Category: Investment Apps and Websites

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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.

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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.

Categories
Investment Apps and Websites

Zeta Review: A Finance Management App Designed For Couples

In this Zeta review, you’ll see how this financial management app helps couples specifically in handling their finances. We bet you’ll love it.

Zeta Review: A Finance Management App Designed For Couples

Marriage is such a beautiful thing. Do you agree?

It’s nice knowing that you have someone with you for richer or for poorer, in sickness and in health, until death you part.

But successful marriages do not come so easy. It definitely is not a walk in the park. Truth is, it takes a lot of hard work to make a marriage last.

A couple deals with lots of problems and challenges along the way, and unfortunately, one of the common causes of conflicts among them is — yes, you guessed it right! Money.

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In a study entitled, “For Richer, for Poorer: Money as a Topic of Marital Conflict in the Home,” which was published online at the United States National Library of Medicine – National Institutes of Health, it says:

“Contrary to findings from previous laboratory-based surveys, spouses did not rate money as the most frequent source of marital conflict in the home. However, compared to non-money issues, marital conflicts about money were more pervasive, problematic, and recurrent, and remained unresolved, despite including more attempts at problem-solving.”

Meanwhile, according to a study conducted by the Institute for Divorce Financial Analysis, 22 percent of all divorces in the United States were caused by money issues.

So, you see, while money is not the primary cause of failing marriages and relationships in general, it does take a big part of the picture.

But, you know what? There is nothing in the world that cannot be resolved, right?

Every problem comes with a solution or at least a way to make things work.

There are actually a lot of things that couples can do to not let money get the best of their relationship.

One of the many ways to make things work in terms of handling finances between married couples is using a financial management app like Zeta that is specifically designed for them.

While there are lots of financial management apps out there, the majority of them are for personal use. But this one, Zeta, was designed to help couples be better in handling their money as one.

Are you curious now to know more about this app? Well, in a couple of sections, we are going to share with you key information about the Zeta app.

In particular, this Zeta review will provide answers to the following questions:

  • What is Zeta?
  • What makes it different from other financial management apps?
  • Who is Zeta best for?
  • How does Zeta work?
  • What are the best features of Zeta?
  • How to get started with Zeta?
  • Are there fees involved?
  • Is Zeta safe?
  • What to like about Zeta?
  • What not to like about Zeta?

WHAT IS ZETA?

While most budgeting apps are great for solo users, Zeta is a financial management application that was specifically designed with couples’ needs in mind.

It was founded by Aditi Shekar, a family finance expert with a mission to “help couples get smarter about money.“

Zeta is a great financial tool that allows couples to stay on top of their finances as one. You know, promoting teamwork between couples, which is actually what it should be.

Anyway, the Zeta app helps couples merge their finances, set common goals, as well as track their financial progress together — not leaving the other behind.

Zeta is a free app, which honestly makes it even better!

Zeta can be accessed online or through a mobile app, which makes it even more convenient to use. So, even if you two are apart, you can still see what’s going on with your money with just a click.

Using the app, you can connect all of your accounts including checking, savings, investments, as well as debts — all in one place.

Although you can opt to let your partner see all your accounts, you also have the power to choose only what you want to share with the other person while still using the app to manage the others without them knowing.

On a business note, Zeta is backed by world-class investors, which include “a group of diverse, experienced and hands-on operators and venture investors from financial and consumer industries.”

If you’re interested in knowing more about what the Zeta app is about and what it has to offer, here’s an insightful video by Money at 30:

WHAT MAKES ZETA DIFFERENT FROM OTHER FINANCIAL MANAGEMENT APPS?

Similar to other money management app out there, Zeta has features that make it easier for users to track income and expenses.

The app allows you to customize how you categorize several expenses and allows the user to review transactions, check bills calendar, as well as ensure that the expenses are within the budget.

However, what makes Zeta different from other apps you see in the marketplace is that it specifically focus on helping couples manage their finances together at different stages of their relationship.

As mentioned earlier, one of the major triggers of marriages that do not work is money issues. The main founder of Zeta wishes to address that by providing a tool that will help couples become more transparent with each other in terms of finances.

Moving on, Zeta has features that allow users to categorize transactions as “his,” “hers,” and “ours” (tagged with names, not with pronouns), which makes it easier to track shared as well as individual expenses.

By the way, Zeta also includes a savings bucket, which is not common among budgeting apps.

Furthermore, the app is flexible enough that couples can share as much or as little with the other person as they want. It allows users to still have that personal space.

The app allows you to link all your accounts at the same time, letting you choose only the ones you want to share with your partner and manage the others on your own without the other person knowing.

WHO IS ZETA BEST FOR?

Obviously, Zeta is specifically designed for couples. Whether you are married, engaged to be married, or living together, this app is best for you.

Well, of course, for as long as both parties are in for this shared financial management journey, this should work.

As mentioned, while it primarily promotes “shared” financial management, couples can still use the same app to manage their “personal” accounts. It’s like hitting two birds with one stone, yeah?

As for single people, you can still use the app although of course, you cannot enjoy the majority of its features because, again, it’s designed for couples.

HOW DOES ZETA WORK?

If you have used a budgeting app before, then it should be easier for you to get familiarized with how Zeta works.

However, if you are totally new to the whole financial management app thing, then this part of our Zeta review is for you.

Basically, like any other financial management apps in the market, Zeta tracks the user’s income and expenses.

To be able to do that, you either sync your transactions automatically or do it manually.

Zeta helps couples simplify their finances.

Once the user adds an account, he or she could mark it either “personal” or “shared.” Obviously, when you share the latter that means your partner gets to see it as well.

The software updates spending in real-time. More so, it allows couples to create their own budgeting categories or opt to use the preset ones in the app.

Zeta has a feature that allows users to track shared financial goals at the same time, keeping expenses separate.

WHAT ARE THE BEST FEATURES OF ZETA?

In this part of our Zeta review, you will see the best features of the app so far. This includes the following:

Bill Splits

Some couples prefer splitting the bill between each other. To be honest, this could sometimes be a headache when you do not have a system in place.

But, with the Zeta app, couples can easily keep track of bills that are meant to be shared, at the same time, keep track of who owes what.

Bill Calendar

Obviously, this feature allows couples to stay on track of their monthly financial obligations specifically — bills.

This feature shows when a bill is due to help ensure you do not miss paying anything.

Budgets and Goal Setting

Using the Zeta app, you can set up budgets and goals together. At the same time, track their movement.

Having budgets and goals will surely help you as a couple to stay motivates, make adjustments when necessary, and celebrate wins together.

Memos

What’s nice about the Zeta app is that it comes with this feature that allows you to leave a memo for your partner.

You can use this when making a purchase that the other person does not know about, or when you want to ask your partner about a particular expense.

Net Worth Tracker

One of the best ways to improve your financial situation is by tracking your net worth. This allows you to spend within your means and not go overboard.

Net worth refers to the value of your assets after subtracting your liabilities. With the help of Zeta, the process is simplified by syncing all your accounts in one place and doing the math on your behalf.

The tracker lets you see your net worth go up and down based on you and your partner’s choices.

Joint Cards

This is actually the company’s attempt at couples banking. By partnering with Radius Bank, Zeta gets to offer a joint bank account that comes with two debit cards allowing each couple to manage their finances and goals with the tools provided by the app.

Zeta Joint Cards allows couples to merge all or a part of their money. For some couples, this helps them manage their finances better. It makes things easier, in fact.

The Zeta Joint Cards provides the following features:

  • No Account Fees or Minimums
  • Account-holders could earn 0.14% APY
  • FDIC-Insured through Radius Bank for up to $500,000
  • Instant notifications
  • Early Direct Deposit
  • Allows transferring money from an individual or joint accounts
  • Mobile check deposit
  • Digital checks (write and send)
  • Access to 32,000 ATMs for free
  • Contactless payment via Apple Pay, Google Pay, or PayPal
  • Unlimited transfers
  • Bill pay

To avail of this feature, all you need to do is follow these simple steps:

  • Tell Zeta about you and your relationship.
  • Invite your partner and have their information confirmed.
  • Receive your respective Zeta Joint Card.
  • Start spending and saving as a team.

The Zeta Joint Cards is ideal for married duos, the newly moved-in, families, trusting roommates, or any other case where a joint bank account is handy can work.

HOW TO GET STARTED WITH ZETA?

Signing up with Zeta is pretty simple. All you have to do is go to their website, look for the Get Started button, and click it.

Provide all the information that will be required from. They’re basic information such as your email address, name, address, phone number, etc.

Also, you will be asked to link your financial accounts, and then, invite your partner to join in.

The whole signing-up process does not take long. In fact, you can finish it within 10 minutes.

ARE THERE FEES INVOLVED?

Now, here’s one of the most important things about the Zeta app — anyone can use it absolutely for free!

To be honest, it’s quite surprising since some of the most popular budgeting apps out there come with a cost.

By using Zeta, couples get to enjoy all the perks that come with the app without having to worry about paying for the services they use.

Zeta is a powerful budgeting tool that allows users to do automatic transaction importing, net worth tracking, the ability to customize categories, as well as a bill payment calendar, and keeping track of your personal and shared accounts and expenses.

IS ZETA SAFE?

Since users will have to link their accounts to the Zeta app, it is important that in this Zeta review, we also look into how secure the app is.

So, how secure is the Zeta app?

Zeta uses bank-level security measures to ensure that your personal information is secured.

None of your logins are stored in the Zeta app. They also use reputable third-party technology to link your financial accounts to the app without storing information anywhere.

Once you invite your partner to join, there is a two-step identification process in place before the other person can see the shared information. Rest assured that Zeta will never access your account unless you permit it to.

Meanwhile, we mentioned earlier that one of the perks Zeta users can enjoy is the Joint Cards, a joint bank account that comes with two debit cards allowing each couple to manage their finances and goals with the tools provided by the app.

Once you enroll for the said account, your money gets insured through Zeta’s partner bank, which is an FDIC member. All deposits are insured for up to $500,000 in the event of a bank failure.

WHAT TO LIKE ABOUT ZETA?

There are a lot of things to like about Zeta especially if you and your partner are so game with sharing financial information and are willing to work as a team.

