Author: Pam Rimbawa

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Investment Apps and Websites

Atmos Financial Review: High-Yield Savings Account With Green Initiatives

If you are looking for a financial institution that offers high-yield, climate-focused savings accounts, then this Atmos Financial review is for you.

Atmos Financial Review: High-Yield Savings Account With Green Initiatives

Generally speaking, people deposit money into savings accounts just for the sake of having a safe place to keep their money.

In fact, according to the Federal Deposit Insurance Corporation (FDIC) Survey of Household Use of Banking and Financial Services, which was conducted in June 2019, “nearly 95 percent of U.S. households (approximately 124 million households) were banked (i.e., had a bank or credit union account).” 

There are several factors that people consider when choosing a bank or any financial institution for that matter.

One factor is the stability of a bank.

Based on a report by The Ascent, 51.76% of people use only physical banks, 25.18% use only online banks, while the remaining 23.06% use both.

Another factor depositors take into consideration is the interest rate. Some people prefer shopping for the highest interest rate available to be able to earn more from what they have.

Ideally, it would best if a customer gets to have both stability and a high interest rate. It’s a win-win situation, definitely.

But, here’s some good news. While there are lots of financial institutions out there that offer both stability and a high interest rate, only a few offer climate-focused accounts, which is what Atmos Financial is all about.

Atmos Financial is a financial technology (fintech) that specifically loans its deposits to green initiatives.

The company provides “banking that reverses climate change.” Definitely something not very common among banks and credit unions out there.

Imagine, with Atmos Financial, you can bank, earn high interest, at the same time, be able to help protect and preserve our planet.

Now, if you are interested to know more about what Atmos Financial is all about and what it offers, then, you should continue reading this in-depth Atmos Financial review.

In the next few sections, we are going to specifically tackle some of the most important information customers need to know about this fintech company. This includes:

  • What is Atmos Financial?
  • Who is Atmos Financial best for?
  • What does RoosterMoney offer?
  • How does Atmos Financial work?
  • Are there fees involved?
  • How to open an account with Atmos Financial?
  • Is Atmos Financial safe?
  • What are the upsides of Atmos Financial?
  • What are the downsides of Atmos Financial?

WHAT IS ATMOS FINANCIAL?

Atmos Financial is a fintech company that was founded in January 2020 by Ravi Mikkelsen.

Technically speaking, Atmos Financial is not a bank. However, the company can offer banking services through Evolve Bank & Trust, its bank partner, a member of the FDIC.

Atmos Financial is not your typical fintech company.

While it does work on providing consumers a place to save and earn from their money, it also allows them to contribute to making the world a better place to live in.

Atmos Financial’s goal is “to provide permanent positive environmental and societal impact by shifting money away from activities that directly harm our planet and towards those that help preserve it.“

To achieve this goal, the company pledges “to only lend to sectors that help to rapidly accelerate our transition towards a clean, fair, and transformed economy.”

Furthermore, the company hopes to “flatten financial barriers so that everyone can participate in and benefit from a carbon-free future.”

Atmos Financial’s Ravi Mikkelsen & Pete Hellwig made it clear that what the company is doing is not a charity. Rather, it is on a mission “to develop the best technology solutions and banking experience available so that you never again have to give up convenience or yield for doing the right thing.“

While all these may sound idealistic, Atmos Financial assures you they can be realistically done. In fact, they’ve already started doing it.

Atmos Financial “utilizes various banking partners to offer FDIC-insured deposit products like our AtmosACTION Savings Accounts.”

AtmosACTION Savings Accounts is the “first high-performance savings account engineered to reverse the climate crisis.” Know more about this product as we go along this review.

WHO IS ATMOS FINANCIAL BEST FOR?

Atmos Financial is a company that aims to create environmental impact through the things it does.

Thus, it should appeal to consumers who want to take part in making an environmental impact.

Atmos Financial should also be an ideal choice for people who want to open a high-yield savings account with no monthly fees, as well as no minimum account requirements.

Unfortunately, ATM transactions are not supported by Atmos Financial. So, unless you are good with that, Atmos Financial should work for you.

Also, if you want to earn the best annual percentage yield possible, you should be willing to have recurring donations.

WHAT DO ATMOS FINANCIAL OFFER?

Atmos Financial offers AtmosACTION Savings Account.

As stated on its website, AtmosACTION Savings Account is “the first high-performance savings account engineered to reverse the climate crisis.”

AtmosACTION offers up to 0.51% annual percentage yield (APY), which is a fairly competitive rate.

This savings account “high-performance savings rate from clean energy investments.”

Atmos Financial funds innovative technologies as well as infrastructure that helps combat the global climate crisis.

The AtmosACTION Savings Account has no minimum balance requirement. However, when you get to see the impact you can have by depositing more, Atmos thinks you would probably want to go all-in.

AtmosACTION Savings Account also does not require a minimum deposit. Furthermore, it does not charge a monthly service fee and any other fees for that matter.

Interest Rate

As mentioned, Atmos stands out from other banks and financial institutions by loaning its deposits to clean energy initiatives. The fintech company makes money through the loan as well as the interest paid out to its customers.

AtmosACTION offers a high-interest rate. However, this varies depending on the amount deposited in your account.

For your reference, for balances of $9,999.99 and below, the rate is 0.41% APY; for balances amounting between $10,000.00 and $24,999.99, the rate is 0.46% APY; while for balances of more than $25,000.00, the rate is 0.51% APY.

It is important to know, however, that the savings rate includes a 0.11% increase if you link it to automatic monthly recurring nonprofit donations.

Initiatives

To realize its mission to help address the climate crisis, Atmos Financial ensures it only supports companies that do and believes the same thing.

Atmos Financial supports companies with projects under:

  • Renewable Energy
  • Regenerative Agriculture
  • Electric Transportation
  • Weather Resilience
  • Building Electrification
  • Energy Efficiency Overhauls

Meanwhile, the company does not loan money to companies with programs on:

  • Fossil Fuel Extraction
  • Clean energy projects that displace Black, Indigenous, or other Frontline Communities.
  • Fast Fashion Clothing
  • Industrial Agriculture
  • Industrial Livestock Production
  • Generic Real Estate
  • …and everything else

Climate Impact Measurements

Now, to get an idea of how customers’ deposits positively impact the climate, Atmos Financial measures impact in tons of carbon dioxide removed annually.

The table below shows how much CO2 customers can remove in a year based on deposits:

Deposited Amount Tons of CO2 Removed Equivalent Number Of Miles Not Driven Per Year
$1,00 1 2,634
$2,500 3 6,585
$5,000 6 13,169
$10,000 12 26,338
$20,000 23 52,676

As mentioned, Atmos Financial does not have a minimum deposit or minimum balance requirement. It’s all up to you. If you want to create climate impact, then, the table above should help you with that.

As you can see, the higher your deposited amount is, the bigger the impact will be.

Now, to compare, the average American contributes 16 tons of CO2 every year, which is one of the highest CO2 contributions of just one person in the world.

Future Plans

As stated on its website, Atmos Financial is refining and launching additional products such as a debit card account to better serve its customers.

Furthermore, the company will also be launching a few climate-positive loan products.

Atmos Financial banking apps will directly link deposits to all the good things that the company is doing in the world. Atmos will pay higher rates and rewards for the privilege of using customers’ money to be able to accomplish its goals.

HOW DOES ATMOS FINANCIAL WORK?

Atmos Financial is an online-only financial platform that offers AtmosACTION, “the first high-performance savings account engineered to reverse the climate crisis.”

The said savings account allows depositors to hit two birds with one stone – earn high interest on a savings account, at the same time, be able to help address the climate crisis as Atmos Financial deposits specifically fund innovative technologies as well as infrastructure that help in combating the said environmental concern.

As mentioned in the earlier section, Atmos Financial measures the impact of customers’ deposits in tons of carbon dioxide removed annually.

While the company does not require account holders a minimum deposit or maintain a minimum balance, depositing more to your account results in a bigger climate impact.

Atmos Financial pays high interest on its savings accounts at the same time helps address the climate crisis by loaning money to companies with projects related to renewable energy, regenerative agriculture, electric transportation, weather resilience, building electrification, as well as energy efficiency overhauls.

ARE THERE FEES INVOLVED?

Given the work that Atmos Financial has, by now, you are probably wondering already about the costs involved.

So, in this part of our Atmos Financial review, we are going to talk about how much does Atmos Financial costs.

Atmos Financial does not charge a monthly service fee as other fintech companies do. In fact, Atmos did not mention on their website any fees that they charge.

Furthermore, the company does not require a minimum balance, which means you can keep whatever amount of money you want in your account.

Unfortunately, the AtmosACTION does not seem to include a debit card. In fact, there is no mention of ATMs and ATM fees on its website.

HOW TO OPEN AN ACCOUNT WITH ATMOS FINANCIAL?

If you are convinced with what Atmos Financial has to offer, then, let’s proceed to talk about the process of signing up for an account.

To get started, interested individuals may visit the Atmos Financial website.

Primarily, you will be asked to provide your first and last name, as well as your email address.

As you continue with the account application process, you will also be asked to provide your address and phone number. After which, you will be asked to verify the information you provided.

Similar to other financial institutions, make sure to keep a valid government-issued identification like a passport or driver’s license handy for verification purposes.

The whole process is simple and easy it should only take about a few minutes to finish.

Meanwhile, if you have a few more questions about how the company works and you’d want these questions answered before opening an account, you may do so by booking a 15-minute video conference meeting with a member of the Atmos Financial team.

IS ATMOS FINANCIAL SAFE?

Security features one of the major concerns among consumers especially when it comes to online-only banks or fintech companies like Atmos Financial.

Thus, it is just right that in this review on Atmos Financial, we also look into this.

Atmos fully understands how valuable your personal data is, which is why the company’s online platform is protected by state-of-the-art encryption techniques.

Your money is equally important. So, to ensure that whatever happens your account is secured, the AtmosACTION savings account is secured by the Federal Deposit Insurance Corporation (FDIC) through its partner bank, Evolve Bank & Trust. All AtmosACTION accounts are insured for up to $250,000 per depositor in case of a bank failure.

With all these in place, is Atmos Financial safe? Definitely, yes, it is.

WHAT ARE THE UPSIDES OF ATMOS FINANCIAL?

This Atmos Financial review will not be complete without a list of the things to like and not to like about this fintech company.

To start with, here are some of the upsides of Atmos Financial.

  • High-Yield Savings Account – One of the things that would make people choose Atmos Financial is that it offers a high-yield savings account. The rate varies depending on account balances. For balances of $9,999.99 and below, the rate is 0.41% APY; for balances amounting between $10,000.00 and $24,999.99, the rate is 0.46% APY; while for balances of more than $25,000.00, the rate is 0.51% APY.
  • Helps Address Climate Crisis – Atmos Financial is a fintech company that helps address the climate crisis by helping lessen the carbon dioxide releases of its customers, at the same time, by loaning money only with companies with projects supporting the same cause.
  • No Monthly Fees – Atmos Financial does not charge monthly fees and any other fees that banks and other financial institutions usually charge. This makes it an ideal choice for people who want high-yield savings account without having to worry about monthly charges.
  • No Account Minimums Required – Similarly, Atmos does not have account minimum requirements set as well. Although, the company encourages you to deposit more if you want a bigger impact on its environmental causes.
  • FDIC Insured – Although Atmos Financial is technically not a bank, it does offer deposit products through its bank partner Evolve Bank & Trust. With the partnership, all Atmos deposits are insured by the FDIC for up to $250,000 per depositor in case of a bank failure.

WHAT ARE THE DOWNSIDES OF ATMOS FINANCIAL?

In the previous section, we’ve given you a list of the advantages of using Atmos Financial. This time, here’s a list of some of the downsides of the said fintech company:

  • ATM Transactions May Not Be Supported – Based on the information on its website, it is unclear whether or not ATM transactions are supported or not.
  • Recurring Donations – Best annual percentage yield is available but requires recurring donations, which could be quite a lot for some depositors.
  • Online-Only – Similar to the majority of fintech companies, Atmos Financial is only available online, which means it does not have physical branch locations like what traditional banks have.
  • Lacks Information – Perhaps it’s because the company is relatively new, thus, if you visit its website, the FAQ page, in particular, is not as thorough as how FAQ pages of similar companies usually have. There is also a lot of missing information including how to deposit and withdraw money from your Atmos account.
  • Limited Products – Although Atmos Financial has lots of plans when it comes to product offerings, currently, it is only limited to the AtmosACTION savings account. The company has definitely had a lot of work to do.

FINAL THOUGHTS ON ATMOS FINANCIAL

Atmos Financial is a fintech company that focuses on making a mark in addressing the climate crisis. To do so, Atmos only focuses on providing loans to companies that have green initiatives, particularly those with projects related to renewable energy, regenerative agriculture, electric transportation, weather resilience, building electrification, as well as energy efficiency overhauls.

What Atmos Financial offers is definitely one-of-a-kind. While it understands the importance of saving money, it also makes sure it can help address environmental concerns, particularly climate crises.

Given the information we provided and what Atmos does, do you consider opening an account with them soon?

We do hope that through this Atmos Financial review, you can gauge whether or not it is right for you, at the same time, appreciate the thing that the company aims to achieve – particularly on its green initiatives.

Categories
Mobile Banking

RoosterMoney Review: An Allowance-Tracker App Made For Kids

In this RoosterMoney review, you will find out how this mobile application helps parents in encouraging their children to save, spend wisely, and give to certain charities.

RoosterMoney Review: An Allowance-Tracker App Made For Kids

The United States is the richest country in the world. But, economists estimate that approximately half of the American people won’t retire with enough money saved to be able to keep their current lifestyle.

This means there’s a lot of work to do in order to break the chain. The best way to do that is, of course, to ensure that the younger generations do not commit the same mistake.

Interventions should be made. Trends must be changed.

Where else this should start but within the family, right? The homes should be the primary place where kids learn about how to handle their finances properly.

However, according to the 2014 Stress in America survey conducted by the American Psychological Association, it was found that “money is consistently among the top sources of stress for Americans year over year.”

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More so, the same survey revealed that “parents of children under the age of 18 are more likely than adults with no children to having higher financial stress and are less likely to feel financially secure.”

Furthermore, the survey results indicated that “36 percent of Americans are uncomfortable talking about money, and 18 percent say money is a taboo subject in their families.“

For many American families, money talk is a sensitive topic to discuss.

If we want our children to be responsible for managing their money, though, we, parents need to step up. We need to start talking about money within our families and start teaching our kids to become financially literate.

We understand the task is not easy.

The good news is, parents nowadays have lots of options to choose from in order to teach younger ones about financial literacy.

There are lots of tools and platforms available that were specifically designed to help parents teach their kids to be financially responsible.

One of the many tools available in the market today is RoosterMoney.

RoosterMoney is a mobile application that serves as a virtual allowance tracker. It is specially designed to help parents teach their kids how to handle their money wisely.

If you want to know more about this app, then, continue reading on. In this in-depth review, you will find out what makes RoosterMoney stand out from other financial apps of similar make.

Specifically, we are going to tackle the following:

  • What is RoosterMoney?
  • Who is RoosterMoney best for?
  • What does RoosterMoney offer?
  • How does RoosterMoney work?
  • Are there fees involved?
  • How to open an account with RoosterMoney?
  • Is RoosterMoney safe?
  • What are the upsides of RoosterMoney?
  • What are the downsides of RoosterMoney?

WHAT IS ROOSTERMONEY?

