Tag: high-yield checking acount

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Mobile Banking

NBKC Bank Review: High APY Checking Account Without Fees

This NBKC Bank review is ideal for customers who are looking for an online banking platform that provides competitive rates on deposit accounts particularly checking, and opportunities to avoid common bank fees.

High APY Checking Account Without Fees

Digital banking is booming.

In fact, the digital banking industry has never been in this state until 2020 when the pandemic hit the United States and the rest of the world.

People across all ages have relied so much on digital banking.

In fact, according to Forbes Advisor report, that although digital banking had been into the mainstream especially with the younger generations, last year, consumers of all ages have already hopped on board.

Furthermore, a financial analyst said that what happened last year, which continues on to date “is the greatest acceleration of digital banking in history.”

Meanwhile, an article by Reuters says that digital banks have won over American customers during the pandemic “by processing stimulus payments quickly, setting them apart from traditional banks and generating valuable word-of-mouth referrals.”

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Level Bank Review: A Fintech With An Ideal High-Yield Bank Account

Of course, in traditional banking, you can never make transactions easily. Sometimes, it takes a day or two to complete one transaction alone. But, with digital banking, everything happens in real-time.

But apart from reliability, and the convenience that digital banking platforms provide, consumers also need to look at other helpful rather amazing features to make the best out of their online bank accounts.

Apart from convenience and superb online banking capabilities, customers also need to look into fees and rates.

To be honest, finding a bank that offers convenience, competitive rates, and low to no fees at all can be quite a challenge. Normally, you only get one or two but you could hardly find a bank that provides all of these.

NBKC Bank is actually one of the very few that offers consumers the convenience of online banking, high-yield checking account, as well as ways to avoid common bank charges.

It’s a bank that is focused on providing consumers a great digital banking experience, and we are going to tell you more about how they do it in the next few sections.

Specifically, this NBKC Bank review will provide answers to these most commonly asked (yet very important) questions:

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

WHAT IS NBKC BANK?

NBKC Bank was founded in 1999 as Horizon National Bank, and then was known for a while as the National Bank of Kansas City before converting to its current name in December 2015, hoping to appeal to a larger market.

Although the bank has a handful of branch locations in Kansas and Missouri where it is based, NBKC is primarily geared toward consumers who prefer to bank digitally over traditional ones.

NBKC Bank provides customers access to online banking and mobile apps for both Android and iOS devices. Additionally, the bank also provides access to more than 34,000 ATMs through the MoneyPass network.

Moving on, NBKC Bank is known for its mortgage lending services as well as for offering competitive rates on deposit accounts. But apart from that, NBKC Bank is also a great choice especially if you are also looking for convenience and ways to avoid common bank fees.

While the bank is not the biggest player among digital banking platforms, it boasts having $456 million in deposits to date.

With all these on its plate, NBKC Bank is sure to grow in the coming years. Definitely, something to look forward to.

WHO IS NBKC BANK BEST FOR?

NBKC Bank’s primary aim is to reach a bigger audience by providing a banking platform that is easily accessible digitally. Thus, it should appeal the most to people who prefer digital banking over traditional banking.

NBKC Bank is known for providing competitive rates on deposit accounts, so, if you want to save and earn more from your money, this bank is a good option for that.

Additionally, NBKC Bank also provides ways to avoid common bank fees, which makes it ideal for consumers who want to get away from paying off monthly fees and the like.

Know more about the NBKC Bank in the video below:

Furthermore, the bank requires a low minimum deposit particularly on its certificate of deposit account. So, if you are looking for that particular feature, then, NBKC Bank is for you.

Finally, NBKC Bank should also appeal to those who do not want to worry about maintaining account minimums as well as to consumers who are looking for a low-cost bank that provides strong customer service.

WHAT DOES NBKC BANK OFFER?

NBKC Bank offers a wide selection of products including mortgages, Home equity lines of credit (HELOCs), loans, as well as health savings accounts (HSAs).