Some of the things that really stand out are the following:

  • Free App – Zeta is available for all for free! Imagine getting all the perks it offers without having to pay a cent!? That’s great, right?
  • Financial Management App Designed for Couples – Unlike the majority of budgeting apps you find in the market, Zeta is specifically designed to help couples be better at handling their finances together. This, hopefully, helps saves marriages from breaking up because of money issues.
  • Zeta Joint Cards – This feature allows couples to have a joint bank account that comes with two debit cards allowing each couple to manage their finances and goals with the tools provided by Zeta. This one’s nice to have for couples, really.
  • Zeta Joint Cards are FDIC-Insured – What’s nice about this feature is that all deposits are insured by the FDIC through Zeta’s bank partner. The insurance is up to $500,000 in case of a bank failure.

WHAT NOT TO LIKE ABOUT ZETA?

While there are a lot of things to like about Zeta, it also has its share of drawbacks.

In this section of our Zeta review, we are going to share with you some of the drawbacks of this financial management app for couples. It includes:

  • Work In Progress – Zeta app is still a work in progress. New features are still being added, which is actually good because it means there’s a lot more to look forward to.
  • App Tends to be Slow – Well, we thought, since the app is still a work in progress, this explains why some users find it slow. Don’t worry, though, because the team is working on speeding things up. Also, we thought it’s fair to be a little forgiving since this one’s a free and a newly-built app anyway.
  • Tracking Progress on Savings Goal Falls Short – Unfortunately, in case you are saving up for something, Zeta does not update your progress automatically at the moment. So, you have to do it manually instead. We, however, believe that the team is also working on it.

FINAL THOUGHTS ON ZETA

Zeta is a financial management app designed specifically for couples. The app provides a number of helpful features to help couples be better at handling their finances together.

Since the app is relatively new (needless to say, it’s free), there is still a lot of work in progress. But, imagine when it’s done and the app is already very functional. It would definitely be a big help.

So, given all the information we shared, are you thinking about downloading the app already?

Overall, with all the information provided in this Zeta review, we thought the app has so much potential. There’s so much to look forward to. Also, it definitely tries hard to provide what they think will help their users in terms of budgeting and goal setting.

Categories
Investment Apps and Websites

Linus Review: What Makes It An Ideal Choice For Building Emergency Fund

This Linus review focuses on providing you everything you need to know about this fintech company — including both the good as well as the risks involved – which is ideal in building your emergency fund.

Linus Review: What Makes It An Ideal Choice For Building Emergency Fund

Saving for our future has become necessary especially when the pandemic hit not just in the country but the world in 2020.

A lot of people struggled because of a lack of savings. It was very unpredictable no one was prepared for it to happen.

If there is one good thing, though that the pandemic brought us, a lot of people realized how valuable it is to have savings especially in case of unforeseen events. Many had to reevaluate how they spend and manage their money to hopefully become better at that, and so next time the same thing happens, they’re already prepared.

Now, if you are one of those people, here’s a tip.

If you are thinking about saving money in a financial institution, it is important to look into the options available.

Yes, there are lots of deposit account options out there. There’s checking, savings, money market, as well as a certificate of deposit accounts. Each has its respective pros and cons. Needless to say, you also need to look into the different banks out there and see what suits your needs and preferences.

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In this article, obviously, we are going to focus on Linus, a financial technology company that provides a high-yield savings account.

If you are wondering what a high-yield savings account is, it basically is a savings account that offers a high annual interest rate.

While you may opt for a traditional savings account, in an article published by CNBC, they spoke with Shon Anderson, a certified financial planner and president at Anderson Financial Strategies. The expert recommends opening high-yield savings account especially for those who need to start using their emergency fund soon, or anyone worried that they have won’t be enough.

A high-yield savings account is the best account type for people who want to start building their emergency fund, which is very essential especially these days when everything is so uncertain. This helps you earn more from your money.

Unlike other deposit accounts like a certificate of deposit wherein you have to park your money in the bank for a specific term (and you can only withdraw until it matures), a high-yield savings account makes your money still accessible anytime you need it.

Going back to Linus, as mentioned, the company specifically offers a crypto-based high-yield savings account, which has no fees and is very easy to manage.

For your information, according to Investopedia, cryptocurrency is “a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.”

Moving on, in this Linus review, we are going to particularly tackle the following:

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

WHAT IS LINUS?

Before moving on to the more technical matters, let first and foremost know what Linus is all about.

Linus Financial, LLC or simply Linus is a financial technology or fintech company located in Nashville, Tennessee. It was founded in 2019, which means it’s one of those companies that are new in the industry.

Linus offers customers a flexible, excellent high-yield alternative to a traditional savings account.

Basically, the fintech company earns through digital asset lending. In return, it gets to offer consumers an interest rate that is very compelling.

Unfortunately, while the high-yield account seems very attractive, unlike banks and other financial institutions out there, Linus is not insured by the Federal Deposit Insurance Corporation (FDIC). It is not associated with any bank.

With that, it means there is more risk involved than saving money with a traditional bank. However, if you don’t mind it at all, and you are after the high-interest rate, then, it would be best to consider it more of an investment rather than a typical savings account.

Know more about Linus and what’s in store for you by watching this very insightful review by Eddie Yoon. This basically highlights the most important facts you need to know about the company.

WHO IS LINUS BEST FOR?

Now, obviously, in this section, we are going to talk about who would benefit the most with Linus.

Well, as mentioned, Linus is a fintech company that offers a crypto-based high-yield savings account, which means this should appeal most to those who want to earn more from their money without having to park it in a banking institution to be able to earn bigger interest.

It is best for those who want to start building their emergency fund, and be more ready should unforeseen circumstances happen in the future.

Linus is also ideal for those who are willing to take the risk. As mentioned, Linus is not affiliated with any bank, which means it is not FDIC-insured. So in case it fails, you won’t get any insurance. However, this should work if you see it as more of an investment rather than a typical savings account.

Ultimately, since Linus is entirely online and does not have branches like traditional banks, it should appeal most to those who like the idea of managing their accounts online, and do not mind not having a physical branch.

Now, if you think you fall in all these, then, you got to keep reading as Linus may probably the one you are looking for.

WHAT DOES LINUS OFFER?

In this part of our Linus review, we are going to dig deeper into the most important information you need to know — what Linus offers.

Using Open Finance protocols, the company provides retail consumers the opportunity to benefit from high-yield savings.

The company offers consumers a way to access the advantages of cryptocurrency investment without having to work hard for it at all.

With a $500 initial deposit requirement, customers are able to earn up to 4.5% on annual percentage yield (APY) on their savings account.

To compare, traditional savings accounts only offer around 0.08% APY. So, if you think about it, the difference is extremely high.

Another thing is that, unlike traditional or online banks, Linus does not require any maintaining balance. Needless to say, the company does not charge fees for its services.

So, if you come to think about it, you get to save yourself from all that, which definitely is a breather.

Bonus Offer

Linus is a relatively new fintech company having been established only in 2019.

Thus, the company is still working hard to attract more users. In order to do so, Linus currently offers a $20 bonus with your first deposit.

Apart from that, they do offer regular promotions to help boost your Linus account. You can get a $20 bonus every time you refer a friend.

Additionally, in September 2020, the company also offers a 1.0% bonus on deposit transactions. We won’t be surprised if Linus continues to offer promotions and bonuses in order to attract more new users.

HOW DOES LINUS WORK?

By this time, you are probably wondering already how Linus actually works. How in the world is the company able to produce such a high yield?

Well, the answer to that is simply converting your savings into cryptocurrency.

As mentioned in the previous section, Linus utilizes Open Finance protocols, which allows them to provide their customers with high-yield savings.

Furthermore, Linus also uses blockchain contracts via Ethereum. It is another cryptocurrency and set of blockchain protocols. This means that the company is also involved with blockchain credit markets.

Once you deposit your money into your Linus account, it is tokenized into USDC. USD Coin or USDC is a type of cryptocurrency that is referred to as a stable coin. A stable coin, meanwhile, is tied to some real estate asset.

Basically, USDC is backed one-to-one by US Dollars. Once your money is converted into USDC, it becomes available to digital capital markets. Unfortunately, Linus did not disclose the details of these markets, which could be a concern in terms of transparency as compared to banks that would provide those kinds of details.

Moving on, people get to borrow your USDC, which of course means they pay interest for borrowing.

Now, how does Linus avoid loan defaults in these digital credit markets? Basically, the markets used by the company require borrowers to put up collateral that is worth more than what they owe. This helps protect Linus’s investment.

So, how the company reduces risk? The loans that Linus are involved in are fully collateralized. More so, the company also sets aside a specific undisclosed amount of reserve based on deposits.

Everything, both digital trading and conversion happens behind the scenes.

Now, as an investor (which is a better term than the word saver given how it all works), you get to make deposits and withdrawals just like how you would do it with a regular savings account.

ARE THERE FEES INVOLVED?

Perhaps you are wondering about the fees.

Well, here’s some good news for you —

Linus does not charge any fees including transfer fees. Additionally, the fintech company does not require a minimum balance in your account.

However, it is important to be aware that if you keep a zero balance for an extended period of time, Linus may be forced to close your account.

HOW TO BANK WITH LINUS?

To open a Linus account, all you have to do is visit its website.

Again, Linus is a fintech company, which means, unlike banks, it does not have physical branches for in-person transactions.

Initially, you will be asked to provide your email address as well as your preferred password to start the online application process. To proceed with your account application, you will also be asked to provide some personal information including your legal name, address, phone number, date of birth, as well as an image of a valid government-issued identification such as passport or driver’s license.

Depositing Funds

There are two ways to transfer money into your Linus account.

First, you may use your bank’s debit card, and second, you may also use ACH to transfer money in and out of your account.

Good thing is, Linus does not limit the number of transfers you make in a month. However, it is important to remember that your Linus account is not a checking account and that it should never be like one.

Also, keep in mind that the money in your Linus account may not be accessible as soon as you want it. Don’t worry, though, as they’re not locked in your account like that of a certificate of deposit.

Withdrawals

To make withdrawals, it’s pretty much the same as when you deposit money into your Linus account.

All you have to do is transfer money from your Linus account to your regular banking account.

It takes time, though, so make sure to have lead time when making withdrawals.

Typically, a wire transfer with Linus takes one business day to get into your bank account. Meanwhile, ACH transfers can take longer, between three to five business days.

To withdraw, just log into your Linus account and then link your checking account or debit card.

IS LINUS SAFE?

Since Linus operates entirely online, it is important to look into its security features as well.

Based on the information they provided on their website, Linus uses Passbase to store sensitive personal information. Passbase allows Linus to verify the identity of its customers without having to store their sensitive information on Linus’s server.

Linus also allows users to set up two-factor authentication to further strengthen their account’s safety and security.