RoosterMoney was created in 2012 by a group of parents with one goal in mind — to enable their kids to learn the value of money, and how to budget and save from such a young age.

RoosterMoney is a mobile application, at the same time, a basic bank accounts specially designed for children. It helps to encourage young people to save, spend, and even give to certain charities,

The app offers separate accounts for both parents and children.

With the parent account, it allows parents to set up automatic allowance payments as well as split payments into different categories, which include saving, spending, and giving.

Meanwhile, the children’s account allows kids to check their balances using the app. They also can decide how they want to use their money.

Unlike other financial management apps for kids, RoosterMoney offers a Rooster PLUS account, which allows users to unlock more features like paying interest, adding chores, and making regular deductions for expenses.

To know more about the RoosterMoney app, check the video below:

Since the app is an allowance tracker, parents cannot send money to their kids through the app. Instead, they need to do it on their own.

What the app does is that it helps parents stay on top of how much they’ll give depending on the currency of your choice.

RoosterMoney also includes educational content, which includes articles, worksheets, challenges, as well as activities to help your children improve their financial literacy.

Additionally, the RoosterMoney app offers a Rooster Card plan that comes with a Visa debit card for an additional fee. This allows children to spend in stores or online. Even so, this is still 100% controlled by the main parent account.

However, the said plan is only available in the United Kingdom. The plan is ideal for children aged six years old and above.

With RoosterMoney, once the account has been created by a parent, he or she can add a child or multiple children and set up each account according to their needs.

Although originally established in the United Kingdom, RoosterMoney is also available in the United States and Australia.

WHO IS ROOSTERMONEY BEST FOR?

RoosterMoney is an app that helps parents instill good money habits in their kids.

Thus, making it an ideal choice for those who want to teach their children how to value money.

The app also allows parents to set up chores in return for “pocket money” payments. This helps children learn how to earn money, and gives them a rough idea of how it is in the real world.

The app should appeal to families with one kid or more. RoosterMoney allows parents to set up multiple accounts with just one major account.

By using RoosterMoney, it will help encourage good saving habits, which kids can carry with them as they grow old.

RoosterMoney is ideal if you want your child to develop budgeting skills. 

Specifically for the Rooster Card plan, it is suitable for children aged between 6 and 18 years old.

Finally, RoosterMoney should appeal to parents who are willing to pay monthly fees to enjoy additional perks. The app’s virtual tracker is available for free, which is a great option for parents who are on a tight budget.

WHAT DOES ROOSTERMONEY OFFER?

RossterMoney is an app that was designed to help parents in raising kids who are financially literate.

RoosterMoney offers the following options:

  • Virtual Tracker (Free Version)
  • Rooster PLUS
  • Rooster Card

Virtual Tracker (Free Version)

With the app’s virtual money tracker feature, parents get to track allowances.

They can set an amount and how often their children should receive it. The payment frequency options include weekly, monthly, and fortnightly.

Rooster PLUS

If you want to unlock and enjoy more features, you have the option to upgrade to Rooster PLUS.

By upgrading, you can tie your kids’ allowance to Chores to encourage your kids to earn, set up an Interest Rate to incentivize your kid’s savings, set up Regulars for items like magazine subscriptions to help develop your kid’s budgeting skills, as well as use the Add Unlimited Guardians feature to get the whole family (including grandparents) involved.

The Rooster PLUS version is a paid plan, which costs $2.99 per month or $18.99 a year. The plan offers a 1-month free trial, though.

Rooster Card

The Rooster Card plan is currently available for RoosterMoney users in the United Kingdom only.

This plan allows parents to load the card with money and let kids fully manage their money through the app.

The Rooster Card plan comes with a Visa debit card.

Similar to the Rooster PLUS plan, there is a cost to be able to avail of this plan. Since it is only available in the UK, the cost is 24.99 British pounds per year or 2.08 British pounds per month.

It is important to know, though, that the cost only covers one child. Additional cards will cost 19.99 British pounds per year.

What’s nice about it is that this plan provides parental controls for kids aged 6 years old and above. Also, by availing of this plan, your get to enjoy the Rooster PLUS features for free.

HOW DOES ROOSTERMONEY WORK?

The RoosterMoney app is very straightforward to use. Once you head into your account, parents will be presented with a dashboard. There they get to control their kids’ accounts, which include setting up saving goals and weekly budgets, as well as approving transactions.

The app was designed to prepare kids for the future. Thus, this allows children to keep on top of their finances by offering itemized statements similar to what real bank accounts offer.

With the features that the app provides, after a few months, your kids will eventually learn how debits and credits work, which is something essential in life but is not taught in schools at an early age.

By the way, the RossterMoney app is available for both iOS and Android devices.

ARE THERE FEES INVOLVED?

By now, you probably have an idea already how much it costs to use the RoosterMoney app.

As mentioned, there are three choices available — although the third one is not available yet in the United States.

For users in the US, you have the option to avail of the free version or opt for the paid plan called Rooster PLUS.

The free version includes features like a virtual tracker, allowance scheduling, saving, giving, pots for spending, as well as goals and educational content.

The Rooster PLUS offers lots of helpful features. To avail, it will cost you $18.99 per year or $2.99 per month.

Meanwhile, the Rooster Card, which offers Rooster PLUS features for free costs 24.99 British pounds per year or 2.08 British pounds per month.

As mentioned, the amount only covers one child. Additional cards cost 19.99 British pounds per year.

HOW TO OPEN AN ACCOUNT WITH ROOSTERMONEY?

In this part of our RoosterMoney review, we are going to talk about how to actually open an account with RoosterMoney.

To get started, all you have to do is visit the RoosterMoney website and click the “Get Started” button.

Primarily, you will be asked to provide your complete name, email, and your preferred password.

You will also be asked about your country of origin as well as your preferred plan. Again, you can choose from Virtual Tracker, Rooster PLUS, or Rooster Card plan.

IS ROOSTERMONEY SAFE?

Technically speaking, RoosterMoney is not a bank, which means there is no Financial Services Compensation Scheme protection.

However, the app is licensed by the Financial Conduct Authority (FCA) to deal in electronic money and keeps all client money in a segregated account.

If you avail of the Rooster Card plan, your child can only spend the money that is available on his or her card. Thus, there is no chance of going overdraw or getting into debt.

More so, parents can see every transaction their kid makes directly on the app.

Should there be attempts to make transactions from merchants that sell products for over 18 years of age will be blocked. Additionally, parents may opt to disable the cash withdrawal option if they find it necessary.

In addition, the app generates a new CVV code every time your child uses the card to pay for purchases made online. This feature adds an extra layer of security to the account. Also, parents may freeze the card from the app in case it gets stolen or lost.

WHAT ARE THE UPSIDES OF ROOSTERMONEY?

This RoosterMoney review will not be complete without sharing with you a list of the app’s pros and cons.

Let’s begin with the advantages first.

By using RoosterMoney, you get to enjoy the following benefits:

  • Accounts for Parents and Kids – RoosterMoney allows both parents and children to have their respective accounts. But the thing is, parents can set up their kids’ account using their own device.
  • Parent Gets Full Control Over Allowances – With RoosterMoney, parents get to take full control of their children’s allowances. They get to see their kids’ balances as well as have the ability to move money between their save, spend, and give pots.
  • User-Friendly App – The RoosterMoney app has a slick, colorful, and entertaining design that kids will surely enjoy. Needless to say, it would be a lot easier for them to see what chores their parents want to do to be able to earn money.
  • Free Version Available – Unlike other kids’ financial apps out there, RoosterMoney offers a free version specifically its virtual tracker, which is very much ideal for parents who are on tight budgets.
  • Educational Content – Apart from the allowance-tracker, RoosterMoney users get to access educational content, which includes educational primers on different subjects like payment methods, compound interest, and earning money; money challenges; printable worksheets; as well as tips on using the app.
  • Supports Multiple Currencies – Although RoosterMoney was made by a UK-based company, parents from different parts of the world can use it. Parents can choose from any currency in the world for their children’s allowances.
  • Free 1-Month Trial for Rooster PLUS – Rooster PLUS offers additional helpful features. Although it comes with a monthly fee, once you subscribe, your first month is free of charge.
  • Interest Rates – Like typical banks, parents can set up interest rates. This is a great idea to encourage kids to save money and earn.
  • Allows Kids to Earn Extra Cash – RoosterMoney comes with a chores feature. This enables your kids to earn extra cash from doing certain chores.

WHAT ARE THE DOWNSIDES OF ROOSTERMONEY?

In the previous section, we talked about the upsides of RoosterMoney. This time, we are sharing with you some of the downsides of the app. This includes:

  • Free Plan is Limited – Although it’s nice knowing that RoosterMoney comes with a free version, the features of it are very limited, which means parents will most likely avail the paid plan to take full advantage of what the app has to offer.
  • Monthly or Annual Fees – While it may not be a concern for some parents, the monthly or annual fee may add up to families’ budgets. Thus, it may not be ideal for those with meager budgets.
  • Not Ideal for Multiple Kids – Unfortunately, the Rooster Card plan is limited to one child. If in case you have more than one child, you may still enroll them, but that will incur an additional cost, which can be too much to add to your families’ monthly budget.
  • Switch User Option – Ideally, each child must have his or her own smartphone to access the RoosterMoney app. However, if this is not possible, the app does have a switch user option so your child can use your device in accessing the app.
  • Rooster Card is Only Available in the UK – Unfortunately, the Rooster Card plan is not yet available in the US, which could be a great drawback given the fact that most of the app’s competitors offer that option already. But then again, who knows, maybe the company is already working on it as we speak.

FINAL THOUGHTS ON ROOSTERMONEY

RoosterMoney is a virtual allowance tracker. It is an app that allows parents to teach their kids how to be financially literate.

Unlike other apps of the same type, RoosterMoney offers three plan choices – one of which, however, is not available yet in the United States. The plans include a free version, the Rooster PLUS (additional features apply), and the Rooster Card, which gives access to a Visa debit card.

Given all the information provided, are you considering RoosterMoney over other financial apps of the same type?

Through this RoosterMoney review, we hope you are able to decipher whether or not this app is your perfect partner in teaching your kids about the value of money.

Categories
Mobile Banking

Greenlight Review: A Great Tool To Help Raise Financially Literate Kids

If you are looking for a platform that allows you to have an efficient system when it comes to giving allowances to your kids, at the same time, helps teach them the value of money, then you got to keep reading this Greenlight review.

Greenlight Review: A Great Tool To Help Raise Financially Literate Kids

Being consistent in giving allowances could sometimes get a little challenging especially for busy parents. More so, to include teaching them how to properly handle their finances.

But that is part of our responsibilities as parents. Financial management, after all, must be first taught at home.

The earlier we teach our kids how to manage their finances wisely, the better. It will surely help keep them away from financial troubles in the future. It’s preparing them to be responsible individuals d as early as now.

Unfortunately, though, a survey conducted by Harris Poll on behalf of the American Psychological Association (APA) revealed that the majority of Americans (64%) says that money is a somewhat or very significant source of stress especially for parents whose children are aged 18 years old and below.

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Furthermore, the Programme for International Student Assessment (PISA) test, which measures the financial knowledge and skills that are needed to make the jump from high school to college and on into the workforce revealed that one in five American teens fail to meet the level to be considered as financially literate.

To be honest, these numbers need improvement. Young American people need to be educated to handle their finances well. After all, this will help them in facing the realities of life as they grow older.

Parents have definitely a lot of work to do, but, as we’ve said, the results will be very helpful in the long run – not just for your kids, but for the community as well.

Teaching financial literacy these days is a lot easier – actually. There are so many platforms available out there that parents can use to help teach their children how to handle their money well.

Thanks to the advent of technology, there are platforms like Greenlight that parents can use to raise financially literate individuals.

Speaking of Greenlight, in the next few sections, we are going to do an in-depth review about this financial platform that was specifically created to help parents teach their children about the value of money. It is an app that helps parents automate allowance-paying with a prepaid debit card for kids.

In particular, this Greenlight review will focus on providing essential information about this financial app by answering the following commonly asked questions:

  • What is Greenlight?
  • Who is Greenlight best for?
  • What does Greenlight offer?
  • How does Greenlight work?
  • Are there fees involved?
  • How to open an account with Greenlight?
  • Is Greenlight safe?
  • What are the upsides of Greenlight?
  • What are the downsides of Greenlight?

WHAT IS GREENLIGHT?

Greenlight is an app founded in 2017 with a mission to “help parents raise financially smart kids.”

With the app, parents can automate seamlessly allowance-paying with a prepaid card for kids.

By using Greenlight, parents become the bank. You get to control funding the prepaid cards of your kids, which they can use anywhere and for any purchases.

Through the app and the prepaid debit cards, your kids get to feel what it’s like in the real world. They get to experience managing their money with your guidance.

Greenlight allows parents to automate, at the same time, oversee their kids’ spending with security features built-in.

The app allows parents to set up “accounts” for up to five kids. All of this can be controlled using the app.

Furthermore, parents can opt to divide their kids’ allowance into Saving, Spending, and Giving categories by percentages.

Similar to banks, parents can also set up interest in the savings category so your children earn rewards for saving their money.

For more information about the Greenlight and what to expect from it, check the video below by Neat Apple Tech:

If your kids do have phones, they can access their “account” by downloading the app. There they get to see how much money they have per category, their spending history, as well as their approved list of stores.

Sure, Greenlight seems to be a very good tool to teach kids how to manage their finances, but all these services come with a monthly fee of $4.99 a month.

All Greenlight accounts are insured by the Federal Deposit Insurance Corporation (FDIC), which means each depositor will receive up to $250,000 in case of a bank failure.

WHO IS GREENLIGHT BEST FOR?

Greenlight is ideal for parents who want to teach their kids how to be responsible in handling money.

It is a great app for kids as well who want to learn how to handle their finances at an early age.

Greenlight should appeal to parents who want to take advantage of automating the allowance-paying feature. This helps parents be consistent in proving their kids their weekly or monthly allowances.

For parents, Greenlight is good for you if you want to still have control over your kids’ accounts as the app allows you to see your children’s spending as well as their balances. Additionally, the app allows you to choose the stores where your kids can use the money.

Also, since Greenlight comes with a monthly fee, this should be a good option for families with extra money to pay for the fees.

Greenlight is an all-digital financial platform, which means it does not have a physical branch location like a typical bank. So, it should appeal the most to parents who are okay with the all-digital setup.

WHAT DOES GREENLIGHT OFFER?

As mentioned, Greenlight is an app that comes with prepaid debit cards. It helps kids become responsible for handling their finances.

Major Features

By using Greenlight, you get to enjoy the following major features:

  • Parental Controls
  • Incentivizing Chores
  • Earn Interest
  • Money Requests
  • Up to 5 Kids Per Account

Parental Controls

Greenlight app allows parents to split the money into two categories. First is using one pot for money your kid can spend anytime and anywhere. The other would be the one with multiple parental controls.

If you opt to put money under the parental control spot, you will be notified whenever your child makes a purchase, as well as when payment was declined, or when their account balance is running low.

Incentivizing Chores

The app allows parents to incentivize chores with payouts. Using the app, you can create chores and then pay for one-off and recurring chores.

Furthermore, parents can set recurring payments if they want to.

Earn Interest

Similar to how banks work, parents can also set an annual percentage yield (APY) to encourage their kids to save.

Your preferred interest is paid out to your kid’s account on a monthly basis.

Money Requests

With the Greenlight app, kids can also request money through the app when their balances are running low. This is very helpful especially when your kids are away from home and they get into a money emergency.

