0.15% annual percentage yield on balances between $2,500 and $24,999.99, and 0.25% APY on balances of $25,000 or more.

Compared to the leading online high-yield savings accounts, the rates are considerably low.

However, what makes it appealing still is that the bank’s savings account does not charge monthly services fees, does not require a minimum balance, and that offers free ATM card access to the account without ATM fees.

To open a high-yield savings account, the bank only requires a minimum of $100.

Certificates of Deposit

Apart from checking and savings accounts, Radius Bank also offers Certificates of Deposit (CDs).

The bank offers competitive APYs, depending on how long you want to invest your money. Radius Bank’s rates start at 0.25% APY for three months CD term and could go up to 0,5% APY for a five-year CD term.

To open a CD account, the bank requires a minimum of $500 or $1,000.

It is important to note, though, that Radius Bank charges an early withdrawal fee, which could go up to 365 days’ simple interest.

Credit Cards

Unlike other online-only banks, Radius Bank offers a wide selection of Visa Cards through Elan Financial Services.

The cards come with features best suited for rewards, business, low introductory rates, as well as repairing credit.

Some of the cards offered by the bank include:

Cash Back Credit Card

  • Visa Real Rewards Card

Secured Credit Card

  • Visa Secured Card

Business Credit Cards

  • Visa Business Cash Card
  • Visa Business Real Rewards Card
  • Visa Business Rewards PLUS Card

Balance Transfer Credit Card

  • Visa Platinum Card

Other Products and Services

Apart from the financial products we already discussed, Radius Bank also offers the following:

  • Personal loans
  • Student loans
  • Business loans
  • Car loans
  • Mortgages
  • Insurance

HOW TO DO BANKING WITH RADIUS BANK?

In the last section of our Radius Bank review, we talked about the different product offerings of the bank.

So, by now, you are most likely convinced already why Radius is one of the leading online-only banks out there.

With that said, it’s time to talk about how to actually bank with them.

Similar to any other online-only banks out there, opening an account with Radius Bank is done entirely online. The bank made sure to make the process fast and simple. In fact, you can finish the entire account application process in as little as three minutes.

To open an account, all you have to do is to visit the website of Radius Bank, download the app, or call or call 1-800-242-0272.

As with any other financial institution, you will be asked to provide your personal information like your Social Security number, a government-issued identification (like your driver’s license or passport), and your physical and mailing address.

Once done with the online application process, you may now proceed with making the initial deposit, which amounts depending on the type of account you opened.

By the way, using the mobile app, you can make a wide range of banking activities and transactions like making check deposits, checking balances, viewing, browsing, and searching transactions, as well as managing your finances, transferring funds, and paying bills.

The Radius Bank mobile app is available on both the App Store and Google Play.

IS RADIUS BANK SAFE?

One thing that concerns people when it comes to digital banking platforms is safety and security.

With Radius Bank, given its years of banking experience, it has already put all safety and security measures in place to avoid possible fraud or identity theft.

The bank values its customers so much that all money saved on the bank is insured up to $250,000 per depositor by the Federal Deposit Insurance Corporation (FDIC). That way, customers won’t be left hanging in case of bank failure.

Given all the safety and security measures, to answer the question if Radius Bank is safe, yes it is. You definitely have nothing to worry about it.

WHAT TO LIKE ABOUT RADIUS BANK?

This Radius Bank review will not be complete without a list of summary of the things we particularly like about this online-only bank.

Some of the features/benefits that we like about Radius are as follows:

  • Cash Back on Debit Card Purchases – The bank offers cashback on debit purchases particularly for Rewards Checking Account holders. The cashback standard range is 1.0% for at least $2,500 in direct deposits on a statement cycle or has maintained a minimum balance of $2,500. Customers can get up to 1.50% cashback on categories like health, food, social good, and entertainment.
  • High-Yield Checking Account – Unlike other online checking accounts, Radius Bank checking account holders can earn a 0.15% annual percentage yield for balances between $2,500 and $99,999.99 and 0.15% for balances of $100,000 or greater.
  • Unlimited ATM Fee Reimbursements – Radius Bank offers unlimited ATM fee reimbursements, which is absolutely great.
  • No Monthly Maintenance Fees – Another great feature of Radius Bank is that it does not charge a monthly maintenance fee, allowing customers to save a few bucks as compared to other digital banks.
  • No Minimum Balance Requirement – The bank has no minimum balance requirements, which makes its accounts even more flexible.
  • Low Minimum Deposit Requirement for CD Account – Depending on the term, customers who want to open a CD account may deposit either $500 or $1,000.
  • Low Minimum Deposit Requirement for Checking and Savings Accounts – For both accounts, the bank only requires at least a $100 initial deposit.
  • Goalkeeper App – This app allows the user to set up specific savings goals as well as automate savings to those goals. This, however, is only available if you have a checking account.
  • Early Direct Deposit – Customers who set up a direct deposit at Radius Bank are eligible to receive their paycheck up to two days faster than other banks.
  • FDIC-Insured – Radius Bank is a leading online-only bank, thus, it is only right that it ensures all money is safe with them. The bank is an FDIC member, and each account is insured for up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).

WHAT NOT TO LIKE ABOUT RADIUS BANK?

Although there is a lot of things to like about Radius Bank, it does have its share of downsides as well, and this includes the following:

  • No Physical Branches – Similar to most digital banks, Radius Bank does not have a physical branch.
  • Requires $100,000 Balance to Earn the Best Interest Rates – If you want to earn the best rates available, you have to at least keep a minimum balance of $100,000, which is kind of high compared to other banks of the same kind.
  • Savings Account APY is Not the Best Available – To be honest, compared to the leading online savings account out there, what Radius Bank offers is fairly low, and not as competitive.
  • $25 Overdraft Fee on Checking Accounts – Radius Bank checking account’s overdraft fee is at $25, which is lower than many digital banks.

FINAL THOUGHTS ON RADIUS BANK REVIEW

To be honest, we like the fact that Radius Bank is innovative being able to combine what online banking and fintech companies have to offer. No wonder why a company like LendingClub has shown interest in acquiring the bank.

While we have seen a few downsides, they’re overpowered by the many amazing perks that the bank provides.

Overall, we got to say that indeed, Radius Bank is work being on the lead in the digital banking industry.

Having read all that, do you think Radius Bank is the one you are looking for?

We hope that this Radius Bank review provided you with all the essential information you need to know and that it helps as you decipher whether or not to open an account in this online-only bank.

Categories
Mobile Banking

NorthOne Bank Review: What Makes This Mobile-Only Bank Exceptional?

If you are looking for a digital bank that provides an easy-to-use mobile interface, then, you have to check this NorthOne Bank review out.

NorthOne Bank Review: What Makes This Mobile-Only Bank Exceptional?

In this review, we are going to focus on what NorthOne Bank is all about, the products that the bank offers, and all the other important information every potential customer needs to know before applying for an account.

We currently live in the digital era, which means people nowadays prefer to do almost everything digitally or online allowing them to do their day-to-day activities conveniently, easily, and fast.

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These days, almost all types of industries are doing their best to adapt to what technology has to offer, and of course, to the needs and preferences of their respective target market.

Financial institutions, for instance, “are beginning to recognize that solving banking needs means catering to different generations,” according to a report by PricewaterhouseCoopers (PWC), a multinational professional services network of firms.

Unlike in the old times, today, digital banking is a hit. Digital banking, according to Business Insider, refers to “the digitization of every level, from the front- to the back-end, of banking“.

People these days, especially the younger generations prefer digital banks over traditional banks because of their accessibility, convenience, and the fact that it allows them to save so much time from doing banking transactions.

The same goes for businesses. With the increasing number of consumers preferring to do online transactions, most businesses – whether small or big – had to adapt and ensure they are able to cater to this need. No wonder why more and more online banks are offering business accounts these days.

Now, speaking of online business banking, as mentioned, there are a lot of online-only banks that provide digital products and services particularly to small businesses, entrepreneurs, and freelancers, and one of them is NorthOne Bank.

NorthOne Bank is an online-only bank that offers a business bank account for small business owners, entrepreneurs, and freelancers.

Today, as stated in the title, we are going to do a NorthOne review to get to know more about this all-digital bank and what it has to offer. More so, how it can be beneficial to small business owners, entrepreneurs, and freelancers, and what makes it stand out from the rest.

In the next sections of our review, we are going to tackle the following:

  • What is NorthOne Bank?
  • Who is NorthOne Bank best for?
  • What are the products offered by NorthOne Bank?
  • How to do banking with NorthOne Bank?
  • Is NorthOne Bank safe?
  • What to like about NorthOne Bank?
  • What not to like about NorthOne Bank?

WHAT IS NORTHONE BANK?

When choosing an online business banking platform, it is important to do a little research first. Making time in getting to know the bank provides you the confidence you need especially since the bank is where you put your hard-earned money. In this case, it is where you put your business’s money.

So, having said that, here are some important things you need to know about NorthOne Bank:

NorthOne Bank is a New York-based online-only bank. It was launched in August 2019, which makes it relatively new as compared to other online business banks out there.

NorthOne was specifically designed as a mobile-only alternative to traditional online business banking. The bank provides easy-to-set-up business bank accounts that make payments, cash withdrawals, as well as cash and checks deposits fast and easy for small business — including those with 50 employees and below — as well as freelancers and startups.

Currently, this online business banking platform is trusted by over 190,000 businesses across the United States of America.

Similar to most digital banks, NorthOne has no physical branch as well, which makes it not an ideal choice if you want a bank that also provides traditional banking options.

All banking services (including invoices, pay bills, as well as manage your business money) are provided by the bank through the app or website for a $10 monthly fee.

Of all the features that NorthOne Bank provides, what sets them apart from others is its easy-to-use mobile interface. Everything you need is in one place, which spares you from worrying about tracking down information when you need it.

The bank offers a single account, and that is the Business Checking account. What makes it unique is that it’s very simple and easy to use, plus it helps business owners and freelancers to set money aside for specific purposes. More so, it allows you to add sub-accounts for allocating funds for major expenses like taxes, payroll, and rent.

Moreover, NorthOne Bank’s banking app is designed to work with all payment processing systems such as point-of-sale (POS) terminals, eCommerce tools, and payment services, which definitely is great for business owners. Additionally, you can also integrate the app with tools that you already use in your business, which include eCommerce, billing, and accounting.

Ever since NorthOne Bank’s goal is to make banking easier for business owners and freelancers so they can focus on more important things. That perhaps is really what makes this bank appealing.

NorthOne Bank is an FDIC-insured bank through its partnership with Radius Bank, which is based in Boston. 

By the way, before moving on to the next section, if you are wondering why the need for a business bank account, here’s a very insightful video by Keya J. This will help convince you that indeed, small business owners need a specific bank account for their business.

WHO IS NORTHONE BANK BEST FOR?

In the previous section of our NorthOne Bank review, we shared with you important details you need to know about the bank.

This time, we talk about who is it best for.

As already mentioned earlier, NorthOne Bank is specially designed to cater to the needs of small businesses, entrepreneurs, and freelancers.

Those who belong to these groups who prefer digital banking will surely benefit from and enjoy what NorthOne Bank has to offer.

Furthermore, NorthOne Bank is appealing to business owners who are looking for a Business Checking account that allows you to add sub-accounts to allocate funds for major expenses like taxes, payroll, and rent.

The bank also offers a live support feature, which is a big draw for business owners who need on-demand help. Through this online-only bank’s built-in chat feature, you can easily access knowledgeable support in real-time or by schedule.

Generally speaking, NorthOne Bank is ideal for business owners and freelancers who prefer mobile banking to traditional banking. Needless to say, online banking platforms provide all the necessities that a business needs.

WHAT ARE THE PRODUCTS OFFERED BY NORTHONE BANK?

One of the most important things that customers look into when choosing a bank is the products they offer.

With NorthOne Bank, as we have already mentioned earlier, it offers only one product, which is the NorthOne Business Checking Account.

The NorthOne Business Checking account offers both online and mobile banking. It comes with unlimited deposits, payments, and transfers, which are very much ideal for businesses.

The account comes with the NorthOne debit MasterCard, which gives account holders access to probably the largest fee-free ATM network among many other banks out there with over 300,000 locations. Additionally, the debit card can be used to make cash deposits at any in-network ATM location, again, for free.

To open a NorthOne Business Checking account, all you need to do is go online. NorthOne Bank is committed to proving its customers with easy and hassle-free account applications that in fact, only takes as little as three minutes to open one.