While Linus seems to be a perfect choice to store your money and earn high interest, unfortunately, it lacks FDIC insurance, unlike regular banks.

If you open a Linus account, there are a number of risks to consider like the fact that its underlying infrastructure is based on cryptocurrency, as well as the use of new technologies to achieve high returns.

WHAT TO LIKE ABOUT LINUS?

This part of our Linus review will provide you with a list of things to like about Linus. These basically are the pros of using Linus, which includes the following:

  • High-Yield Savings – Unlike regular savings accounts, Linus allows you to earn up to 4.5% annual percentage yield. It’s definitely high considering that traditional savings account only earn around 0.08% annual interest rate.
  • No Fees – Another thing to like about opening and maintaining a Linus account is that it does not charge any fees at all. You can use the platform and make transactions absolutely for free, which is a not-so-common thing among financial institutions like banks.
  • No Maintaining Balance Required – Linus does not also require any maintaining balance. You can even withdraw everything when you need it. However, it is important to note that Linus may close your account if you leave it with zero balance for a certain period of time, which is totally fair.
  • Minimal Initial Deposit Requirement – Considering all the benefits you get, the $500 initial deposit requirement is definitely low. Needless to say, it’s the only requirement that the company asks you to comply.
  • Ability to Deposit USD and Leverage into Cryptocurrency – With Linus, you no longer have to spend time studying cryptocurrency. They do everything for you. Once you deposit money, the company immediately turns it into USDC, and then, that’s it. You can just sit back and relax and wait for your money to grow.
  • Online Access – Linus is accessible entirely online, which is how fintech company operates really. What’s nice about it is that you can access your Linus account anytime you want, and anytime you need without having to go through the hassle of visiting a branch like in typical banks.

WHAT NOT TO LIKE ABOUT LINUS?

Of course, to complete our Linus review, here are some of the downsides of this fintech company:

  • Not FDIC-Insured – Linus is not affiliated or partnered with any bank, thus, it is not insured by the Federal Deposit Insurance Corporation (FDIC), which protects depositors in case of a bank failure. To be honest, this one of the greatest risks in opening a Linus account – unless of course if you see it as an investment rather than a savings account.
  • APY Subject to Fluctuation – Linus says that customers can earn up to 4.5% APY. But of course, this is subject to fluctuation. You may earn big now, or a little lower next time. Nevertheless, the APY is still high compared to what regular savings accounts offered by banks.
  • Entirely Online – For most, especially the tech-savvy ones, this is a pro. However, for those who are a little old-school, this may be a risk as well. Unlike banks, you can go to a branch anytime you have concerns, with this one, everything is done virtually.

FINAL THOUGHTS ON LINUS REVIEW

Linus is a fintech company that provides a crypto-based high-yield savings account. It is great for individuals who want to save their money and earn a high annual interest rate.

While it seems ideal, it does come with risks especially since Linus is not insured by the FDIC. Although it works like a savings account, Linus looks more like an investment, which is why it is a great choice to build up your emergency fund.

With that said, unless you are willing to take the risk, this may not work for you. Are you?

With this Linus review, hopefully, you are able to get all the information you need to convince you that this fintech company is worth a try especially when building an emergency fund.

Categories
Investment Apps and Websites

Your Comprehensive Guide In Managing Family Finances

Managing family finances has all sorts of challenges — from budgeting to savings goals, loans, debt management, and more. However, with the right knowledge, you will surely get through it.

Guide in Managing Family Finances

According to a consumer survey conducted by the Certified Financial Planner Board of Standards, it was found that 59% of the 300 adult respondents (aged 35 to 65 years old) do not track their spending, while two out of five never had a budget.

Meanwhile, in a Gallup poll, it was found that only 32% of Americans maintain a household budget.

Furthermore, the same poll revealed that only 30% of Americans prepare a long-term financial plan outlining their savings and investment goals in detail, while the 2020 ‘Financial Planning’ Survey Data Released by First National Bank of Omaha reported that 49% of Americans expect to live paycheck to paycheck in 2020.

In another study by FINRA Investor Education Foundation entitled, “The 2018 National Financial Capability Study,” it was found that over 53% of American adults feel anxious thinking about their financial situation. Forty-four percent even find it stressful discussing their finances.

The above-mentioned surveys and studies are just some of the many that are available out there.

Unfortunately, all of these show how badly Americans (particularly adults) are when it comes to their personal finances, which, in effect also affects how they handle their family finances.

However, this does not mean American people cannot change when it comes to how they handle their money – be it their personal, business, or the family’s money.

We believe that while change does not happen overnight, it will, eventually, for as long as there is a will.

Also, apart from that, proper knowledge, understanding, and guidance by experts are also essential to there can be a shift in how the American people handle their money.

With that said, in the next few sections, we are going to share with you some of the most important information you need to know when it comes to handling family finances.

From personal finance management to savings goals, loans, debt management, etc. – we got you covered.

In particular, we are going to tackle the following:

  • About Banking
  • Mobile Banking
  • Online Trading
  • Life Insurance
  • Investment Platforms
  • Loans
  • Credit Monitoring
  • Online Fund Transfer
  • Personal Finance Management Tools

ABOUT BANKING

Generally, banking refers to the act of accepting as well as safeguarding money owned by individuals, group of people, or entities, and then lending it out to make a profit or to cover operating expenses.

Banking also refers to the industry that handles cash, credit, as well as other financial transactions.

Banks refers to the physical structure that provides a safe place to store both cash and credit.

Banks offer a number of products and services, which include savings accounts, checking accounts, and certificates of deposit. Some banks also offer loan products and services.

In the U.S. economy, banking plays a very important role. In fact, it is one of the key drivers that keep the economy going.

When it comes to handling your personal finances or family finances for that matter, it is important to know and understand what banking is all about, the available products and services offered, how banking actually works, and how it will help you in your financial journey.

Banking is basic yet the most essential aspect of your financial journey. Needless to say, it is the most convenient and most accessible way to keep your money.

To help you understand better what banking is all about, and it is important in your overall financial journey, here are some references that you may check out:

MOBILE BANKING

Investopedia defines mobile banking as “the act of making financial transactions on a mobile device (cell phone, tablet, etc.)”.

Banking has never been so easy, simple, convenient, and accessible with the rise of the mobile banking industry.

In today’s digital age, it is not surprising that more and more banks (both old and new) are offering online services. After all, the number of people using online or mobile banking is impressively increasing over time.

With mobile banking, you can deposit a check, pay for merchandise, as well as transfer funds to a family member or a friend anytime and anywhere for as long as there is a secure internet connection.

Indeed, mobile banking has changed the way banking works.

If you want to know more about what mobile banking is all about, check out the blog posts below:

Mobile Banks for Personal Use

There are a lot of mobile banks out there, and choosing one can get a little challenging especially if you are new to mobile banking.

To help you choose the one that fits your needs and preferences, you may check out these mobile bank reviews:

Mobile Banks for Students

Meanwhile, if you are a student who wants to start early when it comes to financial management, or you are a parent who wishes to teach your kid about financial management through banking, here are some blog references for you:

Mobile Banks for Businesses

Mobile banks are not only available for personal use. In fact, even businesses can take advantage of what mobile banks have to offer.

There are a few mobile banks for businesses out there, and NorthOne is one of them. Know more about this mobile bank and what it offers in the blog below:

ONLINE TRADING

NerdWallet defines trading as the act of buying and selling stocks regularly in an attempt to time the market.

Furthermore, the website explains that the goal of traders is to “capitalize on short-term market events to sell stocks for a profit, or buy stocks at a low. Some stock traders are day traders, which means they buy and sell several times throughout the day“.

Meanwhile, online trading refers to trading stocks using an online platform. Online trading has become increasingly popular among traders because it’s timely, convenient, and easy.

There are a lot of online trading platforms out there, and one of them is eToro. Know more about what this online trading platform has to offer in the blog post below:

LIFE INSURANCE

According to Forbes Advisor, life insurance refers to “a contract between you and an insurance company. Essentially, in exchange for your premium payments, the insurance company will pay a lump sum known as a death benefit to your beneficiaries after your death.”

Generally speaking, life insurance is essential especially if you have dependents (which normally refers to your spouse and child/children). It helps protect your dependents and allows you to leave them a non-taxable amount at the time of your death. Apart from that, life insurance can also be used to cover existing mortgages as well as personal loans.

There are a lot of life insurance companies out there to choose from. These days, life insurance companies can also be easily found online.

Over time, insurance companies have adapted to the changes brought by technology and the internet. So, yeah, if you are looking for life insurance company options, we recommend you check these blog posts below:

INVESTMENT PLATFORMS

Investing is an essential way to help keep your family finances on a positive note.

An investment platform refers to an online service that allows consumers to buy, sell, as well as hold funds.

Most investment platforms are on a non-advised basis, which allows you, the consumer to do everything on your own. However, there are also those that are on an advised basis wherein the consumer has the option to use a financial adviser who will invest on his or her behalf.

Online investment platforms have become very popular among consumers over recent years as it can be a tax-efficient way to hold investments.

With its gaining popularity comes a lot of choices. Yes, there are many online investment platforms out there for you to choose from.

To help you choose the right online investment platform, and to know more about investing, check these reviews and references:

LOANS

Investopedia refers to the term loan as “a type of credit vehicle in which a sum of money is lent to another party in exchange for future repayment of the value or principal amount”.

If you want to have a better understanding of what a loan is all about, we recommend you check these references:

There are different types of loan out there, but some of the most commonly offered by banks and lending companies are:

  • Auto Loan – Also known as a car loan, this allows you to acquire a vehicle. Normally, car loans or auto loans are collateral loans, which means the vehicle automatically serves as collateral in case the borrower fails to pay off the loan.
  • Business Loan – This type of loan is specifically intended for business purposes. You can use it to open a new business or for expansion of an existing one.
  • Home Loan/Mortgage – This allows the borrower to purchase his or her dream home. Home loans usually consist of an adjustable or fixed interest rate and payment terms.
  • Payday Loan – This refers to a short-term loan that can help cover your immediate need for cash. This usually comes with a higher interest rate.
  • Personal Loan – This is the most common type of loan out there. A personal loan can be used for almost any type of purchase — especially big ones. It usually comes with a lower interest rate as compared to credit cards.
  • Students Loan – This type of loan is specifically designed to help students pay for their education as well as other school fees and charges. It can also be used to pay for books and school supplies.