Once you agree to send money, the amount will appear in real-time to your kids’ wallet.

Up to 5 Kids per Account

Greenlight lets you open an account for up to five. Additionally, you can customize your children’s cards by adding their photographs to it. This, however, costs $9.99.

Additional Features

Apart from the above-mentioned, Greenlight also offers the following features:

  • Custom Spending Limits
  • Activity Notifications
  • Educational Saving Tool
  • Customized Alerts

Custom Spending Limits

What’s nice about Greenlight is that it allows parents to have full control over the stores that their kids can purchase items from.

Parents can whitelist or blacklist websites and stores in just a few clicks. By blacklisting a store, all attempted transactions will be automatically declined.

Activity Notifications

To keep parents informed about their kids’ spending activities, Greenlight allows you to turn on notifications so you are informed every time your kid spends his to her money.

Additionally, parents can also set up the accounts in a way that they have to approve every transaction that their kid makes.

Customized Alerts

Greenlight allows parents to create their own alerts. This way, they are notified every time their kid uses their Greenlight card in making transactions.

Parents may also op to custom alerts when a balance reaches a certain amount or when the card is declined. This feature helps teach your kids not to overspend.

HOW DOES GREENLIGHT WORK?

Now that you already know what the app is all about and what it has to offer, on this part of our Greenlight review we are going to look into how it actually works.

First of all, you need to download the app to your mobile phone to be able to start using Greenlight.

You will then have to link your existing bank account and set up your Parent Wallet.

Greenlight will ask you to provide personal information such as your name, address, and Social Security number, as well as your date of birth.

Setting Up Parent Wallet

The Parent Wallet is where you will find your current balance. It also allows you to set up AutoFunding.

Additionally, the Parent Wallet records your funding history so you know how much you’ve given to each of your kids every week (or month).

Using a debit card or a bank account, transfer a starter amount of money to your Greenlight Parent Wallet. The app will then pull the Parent Wallet to distribute weekly allowances to your kids’ accounts.

Transferring money from your bank to the Greenlight app is free. It is important to know, though, that it takes a day or two to process the transaction.

You may also opt to set up an AutoFunding option to have Greenlight fund a certain amount into your wallet.

Setting Up Weekly Allowance

Setting up a weekly allowance is easy. You can set up an automatic allowance amount per week, and you get to decide what percentages of allowance got to a particular category, which includes Save, Spend, and Give.

Kids Version of the App

If your children have mobile phones, they may as well download the Greenlight app. However, the interface is different from yours.

Your kids will see their weekly allowance and balances in the Saving, Spending, and Giving categories. Your kids will also see where they can spend their money. That way they know what specific stores to buy from.

ARE THERE FEES INVOLVED?

As already mentioned in earlier sections, using the Greenlight app comes with a fee.

Greenlight costs $4.99 per month, which is automatically taken out of your Parent Wallet.

The monthly fee covers up to five kids, which makes it worth it for bigger families. If you have five kids, for instance, that means you spend $1 a month per child.

Meanwhile, if you want your child’s photographs to be placed on the card that costs $9.99.

Apart from these, the app does not charge anything else. Transferring money from your bank to the app does not cost a fee.

HOW TO OPEN AN ACCOUNT WITH GREENLIGHT?

Opening a Greenlight account is quick and easy.

To start a Greenlight account, all you have to do is following the following steps:

First, download the app to your mobile phone.

Second, link your existing bank account, and set up your Parent Wallet. You will need to provide some personal information to finish this process.

Greenlight requires you to provide your name, address, and Social Security number, as well as your date of birth.

IS GREENLIGHT SAFE?

The safety of your account and personal information is important to Greenlight.

Greenlight uses state-of-the-art SSL encryption to ensure your data are safe. The app’s partners comply with Payment Card Industry Data Security Standard when processing and storing sensitive information.

Meanwhile, Greenlight debit cards have an EMV chip, and PINs can be controlled by parents. Additionally, cashback is unavailable to prevent unmonitored spending from happening. Rest assured that unsafe spending is prevented by Greenlight’s automated blocked categories.

As mentioned, all accounts are insured by the Federal Deposit Insurance Corporation (FDIC), which means each depositor will receive up to $250,000 in case of a bank failure.

WHAT ARE THE UPSIDES OF GREENLIGHT?

This Greenlight review will not be complete without providing you with a summary list of the pros and cons of using the app.

For this section, we are providing you with the upsides of Greenlight, which include the following:

  • Automated Allowance-Paying Process – This helps parents a lot to be consistent in giving allowances to their kids.
  • Customized Features – Greenlight offers customized features so parents can take control of their kids’ spending and saving habits, which will definitely help them learn to handle their finances responsibly.
  • Parental Control – Greenlights allows parents to take full control of their kids’ money by choosing how much goes to Save, Spend, and Give categories, as well the stores where they can purchase items from.
  • Multiple Accounts – Parents can set up accounts for as many as five children.
  • Debit Cards – The account comes with a debit card, one per kid. Unlike cash, this makes it easier for children to keep track of their spending, as well as their balances.
  • Customizable Debit Cards – For the amount of $9.99, parents may opt to put their kids’ photographs on their respective cards to make them more personalized.
  • Security Features – Greenlight has put essential security features in place to ensure all accounts are safe.
  • Reasonable Monthly Fee – For the price of $4.99 per month, families can enjoy all the perks that Greenlight has to offer. In fact, the monthly fee becomes super worth it if you have five children in the family that you want to enroll in. That means spending $1 per month per child only.
  • FDIC Insured – All accounts are insured by the Federal Deposit Insurance Corporation (FDIC), which means each depositor will receive up to $250,000 in case of a bank failure.

WHAT ARE THE DOWNSIDES OF GREENLIGHT?

In this section, we listed down some of the major downsides of the Greenlight app. This includes the following:

  • Card Replacement Fee – Although replacement of card is free for the first time, you will need to pay a cost once it happens again.
  • Monthly Fee – Although the amount is fair enough, the monthly fee may seem a lot for some parents whose budgets are tight.
  • Allowances Are Not Withheld Automatically – Unfortunately, the app does not automatically withhold allowances in case your kid fails to complete a chore. Parents need to do it manually by turning the allowance off.
  • Entirely Online – Greenlight is a mobile application and is entirely online. So, if you want in-person access to your account that is not available. You may have to look for something else.

FINAL THOUGHTS ON GREENLIGHT

Greenlight is a great tool to help parents teach kids the value of money. It provides a lot of great features that are helpful to both parents and kids.

There is a lot of things to love about this app. But of course, like anything else, it does have its share of downsides as well. One of them is the monthly fee of $4.99.

However, if you look at what it has to offer, and how it will help parents raise financially literate children, then, it should be worth it.

So, are you considering downloading Greenlight now?

This Greenlight review, brought us to conclude that overall, Greenlight is a great app to help parents raise children who know how to handle money well.

Categories
Mobile Banking

FamZoo Review: One Of The Best Financial Tools For Kids

If you are looking for a financial tool that will help teach your kids about financial responsibility, then this FamZoo review is for you.

FamZoo Review: One Of The Best Financial Tools For Kids

Money matters is not a very easy thing to discuss at home especially with kids. But, it is essential so younger generations learn how to properly handle their finances in the long run.

As parents, it is your responsibility to teach your kids how to handle money wisely. Teaching them young is the most ideal thing to do as it will absolutely affect how they handle their finances in the long run.

The earlier they learn about financial management, the better.

We understand how challenging the task can be. Thus, we are not quite surprised that in the 2017 T. Rowe Price Survey, it was found that kids are actually not learning about financial literacy at home.

In fact, 69% of parents are reluctant about discussing financial matters with their children. Out of all the respondents, only 23% of them, indicated that they often talk to their parents about money matters while 35% stated that their parents are not comfortable about discussing financial stuff at home.

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Meanwhile, according to research conducted by the National Bureau of Economic Research, 40.2% of young people with low levels of financial literacy rely on their parents, friends, as well as acquaintances when it comes to gaining financial knowledge, while 20.8% are financially literate.

So, you see, whether you like it or not, as a parent you have to work on teaching your kids financial literacy.

Here’s the thing, unlike before, today, thanks to the advent of technology, there are actually a lot of available tools online that you can use to teach your children financial management.

One of the many platforms to choose from is FamZoo, a prepaid card that specially designed to teach kids the fundamental principles of good money management.

In the next few sections, you will learn more about the FamZoo as we specifically answer some of the most important questions about this tool, which include:

  • What is FamZoo?
  • Who is FamZoo best for?
  • What does FamZoo offer?
  • How does FamZoo work?
  • Are there fees involved?
  • How to open an account with FamZoo?
  • Is FamZoo safe?
  • What are the upsides of FamZoo?
  • What are the downsides of FamZoo?

WHAT IS FAMZOO?

FamZoo is a prepaid card company that was founded in 2006 by Bill Dwight. It is an online virtual family bank that can be used, obviously, by parents and children.

It specifically focuses on helping teach kids the fundamental principles of good financial management.

By using FamZoo, your kids will learn how to earn, save, as well as spend money sensibly.

What’s nice about FamZoo is that it was specifically made with children in mind.

In fact, Dwight initially created it to help his own children understand the importance of handling money wisely.

With FamZoo, parents and children can track spending and save through its website or its mobile app. Meanwhile, families can use IOU accounts to track spending.

FamZoo comes with a prepaid debit card that does not charge overdraft fees. It also does not drain the children’s parents’ actual checking account by accident. If you have lots of children, each of them gets to have their own IOU as well as debit card accounts.

Know more about FamZoo and what makes it work for young people based on a user’s perspective in the video below by Marble Jar Channel:

WHO IS FAMZOO BEST FOR?

FamZoo should appeal to parents who want to teach their children how to manage their money wisely. In the same way, it is best for children who want to learn financial literacy as early as now.

FamZoo is open to any family. All you need is to open one account per family. One parent will be the primary account holder, and they will be the ones responsible for transferring money to their kids’ debit cards as well as IOU accounts.

Children, as well as teens who earn an allowance or have a side job, may benefit the most from FamZoo as they may already have a basic concept of saving and spending money.

Although FamZoo primarily appeals to younger people, some families even use IOU accounts as well as debit cards for their college-aged kids.

Again, if you are a parent who finds teaching your kids financial management very challenging, FamZoo may just make your life so much easier.

Also, it is important to know that FamZoo is available for children who are 13 years old and above. For children below 13 years, FamZoo allows parents to get “on behalf of” debit cards.

For children below 13 years old, FamZoo expects that a parent is present when the child is making a purchase.

WHAT DOES FAMZOO OFFER?

FamZoo offers two products — the Prepaid Card Accounts and the IOU Accounts.

Prepaid Card Accounts

As mentioned, FamZoo offers a prepaid card that is ideal for children from preschool up to college.

It is a financial product that is made to be supervised and managed by parents or guardians.

Unlike other prepaid cards in the market, what makes FamZoo unique is that it offers a way to set up and divert money to different accounts for categories such as saving, investing, spending, and giving.

FamZoo debit card offers a few more perks, including:

  • No overdraft fees
  • No hidden fees
  • Free card loading options
  • Support major digital wallets, which include Apple Pay, Google Pay, and Samsung Pay

With FamZoo, parents get to retain control of the card as well as the account all the time. More so, they can set up special accounts for monthly allowances or for certain payment chores.

Unlike a typical prepaid card or debit card, a FamZoo card can be ordered online without a credit check.

The Prepaid Card Accounts come with a monthly fee, which varies between $2.50 and $5.99 per month depending on your preferred subscription.

Here’s the price breakdown per subscription:

  • $5.99 per family when you pay each month
  • $4.33 per family when you pay $25.99 in advance for six months
  • $3.33 per family when you pay $39.99 in advance for 12 months
  • $2.50 per family when you pay $59.99 in advance for 24 months

IOU Accounts

With IOU Accounts, parents get to track funds they are holding elsewhere for their kids. While FamZoo still keeps track of them, parents handle the transaction of cash and inform FamZoo about it.

The fees are similar to the Prepaid Card Account. However, instead of one month, you get the first two months for free.

For your reference, here are the four different IOU budget plans to choose from:

  • Starter Plan– This allows young children to track occasional deposits and purchases.
  • Simple Allowance/Chore Plan– Parents may opt to pay for chores or a regular allowance, which makes it easier to track their child’s earning.
  • Spend-Save-Give Plan- This plan emphasizes splitting income between saving, spending, as well as giving accounts.
  • Teen Budget Plan– This plan allows division of income between different budget percentages for the present as well as for future expenses.

HOW DOES FAMZOO WORK?

To be honest, FamZoo is like a serious play.

You are probably wondering why. Well, it’s because using it turns parents into bankers for their kids.

You get to use FamZoo by buying a subscription. In the subscription, each family gets a primary card, which is controlled by the parents, as well as additional cards. The number of cards depends on how many your children are.

The primary card is like the bank. It is the one that is responsible for funding the children’s cards. Meanwhile, the primary card is funded by a different bank account owned by one of the parents.

Your children’s cards can also be funded by another bank account, which makes it ideal if your kids are planning to do a part-time or a summer job.

Like a typical debit card, each of FamZoo cards does have its own routing and account number, which means you can use it to set up direct deposits or bank transfers.

It is also important to know that your children are not limited to having just one debit card. In fact, your kid or each of your kids can have several cards. It’s like having several piggy banks for different spending goals.

To make it easier for the cardholder to identify which one is for a specific spending goal, the cardholder can use the custom label embossed beneath the cardholder’s name.

As mentioned in the previous section, FamZoo does not require a credit check, which means regardless of your credit standing, you can open one for your family.

With FamZoo, both parents and children get to view their account activity on a shared dashboard.

This platform can also be used by parents to set allowances as well as give rewards to their kids for doing certain duties.

Parents can also withhold money so their children can save cash for a rainy day or give it to a charity of their choice.

Furthermore, FamZoo also enables parents to add interest to savings as well as create penalties for certain behaviors. They may also offer loans like what banks do.

With IOU accounts, parents will have the ability to track funds they are holding on their children’s behalf. IOU accounts provide information on how much money is owed to your kids. Similarly, parents may also set up IOUs for cash owed by their kids. Expense sharing may also be set up with IOUs.

Another thing is that, with the cards, children can spend money at the same time, record where it was spent. This allows parents to see exactly what their kids are spending their money on.

FamZoo is compatible with both iOS and Android mobile apps. If case mobile apps are not your cup of tea, you may opt to access your account via the company website.

Additionally, you may also opt to text or email commands to FamZoo if you are unable or not in the mood to use the mobile app.

For text commands, all you need to do is send a text message to 41411 using this format: “famzoo [quick-command]”. You will then immediately receive a reply. You may opt to check the quick command reference guide on the FamZoo website to know every single command that is available. Text commands come in both short and long versions.

ARE THERE FEES INVOLVED?

Just like in a typical bank, it is important to look into the costs involved.

FamZoo does not charge overdraft fees as well and does not have hidden fees.

However, it does have a per-family subscription fee.

The subscription fee costs $5.99 per month. But this can be reduced to $4.33 per month if paid every six months, $3.33 per month for payments done annually, as well as $2.50 per month if you pay a one-time payment for 24 months. The latter choice is definitely the best deal available.

Also, FamZoo offers a free trial so you get to check first if the platform works for you or not before you start subscribing to it. Also, FamZoo allows you to switch plans at any time. All you need to do is contact FamZoo.