Similar to any other digital banks, you will need to provide personal as well as business information when opening an account, plus meet the initial minimum deposit of only $50.

Apart from what we already mentioned, other features that we like about the NorthOne Business Checking Account include:

  • Multiple Sub-Accounts – NorthOne Bank allows you to create several sub-accounts for your savings, which makes it easier to automatically transfer funds from your main account into your sub-account for expenses like payroll, taxes, etc.
  • Loans – NorthOne Bank account holders can apply to join the waitlist for the Paycheck Protection Program. This is designed to help small businesses stay on top of payroll as well as other necessary expenses during difficult times. To apply, all you need to do is fill out a form about your business and submit and join the waitlist. To date, NorthOne has already facilitated $130 million in PPP loans to their customers.
  • Live Customer Support – Unlike other online-only banks, NorthOne Bank offers a live customer support feature, which makes it easier to ask for help when needed. To access this feature, you just have to start a chap in the app.
  • Useful Integrations – NorthOne Bank mobile app integrates well with a wide variety of business and accounting tools such as QuickBooks, Xero, Amazon, FreshBooks, Wave, as well as Stripe, PayPal, and Shopify.
  • Easy-to-Use Interface – Definitely one of the best when it comes to ease of use. NothOne provides a very convenient digital experience for all its customers by letting them access their finances in just a few taps, as well as move funds around quickly and without any hassle.

NorthOne Bank offers unlimited transactions for a fee of $10 per month. While there are other online business bank accounts that offer the same for free, many of them do not provide the same perks that NorthOne does.

Apart from the $10 monthly fee that covers unlimited transactions, NorthOne Bank also charges $10 for domestic wire transfers (incoming and outgoing), $25 for international wire transfers (incoming and outgoing), $25 for nonsufficient funds, and $5 per day for a daily overdraft fee.

NorthOne does not charge fees for carrying out regular transactions. However, account holders may incur fees when withdrawing cash from a third-party ATM.

HOW TO DO BANKING WITH NORTHONE BANK?

In the previous sections of our NorthOne review, we talked about what the bank is about, who is it best for, and the product it currently offers.

This time, we are going to share with you information on how to actually bank with NorthOne.

NorthOne is available through a mobile app. Although it comes with a website as well, you will need the app to actually open a bank account. In fact, the “Open an Account” button on the main page of their website automatically directs you to sign up on your mobile device.

NorthOne mobile app is available for both Android and iOS phone users.

To start setting up an account, you will be asked initially to provide your mobile phone number and email address. You will then receive a request to confirm your email address.

To continue signing up, you will be asked to create a password, as well as accept the terms of service.

The next step is the identity verification portion, which means you will need to gather and provide your business and personal details like your Social Security number, and your business’s Employer Identification Number.

You may opt into push notifications so you get alerted every time there is an activity on your account.

Once done, you will then proceed to provide the information necessary for the bank to run a credit check on you and your business. Do not worry though as this will not affect your credit score.

As mentioned earlier, the whole process is easy and simple that it can only take you a few minutes to finish.

Once done, you may now make an initial deposit of as low as $50. Deposits can be made through cash or check.

IS NORTHONE BANK SAFE?

Security and safety are some of the major concerns that people have when it comes to digital banking. This is totally understandable, though, given the fact that there have been a lot of fraud and identity theft cases online before.

With that, in this section, we are going to look into the security and safety measured that NorthOne Bank has put in place to avoid such things from happening.

Apart from the fact that all NorthOne Bank accounts, through its partnership with Boston-based, Radius Bank are FDIC insured, the bank also provides the following measures to protect your money, your transactions, and your identity:

  • Biometric authentication (Touch ID or Face ID to log in, as well as send payments, and view information)
  • Fraud monitoring
  • Ensures all communication takes place through secure channels only
  • NorthOne Bank does not store sensitive information
  • Continuous transaction monitoring for suspicious activities as well as instant notification if any are detected

So, to answer if NorthOne Bank is indeed safe, with all these in place, we have to say, it is.

WHAT TO LIKE ABOUT NORTHONE BANK?

This review on NorthOne Bank will not be complete if we are not going to provide a list summary of the things that we like. This, hopefully, will give you a full glimpse of what makes this bank an ideal choice for small business owners and freelancers.

For your reference, below are what we particularly like about this online-only business bank:

  • Unlimited Transactions – We like the fact that NorthOne Bank does not limit the number or dollar amount of payments account holders can make, income payments, as well as the number of transactions.
  • Low Fees – The bank charges a monthly $10 fee that forgoes extra fees for access transactions. While it does charge wire transfers, nonsufficient funds, and overdraft fees, they are either below or within banking industry standards.
  • Low Minimum Initial Deposit Requirement – For as low as $50 only, business owners and freelancers can already open a NorthOne Bank Business Checking Account. It’s definitely one of the lowest among its competitors.
  • Sub-Accounts – The bank allows you to add sub-accounts to your checking account, which gives you the ability to budget for major expenses like payroll, taxes, and rent.
  • Business Tools Integration – NorthOne Bank’s mobile app allows you to add multiple payment services as well as accounting software, which makes things easier for any business owner or freelancer.
  • Invoice Maker – The Invoice Maker feature enables account holders to send and track invoices to customers and clients. More so, it allows you to send reminders for past due accounts.
  • Debit Card – The NorthOne Business Checking Account comes with a free debit MasterCard, which allows you to withdraw your money anytime, anywhere.
  • Extensive ATM Network – With your NorthOne Debit MasterCard, you get to access cash at over 300,000 ATMs across the country, free of charge.
  • Cash Deposits – Not a lot of mobile banks offer cash deposits. It’s nice knowing that NorthOne Bank offers such a feature. The bank allows you to make cash deposits at hundreds of thousands of ATMs across the country for free.
  • Mobile Check Deposits – Apart from cash, NorthOne Bank also allows mobile check deposits through the app’s mobile deposit feature or through any of the ATMs across the country.
  • Easy Mobile Experience – Of course, to top it all, we like most the fact that all your banking is consolidated to one mobile app, which definitely saves a lot of time and effort. Needless to say, you can do anything you need whether you are at home or on the go.

WHAT NOT TO LIKE ABOUT NORTHONE BANK?

Of course, it’s not a review if we are not providing you with a list of downsides.

While there are a lot of things to like about NorthOne Bank, we also found a few things that we do not particularly like, which could definitely be improved.

These are:

  • Mobile Only – Unfortunately, the account is only accessible using your mobile device, which means you cannot check your account balance or make transactions using your computer.
  • Monthly Fee – The bank charges a $10 monthly fee. Although it is relatively low, other digital banks offer the same unlimited transaction feature for free.
  • No Third-Party ATM Rebates – Unlike other online banks, NorthOne Bank account holders are limited to the over 300,000 ATMs in its network. Doing transactions outside the said network may incur fees and no rebates shall be made.
  • Limited Account Options – NorthOne Bank only offers business checking accounts at the moment.
  • No Paper Checks – Although paper checks are no longer as popular as before, there are still people who prefer using them. Unfortunately, if you are one of those, NorthOne Bank does not provide it.
  • No Physical Branches – Similar to most digital banks, NorthOne Bank does not have physical branches.
  • Extended Deposit – Unfortunately, NorthOne holds all deposits to your account for five business days for the first 30 days since you opened the account.
  • No Debit Cards for Employees – The NorthOne Debit MasterCard is only available for business owners.

FINAL THOUGHTS ON NORTHONE BANK

Overall, NorthOne Bank is a mobile-only bank that is ideal for small business owners, entrepreneurs, or freelancers who need an online business checking account that provides all the necessary features a business needs.

Given all the information we have provided, do you agree that NorthOne Bank offers one of the best services when it comes to online business checking accounts out there?

Well, we do hope that through this NorthOne Bank review you were able to find the information that will convince you that this NorthOne is the right bank for your business’s needs.

Categories
Mobile Banking

BlueVine Review: What Makes It The Best Online Business Checking Platform

If you are a small business owner or a freelancer who is looking for a free, online, interest-earning checking account, then you have to keep reading this BlueVine review.

Bluevine Review: What Makes It The Best Online Business Checking Platform

When the pandemic hit the United States (and the world) in 2020, a lot of businesses were really challenged. In fact, many businesses had to shut their doors leaving a lot of people jobless.

In fact, according to a survey done by the July MetLife and U.S. Chamber of Commerce Small Business Coronavirus Impact Poll, they have found that about 70% of small businesses in the United States were concerned about financial hardships, and 58% worry about having to permanently close because of prolonged closures at that time.

While some businesses were threatened, others learned to thrive despite the challenges. Many of them had to re-strategize their day-to-day operations in order to survive. One of the strategies was to go online, and offer cashless transactions for in-store sales.

That is where digital banking becomes a vital part of small businesses’ day-to-day activities.

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You see, this situation made a lot of people appreciate online activities more – whether it be online shopping or online banking transactions.

Now, what we are trying to say is, digital banks play a crucial role especially in unforeseen situations like the pandemic. It kept a lot of industries going. Thanks to digital money transfer platforms, which include online banks.

If you are a small business owner or a soon-to-be one, opening a digital business checking account is essential. Thanks to technology, indeed, there are lots of choices out there to choose from.

Today, however, we are going to particularly focus on one – it’s BlueVine Capital.

This BlueVine review will particularly focus on providing you essential information that you need to know before you even decide to open an account with this online business banking platform.

For your reference, we are going to specifically provide answers to the following questions:

  • What is BlueVine Capital?
  • Who is BlueVine Capital best for?
  • What are the products offered by BlueVine Capital?
  • How to do banking with BlueVine Capital?
  • Is BlueVine Capital safe?
  • What to like about BlueVine Capital?
  • What not to like about BlueVine Capital?

WHAT IS BLUEVINE CAPITAL?

As we always say, when choosing a bank, it is always best to do a little research. Know more about the bank you are eyeing for you to be able to gauge if it is indeed the right one for you or not.

It is important, especially in an online business banking platform to choose a bank that you are confident about, and that has provided customer satisfaction over the years.

With that said, let’s take a look at what BlueVine Capital or simply BlueVine is about —

BlueVine Capital Incorporated was launched in 2013 and is based in Redwood City, California.

It is primarily an online small business checking account provider. However, it has eventually distinguished itself from its competitors by becoming a source of various types of business financing as well.

Over the years, and with constant innovation, BlueVine has become one of the most advanced online business platforms in the whole industry.

Although BlueVine also offers loans and lines of credit, it particularly became well-known for paying high interest on account balances, which makes it a checking account and high-yield savings account in one.

Currently, the company has over 200,000 customers and has already provided business financing of over $9 billion to small businesses.

BlueVine is available across all 50 states for small businesses that are engaged in almost all types of industries. Unfortunately, the online business checking platform does not deal with businesses under gambling, adult entertainment, weapons and firearms, and illegal substances categories.

In terms of reliability and dependability, BlueVine has surely earned that having an A+ rating from the Better Business Bureau.

Technically speaking, BlueVine is not a bank. However, its banking services are provided by The Bancorp Bank, and all accounts are insured by the Federal Deposit Insurance Corp. up to $250,000.

If you want to know more about BlueVine and learn more insights, here’s a review made by Credit Suite, which we thought is informative and helpful especially for those who barely know this online business checking account provider.

WHO IS BLUEVINE CAPITAL BEST FOR?

In the previous section of our BlueVine review, we provided you important details about the bank. This time, to help you assess if this is indeed the right bank for you, we are going to talk about who is BlueVine best for.

Generally, this online business banking platform is a great choice for most people who own or operate a small business, particularly online businesses. It is also ideal for business owners who do not rely so much on cash.

If you own a large business, BlueVine is also ideal for you especially since the bank offers great invoice factoring or a line of credit.

Furthermore, as mentioned, BlueVine offers an interest-bearing checking account, which makes it the best choice for those who want to enjoy the benefits of a checking account, at the same time, earn interest from it.

With everything that the platform has to offer, it definitely is one of the best online business checking platforms out there.

WHAT ARE THE PRODUCTS OFFERED BY BLUEVINE CAPITAL?

One of the most important things that you need to know as a customer is the products offered by the bank you are eyeing for. In this case, what products are available at BlueVine.

Similar to most online business banking platforms, BlueVine offers a single account only, and that is the BlueVine Business Checking Account. So, if you are looking for a savings account, money market, or certificate of deposit, you may have to look somewhere else.