However, for the purpose of this NBKC Bank review, we are going to focus only on the following:

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

Checking Accounts

For this review, we are going to tackle both the personal and business checking accounts, namely:

  • Everything Account
  • Free Business Account

Everything Account

The NBKC Bank Everything Account combines everything that consumers need and expects from a savings and checking account into one simplified option.

The Everything Account is an interest-bearing account that offers a high annual percentage yield (APY) of 0.25%. The rate varies so it can sometimes be greater or lower, but still competitive enough compared to what other banks offer.

Unlike other checking/savings accounts, the Everything Account does not have a minimum balance requirement. Needless to say, the same APY applies across all balances, which means the more money you save, the higher your earnings will be.

With this account, consumers can save, spend, as well as pay bills in just one place.

Furthermore, Everything Account holders will get to enjoy the following amazing perks:

  • No monthly maintenance fees
  • No overdraft fees
  • No minimum balance requirements and fees
  • No foreign transaction fees

Apart from these, since the account is essentially a combination of checking and savings accounts, consumers can expect to manage their money more efficiently. Other features that Everything Account provides include:

  • One Bill Payment
  • Savings Goal Trackers
  • Option to link external accounts to your Everything account

The latter allows you to have a complete view of your finances, which is great and very helpful, right?

To open an Everything Account, all you have to do is go online. According to NBKC, customers can complete the whole opening process in as little as five minutes.

Similar to other banks, to apply, you must be a citizen of a resident alien of the United States, and must be at least 18 years of age.

Additionally, you will be asked to provide your personal information including your name, valid address, phone number, email address, as well as your Social Security Number. You will also need to present a valid government-issued identification like a passport or driver’s license to complete your bank account application.

For this particular type of account, the bank does not have a minimum deposit requirement. However, the account holder must make a deposit within the first 30 days of account opening. Also, it is important to know that any deposits made within that period will be held for five business days. In some cases, deposits may even be held for up to nine business days before the money becomes available.

Meanwhile, new account holders may have to wait for up to 90 days before they can send or receive international wire transfers. Wire transfers come with a fee. Sending a domestic wire transfer costs $5 while receiving is free of charge. As for international wire transfers, the cost is $45 to send and receive.

Everything Account comes with a debit card, which can be accessed for free in over 32,000 ATMs nationwide.

Free Business Account

NBKC Bank also offers Free Business Checking, which is another area that sets them apart from everyone else.

Similar to the bank’s Everything Account, this does not charge monthly maintenance fees and is very easy to use.

While it does not offer any interest on the account, the bank’s Free Business Checking has no minimum deposit requirement, no monthly fees, no overdraft fees, as well as no incoming wire transfer fees.

Additionally, account holders have access to mobile check deposits via the NBKC Bank app, which makes collecting money so much easier.

Certificate of Deposit (CD) Account

If you want to earn a little more, the NBKC certificate of deposit account is perfect for you.

Generally speaking, CD accounts have higher interest rates. Needless to say, the longer you keep your money in the bank, the more interest you’ll earn.

NBKC Bank offers Personal CD as well as IRA CD accounts with terms that range from three months up to five years.

Meanwhile, the rates range from 0.10% for a 3-month CD term to 0.30% for a 5-year CD term.

The minimum balance requirement to open a CD account varies depending on the term. For terms up to one year, the minimum balance requirement to open a CD account is $1,000. For CDs with terms of two to five years, the requirement is only $250.

In addition, the bank also offers a special one-year Add On CD, which you can open for as low as $0. This particular CD account earns an APY of 0.30%. An Add-On CD account allows you to make additional deposits during the CD term.

It is important to know that total deposits cannot be greater than $240,000. If you wish to withdraw money from your CD account ahead of its maturity reason, similar to other banks, an early withdrawal penalty applies.

Upon opening a CD account, there is a minimum of 75-day hold required before an account holder can withdraw funds.

To open an NBKC Bank CD account, you must also be at least 18 years old, and a U.S. citizen or resident alien with a valid ID and Social Security number.