Know more about these types of loan in the blog posts below:

Personal Loan

Auto Loan

Business Loan

Home Loan/Mortgage

Student Loan

Payday Loan

Other Types of Loan

Apart from the above-mentioned loan types, there are less commonly known types of loans, which include:

Dental Loan

Emergency Loan

Point of Sale Financing

Tax Refund Advance Loan

Boat Financing

Loan Marketplaces

Loan marketplaces are online sites or platforms where you can easily find a lender for your loan needs.

While there are a lot of them out there, here are some of them:

CREDIT MONITORING

In this day and age, there are a lot of products and services that will help keep you on track of your family finances – one of them is credit monitoring.

According to an article published by CNBC, credit monitoring basically refers to what the name suggests — it monitors your credit.

These services help track your credit history as shown on your credit report and send alerts via email, SMS, or phone call in case changes transpire. This helps hinder potential fraud, should there be any.

Furthermore, the article says, “credit monitoring services provide an automated and faster way to track changes to your comprehensive credit file”.

There are a lot of credit monitoring services out there, and each of them has its respective list of activities. However, some of the common activities among them are as follows:

  • New accounts opened under your name
  • Hard inquiries on your credit report
  • Balances and payments
  • Name changes and/or new address
  • Public records like bankruptcies
  • Personal information like your social security number, email address, and password

While credit monitoring services are helpful in spotting potential signs of fraud, please note that it is not as comprehensive and does not provide a holistic approach to prevent identity theft or unauthorized transactions.

As earlier mentioned, there are a lot of existing credit monitoring tools out there, which include Credit Sesame and Credit Karma. Know more about these services in these blogs below:

ONLINE FUND TRANSFER

As obvious as it is, online fund transfer refers to the act of transferring funds through an online platform. Normally, freelance workers or work from home workers use online fund transfer platforms to receive payments from their clients.

However, over time, these platforms have also been used to transfer money within families – especially those who are far from one another.

While there are many available options out there, TransferWise and Xoom are some of the most popularly used online fund transfer platforms these days. Know more about them in the following reviews:

PERSONAL FINANCE MANAGEMENT

Personal finance management tools refer to a platform or software that helps individuals or families in handling their money.

A personal finance management tool is very helpful especially in handling family finances. This helps ensure that all funds are directed to where they should be.

There are a lot of personal finance management platforms out there, and to be honest, it’s just about choosing the one that suits your and your family’s needs.

To know more about what’s out there, check the blog posts below:

FINAL THOUGHTS ON FAMILY FINANCES

Handling family finances may be quite a challenge back in the days, but in this era, it is made easier. Thanks to technological advancements, today, there are various tools and platforms (mostly available online) that can help you in managing your personal, business, and most of all, your family’s money.

Are you now excited to manage your and your family’s money?

As mentioned, keep in mind that with existing finance tools and platforms, handling your family finances should be a breeze.

Categories
Investment Apps and Websites

Cogni Review: Why Makes This Digital Bank Worth It

This Cogni review will provide you all the essential information that while this digital banking platform is new, it’s worth it.

Cogni Review: Why Makes This Digital Bank Worth It

Digital banking is becoming the norm. More and more people prefer using it or making financial transactions using digital banks as compared to traditional ones.

In fact, according to the “Global Digital Banking Platform Market By Component (Solution and Services), By Deployment Type (On-premise and Cloud), By Type (Retail Banking and Corporate Banking), By Banking Mode (Online Banking and Mobile Banking), By Region, Industry Analysis and Forecast, 2020-2026” report, the “Global Digital Banking Platform Market is expected to reach $9 billion by 2026, rising at a market growth of 16% CAGR during the forecast period.”

Meanwhile, according to Statista report, the share of the population using digital banking in the United States alone in 2018 has reached about 61%, while it is projected to rise even more to 65.3% by the year 2022.

These reports only show that digital banking is set to continue growing as the years go by. With the unexpected turn of events in the current year wherein people are restricted to go out of their homes and rely so much on anything digital, it won’t be surprising if the numbers grow bigger.

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As mentioned, a lot of people are becoming so into online banking, which is not surprising given the fact that it is very convenient, safe, and very accessible.

These days, there are actually a lot of digital banks to choose from already. With so many options out there, selecting one can get really tough.

One of the many digital banking options out there is Cogni.

Today, as mentioned earlier, we are going to do a Cogni review. We are going to provide you the essential information you need to see if this digital banking platform is the right one for you.

In particular, we are going to talk about the following:

  • What is Cogni?
  • What are the features of Cogni?
  • Where to use Cogni?
  • How does Cogni work?
  • What are the benefits of using Cogni?
  • What are the downsides of using Cogni?
  • Is Cogni safe?

WHAT IS COGNI?

When you are looking for a digital banking partner, it is important to get to know the bank first. Do not just go with the status quo.

It is important to research your options so you can choose what’s best for you — your needs and preferences. Getting to know more about the institution or the bank will also help you build your trust and confidence in it. After all, you are going to entrust your hard-earned money to them, right?

The safety and security of your money (and your personal information) are very important especially when you are opting for digital banking.

Before we proceed, if digital banking is new to you, below is a very informative video by Project Management. It will help you know and understand better what this type of banking is all about.

Anyway, so what is Cogni all about?

As compared to other similar online banking platforms out there, Cogni is very new in the market.

This digital banking platform is in fact, was only launched this 2020.

While there are a lot of other digital banking platforms out there already, why would you consider Cogni over them?

According to the company, they established Cogni aiming to complement a user’s finances with a straightforward account, and the music to our ears, with no hidden fees.

This digital banking platform’s goal is to connect their members’ banking with their lifestyles. Furthermore, they hope to evolve with their members as their needs change. Over time, they aim to combine banking, commerce, as well as lifestyle in just a single platform.

Primarily, the marketing of the company aimed at the transparency and practicality of their Visa Debit Card, with no additional fees. But, the company actually does offer other services as well, which include convenient, cost-free bank transfers and ‘single-use’ virtual cards.

Currently, Cogni has over $6 million in funding. Needless to say, it has support from big-name financial institutions such as Barclays who owns 2% of this digital banking platform.

Furthermore, this digital banking platform supports the use of Samsung Pay, Apple Pay, and Google Pay.

Cogni has two offices including one in New York City.

WHAT ARE THE FEATURES OF COGNI?

If there’s one thing that Cogni promises its members that would be that it will be their “all-access pass to digital banking”.

In this section of our Cogni review, we are going to talk about the different features that this digital banking platform offer, which include the following:

Checking Account

Cogni’s primary product is its checking account. What makes it particularly stand out as compared to other checking accounts of digital banks out there is that apart from the fact that you can easily open an account in just 3 to 5 minutes, it does not require a minimum deposit amount. It does not even go through credit checks, which makes it even more attractive to all types of consumers.

With your account comes the following perks:

  • Digital Card – You can easily move funds into your account, and access the money immediately — as you need it — without any hassle.
  • No ATM Fees – It doesn’t matter where you are in the world. Cogni does not charge ATM fees, which means you can withdraw money in all 55,000 Allpoint ATMs without having to worry about charges.
  • Complete Account Details – With your Cogni app, you get a complete view of your balance, recent amount activity, as well as monthly statements, and card spendings. Everything in one place.

Cogni Pay

Another feature that we like about Cogni is Cogni Pay, which allows you to receive money from another account, and the money gets available immediately.

So, no need to worry about covering for a friend’s needs. They can easily pay you anyway.

Along with the Cogni Pay features comes the following perks as well:

  • Direct Deposit – With your Cogni account, you can set up direct deposit by sharing your account information as well as your routing number with your employer. That way you can easily receive your hard-earned money. By the way, you can do this through the app.
  • Easy Bank Transfers – With Cogni, you can easily transfer money from other banks into your Cogni account. You can do this free of charge. Again, all you need is your account information and routing number.
  • Deposit Worldwide with Visa ReadyLink – Unlike other digital banking platforms, with Cogni, you can deposit money to your account regardless of where you are in the world as long as there is a store with Visa ReadyLink. Your money gets available in just as little as 30 minutes!

Cogni Visa Card

To make your banking more effortless, along with your Cogni accounts comes a Cogni Visa Card.

Your Cogni Visa Card can be used not just to withdraw money but as well as in-store purchases.

But wait, there’s more!

Cogni also offers a single-use card, which you can generate for extra security or a risk-free trial.

Anyway, the Cogni Debit Card is issued by the Community Federal Savings Bank.

Apple Pay, Google Pay, and Samsung Pay Compatibility

Another notable feature that Cogni digital bank offers is that it is compatible with all your favorite person-to-person payment apps such as Apple Pay, Google Pay, and Samsung Pay.

ACH Bank Transfers

Cogni supports bill pay and bank-to-bank transfers making it easier for you to move your money.

Physical Checks

While it’s an all-digital bank, Cogni recognizes the fact that there are things that still need the traditional way of banking. Thus, the bank also offers checks.

If you need one, all you need is to request and they will send one right to your doorstep.

“Just-in-case” Protection

In case you misplace or lost your Cogni Visa Card, Cogni provides you a freeze and unfreeze feature. This allows you to secure your account to avoid unfortunate cases.

Customized Alerts

Cogni allows you to choose your own push notifications. That way, you only get to receive alerts that are relevant to you.

With Cogni app, you stay updated on your account’s activities. Needless to say, you are alerted of potential fraud all days and times of the week.

256-bit Encryption

To ensure your account’s safety and security, Cogni uses 256-bit encryption.

FDIC Insured

Of course, to complete the amazing features offered by Cogni, they are FDIC-insured as well, which means all Cogni checking accounts are protected for up to $250,000.

WHERE TO USE COGNI?

As we have mentioned in the previous sections, Cogni is just new in the market. Thus, it is not surprising if Cogni is only available at the moment to customers in the United States.

But, who knows!? Maybe in a few years’ time, they will eventually expand their coverage and reach other countries as well.

HOW DOES COGNI WORK?

In the last three sections, we talked about what Cogni is all about, its features, and where it’s available for use.

This time in our Cogni review, we’ll talk about how it actually works.

First of all, Cogni is an app-only banking service, which means, you need to download the app to take full advantage of what Cogni has to offer.

Unfortunately, Cogni is currently available only through the App Store, which means iPad and iPhone users may download it to their device free of charge.

Once the Cogni app is downloaded to your Apple device, an identification process is required to be able to open an account. In this process, you will be asked to input basic personal information similar to other apps of the same level or type.

Once done, your account will be made life automatically. Also, your tap to pay Visa card will be sent to you.

Please take note that as soon as your account is approved, which only takes a few minutes, you can immediately use your account with any transaction.