Additionally, FamZoo charges a one-time shipping fee after the fourth card, which costs an additional $2 for each card.

For your reference, here’s a list of fees you should be aware of:

  • Overdraft Fee – $0
  • Reload fees – $0 for direct deposit, digital wallets, and FamZoo card transfers. Up to $6 for bank account transfers and retail stores.
  • Inactivity Fees – $0
  • In-network MoneyPass ATM withdrawals – $0
  • Out-of-network ATM withdrawals – Varies (However, FamZoo doesn’t charge an extra fee.)
  • Foreign transaction fee – 3%

HOW TO OPEN AN ACCOUNT WITH FAMZOO?

In the previous sections of our FamZoo review, we talked about the most important details you need to know about this platform.

This time, let’s talk about how to actually open a FamZoo account.

To sign up, all you need to do is visit the FamZoo website and click the “Sign Up Now” button. You will then be asked to choose between Prepaid Card Accounts and IOU Accounts.

As mentioned, while both charges the same, Prepaid Accounts offer a one-month free trial only, while IOU accounts offer two months free trial.

To start your subscription, you will need to provide some personal information including your name, email, phone number, as well as your preferred password.

The whole process is quick and simple. You can finish it in just a few minutes.

IS FAMZOO SAFE?

Your personal data and account safety is important. Thus, in this part of our FamZoo review, we are going to see how secure this financial platform is.

For those with Prepaid Card Accounts, it is important to know that you can lock them at any point if they are either lost or stolen.

In addition, parents can also lock the cards if they worry about their kid’s spending habits.

As mentioned, children aged 12 and below cannot have their own cards. However, it is possible for them to use cards under their parents’ names.

All funds under Prepaid Card Accounts are stored in financial accounts that are insured by the Federal Deposit Insurance Corporation (FDIC). With prepaid card accounts, all information is stored with TransCard.

Meanwhile, for IOU accounts, there really is not money at risk when you opt for this.

So, is FamZoo safe? Definitely, it is.

WHAT ARE THE UPSIDES OF FAMZOO?

We are almost done with our FamZoo review. But first, here are some of the advantages of using FamZoo:

  • Teaches Kids The Value Of Money – FamZoo is specifically designed to teach kids how to efficiently handle finances. So, if you are a parent who finds it hard to instill financial literacy by simply talking to your kids, this is the best way to do it instead.
  • Intuitive User Experience – Both the online and mobile platforms are easy to use.
  • Service Can Be Customized – FamZoo can be tailored based on your specific needs and requirements to help your kids better appreciate financial values and expectations.
  • Parental Controls – Although your kids get to access the account, parents still have control. In fact, parents can lock their children’s cards if they find it necessary.
  • Digital Access – FamZoo is available both online and mobile.
  • Low Fees – Although there is a subscription fee, generally, it still is low as compared to other financial platforms available in the market.

WHAT ARE THE DOWNSIDES OF FAMZOO?

To complete our review on FamZoo, here are some of the downsides of this financial platform:

  • No Free Plan – Unfortunately, FamZoo does not offer a free plan. The cost of the monthly subscription may be an added cost for families with a meager income.
  • Manually Input Transactions for Non-FamZoo Debit Card Purchases – To manually input transactions for non-FamZoo debit card purchases can be quite a daunting task.
  • Prepaid Cards are Available in the US Only – The FamZoo financial platform is only available for those living in the US. Outsiders can only avail of IOU accounts.

FINAL THOUGHTS ON FAMZOO

FamZoo is a financial platform that is specifically designed to help teach kids how to handle their money efficiently. It’s a great tool parents can use to instill in their children the right knowledge on financial management.

Given all the information we provided, do you consider using FamZoo?

With this FamZoo review, we hope you are able to gauge between the pros and cons and decide if this platform is ideal for you and your family.

Categories
Mobile Banking

American Express Bank Review: Providing Top Of The Line Savings Account

In this American Express Bank review, you will find how this well-recognized financial institution provides a top-of-the-line savings account and see if it’s right for you.

American Express Bank Review: Providing Top Of The Line Savings Account

The best way to build long-term wealth is by earning money and then, investing it in the right channels or platforms.

There are actually a lot of banks and other financial institutions out there that offer high-yield savings account, which definitely is a come-on. It’s very appealing given the fact that your money grows while it sits in the bank or a financial institution.

But wait, what is the attitude of Americans towards saving money?

Before the pandemic hit the country (and the world in general) in 2020, data from different studies show that many Americans are that good at saving money. In fact, there were still a few who are unbanked.

However, things changed when the pandemic happened.

A new survey conducted by Bankrate says that 54% of Americans have more emergency savings now than credit card debt. This was 5% higher as compared to the previous year, which was pre-pandemic.

The whole COVID-19 thing has changed the way people save money especially building an emergency fund.

Now, speaking of saving money, a high-yield savings account is absolutely the most ideal product especially if you intend to build an emergency fund. You know, as you keep adding money to the account, the more it earns.

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As mentioned earlier, there are actually a lot of banks and other financial institutions that offer competitive rates on a savings account. With so many options to choose from, it is important to be smart in selecting your savings account.

One of the many options available is that of American Express Bank.

In the next few sections you are going to find out the most important details you need to know specifically about the American Express Personal Savings account.

Particularly, we are going to focus on providing answers to the following questions:

  • What is American Express Bank?
  • Who is American Express Bank best for?
  • What does American Express Bank offer?
  • How does American Express Bank’s online banking work?
  • Are there fees involved?
  • How to open an account with American Express Bank?
  • Is American Express Bank safe?
  • What are the upsides of American Express Bank?
  • What are the downsides of American Express Bank?

WHAT IS AMERICAN EXPRESS BANK?

Many people know American Express Bank as a popular credit card company. However, what people are not that aware of is that it also has an arm devoted to bank accounts.

American Express National Bank is a member of the Federal Deposit Insurance Corporation (FDIC). It is solely dedicated to personal banking solutions for consumers.

American Express offers online savings as well as a certificate of deposit accounts.

The bank’s personal savings account is actually one of the best online savings accounts you will find in the market today.

The American Express Bank is under the American Express Company, a multinational financial services corporation that is headquartered in New York City. The company was founded in 1850.

To know more about the American Express Bank and the products it offers, check out this informative video by Adam Venture:

WHO IS AMERICAN EXPRESS BANK BEST FOR?

Surely, American Express is one of the most popular credit card providers. But, there’s more to it than just credit cards.

American Express Bank is ideal for consumers who are looking for a bank that offers a high-yield savings account as it is definitely one of the top contenders for this area.

In addition, the bank should also appeal to consumers who prefer banking online instead of going to a physical branch location.

American Express Bank lets you open a certificate of deposit with no minimum deposit required. So, if you want to avail such a perk, then this is definitely a bank to consider.

Also, the bank should be a great choice for consumers who want to keep a savings account at a different bank from their main accounts, as well as open a savings account without monthly fees or minimum balance requirements.

WHAT DOES AMERICAN EXPRESS BANK OFFER?

American Express is one of the most popular credit card providers. But, not a lot of people know that the bank actually offers personal deposits as well, which includes a high-yield savings account and certificate of deposit accounts.

For the purpose of this American Express Bank review, we are going to focus only on both savings and CD accounts.

High-Yield Savings Account

If you are specifically looking for a savings account with high earnings potential, the American Express High-Yield Savings account is an ideal choice.

Currently, the account earns a 0.40% annual percentage yield (APY). Please take note that the interest is earned daily and is posted on a monthly basis.

Unlike other savings account offered by competing banks, American Express Bank does not charge monthly fees and does not require a minimum balance. However, the bank automatically closes an account with zero balance for 180 days.

Moving on, what’s nice about an American Express Bank savings account is that it can easily be connected to other bank accounts. Thus, allowing the account holder to transfer money back and forth anytime he or she wants to.

Meanwhile, to open an account or start making a deposit, all you need to do is either link your account to an external bank account or send a check via mail. The bank does not require a minimum deposit to open a savings account.

The American Express Bank savings account is accessible 24 hours a day, seven days a week online, or by calling the bank’s customer service.

Similar to other savings accounts out there, the American Express savings accounts are subject to federal Regulation D, which means account holders are not allowed to make more than the usual maximum of six withdrawals/debits per statement cycle.

It is important to know, though, that if you regularly exceed the six-withdrawal monthly limit, the bank may freeze or close your account, or change it so that it doesn’t earn any interest. Thus, you have to be very mindful about your monthly withdrawals to avoid this from happening.

Apart from all the perks we’ve already mentioned, American Express Bank also provides an option to convert your savings account to a CD account if in case you decide you want to keep your money for the long haul and get a chance to earn more.

Setting up the account is very easy. If you decide to convert your savings account to a CD account, it is important to know that you cannot contribute more money to a CD account. This should not be a concern, though, if you really want to take advantage of what a CD account has to offer.

Certificate of Deposit (CD) Account

Unlike its savings account, American Express Bank certificate of deposit (CD) accounts are not as competitive.

However, it does have a huge advantage because the bank’s CD account does not have a minimum deposit requirement, which is not a common cause because normally, banks require a minimum deposit of either $500 or $1,000. Some banks even require more.

With American Express Bank, you can open a CD account with whatever amount you have at the moment.

Similar to other banks, early withdrawals are penalized as well. The penalty varies depending on the CD term. The range would usually range from 90 to 540 days’ worth of interest.

American Express Bank CDs term ranges from 6 months to 60 months with rates that range between 0.10% and 0.55% as of this writing.

HOW DOES AMERICAN EXPRESS BANK’S ONLINE BANKING WORK?

American Express Bank account holders do not have the option to visit a physical branch like other financial institutions of a similar type. However, they do have the option to reach someone from the bank anytime and any day if there is any concern.

The digital banking experience varies depending on what product you have. For those with savings accounts, do not expect too many digital frills. By logging in to your online banking account, you get to take care of tasks like moving money from one account to another.

Meanwhile, customers with AMEX Serve prepaid debit cards, a product that is provided and issued by the American Express Travel Related Services Company, gets access to a mobile app that allows users to do tasks like deposit checks and pay bills.

Since American Express Bank does not intend its personal savings account to be used like any other typical savings account, it does not come with a debit card, checks, as well as ATM access.

ARE THERE FEES INVOLVED?

By now you already know a lot about the American Express Bank.

This time, in this part of our American Express Bank review, we are going to talk about fees.

As mentioned in the earlier sections, the bank does not charge monthly or annual fees, as well as strange fees. Furthermore, it does not require a minimum balance for its savings account.

Like any other bank, savings account holders are limited to making six transactions per month. However, American Express Bank does not charge extra if you go over the limit.

While it sounds great, it is important to know that the bank does reserve the right to freeze or close your account or change it so that it doesn’t earn any interest – whatever is applicable.

HOW TO OPEN AN ACCOUNT WITH AMERICAN EXPRESS BANK?

The American Express Bank is an online-only bank, which means opening an account is easy and very accessible. All you need to do to start opening an account is go online.

Apart from that, you may also opt to sign up over the phone by calling the bank at 1-800-446-6307.

American Express Bank does not have a mobile app, so, the only way to deposit money into your account apart from the electronic transfer is to send a check directly to the bank.

Meanwhile, to be able to transfer money between your savings account and your external bank account, all you need to do is follow the following procedure as stated on the American Express website:

  1. Open an Account. To verify your identification, American Express uses your personal details to check public records – without affecting your credit.
  2. Register your online savings account after you receive your confirmation email (within minutes of applying).
  3. Sign in and fund your new account by linking to your current bank or mailing a check. Linking your external account can take up to 2 days. Transfers typically take less than 24 hours once linked.

IS AMERICAN EXPRESS BANK SAFE?

One of the many concerns that customers have especially when it comes to all-digital banking is the safety and security of their personal data and their money.

American Express is a well-known financial institution, which means it does have integrity when it comes to safety and security matters.

Rest assured that American Express has put multiple security systems in place to ensure your accounts and your personal information are safe and secured.

In fact, the bank uses 128-bit Secure Sockets Layer (SSL) technology to encrypt all data. Additionally, the bank also uses other safeguards such as hone security questions, email confirmations of password changes, automatic account time-outs, and a lot more.

As mentioned, American Express Bank is a member of the FDIC, which means all accounts are insured for up to $250,000 per depositor, per account ownership category, in case of a bank failure.

WHAT ARE THE UPSIDES OF AMERICAN EXPRESS BANK?

To give you a better view of what to expect and what not to expect from the bank, in this part of our American Express Bank review, we are providing you with the upsides of the institution, which include:

  • High-Yield Savings Account – American Express Bank offers as high as 0.40% APY on its savings account, which definitely is one of the best offered in the market today.
  • No Minimum Deposit Required – The bank does not require a minimum deposit on its savings account, which means you can open an account with whatever amount you have at the moment — regardless if it’s spare cash or not. Similarly, the bank does not require a minimum deposit requirement for its certificate of deposit (CD) account as well.
  • No Monthly Fees – Unlike most online banks, American Express does not charge monthly service fees or overdraft fees. In fact, it does not charge any fees at all with any of its accounts, which is quite surprising because banks of similar types usually charge a lot of different fees.
  • Interest can be Withdrawn during the CD Term – Unlike other banks, American Express allows you to withdraw the interest you’ve earned in your CD account during the term.
  • 24/7 Online and Phone Access – American Express account holders may access their accounts via online channels or through phone anytime and on any day of the week.
  • FDIC Insured – All American Express accounts are insured by the FDIC, which means each depositor receives up to $250,000 per account ownership in case of a bank failure.

WHAT ARE THE DOWNSIDES OF AMERICAN EXPRESS BANK?

To complete our American Express Bank review, below are some of the downsides of American Express Bank:

  • No Mobile App – Unfortunately, American Express does not have a mobile application where customers can easily access their accounts. For personal savings and CD account holders, they may access their accounts via online banking or by calling the bank’s customer support hotline.
  • No Physical Branch Location – American Express Bank is an entirely online bank, which means customers do not have access to a physical branch location. For any immediate concern you may have with your account, you may ask help by calling the bank’s customer support.
  • Limited Product Offerings – Unlike other popular banks, American Express is limited to personal savings and CD accounts only. Sad to say, the bank does not offer checking or money market accounts yet.
  • No Mobile Check Deposit Option – To deposit money to your account, you have two options — either to do an electronic transfer or to send a check via mail.
  • No Debit Cards or ATM Access – Unfortunately, the American Express savings account does not come with a debit card or ATM access. To withdraw money, you need to transfer it to your linked checking account first.
  • No Checks – Similarly, American Express Bank does not provide check options as well.

FINAL THOUGHTS ON AMERICAN EXPRESS BANK

American Express Bank is a well-known credit card provider. However, what people do not know much is that it also offers bank accounts. Particularly, the bank offers a personal high-yield savings account and a certificate of deposit account.

While its CD accounts’ rates are not as competitive, the bank’s personal savings account has definitely one of the best rates in the industry to date.

Although the rates may entice a lot of customers, unfortunately, the bank does have its share of downsides, including not having mobile app access. Savings and CD account holders may access their accounts either through online banking or via phone call to the bank’s customer support.

Given all the information we provided, do you think American Express Bank provides everything you need in a bank?

We hope that through this American Express Bank review, you are able to gauge whether it’s the right one for you or not.

Categories
Mobile Banking

Yotta Savings Review: Saving and Winning Money In One Mobile App

In this Yotta Savings review, you will see how this fintech company makes saving more interesting by adding a weekly chance to win a lottery jackpot.