Money Market Account (MMA)

Technically speaking, NBKC does not offer a savings account. So, in lieu of that, customers may opt to open a money market account instead.

Money market account holders may earn the current rate of 0.25%. Apart from that, they may benefit from certain account features similar to that of the bank’s checking account — including no fees for the most part.

The MMA comes with a debit card, check-writing capabilities, as well as a free book of starter checks.

To open a money market account, the bank requires a minimum deposit of $5 only.

HOW TO BANK WITH NBKC BANK?

There are two ways to open an account with NBKC Bank. The first is to visit a branch location, and the second is online.

For the former, only residents living in Kansas and Missouri can avail of that option as the bank physical locations are only limited to that area.

Meanwhile, the latter is ideal especially for those living outside Kansas and Missouri, and those who prefer online banking.

As mentioned earlier, NBKC claims that opening an account online only takes as little as five minutes to finish.

The standard requirements for opening a bank account application. You must be at least 18 years old, and a citizen or resident alien of the United States.

Additionally, you must also hold a Social Security number and must be able to present valid government-issued identification such as a passport or driver’s license.

Deposits and Withdrawals

NBKC Bank allows customers to deposit in different ways. It could be via electronic transfers from other banks (be mindful of a daily limit though), direct deposit, or mobile check deposit using your smartphone.

Meanwhile, customers with checking and money market accounts may withdraw cash using their debit card at any MoneyPass ATM for free. In case you use an out-of-network ATM, you get an automatic refund for fees (up to $12 per month) charged by other banks.

Customer Service

To report a lost or stolen card, you may reach NBKC customer service anytime, any day.

Meanwhile, for any other concerns related to your account, you may reach the bank’s customer service support via phone or online chat on weekdays from 8 a.m. to 5 p.m. CST.

You may also opt to send an email if you have further questions.

As for those living in Kansas and Missouri, you have the option to visit a branch near for in-person customer support.

ARE THERE FEES INVOLVED?

NBKC Bank does not charge common bank fees like monthly maintenance fees, non-sufficient funds, as well as overdraft fees.

Furthermore, the bank does not require a minimum balance to avoid fees.

The only fees that the bank charges are the $5 domestic wire transfer fee (for outgoing transaction only), as well as the $45 international wire transfer fee (for both incoming and outgoing transactions).

IS NBKC BANK SAFE?

Account safety and security are very important. So, in this NBKC Bank review, we are also going to look into that.

NBKC Bank provides a safe and secure online platform for its customers. It uses bank-level security features to ensure that all personal data gathered are safe.

Meanwhile, NBKC Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which protects all deposits for up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

Overall, NBKC Bank is a safe and secured online banking platform.

WHAT TO LIKE ABOUT NBKC BANK?

In this section of our review on NBKC Bank, we are going to share with you a list of the things that makes this bank stand out. This includes the following:

  • Competitive Rates on Deposit Accounts – The bank’s checking account offers a competitive interest rate. Although it changes from time to time, the rates are still relatively high. The same goes for NBKC’s money market accounts.
  • ATM Reimburses Up To $12 Per Month – NBKC Bank does not charge ATM fees if you transact within the MoneyPass network. However, in the event of an out-of-network transaction, the bank reimburses up to $12 a month for fees incurred.
  • Almost Fee-Free Deposit Accounts – The bank does not charge some of the most common bank fees including monthly maintenance, overdraft, and insufficient fund fees. Additionally, it also does not charge returned items and stop payment order fees, as well as no minimum balance is required.
  • Superb Customer Support – Customers may reach the bank in different channels including phone, live chat, as well as through email.
  • User-Friendly Online and Mobile Banking – NBKC ensures customers have the best digital banking experience by providing user-friendly online and mobile banking platforms.

WHAT NOT TO LIKE ABOUT NBKC BANK?