By using the Cogni app, users can perform instant fund transfers to other Cogni accounts. They can also deposit cash into their account through Visa ReadyLink locations, as well as create checks using the digital checkbook service on the app.

What’s nice about Cogni is that you do not necessarily need to wait for your physical card to make transactions. This digital banking platforms offer a virtual card, which you can use in making payments.

Furthermore, you can also create one-off cards for your online shopping.

Once your physical card arrives, you can use it in your in-store transactions as well as in withdrawing cash across all 55,000 Allpoint ATMs.

As you can see, how Cogni works is pretty simple and easy, making your banking experience a total breeze.

WHAT ARE THE BENEFITS OF USING COGNI?

As we always do when reviewing a bank — whether it be a traditional one or in this case, a digital bank — we always see to it to take note of both the pros and cons.

By doing so, we get to help you gauge the compatibility of the bank to you based on your preferences.

So, as usual, Cogni, just like any other banks of the same kind does its share of benefits and downsides as well.

In this section, though, we are going to focus particularly on the good sides of the bank.

Some of the benefits of using Cogni that we found are as follows:

  • Trusted By Large-Scale Businesses – Cogni may be a start-up, but, with the considerable amount of support it is getting especially from big companies, it only goes to show that it is a financial institution that can be trusted with your hard-earned money.
  • Zero Fees – One of the best parts of being a Cogni account holder is that you get to free yourself up from paying fees and charges, which is honestly financially exhausting sometimes. With Cogni, you do not have to worry about cash withdrawals and transfer fees, and other usual fees charged by digital banks.
  • Physical Checks – While some digital banking platforms have totally forgone traditional checks, Cogni believes that there are still transactions that require a physical check, thus, you can request one if you need it.
  • Visa Card – While Cogni allows you to make online transactions regardless of the availability of the card, it does provide a Visa debit card as well. This allows you to make in-store transactions as well as withdraw money from Allpoint ATMs.
  • Direct Deposit – Cogni supports direct deposit allowing you to receive your salary through it by simply sharing your account information as well as routing number to your employer.
  • Visa ReadyLink Deposits – Unlike other digital banks out there, Cogni allows its users to deposit cash through Visa ReadyLink locations worldwide. Needless to say, funds are credited in as little as 30 minutes
  • Person-to-Person Payment Apps Compatibility – Another thing to like about Cogni is that it is compatible with person-to-person payment apps, which include Apple Pay, Google Pay, and Samsung Pay.
  • Customized Alerts – With the Cogni app, you can customize alerts based on your needs and preferences.
  • 256-bit Encryption – With its 256-bit encryption, users are ensured of enterprise-level banking protection.
  • FDIC-Insured – All Cogni checking account holders are protected because Cogni is FDIC-insured, which means all accounts are covered for up to $250,000 in the event that the bank fails.

WHAT ARE THE DOWNSIDES OF USING COGNI?

There is no such thing as a perfect bank, all the more with digital banks.

While Cogni has several features that we like, we also found a few downsides, and these are:

  • Limited to the US – Unfortunately, Cogni is only available in the United States. Although, for sure they have expansion plans in the future. For now, though, interested customers from other parts of the world will have to wait.
  • Incomplete Website – Cogni is very new, so, we thought it’s very understandable that there are still things being worked out. One example is their website, which while already running is still incomplete.

Overall, we have to say that the downsides are related to the bank’s very new status. Remember that Cogni was just launched early this year. So, probably, it’s best to check it out again in the next few months.

IS COGNI SAFE?

Of course, this Corgni review will not be complete if we not going to answer one of the most important questions – is it safe to use Cogni?

Well, the answer to that is yes, Cogni is safe for two very evident reasons:

First, Cogni, as we have mentioned earlier uses 256-bit encryption, which, according to Techpedia is “a data/file encryption technique that uses a 256-bit key to encrypt and decrypt data or files“. This is one of the most secure encryption methods out there and is mostly used by digital banks to keep all their members’ accounts secured and safe.

Second, Cogni is safe because it is insured under the Federal Deposit Insurance Corporation (FDIC). As you know by now, all FDIC insured account under Cogni is protected for up to $250,000 should an unfortunate thing happens to the bank.

With these two in place, account holders are ensured that their money and their personal information are protected, safe, and secured.

FINAL THOUGHTS ON COGNI REVIEW

Cogni is a digital banking service based in the United States that was designed to offer a people-driven service.

While it has a lot of good features, we particularly like the fact that it provides a bank-level service sans additional costs or fees.

Similar to other banks of the same level, Cogni offers effective, flexible, as well as very convenient payment and fund transfer options.

Are you looking for a reliable digital banking partner that is free of commonly-charged fees? If your answer is yes, then perhaps Cogni is the one you are looking for.

We hope that through this Cogni review we were able to convince you that this digital banking platform is worth a try.

Categories
Investment Apps and Websites

GoHenry Review: The Key To Teach Your Young Kids On Financial Literacy

If you are looking out for an online app and debit card that is ideal for your kids, then you got to check this GoHenry review.

GoHenry Review: The Key To Teach Your Young Kids On Financial Literacy

According to the Standard & Poor’s Ratings Services Global Financial Literacy Survey, which is the world’s largest and most comprehensive global measurement of financial literacy, 33 percent of adults from all over the world are financially literate.

In the United States alone, 57 percent of adults are financially literate.

Meanwhile, according to the  OECD Programme for International Student Assessment (PISA) test of financial literacy, which was conducted back in 2015, from the 15 countries that took part in the said test, only around one in every four students are financially literate.

Furthermore, an article published by CNBC says that based on studies, 22 percent of students in the United States do not meet the basic standards for financial proficiency.

If you come to think about it, for a society to be financially literate, we have to start with the young ones, right?

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With exactly this in mind, more and more mobile budgeting apps for children are coming to life. These mobile budgeting apps aim not only to move towards a cashless society but also to teach children how to manage their finances.

In the same article by CNBC, it says that teens with bank accounts score higher than their contemporaries who do not have one. More so, those with a bank account are also more likely to earn from a part-time job and talks to their parents about finances on a regular basis.

Do you see the difference between financially proficient kids from those who are not?

It greatly shows that teaching our children early about managing finances will greatly affect – in a good way – how they spend and save.

While teaching our kids to be financially literate may sound a little challenging, the good thing is – today, thanks to technology and the internet, parents can depend on mobile budgeting apps and banks that provide services specifically for young people.

As mentioned, there are a lot of institutions providing such services, and one of them is GoHenry.

Unlike any other mobile banking and digital apps available out there, GoHenry is unique in its own way — particularly with the fact that it was created by parents who wanted to teach their children about handling their money to avoid debts.

If you are interested to know more about GoHenry and what it offers, then this one’s for you.

In this GoHenry review, we are going to specifically tackle the following:

  • What is GoHenry?
  • How does GoHenry work?
  • What features does GoHenry have?
  • Who can use the GoHenry app?
  • Are there fees involved with GoHenry?
  • What are the benefits of using GoHenry?
  • What are the downsides of using GoHenry?
  • Is GoHenry safe?

WHAT IS GOHENRY?

GoHenry, which was launched in 2012, is an online application and a debit card that was specifically designed to help kids aged six to 18 years old manage their allowance through instinctive budgeting and responsible spending.

This United Kingdom-based company offers one-of-a-kind parental controls, which allows moms and dads to monitor debit card transactions individually for each of their kids.

Although it originally came from the United Kingdom, GoHenry is already currently available in the United States as well.

By the way, one interesting fact about GoHenry is that, as we have mentioned earlier, the app was actually launched by a group of parents who aimed to teach their children to be financially literate.

Furthermore, it is nice to know that GoHenry does not charge an overdraft fee, which means there is no risk that your little one will rack up debts and charges.

With a very promising service, it is not surprising at all that as of this writing, GoHenry has already over 500,000 members from across the United Kingdom and the United States.

If you want to know more about GoHenry, here’s an informative video by Eann. You should check this out:

HOW DOES GOHENRY WORK?

Now that you have learned a brief history of the app, and what GoHenry is all about, this time, we are going to talk about how it actually works.

Similar to any other mobile budgeting apps and mobile banks, setting up a GoHenry account is made simple and easy.

You start off by downloading the smartphone app. If you want to, the app has a demo account that you can use to see how everything works before you actually sign up.

To proceed with the account setup, you will be asked to provide basic personal details like your name, email address, as well as your mobile number. You will also be asked to create a unique password to keep your account secured.

Once done with the initial steps, you will then have to add and confirm your child’s details. The cards will then be ordered and should arrive within five to seven days.

GoHenry actually has two versions — it’s up to you if you are going to download the parent version or the child’s version.

For you to have a better understanding of the difference between the two mobile app versions, here’s a quick rundown of its features:

Parents Version

The GoHenry parents’ version allows parents to:

  • Manage up to 4 children’s accounts
  • Make one-off payments
  • Set up regular payments
  • Invite relatives or other family members to contribute
  • Control where the cards can be used (such as in-store, online, as well as cash machines)
  • Set spending limits
  • Set tasks for the kids
  • Block and unblock cards
  • Receive instant spending notifications

It is also important to note that the parents’ version home screen allows moms and dads to see the balance of their own account so they can easily top up or transfer money to your children’s account.

Furthermore, you are also able to see how much your kids have spent, saved, as well as the amount that is currently available for spending.

Apart from setting a limit, blocking and unblocking, the cards section also allows parents to retrieve pin number as well as order custom debit card for your kid.

The GoHenry app also allows parents to edit their kids’ weekly allowance if there’s a need to.

Children Version

The GoHenry children version allows the kids to:

  • Budget based on their weekly allowance
  • Earn money by completing tasks
  • Save into specific savings goals
  • Ask family and relatives to contribute
  • Spend within the set limits
  • Get instant notifications about the reason behind declined transactions

On the GoHenry app’s children version, your kids will get to see their spending limit, the money they’ve already spend, as well as the money saved on the home tab.

Furthermore, the home screen allows shows how much allowance is due, when it is expected to be credited to the account, as well the number of tasks remaining.

On one hand, the card tab shows the spending transactions, the pin number, as well as the limit set on the card.

On the other hand, the earning tab allows your kids to see the tasks available. The completed ones are highlighted, to differentiate them from those that are yet to be completed.

Meanwhile, the saving tab allows you to set new goals and see the current progress on existing goals.

WHAT FEATURES DOES GOHENRY HAVE?

In this section of our GoHenry review, we are going to tackle the features that GoHenry offers.