Moving on, although it only offers a business checking account, what makes BlueVine stand out from its competitors is the fact that it offers small business financing, which includes Invoice Factoring and Line of Credit.

Now, let’s discuss more these products:

BlueVine Business Checking Account

BlueVine is known for its Business Checking Account. Although it is a relatively standard business checking account, what makes it appealing to small business owners are some of its stand-out features.

Some of the amazing features of BlueVine Business Checking Account include:

  • No Minimum Balance Requirements. Contrary to most online business checking accounts out there, BlueVine’s does not require account holders to keep a minimum balance in their checking account, which means, even if you withdraw all your money, you won’t get charged at all.
  • No Monthly Fees. Another feature that we like about BlueVine Business Checking Account is that it does not require you to pay any monthly maintenance or service fee, which allows you to save a good amount of money really.
  • No Overdraft Fee. Just as you thought you had all the amazing things a business checking account has to offer, BlueVine also does not charge a fee for overdrafts or insufficient funds. These two are actually very common fees among its competitors, but with BlueVine, you do not have to worry about these at all.
  • Pays Interest. Probably the best feature that the BlueVine Business Checking Account has to offer is that it pays interest. Customers earn a 1% annual percentage yield on balances up to $100,000. So, even if you have money in your account, your money is still working for you. That’s great, right?
  • Unlimited Transactions. While other online business checking platforms may have limited transactions, with BlueVine, there is none, which means you can transact as much as you want in a month, and you do not have to worry about anything.
  • Cash Deposits. Another thing to love about BlueVine’s business checking account is that through its partnership with third-party service Green Dot, account holders can use their business debit card to deposit up to $7,500 in cash per month at over 90,000 locations across the United States. By the way, BlueVine charges $4.95 for cash deposits.
  • Online Banking Tools. Last, but definitely not least on our list is that the business checking account includes all of the tools you need to streamline your finances. This includes mobile check deposits one-time and recurring payments. More so, you can sync transactions to accounting software such as Wave, FreshBooks, and QuickBooks as well. Another thing, you can also connect to third-party tools like PayPal, Expensify, and Stripe.

To apply for and open a BlueVine business checking account, all you need to do is to go online and visit their website.

Make sure that you are at least 18 years old, and a citizen or a resident cardholder of the United States with a valid address. It is also important to note that as soon as you deposit at least $1 in your business checking account, you’ll start earning 1% interest on your account balance.

To sign up for BlueVine online business banking, you will have to create an online account, and then, you will be asked to provide basic information as well as documentation about you and your business.

Generally, applications are reviewed within 24 hours. But, the process may take between three to five business days. Once approved, you will be asked to accept the account agreement. After which, you will be able to access and fund your account.

The BlueVine Business Checking Account comes with a business debit card, which would be available within five to seven business days.

To manage your BlueVine business checking account, you may head on to their website, or use the BlueVine mobile app, which is available for both Android and iOS users.

BlueVine Invoice Factoring

Probably one of the most challenging for any business whether it be small or large-scale is managing cash flow.

Normally, what happens is that when businesses send an invoice to a customer, most likely it will take weeks before they get paid, leaving businesses without money to pay their own bills or to use for their day-to-day operations.

It is during this scene that invoice factoring becomes a big help. Basically, invoice factoring is a term that refers to turning unpaid invoices into cash to help keep businesses running.

BlueVine offers invoice factoring, and it can provide up to 90% of the invoice balance outstanding. The remaining balance (minus the 0.25% service fee per week) is paid once the invoice amount is paid.

What’s nice about this product is that BlueVine makes application and approval so easy and convenient.

In fact, you can apply for BlueVine Invoice Factoring online for as little as 10 minutes only. Meanwhile, approval takes as little as 24 hours.

To qualify for the BlueVine Invoice Factoring, you will need to meet the following requirements:

  • Have been in business for at least 3 months
  • Have a minimum FICO score of 530
  • Have at least $10,000 monthly revenue
  • Operates as a Business-to-Business (B2B) provider

Line of Credit

Another product that BlueVine offers is a line of credit. A line of credit may be used by small businesses to cover operating expenses or in other cases, for business expansion.

The BlueVine Line of Credit allows small business owners to borrow up to $250,000 and can be paid back with fixed monthly or weekly payments for as long as 12 months.

Just like the home equity line of credit, the funds can be accessed from your BlueVine Line of Credit as needed. Just the same, as you repay the outstanding balance, the available credit increases as well.

The BlueVine Line of Credit comes with an interest rate of as low as 4.8% per month.

What is nice about having a line of credit is that you do not necessarily have to use the money all at the same time. If you don’t need funds, you can just leave it alone. Needless to say, BlueVine does not charge setup fees or ongoing maintenance fees to keep it open.

BlueVine gives approval for a line of credit applications for as little as five minutes! Definitely fast and easy, right?

To qualify for a BlueVine Business Line of Credit, you must meet the following requirements:

  • Have been in business for at least three years
  • Have a minimum FICO score of 650
  • Have a minimum of $40,000 in monthly revenue

HOW TO DO BANKING WITH BLUEVINE CAPITAL?

As mentioned earlier, whether you are applying for a business checking account, invoice factoring, or a line of credit, all you got to do is go online, visit the BlueVine website, and provide all the information asked, and in just a few minutes you are done.

In the case of a business checking account application, it takes just about 10 minutes to finish and the approval usually takes 24 hours. The same goes for invoice factoring.

Meanwhile, to apply for a line of credit, it as well takes just a few minutes, and approval comes in just about 5 minutes!

You see, BlueVine definitely provides customers an easy, fast, and very convenient account application and approval process.

IS BLUEVINE CAPITAL SAFE?

This BlueVine review will not be complete without us tackling the security and safety feature on this online business checking account provider.

We totally understand that most, if not all, customers worry about the safety of their money and the security of their personal and business information.

So, to answer if BlueVine is safe, here’s what we found —

To ensure the safety and security of your money and your personal information, BlueVine uses the latest internet security practices. BlueVine ensures everything is put in place to avoid possible fraud or identity theft.

More so, BlueVine also partnered with the Bancorp Bank, a member of FDIC, so you can get full FDIC insurance for your account in case of failure. With FDIC insurance, you can get up to $250,000 in coverage for your business’s accounts.

WHAT TO LIKE ABOUT BLUEVINE CAPITAL?

This BlueVine review, similar to other reviews we did will not be complete without a summary of the things we like about this online business checking account provider.

Some of the things that we particularly like about BlueVine are as follows:

  • Interest-Bearing Checking Account – It is uncommon among online business checking accounts providers to offer an interest-bearing account, which is why we particularly love the fact that BlueVine provides that. With its online business checking account, you can earn up to 1% APY on your checking balance up to a maximum of $100,000.
  • No Minimum Balance Requirement – With BlueVine, you can open an account without having to worry about having enough money because even if you don’t have any, you can definitely have one. Needless to say, regardless if you withdraw your money all at once, you don’t have to worry about charges or penalties.
  • No Monthly Fees – Another thing we like about BlueVine is that it does not charge monthly fees, which allows account holders to save a few bucks.
  • Paper Checks – Unlike other online business checking account providers, BlueVine provides paper checks.
  • Unlimited Transactions – It is common to most online business checking account providers to have limited transactions, and that you are charged once you go over the limit. But, that is not the case with BlueVine as they offer unlimited transactions.
  • Small Business Financing Options – Apart from the business checking account option, BlueVine also offers invoice factoring as well as a line of credit to help improve your cash flow or grow your business.
  • Cash Deposits – Although the bank charges a $4.95 fee for cash deposits, it does not matter because not all business checking accounts providers or digital banks offer such features.
  • Extensive ATM Network – The BlueVine Business Checking Account comes with a debit MasterCard, which allows you to withdraw cash anytime for free at tens of thousands of ATMs across the country.
  • Online Payments – With your BlueVine business checking account, you can easily send payments using your debit card, credit card, or directly from your BlueVine account using the mobile app.

WHAT NOT TO LIKE ABOUT BLUEVINE CAPITAL?

While there are a lot of things to like about BlueVine, it sure does have its share of downsides as well.

Some of the things we do not particularly like about BlueVine Capital include:

  • No Physical Branches – Although it’s not totally unique to BlueVine, unfortunately, like most digital banks and platforms of the same kind, the company does not have physical branches as well. Everything is done online.
  • Short Repayment Terms – BlueVine does not offer much flexibility when it comes to payment terms, which means you will have to deal with higher monthly payments when you borrow money from them.
  • No Savings Account Option – Similar to most online business checking accounts providers, BlueVine does not have savings, money market, as well as CD options.
  • Fee for Cash Deposits – As mentioned, there is a $4.95 fee per cash deposit through the Green Dot network. It can be costly on cash deposits amounting to a few hundred dollars or less.
  • Limited Customer Service – BlueVine’s customer service is only available on weekdays, which can be a disadvantage if your business is running seven days a week.

FINAL THOUGHTS ON BLUEVINE REVIEW

While there are so many online business checking account options out there, what makes BlueVine stand out is the fact that it offers an interest-bearing account, does not charge monthly fees, and does not have a minimum balance requirement.

So, with all the amazing features that BlueVine Capital has to offer, do you consider it as the best choice yet?

We do hope that through this BlueVine review, you are able to know more about this online business checking account provider, and be able to better gauge whether it fits your business’s requirements or not.

Categories
Mobile Banking

Novo Bank Review: The Digital Bank For Small Business and Freelancers

This Novo Bank review will provide small business owners, entrepreneurs, and freelancers all the essential information they need to know. This will particularly tackle the products and services, as well as features that make it stand out from the rest.

Novo Bank Review: The Digital Bank For Small Business and Freelancers

A research conducted by Statista found that there is an increasing number of people using digital banking in the United States. In fact, in 2018, about 61 percent of American people used digital banking. More so, the study shows that by 2022, the number will rise to 65.3 percent.

The increasing number of Americans using digital banking platforms is actually not surprising given the fact that people nowadays prefer the more convenient and efficient option. Needless to say, with the recent turn of events — with the pandemic restricting a lot of our day-to-day transactions or activities — people have relied more on anything digital to limit their exposure to the outside world.

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Having said that, businesses, over the years and most especially in the very recent year had to adapt to changes. They had to address the needs of customers by going digital on their daily operation – and that includes banking, of course.

An article published by BBC online says that “several major technology trends are converging and transforming digital banking services for businesses”. Again, this has something to do with adapting to change as well as customer demands.

Furthermore, the article says that based on research, it has been found that banks these days need to “provide a better, more relevant service, and invest in products that meet the changing customer needs of real-time, mobile, frictionless and simple banking“.

You see, the demand is so high that even banks, particularly digital banks need to step up their game, otherwise, they will end up at the bottom of the competition.

Anyway, while there are a lot of digital banks for personal use, they’re quite a few that focuses on small businesses, entrepreneurs, as well as freelancers – and Novo Bank is one of them.

So, if you belong to the business world, and you are looking for a reliable and dependable digital bank that meets your needs, this review on Novo Bank is for you.

In this Novo Bank review, we are going to tackle some – if not all – of the most important details you need to know prior to opening an account.

This will particularly provide you answers to the following most commonly asked questions:

  • What is Novo Bank?
  • Who is Novo Bank best for?
  • What are the products offered by Novo Bank?
  • How to do banking with Novo Bank?
  • Is Novo Bank safe?
  • What to like about Novo Bank? 
  • What not to like about Novo Bank?

WHAT IS NOVO BANK?

Before moving on to a more detailed review, let us first and foremost know more about the Novo Bank.

As a potential customer, it is important to do a little research on the banking institution that you are eyeing for. This helps you compare among different digital bank choices, and eventually make a choice based on what suits best your needs and preferences – in this case, though, to your business’s needs.

So, with that said, here’s what you need to know about Novo Bank:

Novo Bank is an online bank that is specifically designed for small businesses, entrepreneurs, and freelancers. In fact, the bank lives by its motto, which is “customer first banking for the modern entrepreneur“.

If you want to know more about what makes Novo Bank an ideal choice for small businesses and side hustles, you better check the video below by Magnified Money. He provided really good insights.

Novo Bank, which was founded in 2016, is a completely digital banking platform that is based in New York City.  It is an independent tech company that has partnered with Middlesex Federal Savings, which is a full-service bank based in Massachusetts.