While it seems like NBKC Bank is perfect, it’s not. In fact, it does have some flaws as well, which include the following:

  • Limited Physical Branch Locations – Unfortunately, NBKC physical branches are only located in Kansas City, Missouri area.
  • High Early Withdrawal Penalty for CD Accounts – Although early withdrawal penalties for CD accounts are normal, NBKC charges a bit higher than the average.

FINAL THOUGHTS ON NBKC BANK

NBKC Bank is a generally online bank that offers competitive APYs for checking and money market accounts.

But apart from that, it also stands out because it does not charge monthly maintenance, overdraft, insufficient fund, and other common bank fees except for wire transfer fees.

Also, it offers a user-friendly online and mobile interface, which makes digital banking easy for its customers.

Don’t you just think this bank has everything or at least most of the things that consumers are looking for in a bank?

Well, we do hope that this NBKC Bank review was enough to convince you that this bank has almost everything consumers hope for in an online bank especially if you are eyeing to open a checking account.

Categories
Mobile Banking

FNBO Direct Review: High-Yield Deposit Accounts With No Monthly Fees

An online bank that offers competitive yields on savings and checking accounts and no monthly fees. While it does sound too good to be true, you got to check this FNBO Direct review out because that’s exactly what this online banking platform has to give.

FNBO Direct Review: High-Yield Deposit Accounts With No Monthly Fees

Online banking is not new. In fact, it has been there for years. However, back in then, only a few consumers are into it mostly for safety and security reasons.

A lot of adult consumers are used to the traditional way of banking, they thought digital banking is not going to work just the same. Millennials, though, think differently. They liked the fact that online banking or digital banking allows them to manage their account and make transactions anytime, anywhere.

But things have definitely changed since then especially when the pandemic hit the country and the world in general.

According to a report by Forbes Advisor, 2020 delivered unexpected changes and challenges for the banking industry particularly digital banking. A lot of Americans were forced to become part of the whole digital banking ecosystem.

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Last year, consumers of all ages hopped on board. Everyone’s suddenly into mobile banking. While it was good for the digital banking industry, it also brought challenges and changes. Needless to say, it brought competition to a higher level.

With lots of people getting into digital banking, banks had to step up and make sure they get as many customers as they can.

All digital banks aim to provide consumers a more convenient alternative to traditional banking. While they look like they’re all the same, the truth is, they’re not. In fact, every single digital banking platform is different, which makes it even more challenging for consumers to choose the best one.

Among the many digital banking options out there is FNBO Direct. It’s a mobile bank that offers two important things that consumers usually look for in an online banking institution — no fees and high-interest savings and checking accounts.

Sounds very promising? Well, that’s what we’re here for.

In the next few sections of this FNBO Direct review, we are going to look into each and every important aspect of this bank. We hope to provide you all the important information you need to know to see if this is indeed the best option out there.

In particular, we are going to give answers to the following most commonly asked questions about the FNBO Direct:

  • What is FNBO Direct?
  • Who is FNBO Direct best for?
  • What are the products offered by FNBO Direct?
  • How to bank with FNBO Direct?
  • Is FNBO Direct safe?
  • What to like about FNBO Direct?
  • What not to like about FNBO Direct?

WHAT IS FNBO DIRECT?

When looking for a mobile banking platform or even a traditional bank, it is very important to look at the history of the financial institution. This will help you see how credible, reliable, trustworthy, and stable the bank is.

With that said, here’s what you need to know about FNBO Direct —

FNBO Direct was launched in 2007 and is based in Omaha, Nebraska. It is an online-only bank that boasts no fee, very competitive rates on both savings and checking accounts, as well as an easy application process.

FNBO Direct is a division of First National Bank of Omaha, which has been in the banking industry for over 160 years now, and has an existing $23 billion in assets,

Unlike its mother company, FNBO Direct is not a full-service bank. It focuses mainly on deposit accounts, as well as credit cards, and student loan refinancing.

Since FNBO Direct is an online-only bank, it does not come with physical branch locations.