By signing up with GoHenry, you will automatically get access to the following:

  • Parental Account
  • Children Account
  • GoHenry Prepaid Visa Card

Parental Account

This account allows parents to top up their children’s accounts as well as adjust parental controls. The parent account is fully accessible through the GoHenry mobile app.

The parental account comes full of chances to support learning about money, as well as to reinforce parenting.                     

As mentioned earlier, parental accounts allow parents to do the following:

  • Manage up to 4 children’s accounts
  • Make one-off payments
  • Set up regular payments
  • Invite relatives or other family members to contribute
  • Control where the cards can be used (such as in-store, online, as well as cash machines)
  • Set spending limits
  • Set tasks for the kids
  • Block and unblock cards
  • Receive instant spending notifications

Children Account

With this account, children are able to do the following:

  • Budget based on their weekly allowance
  • Earn money by completing tasks
  • Save into specific savings goals
  • Ask family and relatives to contribute
  • Spend within the set limits
  • Get instant notifications about the reason behind declined transactions

GoHenry Prepaid Visa Card

The GoHenry Prepaid Visa Card works just like any other regular debit card. It can be used online, in-store, as well as at cashpoints (if allowed). Although the card comes for free, you can customize it for only $4.99.

It is important to note though that while there is no limit to the number of children that are subscribed to the GoHenry service, each child will incur the same subscription cost. The GoHenry subscription costs $3.99 per month.

WHO CAN USE THE GOHENRY APP?

Now that you already know what GoHenry is all about and what it has to offer, this time we’ll talk about who is eligible for a GoHenry account.

As of this writing, GoHenry account and services are only available in both the United Kingdom and the United States.

While some people thought there is a big difference between the two versions, there’s actually not that much except for the currency used.

Regardless if you are using a GoHenry US or UK version, you will get the same type or level of functionality.

Now, given the fact that the app is only available in these two locations, it means that if you are outside the UK or the US, you cannot use GoHenry.

Also, it is very important to note that the system was specifically designed to cater to children aged six to 18. So, if your kids are older than 18, then, GoHenry is not the perfect tool for you.

Another thing, GoHenry is only helpful if you have kids. It doesn’t make sense if you do not have one.

ARE THERE FEES INVOLVED WITH GOHENRY?

One thing we particularly notice (and we like as well) about GoHenry is their transparency when it comes to fees involved.

All fees and charges are provided upfront, which means you are not blindsided. You know from the start how much this and that costs.

Now, while signing up with GoHenry is free of charge, and that there is no limit as to how many children you want to enroll, it is very important to note that there is a monthly fee of $3.99 per child account, and this comes without exemptions.

Furthermore, as we have said earlier, the GoHenry prepaid card is free, but if you wish to customize it, it comes with a price. Customized prepaid cards cost $4.99 each. The same amount goes for the replacement of lost, stolen, or damaged cards.

Meanwhile, balance inquiry using the GoHenry app is free, as well as reloading of a debit card, customer service, and inactivity (after 12 months with no activity on the account).

Unlike other mobile banks or apps of similar use or level, GoHenry charges $1.50 for ATM withdrawals — both for in and out of network withdrawals. It is important to note that some ATM owners or ATM networks may charge an additional fee.

Furthermore, international ATM withdrawals are charged $1.50. Take note that you may also be charged a fee by the ATM operator regardless if you completed a transaction or not.

As mentioned earlier, GoHenry neither charges an overdraft fee nor offer a credit feature.

WHAT ARE THE BENEFITS OF USING GOHENRY?

Similar to any other online money portals out there, GoHenry has its share of pros and cons.

We found some really interesting benefits, and this includes:

  • Full Parental Control – Unlike other similar online apps, GoHenry provides parents will full control of the account (as stated earlier).
  • Multiple Child Accounts – GoHenry does not limit as to how many children you want to sign up for. However, this means the same subscription cost for each account.
  • Free Trial – GoHenry provides a one-month free trial, which means you can cancel your subscription anytime you feel it’s not the app for you and your children.
  • Family and Relatives Contribution – The mobile budgeting app allows not only parents but also other family members and relatives to contribute to the child’s allowance if they want to.
  • Real-Time Notifications – GoHenry provides real-time alerts for both spendings and failed transactions.
  • Reasonable Subscription Fee – GoHenry charges $3.99 per month as a subscription fee, which when compared to other similar apps out there, it’s pretty much reasonable.
  • Incentives – The app can be used to give incentives to your kids to make them earn money. Parents can add new chores, and decide how much they will pay for their kids for doing the tasks. This is on top of their weekly allowance. Doing so teaches them the value of hard-earned money.
  • Encourages Savings and Financial Goals – Using Gohenry encourages your children to save and to set financial goals at such an early age. A valuable lesson that is very helpful, really, especially when they become an adult.

WHAT ARE THE DOWNSIDES OF USING GOHENRY?

As we have said in the last section, while there are benefits of using GoHenry, there are also a few downsides.

Some of the things we do not like about GoHenry are as follows:

  • No Interest – Unfortunately, GoHenry does not pay an interest, which means whatever amount you put into your child’s account, that remains as is.
  • Cannot Load Cash – Another thing we do not particularly like about GoHenry is that it does not offer a cash loading option. It limits the ability of parents to load money into their kids’ accounts.
  • Oversees Charges Apply – As per GoHenry, a $1.50 international withdrawal fee is charged if you withdraw money from your GoHenry card abroad.
  • Only One Parent Can Control The Account – For some, it may not be an issue, but for other parents, it might be. Unfortunately, GoHenry only allows one parent to have control over the account.
  • Monthly Subscription Fee Per Child – If you have two or more children, paying off $3.99 per child a month for the subscription fee can be quite expensive. It would be nice if GoHenry offers a family plan instead of a per child fee.

IS GOHENRY SAFE?

One of the common concerns of consumers when it comes to mobile banking or a mobile budgeting app is the safety and security of both personal information as well as the money itself.

In GoHenry’s case, we got to say that your account is safe and secure. The institution made sure that all safety and security measures are in place to ensure their customers’ trust and confidence.

To make sure that your account is well taken care of, GoHenry uses the following:

  • State of the art chip security
  • PIN-protected transactions
  • 256-bit encryption like the banks use

Furthermore, GoHenry makes sure there is no risk of overspending, and in case your card is lost, you can easily block it so no one gets to use it.

Also, all GoHenry accounts are FDIC-insured of up to $250,000.

FINAL THOUGHTS ON GOHENRY REVIEW

So, if you were to ask us, is GoHenry worth the time and money, what would our answer be?

We got to say that it actually depends. If you are a parent who is looking into modernizing your approach to giving your kid’s allowance, then we have to say, GoHenry is a tried and tested method, and that it’s a good option.

Needless to say, it is a reputable company with lots of investors, which means it’s not dropping off anytime soon.

Are you having some uneasy thoughts yet or you are convinced that this is the right tool for you?

We hope that through this GoHenry review you are able to gauge if this one’s indeed the right tool that will help teach your kids how to handle their money well.

Categories
Investment Apps and Websites

Marcus Review: How It Differs From Other Online Banks

In this Marcus review, we will look into how this online bank stands as compared to other banks of the same level in the market.

Marcus Review: How It Differs To Other Online Banks

In a Business Insider article, it says that based on a survey by Finder, which is a banking comparison site, it was found that today, American of all ages are open to online-only banks.

In fact, about 30% of American people have an existing account or are planning to open an account with their preferred online bank.

Currently, according to a Forbes report, there are 58 nationally available online banks in the country. Among these online banks is Marcus, which is what we are going to focus on in today’s review.

By the way, for those who are not that familiar with the term “online bank” yet, it basically refers to financial institutions that operate mainly or primarily on the internet. Also known as virtual banks or internet banks, these institutions allow their users or account holders to manage their accounts using either their mobile devices or their computer anytime and anywhere they are.

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In most cases, online banks do not have a physical branch, which means all banking transactions are made entirely online.

Now, moving back, as mentioned, today, we are going to particularly focus on Marcus, which is an online bank by Goldman Sachs, which is one of Wall Street’s best-known names in investment banking.

We’ll see how this online bank fairs as compared to other online banks out there.

For your reference, we are going to particularly tackle the following:

  • What is Marcus?
  • What does Marcus offer?
  • How to open a Marcus account?
  • Are there fees involved?
  • What to like about Marcus?
  • What not to like about Marcus?
  • Is Marcus safe?

WHAT IS MARCUS?

As mentioned earlier, Marcus is the consumer banking offering of Goldman Sachs, which is one of Wall Street’s best-known names when it comes to investment banking. It was in 2016 when the bank expanded its offering to online banking.

Marcus offers high-yield savings accounts, high-yield certificates of deposit, as well as no-fee personal loans.

Although the online bank is relatively new as compared to other institutions of the same level, as of October 2020, Marcus reported having $96 billion in deposits already.

Marcus was named after one of its founders, Marcus Goldman, and is positioned as a simple and accessible online banking that provides consumers added control over their personal finances.

Furthermore, Marcus has a relatively approachable image that is focused on helping people achieve financial well-being, at the same time helping them become smarter when it comes to handling their money.

Contrary to other online banks out there, Marcus does not offer as many types of financial products. In fact, what they currently have are high rates.

If you are interested in knowing more about Marcus by Goldman Sachs, check this very informative video below by MONEY with Eddie Yoon:

Similar to most online banks, Marcus online bank does not have a physical branch, which means, if you are someone who prefers an online bank with a traditional banking option still, this may not be the perfect choice for you.

Marcus mobile banking app is available on both the App Store and on Google Play, making it available for both iOS and Android users.

By the way, Marcus ranks as one of the best online savings accounts. Also, the bank’s personal loans have been recognized in 2019 by J.D. Power as number one when it comes to personal loan satisfaction.

Marcus is based in the United States and is a member of the Federal Deposit Insurance Corporation (FDIC), which means all funds deposited into Marcus’s accounts are insured by the federal government for up to the maximum amount allowed by the law.

WHAT DOES MARCUS OFFER?

In the last section, we have provided you some of the most important information about what Marcus is all about.

This time around, in this part of our Marcus review, we are going to look deeper into what this online bank has to offer.

Currently, Marcus offers a very simple line up of products, which include:

  • Savings Account
  • Certificates of Deposit (CDs)
  • Personal Loans

Savings Account

Marcus offers an online savings account — a classic online bank account that comes without fees, and a high annual percentage yield (APY).

On one hand, while most banks say that they do not charge monthly fees, Marcus, on the other hand, explicitly says that account holders need not pay fees for this particular type of account.