Yotta Savings Review: Saving and Winning Money In One Mobile App

For many people, saving money whether it be in the bank or other financial institutions is a drag. They find it not worth it especially since the interests on savings accounts are usually low.

Ironically, some people would rather spend money joining or betting on lotteries instead of saving their money in the bank.

In fact, a report published by the United States Bureau of Labor Statistics says that from the third quarter of 2017 to the second quarter of 2018, Americans spent an average of $132.43 on lottery tickets.

Meanwhile, data from Statista says that in 2020, the largest lottery sales were in New York, generating approximately 9.74 billion U.S. dollars. This was followed by Florida as well as Texas, with lottery sales that amount to 7.5 billion and 6.7 billion U.S. dollars, respectively.

If you think about it, that’s a lot of money spent on lotteries. More so, that’s too much money spent on something that you are unsure of. After all, only a few wins the prize, right? The probability of taking home the prize is way too far, to be honest.

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Still, a lot of people are into it instead of saving that money on banks or other financial institutions instead.

But, what if you get the best of both worlds? You know, hitting two birds with one stone?

Sounds impossible? Does it seem like a crazy idea?

Well, apparently, you are wrong, because that is exactly what Yotta Savings is trying to address.

The company offers both savings, at the same time, provides its customers an opportunity to win the weekly lottery!

So, does the company do it? Well, you are going to find out as you go along this Yotta Savings review.

Specifically, this in-depth review will focus on providing answers to some of the most commonly asked questions about this online financial platform, which include:

  • What is Yotta Savings?
  • Who is Yotta Savings best for?
  • What does Yotta Savings offer?
  • How does Yotta Savings work?
  • Are there fees involved?
  • How to open an account with Yotta Savings?
  • Is Yotta Savings safe?
  • What are the upsides of Yotta Savings?
  • What are the downsides of Yotta Savings?

WHAT IS YOTTA SAVINGS?

Yotta Savings is a financial technology or fintech company that offers an alternative interest rate structure on savings.

Founded in October 2019 by Adam Moelis and Ben Doyle, this New York-based company provides a savings application with lottery elements, which makes it very unique to what other fintech companies offer.

Inspired by the United Kingdom’s Premium Bonds program, Yotta integrated gamification elements with traditional savings.

By using Yotta Savings, account holders get to save money, at the same time, have the chance to win a $10 million jackpot, along with a multitude of other prizes and rewards.

But the good things do not end with the lottery prize alone.

Yotta functions as a basic savings app that provides a relatively high annual percentage yield of up to 4%.

Yotta does not only provide customers with a fun take on savings app but that also provides customers a chance to hold their money in a high-yield savings account.

The good things about Yotta Saving continue —

Apart from the chance to win a lottery prize, as well as earn a high interest rate on a savings account, Yotta ensures that all deposits are safe in case of an unfortunate event.

Yotta Savings is insured by the Federal Deposit Insurance Corporation (FDIC), which means in the event of a bank failure, all deposits are insured for up to $250,000 per depositor, per account category.

Before moving on, if you want to know more about Yotta Savings, check this video by Brendan Fitness and Money:

WHO IS YOTTA SAVINGS BEST FOR?

Generally speaking, Yotta should appeal to individuals who want to take advantage of having basic savings account with a high annual percentage yield, at the same time, a chance to win a weekly lottery prize for free.

Additionally, Yotta Savings is also a good choice for people who do not want to worry about paying monthly fees or meeting account minimum requirements.

Yotta Savings is a fintech company, which means transactions are done entirely online. Thus, this app is great for people who prefer online banking and does not mind not having a physical branch to go to.

Because of the lottery aspect, this is a great opportunity for people who won’t win as much as $10 million every week without having to pay for anything! Basically, you earn 1 ticket for every $25 you deposit in your account.

WHAT DOES YOTTA SAVINGS OFFER?

Technically speaking, Yotta Savings is not a bank, but a fintech or neobank. However, thanks to its partner, Evolve Bank, Yotta Savings can provide banking services that are FDIC-insured.

With Yotta Savings, customers earn a small amount of interest plus cash-based prizes instead of earning cash interests.

Since Yotta Savings is a fintech company, everything is done entirely online. The app is accessible to both iOS and Android users.

Now, for a more thorough review, here’s what Yotta Savings has to offer:

Lottery Tickets

Yotta Savings is not your typical savings account. With every $25 that you save, you get a ticket into weekly number draws. So, if you deposit $100 for instance, you get 4 tickets every week for as long as you keep that amount in your account without making any new deposits.

A prize is chosen every Monday of the week at 9 PM EST.

What’s nice about Yotta is that, unlike the traditional lottery, customers do not lose any money at all. They just gain some if they win.

Meanwhile, picking numbers as well as handing out prizes is done by a third-party insurance company.

Savings Rewards

Yotta’s base savings reward is 0.20%. While multiple outlets have tried calculating how much the “average” could earn with Yotta in rewards, there has been no concrete result.

Nevertheless, effective rate calculations factor in the base rewards plus the winning prize from lottery tickets.

Currently, Yotta’s weekly lottery prize ranges between $0.01 and $10 million, including partial ticket matches that pay out small amounts of money.

Debit Card

Yotta Savings is launching its debit MasterCard soon.

What’s nice about it is that you get to earn tickets by simply using it. For every $10 spent, you will earn one ticket to the following week’s draw.

Additionally, there is a chance to win the item you have just purchased for free.

Cardholders will also be upgraded automatically to a premium metal card once they have made 10 referrals.

Referral Program

Each customer gets to have a unique referral code, which allows them to earn extra 100 tickets for the lottery.

Similarly, the person they are referring to will also earn the same number of tickets for the lottery.

HOW DOES YOTTA SAVINGS WORK?

Now that you already know what to expect from the Yotta app, this part of the Yotta Savings review will focus on providing you information on how the app actually works.

Using the Yotta Savings app is very simple and easy.

First, you make a deposit. You may deposit by simply choosing your bank to deposit from.

As mentioned, for every $25 that you save, you automatically earn one ticket into the weekly number draws.

If you deposit $50, then, you get 2 tickets every week for as long as you keep that $50 in your account without making any new deposits.

Second, for every Money, you need to pick 7 numbers for each of your tickets.

If you forget to pick your numbers before the draw, that’s fine. Your ticket will be automatically picked if you are not able to complete it in time.

Third, the draw is done every week with one number drawn every night at 9 PM EST. The final number is drawn on Sundays, and the winnings for the week are made.

Lastly, Yotta lets you earn up to $10 million every week!

If you want to earn more, you just got to match as many numbers as possible. However, if you match all seven numbers, you take home the $10 million jackpot with you.

It is important to know that Yotta Savings is primarily a savings account, which allows you to earn a 0.20% interest rate.

However, if you include the value of the current prizes, account holders could get up to 4% all-in on your savings, which is definitely the highest rate out there.

Ultimately, what makes Yotta unique is the fact that it allows its account holders to save in a separate account, at the same time, play the lottery without any risks involved.

Withdrawal Limits

Similar to other banks, Yotta Saving account holders are limited to six withdrawals only per statement period.

In addition, these dollar limits apply: $10,000 per day, $40,000 per month, and $100,000 per year.

ARE THERE FEES INVOLVED?

With all these opportunities and perks that Yotta Savings provide, you’d probably think it will cost you a lot to benefit from it all.

Well, guess what?

Yotta Savings does not charge any monthly service fee, as well as it does not require any minimum deposit or minimum balance requirements.

Furthermore, the app does not charge overdraft fees as well.

The only possible fee that you will be charged is ATM fees if you decide to make cash withdrawals.

However, the company says it is currently working on creating its very own in-network ATM system. So, sooner or later, customers will also get to enjoy free ATM transactions.

HOW TO OPEN AN ACCOUNT WITH YOTTA SAVINGS?

Now that you already know the most important details about the Yotta Savings app, this time, let’s talk about how to actually open a Yotta Savings account.

To start with, you have to download the Yotta Savings app, which is available for both iOS and Android devices.

Now, to sign up for a Yotta Savings account, similar to other banks, you will be asked to provide some basic personal and financial information such as your name, address, phone number, birth date, as well as your Social Security number.

Do not worry about seeing a hit to your score because Yotta will not pull your credit.

Once you are done creating your account, you will then be prompted to input your bank account details.

Please take note that Yotta requires account holders to have a US-based bank account. Otherwise, you will have to make one first before you can start using Yotta.

Yotta has no restrictions on which bank accounts to connect. However, it has to be a regular checking account from a bank based in the United States.

Yotta Savings has partnered with Plaid, which ensures you can connect any bank account to the app without any hassle.

IS YOTTA SAVINGS SAFE?

The safety of your money and your personal information is important to Yotta. That is why it has put all necessary safety and security measures in place.

First, Yotta Savings uses military-grade 256-bit AES encryption on all customers’ personal data and transfers information using secure SSL channels. With these security measures in place, hackers should have a hard time trying to get into your account.

Second, your money is not actually held with Yotta. This means that if the company goes under, creditors cannot come after your funds.

Lastly, as mentioned earlier, all deposits on Yotta Savings are FDIC-insured. Thanks to its partnership with Evolve Bank.

All accounts are insured for up to $250,000 per depositor, per account category in the event of a bank failure.

So, overall, the Yotta Savings app is very safe to use. Both your personal information and your money are well taken care of.

WHAT ARE THE UPSIDES OF YOTTA SAVINGS?

This Yotta Savings review will not be complete without sharing with you a list of the pros and cons of using Yotta Savings.

In this section, we are going to focus on the upsides of Yotta Savings first. This includes:

  • Excellent Savings Account – Yotta Savings’ base interest rate is 0.20%, which means no matter what, your money will grow. However, if you add the weekly cash bonuses, most account holders could end up earning as much as 4% (even more) APY on their accounts.
  • Unique Gamification Elements – Apart from providing you a basic savings platform, Yotta also takes advantage of the oddities of human psychology to incentivize people to save more money.
  • No Monthly or Overdraft Fees – Apart from the fact that Yotta provides a very unique way to make people save money by providing them a chance to win a prize at the same time, Yotta also makes saving stress-free by not charging monthly service fees or overdraft fees.
  • Free Weekly Lottery – Unlike typical lotteries, with Yotta, account holders need not worry about paying for lottery tickets, because they’re free! All you need to do is deposit money into your account. For every $25, you automatically earn 1 ticket for yourself.
  • Chance to Win Millions – Yotta Savings app provides each account holder the chance to win for up to $10 million every week. What’s nice about it is that you have chances to win without having to lose any at all. As mentioned, you earn a lottery ticket for every $25 deposit made.
  • Referral Bonus – Just when you thought the good things are over, well, not yet. If you refer a friend to Yotta, you instantly get 100 lottery tickets for free when they sign up and make an account. Furthermore, the same number of tickets will also be given to your friend/s.

WHAT ARE THE DOWNSIDES OF YOTTA SAVINGS?

In the above section, we’ve shared some of the highlights of Yotta Savings.

To complete our Yotta Savings review, here are some of the downsides of the app:

  • Entirely Mobile – Unfortunately, Yotta Savings is only accessible through its mobile app. Unlike other fintech companies, this does not allow you to access your account on a desktop computer. Good thing though as the app is very easy to use, and does not have major concerns.
  • Average Base Rate – If we are just going to look at the base rate, there are surely other banks and financial institutions that offer higher than that.
  • No Fee-Free ATM Network – As of this writing, Yotta Savings does not have a free ATM network. So, while it does not charge monthly service fees or overdraft fees, customers will have to deal with ATM fee charges instead.
  • Lack of Features – Yotta was created solely for savings. It does not offer any other traditional banking services like checking accounts, certificate of deposit accounts, or retirement accounts.

FINAL THOUGHTS ON YOTTA SAVINGS

Yotta Savings is a fintech company that offers savings account as well as an opportunity to win a weekly lottery prize of up to $10 million.

It’s a great option especially for people who love joining lotteries. What’s nice about Yotta is that you don’t lose anything. You earn a ticket for the lottery draw for every $25 deposited to your account.

Given all that Yotta Savings offers, do you think this is the right account for you?

Through this Yotta Savings review, we conclude that Yotta is definitely worth considering, especially for people who want to enjoy the benefit of having a savings account and a chance to win up to a $10 million lottery prize for free.

Categories
Mobile Banking

HSBC Online Banking Review: Everything You Need To Know

If you are looking for an established full-service bank that offering digital banking services, then, this HSBC online banking review is for you.

HSBC Online Banking Review: Everything You Need To Know

While traditional banking is still far from being off the market, digital banking has definitely changed the way people bank.

In fact, according to an article published by Business Insider, it says that convenience and quickness are two of the primary reasons that make digital banking attractive to consumers.

It is not surprising though because digital banking has absolutely made things so much easier. In just a few clicks, you get to send money to a loved one, pay for a purchase, deposit a check, as well as manage your finances. Needless to say, you get to access your account whenever and wherever you want.

Digital banking provides so many things that traditional banking does not. Agree?

Now, with the advent of technology as well as digital banks, traditional banks like HSBC had to cope up. They had to ensure they get to provide their customers the same convenience and ease that digital banks provide. Thus, the birth of online banking.

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According to Investopedia, online banking, also known as Internet or web banking, allows users to conduct financial transactions via the Internet.

Basically, consumers get to do whatever they want with their money without having to go to a bank branch location.

Online banking services vary from one bank to another. Generally, though, online banking allows customers to do almost every service done traditionally like deposits, transfers, bill payments, as well as paying for online purchases.

Online banking may be accessible through a desktop computer or a smartphone or both.

Now, as mentioned, the majority (if not all) of traditional banks now offer online banking services – including HSBC.

Having said that, this in-depth review on HSBC online banking will provide you the essential information you need to know to see how it fares from other online banking services out there.

In particular, we are going to tackle the following items:

  • What is HSBC?
  • Who is HSBC best for?
  • What does HSBC offer?
  • How does HSBC online banking work?
  • Are there fees involved?
  • How to open an account with HSBC?
  • Is HSBC online banking safe?
  • What are the upsides of HSBC?
  • What are the downsides of HSBC?

WHAT IS HSBC?

Formerly known as Hongkong and Shanghai Banking Corporation, HSBC is one of the largest international banking and financial services organizations out there. It has been in the banking industry since 1865.

The bank is present across 66 countries and territories. In the United States alone, HSBC has more than 160 branches in eight states namely: California, Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia, and Washington, plus Washington, D.C.

Generally, HSBC is a full-service bank like any other brick-and-mortar bank. It offers a variety of products and services that will surely benefit the public.

Get to know HSBC more in this video below by Alux.com:

Although the bank does only have limited physical branch locations in the country, people living outside the above-mentioned states can still avail and open an account with the bank through HSBC Direct.

HSBC online banking is available for HSBC brick-and-mortar clients as well.

Customers can take advantage of the bank’s checking and savings accounts, loans, as well as credit cards, and a lot more.

WHO IS HSBC BEST FOR?

HSBC is a full-service international bank that offers online banking services through HSBC Direct.

Generally, the bank should appeal to those who want to bank with a well-known banking institution, at the same time, interested in lending and investment options through the same bank.

The bank is also an ideal choice for those who want to bank with an established institution and wants to take advantage of its online banking services.

Generally, HSBC is a good option if you want to carry high balances and earn a modest annual percentage yield (APY) on your money.

With HSBC Direct, however, you get to earn competitive rates on the Direct Savings option.

Additionally, HSBC online banking has low opening deposit requirements, which makes it ideal for those who want to start saving up with a limited budget to start off.