FBNO Direct is FDIC-insured, which means all accounts are protected for up to $250,000 in deposits (per depositor) in case of a bank failure.

If you want to know more about FNBO Direct and how it’s coping with competition, check this review by BankTruth:

WHO IS FNBO DIRECT BEST FOR?

Before we move on to the more technical stuff, let’s talk about who FNBO Direct suits best.

Generally speaking, FNBO Direct is ideal for consumers who want easy access to their bank accounts and does not mind not having a physical branch.

Also, these online-only banks should appeal the most to those who want to enjoy high-yield deposit accounts, at the same time enjoy a fee-free feature.

Furthermore, it is great for those who want to open a checking or savings account with no minimum balance requirement.

So, if you fall in any or all of these, then, continue on with our FNBO Direct, because you’ll surely benefit from it a lot.

WHAT ARE THE PRODUCTS OFFERED BY FNBO DIRECT?

At this point of our FNBO Direct review, we are going to talk about the products that the online-only bank offers.

For most people, what a bank offers is also an important (if not the most important) factor to consider.

FNBO Direct offers the following products and services:

  • Savings Account
  • Checking Account
  • 529 College Savings
  • Credit Cards

The bank also offers Student Loan Refinancing, but, for this review, we are going to focus only on the above-mentioned products.

Savings Account

First among its list of product offerings is the FNBO Online Savings account. This account lets you earn a 0.40% annual percentage yield (as of March 2021). More so, this does not have monthly fees and no minimum balance requirements.

As compared to the current national rate, the FNBO savings account’s rate is definitely higher. But, compared to the best interest-earning savings accounts out there, it’s slightly lower.

Please note that interest is compounded and credited on a monthly basis.

To open an online savings account, customers only need at least $1. With that super minimal requirement, it’s ideal for anyone especially for those who cannot afford a higher minimum opening deposit requirement.

Anyway, once you have your account opened, you can easily access it online, mobile, or any digital platforms.

Apart from no monthly fees, the FNBO online savings account does not have standard transfer fees as well. However, next-day transfers are charged $10. Also, the bank charges a $5 fee for check issuance. Transfers, as well as withdrawals, are limited to six per month only.

With your savings account, you can enroll multiple deposit accounts as external accounts so you can transfer money to and from. Please note that you must be the sole owner of any linked account for it to be eligible. Unfortunately, you are the only person who can deposit your own funds to your savings account and no one else.

Checking Account

FNBO Direct Online checking account is also high-interest paying. In fact, as of March 2021, the APY is 0.25%, which is above the national average.

Contrary to other online checking accounts, FNBO Direct only requires a minimum of $0.01 to earn the APY.

Similar to its savings account, the minimum opening deposit required is only $1. Also, this does not charge monthly service fees.

Please note that in the first 30 days after opening your FNBO online checking account, only the first $5,525 of deposits will be available on the second business day after the said deposit. If you have anything more than that, they’re going to be available on the ninth business day after the deposit.

Although some online checking accounts pay more, what makes FNBO Direct Online Checking account stand out is the fact that offers low to no fees at all, and of course, a decent, competitive APY.

Apart from that, the checking account also features a Visa debit card, online banking platform, online pay bill, as well as account alerts to ensure you know what’s going on in your account in real-time, free debit card fraud monitoring, free income wires, and free stop payments.

Although the online checking account does not allow writing checks, it does let customers do online bill payments. It is important to take note, however, that you can only schedule one payment per merchant per day, and ensure that bills must be between $5 and $10,000.

All checking account holders have access to over 55,000 surcharge-free ATMs on the Allpoint network. Needless to say, FNBO Direct does not charge anything for using another bank’s ATM nationally or internationally. However, other bank and ATM operators might.

529 College Savings

This product is for parents who want to invest in their child’s higher education. FNBO Direct offers a Nebraska Educational Savings Plan Trust (NEST) 529 College Savings Plan, which allows you to start the account without a minimum dollar contribution.