This basically means, no monthly fees, no service fees, as well as other fees usually charged by other online banks.

Furthermore, Marcus Savings Account does not have a minimum deposit requirement. They do have, however, a maximum limit of $1 million per account and not to exceed $3 million per account owner.

Meanwhile, it is important to note though that while Marcus does not charge fees when an account holder exceeds the withdrawal limit, the bank may, however, close the account. So, account holders must be very careful with that.

Now, when it comes to rates, the rate offers by Marcus is quite attractive. In fact, the bank has better terms of interest rates as compared to most big banks in the country.

Currently, Marcus pays a 0.50% APY.

Based on the characteristics of Marcus Savings Account, we got to say that this type of bank account is ideal for keeping an emergency savings fund, or if you want to save up for a particular financial goal like a family vacation, a new car, home renovations, etc.

Certificates of Deposit (CDs)

As mentioned, another product offering of Marcus is Certificates of Deposit (CDs). This online bank offers a couple of different types of CDs, which include:

High-Yield CD

Marcus’s high-yield Certificates of Deposit allows consumers to lock in a relatively high rate for a particular length of time.

More so, what is nice about it is that the online bank offers a 10-day rate guarantee, which means if Marcus raises rates within 10 days after the consumer opens a CD, he or she automatically get the higher rate.

The high-yield CD is available for a minimum deposit of $500. As mentioned, it comes with a fixed rate of return depending on the term you choose.

Marcus’s high-yield CD terms range between six months and six years.

Similar to most CDs offered in the market, Marcus’s high-yield CDs charge a certain fee for early withdrawals. Keep in mind that CDs are meant to stay long in the bank. It should be untouched for a certain period of time. However, if in case you need the money, you may withdraw it but, as mentioned, with a cost.

The early withdrawal penalty amounts to a certain number of days’ worth of interest.

No-Penalty CD

If you want to stay away from getting charged with an early withdrawal penalty at the same time still earn a high APY, the no-penalty CD is ideal for you.

With this type of account, you can withdraw the funds without penalty any time after seven days. You still get a guaranteed rate, though, for the full term of the CD.

No-Penalty CD terms available are seven months, 11 months, and 13 months. You can earn 0.45% with a seven months term, and similar to the other CD account type, the minimum deposit required is $500.

What is nice about this particular CD type is that it allows you to lock in on a great APY, at the same time, you have the flexibility to withdraw the funds seven days after funding without having to worry about penalties.

The No-Penalty CD is ideal for holding emergency savings, or for saving up for a specific financial goal (such as family getaways, home improvements, special occasions, etc.), or any other savings goal you have in mind.

Personal Loans

Another product offering by Marcus is Personal Loans, which can be used for various purposes. It could be for paying off credit card debts, for home improvements, or for other financial goals.

What we particularly like about this product is that Marcus offers no-fee personal loans for amounts of up to $40,000, with APRs that range between 6.99% and 19.99%.

The online bank’s personal loans have flexible loan terms that range from 36 to 72 months. Furthermore, you can also avail of a reduced APR by 0.25% if you sign up for auto-pay.

Please note, though, that all loans are subject to credit approval. More so, your monthly payment will depend on the interest rate, loan amount, as well as loan term.

Marcus personal loans have consistently received high marks from J.D. Power (as mentioned earlier) in its yearly consumer Satisfaction Studies. The said study measures customer satisfaction based on four key areas, which include application and approval process; billing and payment; interaction; and loan offerings and terms.

HOW TO OPEN A MARCUS ACCOUNT?

So, now that you already know what Marcus is all about and the products it offers, this time, let’s talk about how to actually open a Marcus account.

The process is pretty simple and easy —

Anyone in the United States can apply for a Marcus account online by providing an email address and a mobile phone number.

To be eligible to open an account, you must be more than 18 years of age, and a resident of the United States (for tax purposes). Also, similar to any financial institution in the country, Marcus online bank will also ask you to provide basic personal information to complete your bank account application.

Your Marcus account is accessible and manageable online, and you also have the option to speak to the Marcus team over the phone through 1-855-730-7283.

Meanwhile, once you are done processing your account application, the next step would be funding your account.

To add funds to your Marcus Online Savings Account, all you need to do is transfer the money from a linked account. Unlike other online banks though, this is the only way you can top up your account.

Now, to be able to do this, you will need the sort code and account number of your Marcus Online Savings Account.

ARE THERE FEES INVOLVED?

There are a lot of online banks out there, but they differ from each other in different ways. One of the common differences though is fees and charges.

With Marcus, as we have mentioned earlier, for its Online Savings Account, customers can expect the following:

  • No Monthly Fees/Maintenance Fees
  • No Service Fees
  • No Transaction Fees

Furthermore, the online bank does not charge for when an account holder exceeds the withdrawal limit. However, the bank may close the account.

As with Marcus’s High-Yield Certificates of Deposit (CDs), it does charge an early withdrawal penalty, which amounts to the specific number of days’ worth of interest.

Meanwhile, for the bank’s Personal Loans, Marcus offers no-fee personal loan amounts specifically for the borrowed amounts of up to $40,000.

Generally, we got to say that online banking with Marcus allows you to save a lot of money as compared to other banks of the same level.

WHAT TO LIKE ABOUT MARCUS?

As we always say, every institution has its share of pros and cons. For Marcus, some of the things we particularly like are as follows:

  • No Minimum Deposit Required – With Marcus, customers do not need to spend masses of cash. Even with just a few bucks or nothing at all, you can open a Marcus account.
  • High-Yield Account – Marcus has a very impressive annual percentage yield (APY). The rates are absolutely competitive as compared to other online banks out there.
  • No Bank Fees – Contrary to many online banks out there, Marcus does not charge anything (unless stated). Marcus does not charge monthly maintenance fees, transaction fees, service fees, and other fees usually charged by online banks.
  • Low Minimum Deposit for CDs – Marcus only requires at least a $500 deposit for its Certificates of Deposit accounts.
  • Award-Winning Personal Loans – Marcus’s personal loans consistently received high marks from J.D. Power (as mentioned earlier) in its yearly consumer Satisfaction Studies.
  • 24/7 Mobile and Online Access – Since Marcus is an online account, it gives consumers 24/7 access to their accounts.
  • FDIC-Insured – Marcus is an FDIC-insured online bank, which means, in the event that the bank fails, all depositors’ money is insured for up to $250,000.

WHAT NOT TO LIKE ABOUT MARCUS?

Surely, Marcus does have its share of good qualities. But as we always say, there is no such thing as a perfect online bank. It does have its share of cons.

Some of the things we do not like about Marcus is as follows:

  • No Physical Branch – Just like a lot of online banks in the market today, Marcus does not have a physical branch, which makes it not ideal for people who opt to have a more traditional banking experience.
  • No Checking Accounts – Unfortunately, Marcus does not offer to check accounts yet. However, there is news that the bank is planning to launch its checking account product in 2021. We look forward to it!
  • No Cards– Another downside of Marcus is that it does not have cards. Marcus offers an entirely online savings account. Thus, no card is available as of this time.
  • No Mobile Check Deposit – Apart from the fact that it does not have a checking account, Marcus does not have mobile check capabilities as well.
  • Limited Mobile App – If you are someone who’s keen on digital banking app features like spending notifications and savings tools that allows you to manage your funds better, Marcus may not be the right choice for you. The Marcus mobile app is literally simple and straightforward.

IS MARCUS SAFE?

Our Marcus review will not be complete without us answering the question if the bank is safe.

To answer, yes, Marcus online bank is safe.

Marcus by Goldman Sachs is an FDIC-insured online bank, which means that all account holders’ money is insured by the federal government for up to $250,000. So, in the event that the bank fails, you are assured that your money is safe and secured.

FINAL THOUGHTS ON THIS MARCUS REVIEW

Marcus is an online bank that is created by one of the most trusted names in investment banking, Goldman Sachs.

With that alone, customers are insured that their money is safe and secured. Needless to say, the best service possible.

Although Marcus does have its share of downsides, we thought that eventually, these downsides will be addressed, and in due time, Marcus will be able to provide an excellent entirely online banking experience.

Overall, we got to say that the quality of what the online bank offers are pretty much impressive.

Marcus offers the best APYs for both a high-yield savings account and a high-yield certificate of deposit in spite of the fact that the bank has low requirements for minimum deposits as well as no-fee accounts.

With all that, do you think Marcus is the right online banking institution for you? We hope so.

To end, we hope that this Marcus review has given answers to some of the most commonly asked questions regarding the bank and that it provided clarity as to how it fairs as compared to other online banks out there. Just to say, it did fair well.

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Investment Apps and Websites

Varo Money Review: How It Differs From Other Mobile Banks

In this Varo money review, we are going to look into how this startup bank tries to disrupt traditional banking through monthly-fee-free accounts and an entirely mobile experience.

Varo Money Review: How It Differs From Other Mobile Banks

Back in 2013, research conducted by Pew Research Center revealed that 51% of American adults or 61% of internet users in the country do online banking. Meanwhile, 32% or 35% of the total number of cell phone users opt to do banking using their mobile phone.

Fast-forward to 2018, a report published by Statista states that based on a survey conducted, it was found that 693% of Millennials are or have used mobile banking, while 24% of Baby Boomers do online banking as well.

Furthermore, in the said report, it says that probable reasons behind the rise in number have something to do with how flexible and convenient mobile banking is. Well, with people nowadays being always on-the-go, it is not surprising at all if one of these days all traditional banks will focus on strengthening their mobile banking services.

While there are a lot more people who are into online banking particularly mobile banking, there are still a few who are not into it. Some are kind of hesitant or worried about security and if it’s really convenient to do banking online.

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These concerns are valid and that is why Varo Bank makes sure it offers plenty of capability for users who are always on-the-go. With a mobile app and broad ATM network, Varo Bank ensures complete basic banking and savings transactions for each of its customers.

Furthermore, when it comes to safety and security concerns, Varo ensures customers’ personal information and money are well-protected by its 256-bit AES encryption.

Now, are you curious to know more about what Varo Bank has to offer?

If your answer is yes, then you are in the right place as we are going to dissect all essential information every customer needs to know regarding Varo Bank.

In this Varo money review, we are going to particularly talk about the following:

  • What is Varo Bank?
  • What does Varo Bank have to offer?
  • How to open an account with Varo Bank?
  • Are there fees and charges involved?
  • What are the benefits of using Varo Bank?
  • What are the downsides of using Varo Bank?
  • Is Varo Bank safe?

WHAT IS VARO BANK?