HSBC Direct does not charge ATM fees, which makes it a good choice for those who want to get away with that.

WHAT DOES HSBC OFFER?

As mentioned, HSBC is a full-service bank that offers both personal and business financial products and services.

The bank offers checking, savings, certificates of deposit (CDs), credit cards, loans, mortgages, as well as insurance and retirement products.

For the purpose of this review, however, we are going to focus on personal deposits, which include:

  • Checking Accounts
  • Savings Account
  • Certificate of Deposit

Checking Accounts

HSBC online banking offers four different types of checking accounts. You can choose from the following:

HSBC Premier Checking

This checking account is available to open online.

This pays an annual percentage yield (APY) of 0.01%, which is not that much, however, it’s on par with comparative accounts at the biggest banks out there.

For the HSBC Premier checking account, account holders must maintain a balance of at least $75,000 or at least $5,000 direct deposits every month to avoid the very steep $50 monthly fee.

In addition, the fee can also be avoided by having an HSBC residential mortgage loan of $500,000 or more.

At the moment, the HSBC Premier Checking account is offering a bonus. All eligible new customers get a $450 Welcome Deposit for opening a new account through its online platform, at the same time, for completing qualifying activities.

HSBC Premier Checking offers unlimited out-of-network ATM reimbursements in the country.

HSBC Advance Checking

For this checking account, account holders must maintain $5,000 in combined U.S. Dollar personal deposit accounts and investment balances or a monthly recurring direct deposit from a third party to an HSBC Advance checking account or an HSBC U.S. residential mortgage loan to avoid the $25 monthly fee.

The HSBC Advance checking account comes with unique features including free checks, an option to apply for credit as well as up to four rebates per month on non-HSBC ATM charges (except for New York).

HSBC Choice Checking

For this particular checking account type, the $15 monthly fee can be waived if you meet any of the following requirements:

Recurring qualifying direct deposits to your Choice Checking account at least once per calendar month

$1,500 minimum balance in combined balances in U.S. Dollar personal deposit accounts and investment

Account-holders get access to HSBC ATMs worldwide, mostly with no withdrawal fees. It also offers optional overdraft protection.

This account comes with a debit MasterCard card with no annual or monthly service fees.

HSBC Basic Banking

The Basic Banking checking account has no minimum balance requirement.

It is important to know, however, that the account will incur $3 per month regardless of your account balance.

Additionally, while the first eight checks are free, the ones after that will cost $0.35 per check.

Similarly, it does have optional overdraft protection.

An HSBC debit MasterCard card also comes with it with no transaction fees on domestic purchases as well as monthly or annual service fees.

Meanwhile, HSBC Direct offers below checking account:

HSBC Direct Checking

HSBC Direct Checking account pays 0.01% APY. While it may be small, it still is appealing knowing that many checking accounts out there do not earn interest at all.

Unlike, other HSBC checking accounts, this one does not have monthly fees. Also, it only requires at least a $1 opening deposit.

Unfortunately, the account does not offer paper checks. All transactions are made via debit card.

Savings Accounts

HSBC offers four different types of savings account. These are:

HSBC Direct Savings

Direct savings is part of HSBC Direct. It is a high-yield savings account that currently pays an APY of 0.50%.

For this account type, HSBC does not charge a monthly maintenance fee. In addition, the bank only requires at least $1 to open an account.

This account is ideal if you are building your emergency fund or saving up for other financial goals.

HSBC Everyday Savings

True to its name, the Everyday Savings account is a basic savings account that earns minimal interest, currently at 0.01% APY.

Account-holders are free from fees. Additionally, this account allows customers to set up automatic transfers to help maximize savings over time.

HSBC Advance Savings

The Advance Savings account is ideal for customers who are looking for more interest-earning potential.

Advance Savings accounts earn 0.05% annually for balances of at least $15,000, while 0.01% APY for balances below that amount.

To open an Advance Savings account, you must open or have an Advance Checking account. At the same time, must meet the qualifying requirements for that account.

The Advance Savings account has no monthly maintenance fees, and it also allows automatic transfers between savings and checking accounts.

HSBC Premier Savings

If you want to earn tiered interest of up to 0.15% APY, then the Premier Savings account is perfect for you.

This account specifically comes with access to personal internet banking with complimentary bill pay services.

To open a Premier Savings account, you must have a new or existing Premier Checking account as well. In addition, customers must also meet the eligibility requirements associated with their Premier checking account.

Certificate of Deposit

Both HSBC Direct and HSBC Bank offers CD account option. Both are actually nearly identical.

Both CDs come with three-term options — 6 months, 12 months, or 24 months. The APY varies depending on the term selected. For 6 months, the APY is 0.60% while for both 12 and 24 months, it’s 0.70%.

Furthermore, depending on the terms, the interest for both Direct CDs and Online CDs may be credited and paid monthly, quarterly, semi-annually, annually, or at maturity.

To open an HSBC CD account, a minimum $1,000 deposit is required.

Meanwhile, similar to any other CD accounts, early withdrawals come with penalties. The penalties are as follows:

  • Terms of 369 days or less – 30 days’ simple interest
  • Terms between 370 and 733 days – 90 days’ simple interest
  • Terms of 734 days or greater – 180 days’ simple interest

Take note that HSBC Direct products mentioned in this review are accessible online only.

HOW DOES HSBC ONLINE BANKING WORK?

HSBC as well as HSBC Direct customers have different ways to access their bank accounts.

With the bank’s Personal Internet Banking, HSBC customers can view their accounts and balances.

Additionally, it comes with features such as viewing account information, transferring funds, as well as paying bills.

HSBC also offers mobile banking, which is available for both iOS and Android devices.

HSBC mobile app comes with the same features offered by its Personal Internet Banking plus mobile check deposits, as well as the ability to send secure messages to customer service.

Specifically for Android users, they may access the app with a Fingerprint ID. As for Apple users, they can utilize Touch ID as well as Face ID for added security.

ARE THERE FEES INVOLVED?

As mentioned in the earlier section, HSBC charges monthly fees in the majority of its account types. However, these fees can be waived if you meet certain requirements. Meanwhile, HSBC Direct products are free of monthly charges.

Additionally, the bank overs overdraft protection to avoid overdraft fees.

Access to the bank’s online personal banking platform and mobile application are both free of charge.

HOW TO OPEN AN ACCOUNT WITH HSBC?

At this point of our HSBC online banking review, we are going to talk about how to actually start banking with HSBC.

First of all, you must adhere to the following requirements:

  • You must be 18 years of age and have a Social Security Number
  • Current U.S. residential address and a U.S. residential address for the past two years
  • Valid U.S. ID (driver’s license, non-driver identification card, learner permit), passport, or Permanent Residential Card/Green Card
  • Account information for funding your new account

To open a regular HSBC checking, savings, or CD account, you may visit the bank’s website and simply choose the product your want to open.

Meanwhile, for HSBC Direct Checking or Savings account, you may go to HSBC Direct website.

Like any other banks out there, be ready to provide your personal information to complete the whole account application process.

IS HSBC ONLINE BANKING SAFE?

HSBC is one of the well-known international banks for no reason. It has been in the banking industry for years. Thus, when it comes to the security and safety of your personal data and your money, you are assured that everything is well taken care of.

Whether it be the HSBC website, HSBC Direct website, or the bank’s mobile app, security and safety of customer data is a top priority.

In fact, specifically for the HSBC mobile app, as mentioned earlier, Android users may access it with a Fingerprint ID. Apple users may likewise utilize Touch ID as well as Face ID for added security.

As for your money, HSBC is a member of the Federal Deposit Insurance Corporation (FDIC), which means all deposits are insured up to $250,000 per depositor, per account category, in case of a bank failure.

WHAT ARE THE UPSIDES OF HSBC?

In this part of our HSBC online banking review, we give you some of the benefits of banking with HSBC. This includes:

  • Competitive Yield for Online Savings Accounts – HSBC offers fairly competitive rates for its savings accounts. This allows customers to save, at the same time, grow their money.
  • International Presence – HSBC is an established bank. The fact that it has an international presence, customers get to enjoy some exclusive perks.
  • Mobile Check Deposit – Mobile check deposit is supported by HSBC mobile app.
  • Monthly Maintenance Fees Can Be Waived – HSBC may be charging monthly fees, but they’re waivable for as long as customers meet certain requirements.
  • No Monthly Fees for HSBC Direct Accounts – If you choose to open an account to the online division of the bank, HSBC Direct, you get to enjoy a no monthly fee benefit.

WHAT ARE THE DOWNSIDES OF HSBC?

While it has its share of pros, banking with HSBC also has some downside, and it includes the following:

  • No Check-Writing Privileges for HSBC Direct Checking Accounts – HSBC Direct is entirely online, thus, it does not have check-writing privileges as a typical checking account provides.
  • Limited Local Bank Branches – Unfortunately, HSBC has limited bank branches in the U.S. Its 160 branches are only present in eight states, which include California, Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia, and Washington, plus Washington, D.C
  • Monthly Fees for HSBC Accounts – Except for accounts under HSBC Direct, everything else charges monthly fees. However, these can be waived if you meet the requirements.

FINAL THOUGHTS ABOUT HSBC ONLINE BANKING

HSBC is a well-known and well-established international bank that offers online and mobile banking.

It does offer a wide selection of products and services including personal deposit accounts such as checking, savings, and certificate of deposit accounts.

If you are looking for a dependable and trustworthy bank, HSBC is definitely a good choice. However, when it comes to rates, while some products offer competitive rates, others are kind of low compared to other similar products offered by other banks.

With that said, do you think HSBC is the right one for you?

We hope that through this HSBC online banking review, you get to see how the bank fare compared to other banks with similar product offerings out there.

Categories
Mobile Banking

Digit Review: Automatic Savings Tool That Helps People Save Consistently

Creating a savings habit can be difficult. But, in this Digit review, you’ll see how this platform helps people consistently save money.

Digit Review: Automatic Savings Tool That Helps People Save Consistently

Not all people are good at saving money. Some are geniuses and consistent, but most of us, we sometimes find it hard — or maybe we are just being stubborn.

The majority of Americans are terrible savers, says a report online by CNN Money. In fact, the report, which was published in 2017, says that a quarter of people in the United States still have no savings at all.

Of course, there are various reasons for that — there’s not having enough money to save, no trust in banks, etc. But then again, if you think about it, having no savings is a scary place to be in because you never know what life will be throwing at you. You have to be prepared.

Meanwhile, an article published by The Wall Street Journal says that in 2018, saving was up by 17% from the previous year based on a report by the Commerce Department. This number beats consumer spending’s at 5.2% and business investment’s, which was at 7.8%.

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It’s probably safe to say that year after year, American saving habit changes — for the good.

With the pandemic that has happened in 2020, we wouldn’t be surprised if the numbers grow even more by the end of this year. You know, people learn from their mistakes.

But apart from what’s happening around, one of the many factors that must have helped change the way people save is the advent of digital banking.

Digital banking helps make things so much easier for savers and consumers in general. With just a click of a finger, you get to manage your finances. No hassles at all.

While there are lots of online banking platforms out there to choose from, today, we are obviously going to focus only on one — that’s Digit.

Digit is a company that might have revolutionized the way consumers save money by launching an app that helps you automate and separate your savings by connecting to your checking account and uses an algorithm to make automatic withdrawals every few days, and then deposits the money into a separate, but non-interest bearing savings account.

Sounds interesting?

Well, in the next few sections you are going to know more about Digit and how it makes saving ease.

In particular, we are going to tackle the following:

  • What is Digit?
  • Who is Digit best for?
  • What does Digit have to offer?
  • How does Digit work?
  • How to get started with Digit?
  • Are there fees involved?
  • Is Digit safe?
  • What are the upsides of Digit?
  • What are the downsides of Digit?

WHAT IS DIGIT?

Digit is a micro-savings app that was established in 2015 by Ethan Bloch, who at that time was only 29 years old.

The Digit app makes saving money so much easier and uncomplicated by using a sophisticated algorithm to analyze the user’s money habits and save money for the user when he or she can afford it.

The app was created with people who need help saving money in mind. At the same time, those who want to save but want a simple tool to help them with.

Basically, Digit helps users automate and separate their savings by connecting to their respective checking account. As mentioned, the app uses an algorithm to make automatic withdrawals every few days and then deposits the money into a separate, but non-interest-bearing savings account.

Apart from savings, Digit also offers to invest as well as saving for retirement services.

Obviously, unlike typical online savings accounts, though, Digit does not make you rich by using the app. Also, since it is all digital, you won’t find a branch location like what traditional banks have.

Before moving on, get to know more about the Digit App in this very insightful and informative review by Money at 30:

WHO DIGIT IS BEST FOR?

Digit is an app that’s ideal for people who want to save money for specific financial goals. It’s actually a great app if you are saving for a short-term goal like a vacation, the furniture you want to buy, a birthday party, etc.

However, it also does offer to invest as well as saving for retirement services.

As mentioned in the previous section, it does not make you rich since it does not pay interest. So, unless you’re okay with that, then this app is for you.

Digit was created with people who are having hard time saving money in mind. If you want to save but find saving a difficult task to do, Digit should work for you. Digit automates and separates your savings by simply connecting it to your checking account, and then withdraws money from it and deposit it to your Digit account.

Basically, it does the job for you. Making your like so much easier and hassle-free. Needless to say, it does help you not miss saving a portion of your money for future use.

Digit is all-digital, which makes it appeal to the tech-savvy ones – especially the younger generations. It does not have a physical branch location like what traditional banks have.

WHAT DOES DIGIT HAVE TO OFFER?

Digit offers three different types of services namely: digit savings, investing, and saving for retirement.

Now, let’s get to know more about each service offered —

Digit Savings

Unlike a typical savings account, you don’t transfer or deposit money to your Digit account. All you have to do is link your bank account, and then Digit will take a look at your past expenses and income to be able to determine what your future expenses and income would be.

The app will then pull small amounts of money from your bank account and into your savings.

To be honest, how the app works are such a genius that it can be a little scary.

Anyway, in most cases, Digit pulls $5-$50 every two to three days. To avoid overdraft fees, Digit has products and tools in place to help you with that.

Although technically speaking, Digit is not an interest-bearing account, it does reward a 0.1% annualized Savings Bonus for accounts that have saved with the app for three consecutive months.  The Savings Bonus is automatically deposited into the user’s Digit account.

All of the money that the app withdraws from the user’s bank is put into an FDIC-insured Digit bank account to ensure your money’s safety and security.

Digit Investing

Digit investing will help you invest strategically for the long term. So, if you are looking at saving for future use, this is definitely the option for you.

Basically, the app will look for safe amounts to invest every day to a fund that can grow over time.

Save for Retirement

We all need to save money for retirement, right?

With Digit, what it does is match you with the right tax-advantaged retirement account based on your income. The app will then save intelligently throughout the month along with your other financial goals.

Once every month, the app will invest your retirement savings into a diversified portfolio.

What’s nice about it is that it does not require account minimums or fixed deposits, which makes it appealing to anyone who wants to save for their retirement as early as now.

HOW DOES DIGIT WORK?

At this point of our Digit review, let’s talk about how it specifically actually works.

After creating an account with Digit, you start by linking a bank account. Currently, Digit supports over 7,000 banks. Make sure to check first if your bank is included in the list.

Moving on, once you are done linking your bank account to your Digit account, the app’s algorithm comes in to analyze your spending and income to be able to determine how much you can save.