The bank offers a simple product menu that is user-friendly. Furthermore, the bank relies on third-party partners to provide certain business services to make the banking process as convenient as possible for small businesses, entrepreneurs, and freelancers.

Since the bank follows a simple, targeted business model, customers get to enjoy extremely light banking fees.

As mentioned, Novo Bank operates mainly as a mobile banking app and is available on both Google Play and the App Store.

WHO IS NOVO BANK BEST FOR?

Now that you already know what Novo Bank is, this time, let’s talk about who is it best for.

This helps you assess whether Novo Bank is indeed the right digital bank for you.

Novo Bank, as mentioned earlier, is an all-digital bank designed for small businesses, entrepreneurs, and freelancers, which makes it an ideal choice for business owners who are comfortable in managing their money online.

Unfortunately, the bank does not offer every feature that you get from a traditional checking account. However, the bank offers various features for most cashless businesses as well as modern entrepreneurs.

Since it is a digital bank, Novo Bank does not have a physical branch location. So, if you are a business owner who prefers a bank that has a physical branch, then you might have to look for another bank option.

In addition, Novo Bank is ideal for business owners who want to enjoy light banking fees and a product menu that is user-friendly.

To put it simply, Novo Bank is best for small business owners who:

  • Prefer to manage their money online
  • Do not need cash to deposit cash frequently
  • Want a free business checking account without a minimum balance requirement
  • Want to use ATM locally and internationally without having to worry about fees
  • Want to connect their business checking account to financial tools they currently are using

WHAT ARE THE PRODUCTS OFFERED BY NOVO BANK?

In this part of our Novo Bank review, we are going to tackle the most important detail every customer needs to know — the products offered by the bank.

Unfortunately, Novo Bank only offers checking accounts at the moment. So, if you are looking for a digital bank for small businesses with a wide array of product options, this is not the right bank for you.

So, having said that, let’s take a look at what makes Novo Bank Checking account an ideal choice.

Checking Account

Novo Bank, as we have said, just offers one type of account, and that is a free business checking account.

Unlike other checking accounts out there, this one only requires a small minimum balance to open, and no minimum monthly balance requirement, as well as no monthly fees, to worry about. Also, the checking account does not have hidden fees, which is usually prevalent among other checking accounts offered by other digital banks.

Moreover, the Novo Bank Business Checking Account can be used for different transactions like fund transfers, mail checks, as well as in accepting incoming wires.

Unfortunately, the Novo Bank Checking account does not have its own ATM network, but, what’s nice about it is that the bank refunds all ATM fees charged by other banks.

For your reference, here are some of the best features that come with Novo Bank free business checking account:

  • Minimum Initial Deposit. Unlike other business checking accounts, Novo Bank only requires a $50 minimum requirement to be able to open an account. Also, the bank does not require a minimum account balance, as we have mentioned earlier.
  • MasterCard Business Debit Card. Your Novo Bank business checking account comes with a Mastercard Business Debit Card, which can be used anywhere MasterCard is accepted. More so, you can use the card at ATM machines to withdraw cash without having to worry about ATM fees.
  • Mobile Deposits. The bank allows you to make deposits into your account by simply taking a photo of the check and then uploading it to your account.
  • Foreign Checks. Another feature that makes Novo Bank checking account ideal not just for small businesses but freelancers as well is that the bank accepts foreign checks. The checks can be deposited using mobile check deposits in the Novo mobile banking app.
  • Send and Receive Funds Via Transferwise. You can transfer Australian, Indian, British, Japanese, Mexican, Swedish, Swiss, and Canadian currencies, as well as Euros through Transferwise without having to pay large transaction fees.
  • Digital Wallet Connection. The bank allows you to connect various digital wallets like PayPal, Venmo, Google Pay, and Apple Pay to your checking account.
  • Free ACH transfers. Unfortunately, similar to most digital banks, Novo Bank does not offer paper checks. But, the bank offers free ACH transfers. You can have physical checks processed and mailed out directly from the app.
  • Xero Integration. If you have Xero account, you can absolutely connect your Novo Bank Checking account with it, which automatically saves your transactions every hour, at the same time, reconciles to your Xero account.

As mentioned, the bank does not charge monthly fees. However, it does charge $27 non-sufficient funds or returned deposited items. Even so, the fee is still below what is usually charged by other banks of a similar type.

HOW TO DO BANKING WITH NOVO BANK?

This Novo Bank review will not be complete if we are not going to talk about how it actually works.

Novo Bank is a digital bank and does not have any physical branches. Thus, just like any other digital banking platform, all transactions including opening an account are done online.

Obviously, you must be a business owner to be able to open an account with Novo Bank. You must have any of the following types of business organizations:

  • Sole Proprietorship
  • Limited Liability Company (LLC)
  • Corporation
  • General Partnership
  • Non-profit Organization

To open an account, all you have to do is go visit the Novo Bank website and click on the Get Started Button.

Once you click that button, you will be directed to the application process. You will need to input a business email, as well as a password.

Also, to complete the application process, you will be asked to provide your background as well as financial information. The data provided will be used by the bank to determine whether you qualify for the account or not.

Some of the information required to proceed with your application include:

  • A valid Social Security number or an employer identification number (EIN)
  • U.S. address
  • U.S. cell phone number

In addition, business documentation (in pdf, jpg, jpeg, or png file formats.) will also be required. However, the specific requirements will depend on your state of residence and your legal entity status.

Once you get approved for an account, you can now link other bank accounts to your Novo Bank account to easily transfer funds. Also, you can already start accepting ACH payments, depositing checks, and paying your bills using your new account.

To make a deposit to the account, you may do so via ACH, international or domestic wire transfer, or with a mobile check deposit on your smartphone.

In addition, you can withdraw and send money via ACH or send a paper check by mail with the Novo Bank mobile app.

IS NOVO BANK SAFE?

One of the things that people look into when it comes to choosing a bank – in this case, a digital bank – is the security features in place.

Fortunately, just like any other all-digital banking platforms out there, Novo Bank made sure to put in place all standard security and safety features to ensure that customers are protected from possible fraud or identity theft.

Novo Bank employs a dedicated security team and bank-grade encryption to ensure that customers’ personal information is protected around-the-clock.

As with the Novo Bank debit MasterCard, it is protected by EMV technology, which makes it impossible for the card to be counterfeited.

Meanwhile, all Novo Bank account is FDIC insured for up to $250,000 per depositor, through its partner bank, Middlesex Federal Savings.

So, to answer the question, is Novo Bank safe? Yes, it is.

WHAT TO LIKE ABOUT NOVO BANK?

In the previous sections, we have tackled the most important things that every potential customer needs to know about Novo Bank.

Of course, this Novo Bank review will not be complete without us giving you a summary of the things we like about the bank, which include:

  • $50 Minimum Deposit Requirement To Open An Account – Unlike other digital business checking accounts, Novo Bank only requires at least $50 to open an account. Definitely low compared to its competitors.
  • No Credit Check Required – Novo Bank does not check your credit history when opening an account, which makes it ideal for all business owners.
  • No Monthly Fees – Apart from charging $27 for non-sufficient funds and returned deposited items, Novo Bank does not charge any fees.
  • No Minimum Balance Requirement – Another plus of Novo Bank is that it does not require a minimum balance in your account, which means, you can withdraw all your money and you do not have to worry about penalties.
  • ATM Fee Reimbursements – Novo Bank does not have its own ATM network. But the good thing is, the bank reimburses all ATM fees charged to you by other banks. Needless to say, this applies whether you make ATM transactions here in the United States or internationally.
  • Discounts and Credits for Third-Party Business Services – Novo Bank provides valuable discounts as well as credits for third-party services for small business customers.
  • Easy-to-Use Online Banking – Apart from the mobile app, which is available for both Android and iPhone users, you can also access your account conveniently on its website.
  • Deposit and Send Checks Using the Mobile App – Novo Bank allows you to use mobile check deposits to add paper checks to your account. You can also send paper checks in the mail using the app.
  • Free Transfers and Payments – Novo Bank does not charge incoming wires, as well as incoming and outgoing ACH transfers. More so, sending a check by mail is also free.
  • Integration with QuickBooks, Xero, Stripe, and Shopify – Another plus point for the bank is that it is integrated with top business tools such as QuickBooks, Xero, Stripe, and Shopify.

WHAT NOT TO LIKE ABOUT NOVO BANK?

This Novo Bank review will not be complete without a list of downsides. In the previous section, we provided you with a list of things to like about Novo Bank. This time, it’s a summary of the things we do not like about it.

The list includes the following:

  • Available for Business Owners Only – Novo Bank accounts are only limited to business owners, entrepreneurs, and freelancers.
  • No Interest – Unlike other checking accounts out there, Novo Bank checking account does not allow you to earn interest. However, this is totally understandable because of the fact that Novo is not a full-service banking institution.
  • No Paper Checks or Outgoing Wires – Unfortunately, most traditional banking features are not available at Novo — and that includes checkbooks and outgoing wires.
  • No Integration with Payroll Services – The mobile app does not integrate directly with any payroll providers, which could be a major concern if you have employees. If you have none, this should not bother you at all.
  • Limited Products – Unfortunately, Novo Bank does not offer any other products except for a business checking account.
  • Does Not Allow Recurring Payments or Direct Deposits – The bank cannot accommodate recurring payments or making direct deposits. It only allows you to receive direct deposits.
  • No Cash Deposits – This is definitely not new to digital banking platforms. Similar to most digital banks, Novo Bank does not have a cash deposit option.

FINAL THOUGHTS ON NOVO BANK REVIEW

By now you probably have already figured that Novo Bank is not for everyone. The bank only offers a checking account, which is specifically designed for small businesses, entrepreneurs, and freelancers.

Contrary to other digital banks, Novo Bank does not offer personal accounts or interest-bearing accounts, which makes it even more ideal for a specific sector only.

It is probably safe to say that Novo Bank is very straightforward when it comes to what they offer — targeting a very specific market only, and that is small business owners and freelancers. However, since the bank is relatively new, the possibility of additional products and services in the future is surely just around the corner.

With that said, do you think Novo Bank is the right digital bank for your business?

To conclude, we hope that through this Novo Bank review, we are able to provide you the answers you are looking for to some of the most common questions about this digital banking platform.  

Categories
Mobile Banking

CIBC Bank USA Review: A Closer Look On Its Online-Only Savings Account

This CIBC Bank USA review will provide you with the essential information you need to know as a potential customer not only about the bank itself but most particularly with its online-only savings account.

CIBC Bank USA Review: A Closer Look On Its Online-Only Savings Account

If you are looking for a full-service bank with physical branches across four states, at the same time, offers an online-only savings account and CDs, CIBC Bank USA is probably one of the best choices for you.

An article published by Business Insider says that “the banking industry is in a much healthier place now than it was after the financial crisis of 2008“. In fact, it further states that according to The Banker’s Top 1000 World Banks Ranking for 2018, the total assets increased to $124 trillion in 2018 alone.

Surely, challenges were faced in 2020 because of the global pandemic, but nonetheless, the banking industry, particularly digital banking has continued to be strong. In fact, a Reuters report says that digital banks have won over customers in the United States during the coronavirus pandemic.

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Speaking of digital banks, over recent years, there has been really good competition between digital and traditional banking platforms. The latter, in fact, had to cope up with what the former has to offer – forcing many traditional banks to offer digital banking experience among their customers as well.

CIBC Bank USA is definitely one of those traditional, full-service banking institutions that had to step up their game and offer their customers both options – traditional and digital banking.

Currently, CIBC Bank USA is offering an online-only savings account, which we are going to particularly focus on in today’s CIBC Bank USA review.

For your reference, we are going to particularly tackle the following important aspects you need to know before opening an online savings accounts at CIBC Bank USA:

  • What is CIBC Bank USA?
  • Who is CIBC Bank USA best for?
  • What are the products offered by CIBC Bank USA?
  • How to do banking with CIBC Bank USA?
  • Is CIBC Bank USA safe?
  • What to like about CIBC Bank USA?   
  • What not to like about CIBC Bank USA?

WHAT IS CIBC BANK USA?

One of the most important things you need to do as a potential customer is to research the bank you are eyeing for. This means you do not only check the products it offers, but also its history. Doing so will help you become more confident with where you place your money.

So, to start off our CIBC Bank USA review here’s what the bank is all about:

As mentioned earlier, CIBC Bank USA is a full-service bank that offers consumer and business deposit accounts, as well as other financial services.