When looking for a mobile bank partner, it is important to take time to get to know the bank you are eyeing for.

A little history of the bank will help establish your trust and confidence in doing business with them. You get to see how credible and how trustworthy they are.

With that said, let’s get to know more about Varo.

Varo was founded in 2015. Compared to other online banks, it is relatively new. No wonder why some people wonder about the reliability and the authenticity of the bank.

Moving on, based in San Francisco and Utah, Varo was established to be an all-mobile bank that offers both checking and savings accounts.

As we have mentioned earlier, Varo aims to disrupt traditional banking and even other online-only banks by providing customers with monthly-fee-free accounts and an entirely mobile experience.

Varo is part of the growing neo in the United States, which makes it the first of the bank scene.

Recently, Varo worked on becoming a fully-fledged bank, making it the first of its kind in the country to receive full approval.

By becoming a full-fledged bank, it means Federal Deposit Insurance Corporation (FDIC) will offer Varo customers deposit insurance up to $250,000.

Varo has a very bright and interesting future, to be honest. With it becoming a full-fledged bank is just the beginning of better days ahead for this mobile bank.

Before moving on to our Varo money review, here’s an interesting and very insightful and informative Varo Bank review by MONEY with Eddie Yoon that we thought you should check out:

WHAT DOES VARO BANK HAVE TO OFFER?

Now that you already know a brief history about Varo and what to expect from it in the future, this time around in our Varo money review, we are going to talk about the different products and services that this all-mobile bank has to offer.

As earlier mentioned, Varo offers the following:

  • Savings Account
  • Checking Account

Now let’s look into each of these items —

Savings Account

Varo does only have one savings account, and this one’s a high-yield account that comes without fees whatsoever.

Since the Varo Savings Account does not charge any fees, savers can earn up to 2.80% APY, which is very competitive as compared to other mobile-only banks out there.

While it all sounds good, the Varo Savings Account is only available for savers who have already an existing checking account with Varo, which they call a Varo Bank Account.

Additionally, savers can only earn the said 2.80% APY if they meet the following requirements:

Ensure a daily savings account balance of up to $10,000

Make at least five debit card purchases for every calendar month

Receive $1,000 or more in direct deposits during the same calendar month

If you fail to meet the above-mentioned requirements, your rate will only be 0.81% APY.

Please take note that all three must be met. If for example a savings account holder keeps a daily balance of $10,000 or more but does not meet the other two requirements, he or she will not be eligible as well for the 2.80% APY.

Just the same, even if a saver meets the two other requirements, but holds a daily savings balance of more than $10,000, the rate automatically drops down to 0.81% as well.

If, however, you do not mind about the APY, it is important to note that Varo does not require a minimum balance on its savings account. A saver needs no more than $0.01 in his or her account to start earning interest.

As mentioned, a saver is required to have a Varo checking account in order to open the Varo savings account. Although there are those requirements, what we find nice about it is that it comes with benefits.

Specifically, Varo Bank has two automatic savings options to help encourage savers to reach their savings goals.

The automatic savings options include:

Save Your Pay – This program by Varo allows savers to select a percentage of every direct deposit into their Varo checking account to have automatically transferred to their Varo savings account.

Save Your Change – This program allows savers to make purchases anytime using the Varo debit card. When used for purchasing, Varo will round up the amount to the nearest dollar, and then, transfer that amount from the saver’s Varo checking account into his or her Varo savings account.

Checking Account

This time around, let’s talk about Varo’s checking account.

The only checking account option from Varo is what they officially call the “Varo Bank Account”.

This checking account comes with an impressive punch for a fairly simple offering.

The key benefits of using a Varo Bank Account include:

  • No monthly maintenance charges
  • No minimum balance required
  • No overdraft fees
  • Early direct deposit

The Varo checking account comes with a Visa debit card, which you can use to withdraw, as well as in making purchases.

By the way, while Varo does not charge fees or interest, this is only applicable if users meet the following requirements:

  • The user must make five debit purchases every month.
  • The user must receive payroll or government direct deposits of at least $1,000 every month.

Furthermore, with regards to the no overdraft fee benefit, Varo checking account customers must enroll in No Fee Overdraft, which is available in the Varo app, so the feature gets activated. In case you did overdraft your account, Varo gives you 30 calendar days to pay the amount back. Varo, however, automatically takes the amount from your next direct deposit.

In addition to the benefits, Varo users also can send money to other Varo accounts without having to worry about getting charged a fee. Varo to Varo instant transfer feature is absolutely free. The downside of this account, though, is that you cannot use your Varo account in making wire transfers.

HOW TO OPEN AN ACCOUNT WITH VARO BANK?

By now, you already know what Varo is all about, and the products that the bank offers.

At this point in our Varo money review, we are going to talk about how one can actually open a Varo account.

If you are interested in opening a Varo account, then, you got to check this section out.

Opening An Account

Anyway, as mentioned earlier, Varo offers an entirely digital service, which means, if you are looking for a physical branch, Varo does not have it.

Similar to most digital banks out there, Varo promises an easy and simple process when opening an account with them. In fact, the process is very straightforward and convenient.

Unlike traditional banks, you can do it in just a few minutes. No need to do paperwork and definitely, no long waits.

To apply for a Varo account, first of all, users have to download the Varo app. The Varo app is available for both iOS and Apple users.

Once done downloading, to proceed with the process, users need to follow the on-screen prompts to complete the whole account application.

As we have said, the process is simple and easy it takes no longer than five minutes to finish.

By the way, just the same as other digital banks, you will be asked to provide some personal information, as well as undergo an identity verification process by providing either a valid ID or a passport.

Should users encounter any problem upon signing up, Varo offers a variety of customer service lines that will offer fast and friendly advice or recommendations.

Adding Funds

In relation to opening an account with Varo, we also wanted to share with you how to actually add funds into your account.

As mentioned, Varo does not have a physical branch, so, to make up for that, the bank offers five easy ways to deposit money into your Varo account.

First, the quickest way to put money into your Varo account is through direct deposit. Varo allows you to pay money into the account yourself or you may opt to use it to receive your paycheck directly into your account.

With Varo’s direct deposit option, users get to receive their salary up to two days early. Additionally, users can receive instant pay from Uber and/or Lyft if you are employed by these companies.

The second option to fund your account is by transferring money from an external bank account through the app and through your other bank’s online banking service.

The third option is by making a transfer of funds from PayPal, Cash App, Venmo, and other similar platforms.

The fourth way of putting money into your Varo account is by cashing in a paper check using your smartphone camera.

Last, but certainly, not least the option to fund your Varo account is through cash deposits. Unlike many digital banks, Varo accepts cash deposits. All you have to do is deposit the cash at a Green Dot location or with a MoneyPak.

You see, funding your Varo account is easy. You got not only one but five options to choose from – and we have to say, they’re all easy and very accessible.

ARE THERE FEES AND CHARGES INVOLVED?

The answer to this question is — mostly none.

With Varo, users are free from being charged for the following:

  • Monthly maintenance fees
  • Overdraft fees or interest owed for overdrafts
  • No foreign transaction fees
  • No debit card replacement fees
  • Money Transfer fees (Varo to Varo)

However, as mentioned, these can only be benefited by the account holder (particularly, Varo Bank Account holder) if he or she meets the following requirements:

The user must make five debit purchases every month.

The user must receive payroll or government direct deposits of at least $1,000 every month.

WHAT ARE THE BENEFITS OF USING VARO BANK?

We are almost done with our Varo money review. But, similar to our previous bank reviews, this review will not be complete without pin-pointing the pros and cons.

So, first, let’s talk about the pros or the benefits of using Varo. Some of the benefits we found include:

  • No Monthly Fees – By having a Varo account, you do not have to worry about the minimum balance required, card replacement fees, monthly maintenance fees, overdraft fees or interest owed for overdrafts, transfer fees, and foreign transaction fees.
  • No Fee Overdraft – An account holder automatically gets eligible for No Fee Overdraft if he or she receives at least a $1,000 direct deposit every month, at the same time, makes at least five debit card purchases per month. No Fee Overdraft means Varo will cover an overdraft of up to $50 without fees and interest owed. The account holder’s next deposit in 30 days will reimburse the overdraft.
  • No Overdraft Fees – If in case the user does not qualify for the No Fee Overdraft, any transaction the person makes that would overdraw his or her account is automatically declined.
  • Visa Debit Card – Varo Bank Account comes with a Visa debit card that users can use anywhere Visa is accepted. The debit card can also be connected with Google Pay, Apple Pay, PayPal, Cash App, as well as Venmo for seamless payments anywhere. This card also entitles the owner to the Visa Zero Liability guarantee, which ensures the user that he or she won’t be liable for any unauthorized charges on the card.
  • Great Mobile App – Varo, being an all-digital bank ensures users have the best digital banking experience. Thus, making sure that the Varo app delivers as it has promised. With the app, users can deposit checks using mobile deposit, send money instantly, receive alerts, as well as track spending.

WHAT ARE THE DOWNSIDES OF USING VARO BANK?

In the last section, we ran down a list of benefits. This time, we are going to share with you some of the downsides of using Varo. This includes the following:

  • High-Yield Savings Account Only – Unfortunately, Varo only offers a high-yield savings account. Unlike other banks of the same level, Varo does not offer other options.
  • Mobile-Only Platform – Although you can sign up on the Varo website, everything else can only be done using the Varo mobile app. So, unless you want app-based banking transactions, Varo may not be ideal for you.
  • No Checks – Unlike other mobile banks, Varo does not offer paper checks with its checking account. However, a check via the Varo mobile app is available in case you need one. The check is mailed within three to nine business days, though.

IS VARO BANK SAFE?

Safety and security both personal information and money are two very important things that people look into when it comes to mobile or online banks.

Fortunately, Varo is a safe mobile banking platform. Varo Bank N.A is FDIC insured, which means that the federal government protects the depositors’ money for up to $250,000 per depositor, for every account ownership category. This is particularly important in case of a bank failure.

Furthermore, Varo uses 256-bit AES encryption to ensure the safety and security of all the information they gather from every depositor, as well as their depositors’ money.

FINAL THOUGHTS ON THIS VARO MONEY REVIEW

All in all, we got to say that Varo Bank has a very promising offering. Given the fact that is very new to the market, it offers amazing features that every user or depositor usually looks for in a digital bank.

So, do you consider opening an account with Varo yet?

We hope that this Varo money review has cleared your thoughts and worries, at the same time, has answered some of the most crucial questions when it comes to banking with Varo Bank.