The app’s algorithm analyzes four things, which include your:

  • Checking account balance
  • Upcoming bills
  • Upcoming income (Including paycheck and/or predicted irregular income)
  • Recent spending

The above-mentioned items are analyzed on a day-to-day basis, and if the app finds that it can safely pull money from your linked bank account, the app does without you even noticing it.

As mentioned in the previous section, the amount of money pulled from your bank account varies but usually amounts somewhere between $5 and $50. Digit pulls out money every two to three days.

The money from your checking account goes into your Digit account or your Rainy Day Fund.

Unlike a typical savings account, Digit does not have a minimum balance requirement. Also, it allows you to withdraw from your account anytime you want.

HOW TO GET STARTED WITH DIGIT?

To get started, head on to Digit.co and then, sign up.

To be able to create a Digit account, you will need to provide your phone number and then, enter a special code.

Please take note that Digit was designed to work primarily through text messages. Thus, the need to provide your phone number first.

After that, you will be asked to link your bank accounts to the app. You will then need to select your bank from the menu or via the Search bar. As mentioned, Digit supports over 7,000 banks.

You will then need to provide your bank login information, and then verify that it’s you by using a security code that will be sent to your phone number.

Once you’re signed up with Digit, you can now set and customize goals, as well as track your saving progress, withdraw funds, and a lot more.

ARE THERE FEES INVOLVED?

In this section of our review on Digit, we are going to talk about the fees.

By now, you are probably impressed already with how Digit works. Of course, it’s very legit to think about how much it will cost you if you get to enjoy the services provided by the app.

When you sign up for Digit, you are eligible for a 30-day free trial. Once the trial period is done, you will be charged $5 a month as a service fee.

While you may be wary about paying off a monthly fee and adding that up to your monthly budget, it may be worth the money still considering how much the tool could help you in saving money. Needless to say, it does all the work for you. All you need is to link an account and it does everything else.

Now, for those wondering about overdraft fees, Digit has an overdraft prevention feature, which allows the user to set a minimum balance you want to keep in your bank account. You can choose any amount you want, and the app won’t withdraw funds if that means your balance falls below the set amount.

Users may turn Overdraft Protection on or off in the Digit app.

In case the overdraft protection does not work and Digit saved too much, and then, you are being charged for an overdraft fee, Digit also offers Overdraft Reimbursement. This means Digit will return the fee charged to your account.

In addition, if your account falls below the minimum balance you want in your checking account, Digit will automatically deposit money from your Rainy Day Fund back into your checking account. All these happen without you having to do things manually.

IS DIGIT SAFE?

With everything that Digit does for you to help you save money, it is important to look into how safe your personal data and your money are with them.

Your account’s safety and security are one of Digit’s topmost priorities.

The app uses the latest security measures to ensure that all accounts are protected. Furthermore, all personal information provided is anonymized and encrypted.

With all these in place, users can relax knowing that Digit is doing its best to protect their accounts.

Similarly, your money is also safe with Digit. All deposits are secured because Digit is insured by the Federal Deposit Insurance Corporation (FDIC). All funds are insured for up to $250,000 in case of a failure.

In addition, Digit understands that linking your bank account to the app can be scary, but it ensures that all personal data and its users’ money are all protected.

WHAT ARE THE UPSIDES OF DIGIT?

To complete this Digit review, we are providing you with a list of pros and cons to help you gauge if this app is applicable to you.

Let’s begin with the pros. Some of the upsides of using Digit include:

  • Automatic Savings – With a Digit account, you don’t have to worry about setting aside money for savings anymore. The app does it for you! All you have to do is link it to your bank account, and the app does all the work on your behalf.
  • Saving Money without Thinking – Once your Digit account is set up, you can just relax as the app does everything else for you. The next thing you know, you already have saved money for your dream vacation or an item you’ve been wanting to buy for a long time now.
  • Savings Bonus – Although Digit does not pay interest, it does provide a savings bonus of 0.1% annually. The Savings Bonus is automatically deposited into the user’s Digit account.
  • $5 Referral per Signup – Digit gives away $5 for every friend you refer to the app.
  • All-Digital – Digit is an all-digital micro-savings platform, which makes it easier to track and manage your account.
  • Safe and Secured App – Security is one of Digit’s top priorities, thus, the app ensures all security and safety measures are in place to keep your personal information protected.
  • FDIC-Insured – All deposits on Digit are FDIC-insured, which means in case of an unfortunate event, all accounts will receive up to $250,000 per depositor.

WHAT ARE THE DOWNSIDES OF DIGIT?

Moving on, in this section, we are going to share with you some of the downsides of Digit, and this includes the following:

  • $5 Monthly Fee – Unfortunately, there is a price to pay for all the work that Digit does for you, and it amounts to $5 monthly. Although it may be an addition to your budget, it may be worth it in the end given all the work that the app does for you.
  • Cannot Perform Transactions via the Website – Digit’s website does not support making transactions like deposits or withdrawals. You need the app to do these things instead.
  • Low to No Interest – Compared to a typical savings account, Digit does have low to no interest at all, which makes it not ideal if you want to save and earn from your money at the same time.
  • Unexplained Savings Algorithm – It can be quite scary how exactly the app gets to determine how much money is transferred from your bank account to your Digit account. To be honest, it’s kind of bothering and scary at the same time. Nonetheless, it does the job well.
  • One Checking Account at a Time – Digit only works with one checking account at a time. So, if you have multiple accounts, this may not be work for you.

FINAL THOUGHTS ON DIGIT

Digit is a trendsetter. It probably is one of the best solutions to make saving money so much easier.

It basically does all the job. All you need is to link an account, and then, you can sit back and relax.

However, to be brutally honest, if we were to weigh things up, we thought while Digit may one of the best automatic savings apps out there, there may still be better choices to choose from. Do you agree?

At the end of the day, even with this Digit review, it all boils down to how Digit helps you achieve your savings goals.

Categories
Investment Apps and Websites

Twine App Review: An Online Savings and Investment Tool For Couples

With this Twine app review, you will see how this online savings and investing tool can help couples work towards their joint financial goals.

Twine App Review: An Online Savings and Investment Tool For Couples

While there are a lot of factors that affect couples and other relationships in general, money matters definitely play a huge part.

In fact, according to the 2014 American Psychological Association (APA) Stress in America survey, “almost a third of adults with partners (31 percent) reported that money is a major source of conflict in their relationship.”

More so, another study by APA entitled, “For Richer, for Poorer: Money as a Topic of Marital Conflict in the Home. Family Relations” backed those survey findings. In this study, they found that “couples’ arguments about money tend to be more intense, more problematic and more likely to remain unresolved.“

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However, no matter what, still, there are lots of couples who try to manage their finances together.

In fact, a 2019 survey conducted by Policygenius, an online insurance marketplace, found that the majority (78%) of American adults in relationships keep and manage their finances with their partner.

It’s probably safe to say that at least the majority of American couples still believe in teamwork among them. Better yet, at least they are still willing to try and see for themselves if they can work on reaching their joint financial goals.

Sure, the ride won’t be easy, but at least the will to try is there, right?

Anyway, if you are one of those couples, then, we’ve got good news for you!

There are tools out there that are specifically designed to help couples work towards their financial goals (which could be a dream vacation with the family, a wedding, your child’s first birthday, a house, a new car, etc) — and one of them is the Twine app.

It’s a savings and investing app that was created by life insurance giant, John Hancock. The app allows couples to set up automated savings in a high-yield account, or to invest in different portfolios.

In the next sections, we are going to know more about the Twine app, and hopefully, in the end, be able to gauge if this tool is perfect for you and your partner.

In particular, this Twine app review will focus on providing answers to the following questions:

  • What is Twine App?
  • Who is Twine App best for?
  • What does Twine App offer?
  • How does Twine App work?
  • Are there fees involved?
  • Is Twine App safe?
  • What to like about Twine App?
  • What not to like about Twine App?

WHAT IS TWINE APP?

Twine is a mobile application that was established in 2014 and is specially designed for couples who want to work on reaching a joint financial goal.

Designed and created by life insurance giant, John Hancock, Twine gives users access to both a savings account and an investment account.

By using the Twine app, couples can set up specific savings and investment goals and turn on automated transfers to make them real.

To know more about Twine based on user experience, here’s an insightful report from CGTN America:

Unlike a typical joint account, this app allows couples to keep separate accounts. What happens is by automating Twine, the app gets to pool funds together to help reach the couple’s financial goals.

It’s actually a unique feature in the current automated savings app landscape since most apps support only one user.

Twine app offers a cash savings account that allows account holders to earn a fairly competitive variable interest rate. Currently, the rate is about 100 times what consumers get at big traditional banks. However, the rate is about half of what you can get from top online savings accounts out there. Nevertheless, still a good rate.

Furthermore, on the investment part, Twine uses low-cost exchange-traded funds (ETFs) to helps customers grow their money at low costs.

Once you’ve set up your account, you will see a recommended portfolio, which is based on your personal goals and risk tolerance as a couple.

Twine is powered by John Hancock, one of the top financial institutions for insurance and investment. It is a big, trustworthy, and reliable company that offers insured accounts, including the ones offered via Twine.

All cash accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000, while invested accounts are insured by the Securities Investor Protection Corporation (SIPC) for up to $500,000.

WHO IS TWINE APP BEST FOR?

Obviously, the Twine app is best for couples who want to work on a joint financial goal, at the same time, be able to keep separate accounts.

The app offers savings and investment products, which makes it easier to save money to be able to fund future activities or purchases.

Since everything is automated, the app should appeal to couples who want to keep a joint savings and investment account sans the hassle of having to do everything manually.

Twine app is all-digital, which means it’s a good option for couples who want to manage finances online and does not want to be bothered going to physical branch locations like what traditional banks require.

In addition, Twine is also best for people who want to start with a small amount to save since the app’s savings feature is free and has no minimum charge for investing.

WHAT DOES TWINE APP OFFER?

As mentioned, Twine offers both savings and investment accounts.

The Twine savings account pays a fairly competitive rate, which currently is at 1.05% annually. This is a variable rate, which means it can change anytime with market interest rates.

If you think about it, the majority of savings apps do not offer interest. Meanwhile, the largest banks in the country offer very low interest. So, if compared, sure there are other online savings accounts that offer higher rates, but Twine savings account is definitely something worth having as well, and the rate still helps make it more appealing.

The Twine app savings account is FDIC-insured under John Hancock, which means all deposits are insured for up to $250,000 per depositor in the event of a bank failure.

To get started with a Twine savings account, you need at least a $5 initial deposit.

Meanwhile, the Twine app also offers an investment account. The account is available as soon as your balance hits $5.

Basically, this account puts your money into one of three portfolios that are made up of low-cost ETFs.

The portfolio, which could be aggressive, moderate, or conservative will be based on several factors like your age, current savings, as well as your willingness to take risks.

Similar to the Twine savings account, the app’s investment offering is also insured. Twine investment accounts are insured by the SIPC for up to $500,000.

Additionally, it is important to know that, unlike other traditional advisory firms, Twine does not require any minimum account balance or even make minimum deposit amounts. It’s all up to you and your partner how much you want to save and invest.

HOW DOES TWINE APP WORK?

Now that you already know what Twine is all about and what it has to offer, in this part of our Twine app review, we are going to talk about how to actually get started with it.

To begin with, setting up an account with Twine is quick and easy. You basically just have to go to the Twine website, and then click the Get Started button.

You will then be asked to provide your email address and your preferred password. Then, you will get to access the account pages.

You will need to connect your bank account to your Twine account to be able to set up a recurring savings deposit. It does not matter how much you want to deposit and how often. It’s all up to you and your partner, of course.

For instance, if you are saving up for a house or for your wedding, you and your partner can opt to set up a deposit of $100 every week or $500 monthly. Again, it’s all up to you.

The rule applies if you opt to start an investment account. You can pick investment goals from a laundry of list or you can opt to choose custom goals.

Remember that each goal generates a conservative, moderate, or aggressive portfolio based on your answers to questions on risk tolerance, asset level, holding periods, as well as other personal information.

By the way, once you are done setting up your Twine account, you can simply “Invite” your partner to join the account with you. All your partner needs to do is download the app, connect their bank account, and similarly, set up a recurring payment of their own as well.

What’s nice about using the Twine app is that it allows the users to change, pause, or cancel savings at any time. You and your partner can also make one-time transfers, as well as set up one or multiple goals.

More so, you get to decide what specifically you want to invest or save money for.

Also, since the app lets you set up your recurring transfers, it makes things so much easier. Needless to say, you don’t have to worry about inconsistencies and missing a week or a month when you’re supposed to deposit your preferred amount.

Withdrawals from your Twine account can be requested with just a few clicks on the account interface. However, the funds may be available within seven to ten business days.

The process is quite slow as compared to the industry average.

It is important to know that individual account holders cannot use margin or borrow from their Twine account. Also, the platform does not offer banking services.

Mobile Access

Unfortunately, the Twine app is currently available for iOS devices only. Yes, you read it right. So sorry for Android users, this app is not available to you. But, who knows, maybe Twine is already working on that. Let’s hope for the best.

Meanwhile, Android (and even iOS) users may opt to use Twine on the web through a browser for now.

Customer Support

Twine website has an FAQ page wherein customers get to find answers to some of the most commonly asked questions about the app and what it has to offer.

However, in case you need assistance, Twine has a support link that leads customers to a Twine Support Center applet. Additionally, there are also available live chat links.

On the FAQ page, you will also find a phone number as well as an email address. There is also a Contact Us page that is linked to the form entry page.

For phone customer support, you may reach them between 9 a.m. and 5 p.m., Monday through Friday.

Again, Twine does not have a physical branch location like traditional banks so if you have concerns about your account, you only have the above-mentioned options to choose from to get to reach help from Twine.

ARE THERE FEES INVOLVED?

Unfortunately, using the Twine app is not for free. However, the cost is low as compared to other financial apps out there.

For the Twine savings account, there are no monthly costs or fees. The savings account is actually managed by a well-known third-party processor called Apex. Apex may charge fees for less-common activities like paper statements, wire transfers, as well as overdrafts.

Meanwhile, Twine’s investment feature costs $0.25 per month for every $500 invested or 0.60% without minimums.

While others may find the 0.60% higher as compared to fees charged by other investment apps out there, the lack of a minimum makes the app more competitive and appealing for users especially the ones with low balances.

IS TWINE APP SAFE?

Twine app offers an easy-to-read, mobile-ready website as well as an iOS mobile application that features enhances account management features.

As mentioned, currently, the app is not available for Android devices.

Twine understands the importance of data and account safety and security. Thus, the app in particular provides biometric as well as two-factor authentication to avoid a data breach.

Just so you know, the same amount of security is in place on Twine’s website.

As mentioned, both savings accounts and investment accounts are insured by the FDIC and the SIPC, respectively. So, in case of a bank failure, you either get as much as $250,000 for the savings account or $500,000 for investment accounts.

WHAT TO LIKE ABOUT TWINE APP?

In this section, you will find a summary of the things that stand out for us about the Twine app, which includes the following:

  • Easy Account Set-up Process – To set up a Twine account, you may either opt to do it online or mobile. Nevertheless, whichever you choose, the overall account setup process is quick and easy.
  • Savings Account Earns Interest – Although not the best of all, it is nice knowing that Twine savings account lets customers earn a little more from their money.
  • Owned by John Hancock – John Hancock is the maker of Twine, which is one of the top financial institutions for insurance and investment, and has been in the business for over a hundred years.
  • No Fees for Savings – The Twine savings account does not charge monthly fees.
  • Automated Joint Savings – With Twine, couples can work on achieving their financial goals without having to worry about keeping up because everything is automated.
  • FDIC-Insured – Through John Hancock, all savings deposits are insured for up to $250,000 per depositor in case the bank fails.
  • SIPC-Insured – Apart from savings, investment accounts are also insured via SIPC. All investments are insured for up to $500,000.