CIBC Bank USA was established in 1867 and is considered as a global institution that is based in Toronto, Canada, and has its headquarters in Chicago in the United States of America. In the U.S., the bank has banking centers located in Illinois, Michigan, Missouri, and Wisconsin.

CIBC Bank USA is the arm of the Canadian Imperial Bank of Commerce, its parent company, here in the country.

As mentioned, the bank offers a variety of banking products and services. While it offers mostly offline accounts, the bank does offer an online-only account for high-yield savings and CDs as well. We are going to particularly look into this product later on.

Also, although its online-only accounts are limited to savings and CDs, all CIBC Bank USA accounts can be accessed through its mobile app.

If you want to know more about CIBC online banking and mobile banking, check the video below:

WHO IS CIBC BANK USA BEST FOR?

In this section of our CIBC Bank USA review, we are going to talk about who the banks are most ideal for.

As we have already mentioned, the bank offers both online and offline accounts. It is a full-service banking institution, which means unlike digital banks, CIBC Bank USA comes with physical branches located in the Midwest.

Having said that, CIBC Bank USA is best for people who:

  • Want an online-only high-yield savings account
  • Want online-only high-yield CDs
  • Want having an option for both online and offline products
  • Are based in the Midwest, particularly in Michigan, Illinois, Wisconsin, and Missouri
  • Do not need 24/7 telephone support

Furthermore, CIBC Bank USA is also ideal for people who:

  • Want a checking account without monthly fees and a low minimum opening deposit
  • Want a full-service banking institution

If you fall under any if not all of the above-mentioned, then CIBC Bank USA may just be your perfect match.

WHAT ARE THE PRODUCTS OFFERED BY CIBC BANK USA?

In the previous sections, we talked about what CIBC Bank USA is and who is it ideal for. This time around, our review on CIBC Bank USA will focus on one of the most important things – the products and services offered by the bank.

Let’s admit it, when choosing a bank, apart from its history or popularity, most customers particularly look into the products and services it offers. We look into how it matches our banking needs and preferences, and if we found that the bank offers what we need, then we go ahead and open an account.

So, having said that, we are going to look into the products offered by CIBC Bank USA, which we have divided into three categories: online-only products, offline products, and other products offered by the bank.

ONLINE-ONLY PRODUCTS

There are two online-only accounts being offered by CIBC Bank USA. These are savings and CD accounts. Now, let’s take a look at each of these products:

Savings Account

CIBC Bank USA offers what they call the CIBC Agility™ Online Savings Account. It is a high-yield online-only savings account that is ideal for customers who want to enjoy the benefits of an online-only savings account and a high-interest rate.

The CIBC Agility™ Online Savings Account earns a competitive rate of 0.54% annual percentage yield (APY) on all balances, which is high as compared to other banks’ online savings account.

The CIBC Agility™ Online Savings Account does not require monthly account maintenance fees, which is definitely a plus.

To open an account, the bank requires a minimum deposit of $1,000. While it may be high than other online-only savings accounts offered by its competitors, once the account is open, though, the bank does not have a minimum balance requirement.

Certificates of Deposit (CDs)

Apart from the savings account, CIBC Bank USA also offers the CIBC Agility™ Online Certificates of Deposit.

The CIBC Agility™ Online Certificates of Deposit is also an option for people who are outside of CIBC’s footprint.

To open an online-only CD, the bank requires a minimum deposit of $1,000. CIBC offers four online-only CDs with terms that range from nine months to two years as well as an IRA CD.

The CIBC Agility™ Online Certificates of Deposit requires a $25,000 balance for it to earn the top yield. As with those balances below $25,000, they still earn competitive yields.

Meanwhile, all CDs come with a penalty of 30 days of simple interest should you decide to make an early withdrawal.

Unfortunately, apart from the CIBC Agility™ Online Savings Account and the CIBC Agility™ Online Certificates of Deposit, the bank does not offer other online-only accounts. However, please note that all CIBC Bank USA products are accessible through its mobile banking app, which allows customers to accomplish the basics like viewing account balances, send funds to other people through People Pay and deposit checks.

Unlike other mobile banking apps with excellent ratings, though, the CIBC mobile app only receives decent ratings in both the App Store and Google Play.

In addition, the CIBC app also allows customers to add a card and pay with Apple Pay.

OFFLINE PRODUCTS

Apart from the online-only products, the bank also offers various offline products and services. Remember, CIBC Bank USA is a full-service bank, thus the variety of available products and services.

Moving on, for your reference, the bank offers the following:

Checking Account

CIBC Bank USA offers five different checking account types. All do not charge monthly service fees, and that the bank only requires an initial deposit of $50 or less.

Meanwhile, the banks iCan, myChoice Plus, and myChoice Prestige accounts reimburse ATM fees that are charged by other banks. The myChoice Plus refunds up to $25, while the iCan and myChoice Prestige accounts could make refunds of up to $50 per month.

Another checking account, which is called the EasyPath Access is particularly designed to avoid overdrafts as well as overdraft fees. The bank automatically stops transactions that could possibly cause the account to be overdrawn. Furthermore, this account does not require any minimum balance, as well as monthly fees.

As with the HSA Checking account, this one’s designed to pair with the high-deductible health plan. It does not have setup fees as well as annual fees. What’s nice about it, even more, is that it allows you to earn interest on your balances.

Savings Account

Although CIBC Bank USA offers an online-only savings account, it does have traditional savings accounts as well.

The CIBC Savings is a traditional savings account that comes with a low minimum balance requirement allowing unlimited in-person withdrawals.

With this account type, you can earn higher interest when your balance grows.

For CIBC savings account, customers are required to maintain at least a $250 minimum daily balance in their account every statement cycle. Should you fail to meet this requirement, a $3 quarterly fee will be charged.

Money Market Account

CIBC Bank USA only offers one money market account option.

To open, it requires a minimum deposit of $50. It comes with an unlimited number of in-person withdrawals and allows up to six transfers, checks, and debit card transactions every monthly statement cycle.

The CIBC Money Market account offers tiered interest rates, which rewards customers to keep higher balances.

The bank requires you to keep a daily account balance of $2,500, otherwise, you will be charged $15 per monthly statement cycle.

Certificates of Deposits (CDs)

Apart from its online-only CDs, the bank also offers Standard and Jumbo Certificates of Deposit.

Similar to the online-only version, Standard CDs also require a minimum deposit of $1,000. Meanwhile, Jumbo CDs require a minimum deposit of $100,000.

For these CDs to earn interest, they must meet the minimum balances set by the bank. The interest earned may be withdrawn or reinvested depending on the customer’s choice. Furthermore, customers may opt to use their CDs as loan collateral. More so, these CDs are automatically renewed at maturity.

In case of an early withdrawal, though, CIBC Bank charges a penalty. For CDs that are less than a year, the penalty is 90 days of interest, while maturities of 12 months or longer are penalized for six months of interest.

OTHER PRODUCTS

Apart from the online-only products as well as offline products offered by CIBC Bank USA, it also offers the following:

  • Business Bank Accounts
  • Business Loans
  • SBA Loans
  • Corporate Retirement Plans
  • Wealth Planning and Trustee Services
  • Private Banking
  • Escrow Services
  • Custody Services

If you want to know more about these products, you may head on to the nearest CIBC Bank USA branch or call the bank’s Client Support Center, which is available during normal business hours at 877-448-6500.

HOW TO DO BANKING WITH CIBC BANK USA?

In this part of our CIBC Bank USA review, we are going to talk about how to actually bank with CIBC.

For the CIBC Agility™ Online Savings Account, anyone in the United States can open one. All you have to do is access the CIBC Bank USA website from your computer or mobile device.

Meanwhile, for the offline products and services offered by the bank, customers may open an account by visiting one of its 23 branches in Illinois, Michigan, Missouri, or Wisconsin.

Regardless if you are opening an account online or at the branch, please take note that you will be asked to provide your personal information such as your Social Security number, U.S. driver’s license or state-issued identification, employment information, and your current U.S. home address.

IS CIBC BANK USA SAFE?

Generally speaking, CIBC Bank USA follows standard requirements to ensure all accounts under it. The bank has put all security and safety measures in place – both for online accounts and offline accounts – to avoid the possibility of fraud or identity theft.

Moreover, the bank is FDIC insured, which means the federal government will pay up to $250,000 per customer in the event of bank failure.

WHAT TO LIKE ABOUT CIBC BANK USA?

In the previous sections, we have already tackled all the important information you need to know prior to opening an account at CIBC Bank USA.

This time, to complete our CIBC Bank USA review, we are going to share with you a summary of the thing to like about the bank, and this includes the following:

Competitive Rates on its CIBC Agility™ Online Savings Account – One of the things that really set CIBC Bank USA apart from the rest is its high-yield online savings account option. Compared to its competitors, the CIBC Agility™ Online Savings Account earns 0.54% APY on all balances.

Offers a Wide Range of Personal Banking Products – Although it has very limited online-only products (which is pretty much understandable because after all, it’s a traditional banking institution), the bank offers a wide variety of consumer and business deposit accounts, as well as other financial services.

No Monthly Maintenance Fees for Online-Only Accounts – Another plus point for the CIBC Agility™ Online Savings Account is that it does not charge monthly maintenance fees, which is prevalent in other online-only savings accounts provided by other banks.

Refunds Up To $50 in ATM Fees – Although we are focused on the online-only products by the bank, we just want to include this here — CIBC Bank USA may have limited ATMs, but what’s nice about it is that the bank refunds up to $50 in ATM fees charged by other banks for its iCan, myChoice Plus, and myChoice Prestige checking accounts

WHAT NOT TO LIKE ABOUT CIBC BANK USA?

In the previous section, we gave you a list of summary about the things we like about CIBC Bank USA. This time, we are going to share with you a summary of the things that we do not particularly like about the bank.

This includes the following:

CIBC Agility™ Online Savings Accounts has No ATM Access – Unfortunately, the CIBC Agility™ Online Savings Accounts do not come with ATM access. So if you want a personal online-only deposit account with ATM access, CIBC’s Agility may not be the right product for you.

CIBC Agility™ Online Certificates of Deposit Rates are Average – If compared to other online certificates of deposit out there, the annual average yield offered by CIBC Bank USA for its CDs is not as high. There are definitely other banks that offer better rates.  

Requires $1,000 Minimum Deposit to Open a CIBC Agility™ Online Savings Accounts – Although the online-only savings account does not require a minimum balance to earn rates, the bank requires at least $1,000 to open, which is kind of high as compared to other online savings accounts out there.

Very Limited Access to Physical Branches and ATMs – Although the online-only savings account is available for anyone in the United States, other products and services offered by CIBC are only limited to those living in the Midwest. Needless to say, the bank has only 28 ATMs available to date.

Mobile App has Average Ratings – Although the bank’s website is great, CIBC Bank’s mobile app has an average rating on both Google Play and App Store.

FINAL THOUGHTS ON CIBC BANK USA REVIEW

For those living across the Midwest, CIBC Bank USA is definitely a solid option given the fact that it offers a variety of account options. More so, the bank offers more room for flexibility, particularly in its checking account.

Furthermore, the CIBC Agility™ Online Savings Account is a great option for people who want to enjoy the benefits of an online-only savings account at the same time earning a high yield. Although CIBC’s online CDs offer not as high rates as its competitors, it definitely is a good alternative/option as well.

To conclude, we hope that this CIBC Bank USA was able to provide you what you need to know about the Toronto-based bank, but more so, about its online-only account options.

Categories
Mobile Banking

Charles Schwab Bank Review: What Makes This Online Bank Stand Out

If you are looking for a digital bank that offers a stellar checking account, at the same time, free use of any ATM, and does not require you to deposit regularly, then you better read through this Charles Schwab Bank review.

Charles Schwab Bank Review: What Makes This Online Bank Stand Out

Wondering why?

Well, apparently, Charles Schwab Bank is providing all that to their customers. This Charles Schwab Bank review, however, will give you more information you need to see if this, indeed, is the right mobile bank for you.

A report published by Statista, says that in 2018, there was about 61 percent of American people used digital banking. Experts project that the population of digital bank users will increase to 65.3 percent by 2022.

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Meanwhile, an article by Forbes, says that while “digital banking had been moving mainstream, particularly for younger Americans, consumers of all ages have now hopped on board“.

So, what are we trying to say here?

Well, as you can see, these reports/studies show that digital banking has indeed become a necessity over recent years particularly in the last year when the country and the world faced one of the hardest times in history.

Moving forward, digital banking does not seem to be slowing down rather only rising – with people of all ages leaning towards it as compared to traditional banking (or have both).

Anyway, what we are trying to point here is that since there is an increasing demand for digital banking platforms, it opens up more opportunities for digital banks to come to life, which is good because it gives customers more choices.

Among the digital banking platform choices out there right now is Charles Schwab Bank, and today, we are going to particularly focus on this digital bank. Will look into what it has to offer, and what makes it right for you.

In this Charles Schwab Bank review, we are going to specifically tackle and provide answers to the following commonly asked questions about the bank:

  • What is Charles Schwab Bank?
  • Who is Charles Schwab Bank best for?
  • What are the products offered by Charles Schwab Bank?
  • How to do banking with Charles Schwab Bank?
  • Is Charles Schwab Bank safe?
  • What to like about Charles Schwab Bank?  
  • What not to like about Charles Schwab Bank?

WHAT IS CHARLES SCHWAB BANK?

Before we go into more detailed information about the products and services that the bank offers, as well as other equally important information, let’s take a look at the bank’s history or who and what the bank is all about.

Remember, as a customer, it is your responsibility to know your bank first before you even open an account. This helps you build trust and confidence knowing you are putting your money in the right, reliable place.

Moving on, here’s a quick briefer on what Charles Schwab Bank is all about —

Charles Schwab is more popularly known as an investing platform. However, it does also offer checking and savings options under Charles Schwab Bank, which is an online bank. Additionally, the bank also offers other banking services like home loans and an asset line of credit.

Charles Schwab has been part of the country’s financial landscape for more than 40 years now. With that on their shoulder, it’s safe to say that customers can rely on its stability and trustworthiness.

Although we are going to particularly focus on the Charles Schwab Bank (the online bank) today, just to give you an overview, the brokerage firm offers various investment accounts (should you need them in the future), which include stocks, bonds, mutual funds, annuities, ETFs, and a lot more.

Moreover, the firm also offers multitudes of retirement account options like Traditional IRAs and Roth.

While Charles Schwab Bank is purely online, Charles Schwab Co. has over 360 brokerage branches, which are mostly concentrated in California, Connecticut, and Arizona.

If you want to know more about Charles Schwab Bank, check this video out:

WHO IS CHARLES SCHWAB BANK BEST FOR?

When choosing a bank, it is important to do a self-assessment first. You ask yourself what you are specifically looking for, what product or service do you need, and more. Doing so will help trim down your choices – especially these days when there’s a lot to choose from.

Now, in this part of our Charles Schwab Bank review, we are going to share with you who this bank is ideal for.

Charles Schwab Bank is known as the “bank for investors”. This alone should give you a hint on who the Charles Schwab Bank is ideal for.

Technically, the bank should appeal to customers who hope to move money between various types of accounts — not just savings or checking, but also brokerage.

More so, Charles Schwab Bank may also be a good fit for people who want to earn valuable interest on their checking account, travel abroad and access their money without having to pay expensive ATM and foreign transaction fees, receive unlimited ATM fee rebates, and that the bank is also ideal for those active investors who want a combination of liquidity, $0 equity trades, as well as over 13 different investment products.

So, if you are looking for or you are any of these, then Charles Schwab Bank may just be the right choice for you.

WHAT ARE THE PRODUCTS OFFERED BY CHARLES SCHWAB BANK?

In this part of our Charles Schwab Bank review, we are going to look into the products offered by the bank.

Charles Schwab Bank currently offers the following bank accounts and services:

  • Savings Account
  • Checking Account
  • Certificates of Deposit (CDs)
  • Credit Cards

Now, let’s take a look at each of these:

Savings Account

One of the accounts offered by Charles Schwab Bank is its Schwab Bank High Yield Investor Savings account.

This account earns a 0.05% annual percentage yield (APY), which is well below other online savings accounts rates.

Although that is the case, what’s nice about the Schwab Bank High Yield Investor Savings account is that it does not require a minimum opening deposit, does not require a minimum balance, has unlimited ATM fee rebates worldwide, allows mobile check deposits, does not charge service fees, and of course, all savings accounts are FDIC-insured up to $250,000.

Unlike other online banks, Charles Schwab Bank provides several options when it comes to opening an account. Customers may opt to fill out and submit an application via mail, in person at a Schwab branch, or upload online (this option, however, is only applicable for existing customers).

Meanwhile, customers can make deposits to their savings accounts through any of the following choices:

  • Direct deposit
  • Fund transfer from Charles Schwab brokerage account or checking account
  • Mobile deposit through the mobile app
  • Wire transfer from another financial institution
  • Mail a check to Charles Schwab Bank

Although other digital banks may offer better rates as compared to what Charles Schwab Bank offers, the bank’s High Yield Investor Savings account may still offer a better rate as compared to other local brick-and-mortar banking out there.

Checking Account

Another product option offered by Charles Schwab is its Schwab Bank High Yield Investor Checking account.

While there is nothing extreme about this checking account, customers could earn 0.03% APY.

What makes the Schwab Bank High Yield Investor Checking account stand out from other checking accounts offered by other online banks is that when you open one, you automatically get a Schwab One brokerage account as well. This makes it not ideal for those who are not interested in opening a brokerage account.

Moving on, the Schwab One brokerage account comes with free standard checks as well as a Schwab Visa Platinum Debit Card. Since it is part of the Visa family, the debit card is accepted almost anywhere in the world, making it an ideal choice for travelers as well. Needless to say, when you use it outside the United States, you are free from foreign transaction fees.

Furthermore, another very notable perk of the Schwab Bank High Yield Investor Checking account is that it provides unlimited ATM fee rebates worldwide, which means wherever you go, you will always get reimbursed for any ATM fees you have incurred. The funds are usually received at the end of the same month in which you were charged ATM fees.

Similar to its savings account, Charles Schwab Bank’s checking account does not have account minimums requires as well as service fees.

As with opening an account, the same applies to its checking account as its savings account. Customers may opt to open an account online or by filling out and mailing a paper application. Just the same, you may also opt to drop by a local Schwab branch near you.

To make deposits, you may also opt to do any of the following ways:

  • Direct deposit
  • Fund transfer from Charles Schwab brokerage account
  • Mobile deposit through the mobile app
  • Wire transfer from another financial institution
  • Mail a check to Charles Schwab Bank

For those who already have a Charles Schwab brokerage account, it is important to note, though, if you have a brokerage account that comes with a debit card as well as check-writing and bill pay capabilities when you open a checking account, all of those featured are automatically transferred to your checking account, and will no longer be available with your brokerage account.

Certificates of Deposit (CDs)

Here’s the thing, Charles Schwab acts as a virtual middleman for various CDs from other banks. Customers can use the Schwab CD OneSource online to compare rates and terms, as well as to purchase CDs.

Unfortunately, the CD rates are far lower as compared to what you’ll get from other online banks.

For CDs, deposit start at $1,000 and increase in $1,000 increments. The terms range from a month to 20 years. A notification will be sent to you once your CD reaches maturity so you get to access your funds and reinvest into a new CD if you want to.

If you are going to open a CD account, it is important to note that the bank includes a selling concession in new issue CDs for online and broker-assisted trades. A $1 transaction fee per $1,000 CD is charged for secondary trades, while broker-assisted ones are charged the online price of $25 per trade service charge.

Similar to both checking and savings accounts CDs are FDIC-insured at each bank for up to $250,000. Also, you may opt to extend your FDIC coverage by purchasing CDs across multiple banks through Schwab.

Credit Cards

Charles Schwab per se offers two credit cards only — one is a premium credit card called Schwab Investor Card from American Express, which is ideal for investors, and the other one is a travel credit card called the American Express Platinum Card for Schwab.

HOW TO DO BANKING WITH CHARLES SCHWAB BANK?

In case you did not notice, earlier we already mentioned how to open an account particularly on Charles Schwab Bank’s savings and checking accounts.

Again, to open either a savings or a checking (or both) accounts, you may choose from several options, which include filling out and submitting an application via mail, in person at a Schwab branch, or upload online.

Meanwhile, to make an initial deposit or future deposits for that matter, you may do so through the following ways:

  • Direct deposit
  • Fund transfer from Charles Schwab brokerage account or checking account
  • Mobile deposit through the mobile app
  • Wire transfer from another financial institution
  • Mail a check to Charles Schwab Bank

IS CHARLES SCHWAB BANK SAFE?

With over 40 years of existence in the brokerage industry, Charles Schwab has, for sure, mastered ensuring the safety and security of their customers’ accounts.

The Charles Schwab online bank per se comes with the latest encryption technology, Voice ID, notifications and alerts, and card lock/unlock features to ensure the security and safety of their customers’ accounts.

Furthermore, Charles Schwab also has a security guarantee in place, providing 100% coverage of any losses in their customers’ bank accounts due to unauthorized activity.

Also, the bank is FDIC insured, which means should it fail, the federal government will pay up to $250,000 per customer.

WHAT TO LIKE ABOUT CHARLES SCHWAB BANK?

Now, we already tackled what Charles Schwab Bank is, who it is for, the products and services it offers, as well as how to do banking with them.

In this section of our review on Charles Schwab Bank, we are going to share with you a summary of the things we like about the bank.

This includes the following:

  • No Monthly Maintenance Fees – Contrary to other online banks, Charles Schwab Bank does not charge monthly maintenance fees for both checking and savings accounts.
  • No Minimum Opening Deposit Required – This is probably one of the things we love the most about Charles Schwab Bank. You can open an account anytime without having to worry about an opening deposit requirement.
  • No Minimum Balance Required – Another thing to love about Charles Schwab Bank’s savings and checking accounts is the fact that it does not require any minimum balance.
  • Unlimited ATM Fee Rebates Worldwide – Charles Schwab Bank is an ideal bank for constant travelers as it offers unlimited ATM fee rebates from all over the world.
  • Mobile Check Deposit – Another feature that not all online banks offer, but Charles Schwab Bank does.
  • High Yield Checking Account – Although it’s not as high as other mobile banks out there, the rates are still competitive considering the other perks you get from the bank.
  • Free Overdraft Transfers from Linked Accounts – With Charles Schwab Bank, you do not have to worry about overdraft transfer fees as it is free.
  • Free Investment Account with Checking Account – Once you open a checking account, you automatically get a brokerage account as well.
  • FDIC-Insured – Both savings and checking accounts of Charles Schwab Bank are FDIC insured, which means, in case of bank failure, depositors can get up to $250,000 from the federal government.

WHAT NOT TO LIKE ABOUT CHARLES SCHWAB BANK?

While there are a lot of things to like about Charles Schwab Bank, it does sure have a few downsides as well.

To help you decide if Charles Schwab Bank is the right bank for you, take a look at these disadvantages as well. It includes:

  • Below-Average APY on Savings Account – As mentioned earlier, if compared to other online banks out there, the APY offered on the Charles Schwab Bank savings account is not that competitive.
  • No Money Market Accounts – Unfortunately, unlike other banks of a similar type, Charles Schwab Bank does not offer money market accounts. So, if you are looking for one, you may check out other digital banks instead.
  • No Banking Services at Charles Schwab Branches – Although Charles Schwab has over 360 brokerage branches across the country, these branches do not provide banking service, which is actually understandable as Charles Schwab Bank is an online bank, and technically speaking, the bank is different from the brokerage (which they are really known for, by the way).
  • A Linked Brokerage Account is Required for the Checking Account – If you want a sole checking account only, Charles Schwab Bank may not be the right one for you, because the bank’s checking account automatically comes with a brokerage account.
  • No ATM Network – Although Charles Schwab Bank provides a Visa debit card, the bank does not have its own ATM network.

FINAL THOUGHTS ON CHARLES SCHWAB BANK REVIEW

Surely, there are lots of online banks out there and Charles Schwab Bank is only one of them.

While the other banks may have better offerings as compared to what Charles Schwab Bank has to offer, it surely does have some features that are unique to it — one of them is when opening a current account, you automatically get a brokerage account as well.

Overall, we have to say that Charles Schwab Bank is ideal for people who are into brokerage at the same time, want to save up for a fair enough rate.

To end, we hope that this Charles Schwab Bank review has provided you with all the essential information you need. More so, we hope we are able to help you decipher if this online bank is the one that fits you.

Categories
Mobile Banking

UFB Direct Bank Review: A Digital Bank That Offers High Yield Accounts

Have you been looking for a digital bank that offers definite advantages when it comes to interest rates? If your answer is a yes, then this comprehensive UFB Direct Bank review is perfect for you.