WHAT NOT TO LIKE ABOUT TWINE APP?

To complete our review on the Twine app, listed below are some of the things to not like about it or something that the company could work on in the future:

  • Interest Rate at Online Banks is Higher – Although what Twine savings offer is quite reasonable and fairly competitive, some online banks still offer higher rates.
  • Not Available for Android Devices – Unfortunately, the Twine app is only available for iOS devices at the moment. If you are an Android user but want to take advantage of what it has to offer, you may open an account via its website instead.
  • Lower Fees Elsewhere – Twine charges a 0.60% investment account fee. While it is competitive, you can still find lower rates offered by other online financial platforms out there.

FINAL THOUGHTS ON TWINE APP

Twine is a mobile application that focuses on helping couples work towards their joint financial goals. It offers both savings and investing tools that offer reasonable, fairly competitive rates.

The financial app is powered by one of the leading insurance and investment companies, John Hancock, which makes it more trustworthy and reliable.

While the app has its share of highs and lows, what we like the most is the fact that it helps couples achieve certain goals, at the same time, be able to keep individual bank accounts. Don’t you just love that, too?

With this Twine app review, we hope you are able to see and gauge for yourself if this tool will be beneficial for you and your partner especially in achieving joint financial goals.

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Investment Apps and Websites

Axiom Bank Review: Giving Second Chances To Customers With Poor Credit

This Axiom Bank review provides essential facts on what makes this regional bank located in Florida a great choice for people who have been wary of banks by offering products to customers who are not able to get approved of them at a typical banking institution.

Axiom Bank Review: Giving Second Chances To Customers With Poor Credit

Based on the Federal Deposit Insurance Corporation (FDIC) Survey of Household Use of Banking and Financial Services report, which was conducted in 2019, nearly 95% or approximately 124 million American households are currently banked. They either have an account with a bank or a credit union.

Meanwhile, on the same report, it says that there is a remaining 5.4% or approximately 7.1 million households that were unbanked.

There are several reasons why these people do not have an account yet either in a bank or a credit union.

On the 2017 version of the same survey by the FDIC, it was found that more than half of the unbanked families in the country do not have enough money to put in the bank. Another reason is that they do not trust banks, or that they find it inconvenient locating a bank.

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Fast-forward to today, many banks have tried to bridge the gap especially when it comes to addressing the inconvenience of visiting a branch location, as well as the requirements when it comes to opening a bank.

Today, banks make banking more appealing to consumers – all thanks to the advent of technology.

Financial institutions now offer more attractive and reasonable requirements, as well as a very easy and convenient banking experience through digital banking.

Axiom Bank is actually one of those banking institutions that are trying to address the gap.

Although the bank’s physical locations are limited to Florida, it gets to reach out to more customers (especially the hesitant ones) by providing an efficient digital banking platform and of course, banking products that are designed to cater to customers who are not able to get approved of them at a normal banking institution.

In the next few sections of this Axiom Bank review, you are going to find out key information about the bank.

Specifically, we are going to provide answers to the following important questions:

  • What is Axiom Bank?
  • Who is Axiom Bank best for?
  • What does Axiom Bank offer?
  • How does Axiom Bank work?
  • Are there fees involved?
  • Is Axiom Bank safe?
  • What to like about Axiom Bank?
  • What not to like about Axiom Bank?

WHAT IS AXIOM BANK?

As stated on its website, Axiom Bank is “a nationally chartered community bank that serves the financial needs of its customers through a wide range of financial products and services.”

It is based in Central Florida with 12 branch locations wherein 9 of which are located in select Walmart Supercenters.

Established in 1962, the bank currently handles assets of $0.7 billion, making it a medium-sized bank.

As mentioned, Axiom Bank offers a variety of banking products and services including personal deposit accounts like checking, savings, money market, certificate of deposit, and individual retirement accounts.

Additionally, the bank also specializes in commercial banking, treasury management services, and commercial loans for both real estate and business purposes.

In an article dated April 22, 2016, by the Orlando Business Journal, Daniel Davis, the chief executive officer of Axiom Bank was quoted saying, “We want to make our customers’ banking experience easier, less time consuming and less expensive, allowing our customers to focus on their own lives and businesses.”

Thus, although the bank comes with physical branch locations, which are limited to Florida residents, the bank also offers mobile banking through the Axiom website and mobile application.

The bank is the “smart and convenient banking choice for individuals, families, and businesses of all sizes.”

Meanwhile, if you want to learn how to login to Axiom Bank online banking, check this video by CC Bank:

WHO IS AXIOM BANK BEST FOR?

Technically speaking, if you want access to a physical branch location apart from digital banking experience, Axiom Bank is obviously a great choice for Florida-based customers.

However, generally, the bank should appeal to individuals, families, and even businesses who are looking for a bank that offers a variety of product offerings both on personal and business banking.

Focusing more on personal banking, Axiom Bank should appeal most to those who want to open a checking account but could not get approved for regular checking in a typical bank because of financial history.

The bank offers fairly competitive rates on its deposit accounts, so it should be a good choice for those with such requirements as well.

Axiom Bank offers low to no-fee checking and savings accounts, which makes it also attractive to those who want such perks.

WHAT DOES AXIOM BANK OFFER?

As mentioned in the earlier sections, Axiom Bank offers both personal and business banking products.

However, for the purpose of this Axiom Bank review, we are only going to focus on personal deposit accounts, which include:

  • Checking Account
  • Savings Account
  • Certificate of Deposit (CD) Account
  • Money Market Account (MMA)

Checking Account

Axiom Bank offers five different checking accounts namely:

  • Axiom
  • Opportunity
  • Senior
  • Select
  • AxiomGo

To compare, here’s what to expect from each of these accounts:

Axiom

This one’s a basic checking that provides convenient services.

  • Unlimited check writing
  • No minimum balance requirement
  • Access to Online Banking, Bill Pay and eStatements
  • No-fee Mobile Banking and Mobile Deposit
  • Access to over 55,000 Axiom Bank, Allpoint® Network locations

Opportunity

This checking account is ideal for customers who want to reset the button on their account.

  • Unlimited check writing
  • No minimum balance
  • Access to Online Banking, Bill Pay and eStatements
  • No-fee Mobile Banking and Mobile Deposit
  • Access to over 55,000 Axiom Bank, Allpoint® Network locations

Senior

Obviously, this account is ideal for adults aged 55 and above who need a checking account that provides both modern banking tools as well as traditional check writing capabilities.

  • Unlimited check writing
  • No minimum balance
  • Three check orders per year at no-cost
  • Access to Online and Mobile Banking, Bill Pay and eStatements

Select

This premium checking account lets you earn a competitive interest rate on your balances to help your money grow. The interest rates are tiered, which means the higher your balances are, the better the rewards will be. Similarly, it provides access to online and mobile banking tools.

  • Competitive interest rate
  • A tiered rate structure that rewards higher balances
  • Access to Online Banking, Bill Pay and eStatements
  • No-fee Mobile Banking and Mobile Deposit
  • Access to over 55,000 Axiom Bank, Allpoint® Network locations

AxiomGo

If you want an all-digital checking account with no minimum daily balance requirements, then, you got to pick this one.

  • No minimum balance
  • Mastercard® debit card
  • 55,000+ no-charge Axiom Bank, Allpoint® Network ATMs

Each of these accounts requires a minimum deposit of $25 to open.

All do not require minimum balance requirements except for Select Checking, which requires at least a $1,000 daily balance.

In addition, all except for Senior Checking charges a monthly service fee, which costs:

  • Axiom – $6.95 (This can be waived with a direct deposit of $500 OR 8 debit card transactions within the statement cycle (ATM withdrawals do not count).)
  • Opportunity – $12.95 (It can be reduced to $8.95 with direct deposit of any amount.)
  • Select – $15 (Can be waived for minimum daily balance over $1,000 with Select Checking, over $5,000 with Select Money Market.)
  • AxiomGo – $5.99 (The fee can be waived by establishing a direct deposit into the account each statement cycle or one (1) debit card transaction being posted to the account per statement cycle.)

It is also important to know that there is a $12 annual fee for the debit card on the Opportunity Checking account.

Savings Account

Axiom Bank’s regular savings account is ideal for both beginners and experienced savers. It is an account where savers can easily place their money.

To open, the bank only requires at least a $25 opening deposit.

Axiom Bank savings account holders will get the following benefits:

  • No quarterly service charge when you maintain a minimum daily balance of $25
  • Easily links to your checking account for regular transfers and overdraft protection
  • Monitor your account with Online Banking and Mobile Banking

Additionally, savings account holders earn a 0.05% annual percentage yield (APY) on their accounts. Meanwhile, new account holders may qualify for a higher tier of 0.20% interest.

Certificate of Deposit (CD) Account

If you are looking for a guaranteed growth on your investment, the Axiom Bank certificate of deposit account is perfect for you.

The bank offers a wide selection of CD terms that range from 6 months to 5 years, as well as competitive rates depending on your preferred term.

Axiom Bank’s CD account comes with both conventional and IRA options.  Jumbo CDs are also available for deposits amounting to $100,000 or more.

To open a CD account, Axiom Bank requires a $500 minimum opening deposit. Similar to the majority of CDs offered by different banking institutions, you get penalized when you withdraw your money ahead of its maturity date.

Also, what’s nice about it is that all investments are insured by the FDIC.

Money Market Account (MMA)

Axiom Bank’s Select Money Market account rewards higher balances with tiered interest rates, which means your money grows faster.

To open a money market account, the bank requires at least a $1,000 opening deposit.

Although the bank charges a monthly service fee of $20, it can be waived by maintaining a minimum daily balance of $5,000.

With the bank’s online and mobile banking services, account holders get to monitor their accounts anytime, anywhere.

Axiom Bank’s MMA comes with the following:

  • Free debit card
  • Online banking with bill pay
  • eStatement
  • ATM Transactions (Axiom Bank ATMs and over 55,000 ATMs nationwide on the Allpoint Network)

It is important to know that monthly withdrawals are only limited to six.

HOW DOES AXIOM BANK WORK?

The best way to open an Axiom Bank account is by visiting the nearest branch to you. As mentioned, the bank currently has 12 branches across Florida.

However, the bank also offered online account opening particularly for the following accounts:

  • Axiom Checking
  • AxiomGo
  • Senior Checking
  • Regular Savings
  • Select Money Market
  • Certificate of Deposit

Regardless of the methods you choose, though, you will need to meet the following qualifications to be able to open an account:

  • At least 18 years old
  • A legal resident of the United States
  • Have a valid government-issued photo ID, such as a passport or driver’s license
  • Have a Social Security number or tax ID number

Deposits and Withdrawals

Cash deposits may be made through any of the bank’s branch locations. Online transfers are also available.

Meanwhile, withdrawals can be made using the debit card in any of the over 55,000 Allpoint network ATMs.

Online and Mobile Experience

The Axiom Bank app is very straightforward, which makes it easier to use. It is available for both iOS and Android devices.

Unlike other bank apps, Axiom’s mobile app does not have cutting-edge features. But, it does offer enough functionality, which includes:

  • Manage accounts
  • Account balance inquiries
  • Pay bills
  • View transactions
  • Set up alerts
  • Transfer money and send funds to friends and family
  • Locate bank branches and ATMs

Customer Service

For any concerns, customers may reach the bank’s customer support by calling 1-800-584-0015. You may also send them an email through the website’s Contact Us page.

Unfortunately, unlike other banks, Axiom does not offer live chat support.

ARE THERE FEES INVOLVED?

As mentioned in the earlier sections, Axiom Bank charges monthly service fees for most of its accounts. However, these fees can be waived provided you meet certain bank requirements.

For your reference, here are the service fees charged by the bank:

  • Axiom – $6.95 (This can be waived with a direct deposit of $500 OR 8 debit card transactions within the statement cycle (ATM withdrawals do not count).)
  • Opportunity – $12.95 (It can be reduced to $8.95 with direct deposit of any amount.)
  • Select – $15 (Can be waived for minimum daily balance over $1,000 with Select Checking, over $5,000 with Select Money Market.)
  • AxiomGo – $5.99 (The fee can be waived by establishing a direct deposit into the account each statement cycle or one (1) debit card transaction being posted to the account per statement cycle.)
  • Money Market Account – $20 (It can be waived by maintaining a minimum daily balance of $5,000.)

In addition, customers should also watch out for the following fees:

  • Returned Item Fee – $34
  • Cashier’s Check Fee – $10
  • Wire Transfer (Incoming) – $10 domestic and $65 international
  • Wire Transfer (Outgoing) – $20 domestic
  • Non-Sufficient Fund (NSF) Fee – $34

IS AXIOM BANK SAFE?

The safety and security of your account and personal information are one of the bank’s topmost priorities.

Thus, the bank uses encryption to ensure that customers’ valuable personal information remains safe when using the bank’s online and mobile banking features.

Meanwhile, all deposits are insured by the FDIC, which means each depositor gets up to $250,000 per account category in the event of a bank failure.

WHAT TO LIKE ABOUT AXIOM BANK?

This section of our Axiom Bank review will provide you with a summary of the things that stand out about the institution. This includes:

  • Low to No-Fee Accounts – Sure, the bank charges monthly fees for most of its product offerings, but, they can easily be waived as long as you meet the requirements.
  • Second Chance for Customers with Poor Credit History – Axiom Bank provides a second chance for customers who want to open a checking account but have a poor credit history.
  • Interest-Bearing Checking Account – Axiom Bank offers interest-bearing checking accounts unlike other banks of the same type.
  • Physical Branch Locations – Axiom Bank currently has 12 physical branches in Florida, the majority of which are located in select Walmart Supercenters.
  • Digital Banking Access – Axiom Bank does offer digital banking to the majority of its personal deposit accounts, which makes banking so much easier and more accessible.
  • FDIC-Insured – All accounts are insured by the FDIC for up to $250,000 per depositor, per account category in case of a bank failure.

WHAT NOT TO LIKE ABOUT AXIOM BANK?

To complete our review on Axiom Bank, here are some of the downsides of this financial institution:

  • Branch Locations Are Limited To Florida Residents – Unfortunately, physical branch locations are only available in Florida. So, if you are an outsider who wants to have access to an in-person banking experience, this may not be ideal for you.
  • Monthly Service Fee – The service fee varies depending on the account type. However, as mentioned, it can be waived as long as you meet the requirements set by the bank.
  • Digital Banking Does Not Have Cutting-Edge Features – Axiom Bank’s online and mobile baking platforms are straightforward. Compared to other banks’ digital platforms, there’s definitely has a lot of work that needs to be done.

FINAL THOUGHTS ABOUT AXIOM BANK

Axiom Bank is a regional bank. Although its physical branch locations are limited to residents of Florida, its online banking platform is available for those living outside the area who still want to bank with them.

While Axiom may be a little small compared to other banks, it does provide a selection of personal as well as business banking products.

But what we like the most really is that the bank gives chance to customers to open checking accounts despite having a poor credit history. Do you like that, too?

To end this Axiom Bank review, we got to say that while it has its flaws, the institution is a great option for those who want to start anew — particularly customers with not-so-good credit history.