UFB Direct Bank Review: A Digital Bank That Offers High Yield Accounts

UFB Direct Bank, an online-only bank offers exactly what you are looking for — and we are going to tell you more about it as you read on.

In the past year, the country and the world gone through one of the most challenging times in history. The COVID-19 pandemic hit, and all of us were left to very limited choices. Suddenly, our lives were changed. Our day-to-day activities were restricted.

Thanks to digital technology, though, people managed to survive. A lot of industries were greatly affected, but with technology, we’re able to keep going.

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Digital banking during the time of the pandemic was a different story, though. It was during those times when digital banks have one over more customers in the United States, according to a report published online by Reuters.

Digital banks were like lifesavers. People managed to purchase, send and receive money, save funds, and more because everything is done right at their fingertips.

So, what are we trying to say?

Well, it’s plain and simple — digital banking platforms have suddenly become a hit. With an increasing number of customers, digital banking is definitely not going anywhere else but up.

There are a lot of digital banks out there to choose from. In fact, there are too many it’s kind of hard to choose the right one for you. However, if you are specifically looking for an online-only bank that provides very competitive rates, UFB Direct Bank may just be the right one for you.

Today, we are going to specifically do a UFB Direct Bank review. We hope to give you all the important things you need to know about this digital bank.

Specifically, we are going to tackle the following important things about the bank:

  • What is UFB Direct Bank?
  • Who is UFB Direct Bank best for?
  • What are the products offered by UFB Direct Bank?
  • How to do banking with UFB Direct Bank?
  • Is UFB Direct Bank safe?
  • What to like about UFB Direct Bank?
  • What not to like about UFB Direct Bank?

WHAT IS UFB DIRECT BANK?

Choosing a bank is as tricky as choosing the best school for your children. You see, it’s your hard-earned money, and you do not want to just entrust it anywhere – it has to be somewhere you are confident, comfortable, trustworthy, and somewhere where your money can grow.

We always say it, and we are going to say it again, before opening an account, make sure to do a little background check on the bank. This helps earn your trust and confidence.

With that said, we are going to share some important things you need to know about UFB Direct Bank —

UFB Direct Bank was established in 1999 and is a division of Axos Bank (formerly known as Bank of Internet USA), a digital bank founded in 2000. It is an online-only bank that offers deposit accounts as well as mortgages.

Since UFB Direct Bank is an all-digital bank, it doesn’t have any physical branches or locations, which makes it not ideal if you are after traditional banking.

For some, they may see UFB Direct Bank as just like any other digital bank. But, what really sets UFB Direct Bank apart from the rest is the fact that it offers definite advantages when it comes to interest rates, as we have mentioned earlier.

Just to give you an overview, UFB Direct Bank’s savings account pays up to 0.40% APY, and its money market account pays up to 0.40% as well. But of course, while the bank offers really competitive rates, you will need to meet certain requirements to take full advantage of its rate offerings.

In the next sections, we are going to explain in detail about the bank’s products and how you can take advantage of its benefits.

UFB Direct Bank is a Federal Deposit Insurance Corporation (FDIC) member, which means the federal government pays up to as much as $250,000 per depositor in case of bank failure. The fact that the bank is FDIC insured means you can have the confidence that should anything go wrong, you won’t be left hanging.

WHO IS UFB DIRECT BANK BEST FOR?

Before moving on to the more detailed information about UFB Direct Bank, in this section, we are going to talk about who it is best for first.

This helps you gauge if the bank is indeed right for you based on your personal and banking needs and preferences.

As mentioned earlier, UFB Direct Bank is an online-only bank or an all-digital bank, which means, it does not have physical branches or locations where you can go in case you want the traditional way of banking or you want to do an in-personal transaction.

Having said that, you are someone who is willing to sacrifice branch visits for low fees, then UFB Direct Bank is right for you. The bank works best for customers who do not mund the quirks of digital or mobile banking.

Furthermore, UFB Direct Bank is also ideal for people who can maintain balances of $10,000 and beyond, those who are satisfied with minimal account options, and ultimately, as we kept saying, for customers who prefer online banking over traditional banking.

If you have ticked off all these, then UFB Direct is perfect for you.

WHAT ARE THE PRODUCTS OFFERED BY UFB DIRECT BANK?

Now that you already know what UFB Direct Bank is and who is it best for, in this part of our UFB Direct Bank review, we are going to talk about its product offerings.

Earlier, we mentioned that the bank is right for you if you are someone who does not mind minimal product choices. That is because UFB Direct Bank has relatively few offerings.

However, even so, you are assured that the accounts and products it offers come with really competitive benefits.

Currently, UFB Direct Bank customers can only open either or both of the following:

  • Savings Account
  • Money Market Account

Now, let’s take a look deeper into each of these products:

Savings Account

One of the very few offerings of UFB Direct Bank is its high yield Savings Account. Unfortunately, the bank has only one savings account option available for customers.

Before moving on, if you are wondering what a high yield savings account is and if it’s really worth it, here’s a good video reference from Think Wealthy with Mike Adams:

The UFB Direct Bank Savings Account comes with a debit card, which allows you to withdraw money anywhere in the United States without having to pay out-of-network fees. Although there might be other surcharge fees that cannot be reimbursed. More so, the debit card can also be used in making store purchases. What’s nice about it is that the bank does not charge monthly maintenance fees unlike other digital banks out there.

One of the things that we find really appealing about this account, apart from the fact that it is a high yield savings account, is that customers do not need to have a single cent to be able to open one. However, customers are required to maintain at least 0.01 to keep it. Now that’s amazing, right?

It is important to note, though, that customers are given 60 days after opening an account to transfer the money.

Also, as mentioned, it is a high yield savings account. But, it is very important that you hit a $10,000 balance in order for it to yield any interest.

Now, for as long as you keep a balance of at least $10,000 in your account, you will be able to earn up to 0.20% annual percentage yield (APY) on your savings. Those accounts with balances that fall under the $10,000 threshold will not earn any interest.

By the way, one more thing to like about this product is that it does not charge transfer fees between direct deposit accounts.

Just the same as most savings accounts out there, UFB Direct Bank customers are limited to six withdrawals per monthly only. Should the customer exceed those limits, it’s either the account will be closed or that the funds could be transferred to another account that allows more frequent withdrawals.

Money Market Account

Another product that UFB Direct Bank offers is the Money Market Account. Unfortunately, UFB Direct Bank does not offer a dedicated checking account, but the thing is, the bank rolls some aspects of checking into its Money Market Account, which includes check-writing privileges as well as Visa debit card access. The account also comes with complimentary paid-postage envelopes and allows you to transfer money between direct deposit accounts for free.

The bank’s Money Market Account boasts a 0.20% APY. However, for you to be able to enjoy that rate, you will need to keep at least $25,000 in your account. So, if you are someone who thinks you cannot keep such an amount in your balance, this product or the bank itself may not be your perfect match.

Moving on, UFB Direct Bank charges a $10 monthly account fee for its Money Market Account. However, this can be waived if the customer maintains a daily minimum balance of $5,000.

To open a Money Market Account, you will need to deposit at least $5,000.

Other Financial Products

Apart from savings and money market accounts, UFB Direct Bank through its parent company, Axos Bank, offers mortgage loans to prospective homebuyers.

Although these loans are processes through Axos Bank, UFB Direct Bank customers get to enjoy $0 lending fees.

HOW TO DO BANKING WITH UFB DIRECT BANK?

By now, you are probably wondering already how to open an account with UFB Direct Bank. Well, no need to worry as we are going to give you what you need to know about baking with UFB Direct in this section.

Again, UFB Direct is an all-digital, online-only bank, which means, all you need to do is go online to open an account.

To begin with, make sure you have a valid ID on hand, as well as other basic information like your Social Security Number. For your account application to be approved, you will have to ensure you are 18 years old and above.

The banks offer Teen Checking, though, which is applicable to minors between 13 and 17 years old. However, a parent or guardian needs to be a joint owner of the said account.

You can open an account anytime at the UFB Direct website or by downloading the UFB Direct mobile app. You may also opt to call 1-877-472-9200 for more information.

You see, this is one of the perks of a digital bank, you need not visit a branch in order to open an account. Instead, you can do it anytime, anywhere you want to.

IS UFB DIRECT BANK SAFE?

One of the things that make people feel hesitant about digital banks is security. People are wary about the fact that online-only banks do not have a physical branch where they can go in case of any problem with their accounts.

In the case of UFB Direct’ Bank, similar to any other digital bank out there, they have put all essential safety and security measures in place to ensure that their customers’ accounts are safe and secured. They follow standard web security requirements so their customers need not worry about possible fraud or identity theft threats.

More so, the bank is FDIC insured, which means, in the case of a bank failure, the federal government pays at most $250,000 per depositor.

WHAT TO LIKE ABOUT UFB DIRECT BANK?

In the previous sections in our UFB Direct Bank review, we have tackled the most important information you need to know as a potential customer.

We summed everything up and came up with a list of advantages of dealing with UFB Direct Bank. Some of the highlights we saw in the bank are as follows:

  • Competitive Interest Rates on Deposit Accounts – One of the things that UFB Direct Bank boasts is its competitive rates. With UFB Direct, customers can enjoy up to a 0.20% annual percentage yield on both savings and money market accounts provided you meet the minimum balance requirements set by the bank.
  • No Minimum Deposit Required to Open a Savings Account – Unlike other savings accounts offered by its competing digital banks out there, UFB Direct Bank does not require any cent to open a savings account. Moreover, the minimum you need to maintain your account is only 0.01, and that you are given 60 days to make the deposit.
  • No ATM Charges – Since UFB Direct Bank does not have its own network of ATMs, customers can access any ATM in the country. Although UFB Direct won’t charge an out-of-network ATM fee, there are possibilities of surcharges from the bank or the company that operates the machine.
  • Money Market Account Has Check-Writing Privileges – Although UFB Direct does not offer to check accounts, it did roll some aspects of checking into its Money Market Account, which includes check-writing privileges.
  • No Monthly Maintenance Fees – Unlike other banks of the same type, UFB Direct Bank does not charge its customers a monthly maintenance fee, which allows you to save a few amounts of money instead.

WHAT NOT TO LIKE ABOUT UFB DIRECT BANK?

In the previous section, we listed some of the advantages of UFB Direct Bank. In this section, we are going to share with you a few of its downfalls.

As a customer, it is important that you are also aware of the disadvantages so you can fully balance out the pros and cons to be able to come with a decision.

So, with that said, here are a few of the disadvantages of UFB Direct:

  • Requires a Sizeable Balance to Earn High APY – As stated earlier, both savings and money market accounts require a minimum balance in order to enjoy a high rate. For a savings account, it’s $10,000, while it’s $25,000 for a money market account.
  • High Initial Deposit Requirement for Money Market Account – Contrary to other digital banks, UFB Direct Bank requires a minimum deposit of $5,000, which is definitely higher.
  • Limited Account Options – While other digital banks offer various account options, UFB Direct Bank is limited to savings and money market accounts only. Although it offers mortgage loans as well, it is Axos Bank, the parent company of UFB Direct that processes it.
  • No Physical Branches or Locations – Similar to most online-only banks out there, UFB Direct does not have a physical branch or location. Everything is done online instead.
  • Website Provides Limited Information – UFB Direct is an all-digital bank, but, unfortunately, we found that its website provides very limited information. This means, if you need more, you will have to call them at their hotline.

FINAL THOUGHTS ON UFB DIRECT BANK REVIEW

Digital banking has undoubtedly boomed since the pandemic. People have realized the importance of mobile banking especially at a time when going out was restricted.

There are a lot of digital banks out there, and UFB Direct Bank is just one of them. While its competitors have the respective qualities that make them stand out, with UFB Direct, it’s their high yield savings and money market accounts that make them stand out from the rest.

We hope that through this UFB Direct Bank review, you were able to get all the information you need and more and that you have resolved if UFB Direct is indeed the digital bank you are looking for.

Categories
Mobile Banking

MemoryBank Review: How Does It Provide Great Digital Banking Experience

If you are looking forward to having a great banking experience while in the comfort of your home or anywhere in the world (for as long as there is an internet connection, of course), then this MemoryBank review may just help you with that.

MemoryBank Review: How Does It Provide Great Digital Banking Experience

MemoryBank is an all-digital banking platform that aims just exactly that — making sure you can conveniently access your bank account and transact online — anytime, anywhere.

Just to give you a little backtrack –

As mentioned, MemoryBank is a digital bank. As defined in an article published by The Straits Times, “A digital bank offers banking services such as deposits, loans, debit and credit cards like a traditional bank, except that transactions are performed online and the bank does not have a physical branch.”

Over the years, especially since digital technology boomed, more digital banks have been established. Needless to say, a lot of people have found it more convenient and easier as compared to traditional banking.

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In fact, when the COVID-19 pandemic hit the world, particularly the United States, digital banks have won over more U.S. customers, according to a report by Reuters. Digital banks were so handy that customers were able to process a lot of their day-to-day banking transactions.

In the same article, Reuters highlighted that digital banks in the U.S. helped customers by “processing stimulus payments quickly,” which helped set apart online-only banks from traditional banks and at the same time, generate valuable word-of-mouth referrals.

You see, digital banks like MemoreBank, which is what we are going to review today have been really of great help, needless to say, very valuable to people especially during one of the world’s most challenging times.

As we have said earlier, there are lots of all-digital banking platforms in the country (and in the world in general), but, today, we are going to specifically do a MemoryBank review to hopefully help you see if this one’s a good choice for your day-to-day banking needs.

In this MemoryBank review, we are going to particularly focus on tackling the following:

  • What is MemoryBank?
  • Who is MemoryBank best for?
  • What are the products offered by MemoryBank?
  • How to do banking with MemoryBank?
  • Is MemoryBank safe?
  • What to like about MemoryBank?
  • What not to like about MemoryBank?

WHAT IS MEMORYBANK?

First of all, let get to know more about MemoryBank. As we always say, before jumping and dealing with a bank (or in any company for that matter), make sure to get to know about it first.

Know the history and what it offers so you can fully gauge if it’s perfect for you. So, with that said, here’s a quick briefer on what MemoryBank is all about.

MemoryBank, as compared to other well-established digital banks out there is relatively new. It has only been launched in the fall of 2016. However, although it’s considered a newbie in the digital banking market, MemoryBank is pretty sure about what they want for their customers — and that is, to provide them with a great banking experience wherever they may be.

By the way, if you want to know more about digital banking or what a digital bank is all about, check this video by Project Management:

Currently, MemoryBank offers two products to its customers: checking accounts and money market accounts. With its checking accounts, the bank features a headliner product called EarnMore Checking Account. Later on, we are going to share with you more about this product. Apart from checking accounts, the bank also offers Money Market accounts, which we are also giving you more details later on.

MemoreyBank, like most digital banks out there, operates solely online, which means a physical branch or location does not exist. It is, however, can be accessed using your mobile phone, tablet, laptop, or desktop computer.

MemoryBank is a division of Republic Bank & Trust. It is an FDIC-member and is headquartered in Louisville, Kentucky.

WHO IS MEMORYBANK BEST FOR?

Now that you already have a glimpse of what MemoryBank is, this time around, let’s talk about who is it best for. This way, you can easily assess if the bank is right for you.

As mentioned, MemoryBank is an online-only banking platform, which means you can access it through your mobile devices, laptop, or desktop computer. Thus, it is of common sense that the bank will appeal most to people who are always on the go or those who prefer reliable mobile banking to traditional banking. Unlike traditional banking, you do not need to visit a physical branch to do banking transactions — everything can be done online.

MemoryBank is also ideal for customers who want to avoid minimum balance requirements, earn competitive rates, and of course, open an account in a quick manner.

If you are particularly looking for checking accounts that earn interest, this might just be the bank you are looking for.

WHAT ARE THE PRODUCTS OFFERED BY MEMORYBANK?

In this part of our MemoryBank review, we are going to talk about the products offered by the bank.

As we have mentioned earlier, MemoryBank has two products — Checking Account and Money Market Account.

Now, let’s take a look at each of these products and see if it’s the one you are looking for.

Checking Account

Most digital banks offer checking accounts. But, one of the things that really make the MemoryBank EarnMore Checking account stand out from the rest is that it comes with an amazing interest rate.

Compared to its competitors, the MemoryBank EarnMore Checking Account pays a way better rate. In fact, it beats most savings accounts offered by national banks.

The MemoryBank EarnMore Checking Account pays an annual percentage rate of 0.05% on balances up to $250,000. What is nice about it is that the bank has no minimum balance requirements, monthly fees, as well as activity requirements.

To earn the best interest rate on your balance, though, you will need to meet a few requirements, which include:

  • Receive at least one direct deposit per statement
  • Make at least five debit card transactions per statement
  • Opt-in to online statements

Don’t worry, if you do not meet the above requirements, you will still earn a rate but it would be less than a tenth of the best available interest rate.

Meanwhile, other amazing features that come with this account include:

  • MemoryBank MasterCard debit card
  • Access to 92,00 surcharge-free ATMs
  • Allows you to write checks
  • 24/7 online banking
  • MemoryAlert balance and activity notifications
  • Live customer support

Furthermore, MemoryBank offers an overdraft protection program called Standard Overdraft Honor (SOH). This basically pays you a $100 overdraft protection limit for the first 30 calendar days after you have opened an account with the bank.

After the first 30 days, your SOH limit will be reviewed every business day and the pay will vary between $0 and $2,000 daily based on your account history. Should you go over your limit, you will be charged a $36 overdraft fee.

Money Market Account

Another product that MemoryBank offers is a Money Market account. This gives customers access to even higher interest rates while enjoying the same benefits.

As of this writing, MemoryBank offers a 0.50% annual percentage rate on balances up to $1 million. Meanwhile, balances that go beyond $1 million will receive an APY between 0.01% and 0.05%.

To open a Money Market Account with MemoryBank, you will need to deposit at least $50, which is a small amount as compared to the requirements of other banks of the same type.

While the amount required to open an account is low, it is important to note that you must maintain a daily balance of at least $1,000 to avoid being charged a Below Balance Fee, which amounts to $15. The fee applies to balances that drop below $1,000 at any point during the whole billing cycle.

The MemoryBank Money Market Account is not a typical money market account. The only exception would be the number of withdrawals you are allowed to make. According to FDIC rules, customers can only make six withdrawals per cycle. If you go beyond that, you may have to pay an “excessive withdrawal fee,” which amounts to $10 for every transaction.

Similar to the bank’s checking account, its Money Market Account does not charge a monthly service fee as well.

HOW TO DO BANKING WITH MEMORYBANK?

By this time, you have probably figured out already if MemoryBank is the right bank for you. Maybe, by now, you are already wondering how to actually open an account with them.

Well, in this part of our review on MemoryBank, we are going to tackle how to bank with MemoryBank.

Similar to other digital banks out there, MemoryBank’s application process is completed entirely online. You will need either a mobile device or a computer to do so. The application is easy that it can take as little as 10 minutes only.

To begin the application process, though, make sure to read the following requirements:

  • Social Security Number
  • Passport or State-Issued Identification Card
  • Home Address
  • Email Address

Head on to their website or download the app to proceed with the application process.

As to adding money to your account, you have the following options to do that:

  • Set up a direct deposit
  • Deposit checks using MemoryBank’s mobile deposit feature
  • Set up transfers from other banks or financial institutions

The same with most all-digital banking platforms out there, MemoryBank does not accept cash deposits. So, if you want an online bank that offers that feature, MemoryBank may not be right for you.

IS MEMORYBANK SAFE?

One of the hesitations that customers have when it comes to online-only banks is the security of their accounts.

Just like other digital banks, though, the security and safety of customer accounts is MemoryBank’s top priority. Thus, the bank ensures that it has put everything in place to avoid fraud and identity theft.

More than the standard web protection and encryption like SSL security, the bank allows you to set up biometric security to ensure that only you can log in to your account.

If you own a modern smartphone, you may also opt to set up a fingerprint login for your account. Also, you can eye-pattern identification to log in to your account for an extra layer of security.

Furthermore, MemoryBank is a Federal Deposit Insurance Corporation (FDIC) insured, which means customers need not worry about their money in the event of bank failure. FDIC will reimburse you up to the limit of $250,000.

WHAT TO LIKE ABOUT MEMORYBANK?

In the previous sections, we have already tackled most if not all of the important information every customer needs to know.

At this point of our MemoryBank review, we are going to provide you with a summary of the things that we particularly like about MemoryBank, and this includes the following:

  • Above-Average Interest Rates – MemoryBank offers an interest rate that is way better than its competitors. In fact, it beats most savings accounts offered by national banks.
  • No Monthly Fees – Unlike other digital banks, MemoryBank does not charge monthly maintenance or service fees.
  • No Minimum Account Balances (for Checking Accounts) – The bank does not require a minimum account balance. If you want to earn the best interest rate, though, all you need is to meet certain requirements set by the bank.
  • Open an Account Easily – The process of opening an account is so easy you can finish it in at least 10 minutes only!
  • MemoryBank MasterCard Debit Card – Opening a checking account comes with a MasterCard debit card that allows you to withdraw cash and purchase items using it.
  • Access to Over 92,000 Network ATMs – Withdraw cash anytime, anywhere as MemoryBank provides you access to over 92,000 network ATMs.
  • FDIC Insured – In case of bank failure, you need not worry because MemoryBank is FDIC insured, which means FDIC will reimburse you up to the limit of $250,000.
  • 24/7 Access to Your Account – Since MemoryBank is an all-digital banking platform, you get to access your account and do bank transactions anytime, anywhere.
  • Earn Purchase Rewards – Whether you are using the mobile app or the website, you can enable some offers that are available to your account to get yourself some cashback.
  • Alert Notifications – MemoryBank allows you to set up various alerts for your accounts such as deposits, transactions of a certain amount, and alerts for a low balance threshold.
  • Free Online Statement – MemoryBank provides free online statements for up to 18 months.
  • Mobile Check Deposit – The bank allows you to deposit your checks on the mobile app wherever you may be.
  • Powerful Security Features – As mentioned earlier, MemoryBank provides not just standard web protection and encryption, but that also allows users to set up biometric security. Those with modern smartphones may also set up fingerprint login, as well as eye-pattern identification to log in to your account.

WHAT NOT TO LIKE ABOUT MEMORYBANK?

In the last section, we provided you with a list of advantages of MemoryBank. But as the saying goes, nothing is perfect. So, while we have listed a lot of things to like about MemoryBank, we also have found some disadvantages.

Some of the downsides/downfalls of MemoryBank include:

  • Limited Products and Services – Unlike other digital banks out there, MemoryBank only offers Checking and Money Market accounts only, which means if you are looking for other products like a Certificate of Deposit or Savings Account, you may opt for another bank instead.
  • No Physical Branches Available – Since MemoryBank is an all-digital banking platform, it obviously does not come with a physical branch or location. So, if you prefer in-person banking, MemoryBank is definitely not for you.
  • No Business Account Option – As mentioned earlier, MemoryBank has very limited products and services offered – and a business account is definitely one of them. Try other banks instead if you want to open a business account.
  • No Cash Deposits – Another downside of MemoryBank is that it does not offer cash deposits. Again, if you want a bank that allows cash deposits, this bank is ultimately not the one for you.
  • Withdrawal Limits and Restrictions (for Money Market Account) – MemoryBank’s Money Market Account does have withdrawal limits for up to six only per cycle. If you go beyond that, you may have to pay an “excessive withdrawal fee,” amounting to $10 for every transaction. Also, as stated earlier, you must maintain a daily balance of at least $1,000. Otherwise, you will be charged a Below Balance Fee, which amounts to $15. The fee applies to balances that drop below $1,000 at any point during the whole billing cycle.

FINAL THOUGHTS ON MEMORYBANK REVIEW

There are a lot of digital banks out there and MemoryBank is one of them. Although relatively new in the market, having launched only in 2016, the bank promise to give customers a great online banking experience.

Obviously, the bank offers a lot of amazing features, one of them and the most notable of all is providing a great interest rate for both its checking and money market accounts. In fact, the rates are very competitive as compared to what national banks offer.

Although it comes with lots of benefits, it does sure have its share of downsides – one of them is not having lots of product options.

Nevertheless, overall, we have to say that MemoryBank is a great choice for people who wanted all the featured it has to offer while earning a great rate.

To end, we hope that this MemoryBank review has provided you not just essential information you need to know as a potential customer, as well as how the bank offers a great banking experience, but that it also gives you the clarity you need to determine if it’s the suitable digital bank for you or not.