The 529 Plan is considered as an investment, thus, it is not insured by the FDIC. It is also not guaranteed by the bank or the government, and there may be a chance that it may lose value.

However, if you do not mind such risks, this definitely is a good investment to consider.

Some of the key features of this college savings plan include:

  • Access to tax-advantaged investing
  • No account opening fee
  • No annual Fees
  • Flexible investment option
  • Option to automatically contribute from employer
  • Ability to service the account at any bank affiliated with the First National Bank

Credit Cards

FNBO Direct only offers one credit card option. It is a rewards card that does not charge annual fees.

The FNBO credit card allows users to earn 2 points per $1 on qualifying purchases for the first 12 billing cycles. Also, another 1 point per dollar on qualifying purchases after that.

The credit card, by the way, is named ExtraEarnings Visa Credit Card.

HOW TO BANK WITH FNBO DIRECT?

Now that you already know what the products of FNBO Direct are, this time around, we are going to talk about how to actually bank with them.

First of all, before you can actually bank with them you have to open an account. Fortunately, since FNBO Direct is an online-only bank, it ensures a seamless bank account application process that takes only a few minutes to finish.

To open an FNBO Direct account, all you have to do is visit their website. Since it’s all online, you can definitely do it anytime and anywhere.

Just like most banks, you will be asked to provide personal information such as your name, address, mobile number, as well as your Social Security number when opening an account. You may also be asked to present a valid government-issued identification like a passport or driver’s license to help verify your identity.

Meanwhile, if you are already a First National Bank of Omaha customer, all you need to do is log in to your existing account to enjoy a faster account application process.

Deposits and Withdrawals

For the FNBO Savings account, as mentioned earlier, you have to link an account to be able to transfer money to and from.

Meanwhile, checking accounts comes with a Visa debit card that allows you to withdraw money from more than 55,000 Allpoint network ATMs.

Fees

FNBO Direct does not charge monthly fees at all for both checking and savings accounts, which definitely is great news.

However, the bank charges for certain activities like:

  • $33 fee per overdraft
  • $10 fee for next-day transfers
  • $5 fee for check issuance

Account Limits

All account holders must take note that the bank has a few withdrawals and deposit limits.

First, you are not allowed to transfer or withdraw more than $100,000 from your account in just one transaction or within one business day.

Second, please note that your monthly withdrawal or transfer limit is capped at $500,000 only.

Third, account holders are not allowed to deposit or transfer over $250,000 into their FNBO Direct account in one single transaction or on a single business day.

Lastly, the maximum balance that the bank allows you’re to hold between accounts is $1 million only.

Customer Service

Similar to most banks, FNBO Direct has industry-standard customer service options like 24/7 phone customer support, as well as a mobile app.

IS FNBO DIRECT SAFE?

The safety and security of your account are FNBO Direct’s top concerns. Thus, the online bank made sure to follow industry-standard safety and security measures to ensure that all depositors’ personal data and account information are safe from fraud and identity theft threats.

Also, FNBO Direct is insured by the Federal Deposit Insurance Corporation (FDIC), which means all depositors may receive up to $250,000 per depositor, per account type, in case of a bank failure.

WHAT TO LIKE ABOUT FNBO DIRECT?

This FNBO Direct review will not be complete without a summary of the highs and lows of this online-only banking service provider.

For this particular section, we are going to share with you some of the things to like about FNBO Direct, and this includes the following:

  • Competitive Rates for Checking and Savings Accounts – Of all the things we like, this stands out the most. We like the fact that FNBO Direct offers high-yield savings as well as checking accounts. Particularly on the latter, as you know, it is very rare to find a high-yield checking account, and to have one is really a plus point.
  • No Monthly Fees – Another thing to like about FNBO Direct is that it does not charge monthly fees, which means customers get to save a few bucks instead of paying it off to the bank.
  • Access to over 55,000 surcharge-free ATMs – Who does not like free stuff, right? The fact that FNBO Direct provides customers access to over 55,000 Allpoint network ATMs free of charge is a big factor to consider. Needless to say, the bank does not charge out-of-network fees, although the ATM provider or the other bank may charge you instead.
  • Very Low Minimum Opening Deposit Requirement – To be honest, it’s very rare to find a bank that requires as low as $1 only to be able to open an account. Good thing, FNBO Direct requires exactly that. With as low as $1, you get to open your very own online savings or checking account.
  • Online Accessibility – FNBO Direct is an online-only bank, which means customers do not have access to a physical branch. However, FNBO Direct offers an easy-to-use mobile app and website where customers can manage their accounts anytime and anywhere they want.
  • FDIC-Insured – FNBO Direct is FDIC-insured, which means in case of a bank failure, account holders may receive up to $250,000 insurance per depositor, per account type.

WHAT NOT TO LIKE ABOUT FNBO DIRECT?

To complete our FNBO Direct review, in this section, we are going to share with you as well the things to not like about this online-only bank.

Some of the downsides of FNBO Direct include:

  • No Physical Branch Location – As mentioned, FNBO Direct is an online-only bank, which means customers do not have access to any physical branch location. So, unless you’re okay to manage your account entirely online, then you may have to look for another bank to cater to your needs.
  • Limited Deposit Account Options – Unlike other online-only banks, FNBO Direct only offers checking and savings accounts. It does not offer certificates of deposit as well as money market accounts.
  • No Check – Another downside of FNBO Direct is that it does not offer check access. So, if you want to have access to checks, this may not be the right bank for you.
  • High Overdraft Fee – Unfortunately, FNBO Direct charges $33 for an overdraft fee, which is high as compared to other banks of the same type.

FINAL THOUGHTS ON FNBO DIRECT REVIEW

FNBO Direct is an online-only bank that offers high-yield savings and checking accounts with no monthly fees.

Do you think FNBO Direct is suited to what you are looking for?

If yes, we hope this in-depth FNBO Direct review was able to provide you all the information you need and more.

Categories
Mobile Banking

OnJuno High-Yield Checking Review: Earning More On Your Cash

If you want to enjoy both a high annual percentage rate and cashback rewards in one digital banking platform, then, you should check out this OnJuno High-Yield Checking review. 

OnJuno High-Yield Checking Review: Earning More On Your Cash

A high annual percentage yield (APY) is one of the most important things that a lot of depositors look at in a bank account. While it is important to consider APY especially when choosing a high-yield account, it is important to also be reminded that the rate you signed up for is not guaranteed forever, according to an article published by CNBC.

The article further states that “APYs are subject to change without notice, as they often fluctuate in accordance with the Fed rate.”

It explains that for instance, “when the economy is facing a downturn, the Fed will sometimes lower interest rates to make it cheaper for consumers to borrow or invest their money.” Lowering the interest will result in more consumers who are willing to spend, and eventually, will help cash to flow back into the economy.

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SFGI Direct Savings Review: High-Yield Online-Only Savings Account For You
BlueVine Review: What Makes It The Best Online Business Checking Platform

So, again, while the thought of signing up for a bank account because it offers high APY is right, you should not always expect it to be that way. Things change in an instant, and you should be up for that.

But, to clarify, this should not discourage. Instead, you should be more interested in putting your money in a high-yield bank account to enjoy more possibility of earning big.

Now, usually, the bank offers high APY on savings accounts. It is very rare to find banks that offer high-yield checking accounts, and OnJuno is one of them.

In the next few sections, we are going to discuss further what OnJuno is and more importantly, how competitive the OnJuno High-Yield Checking account is.

For your reference, the next few sections of this OnJuno High-Yield Checking review will focus on providing answers to these very significant lists of questions:

  • What is OnJuno?
  • Who is OnJuno best for?
  • What are the products offered by OnJuno ?
  • What is the OnJuno High-Yield Checking Account?
  • Who is OnJuno High-Yield Checking Account best for?
  • How to open an OnJuno High-Yield Checking Account?
  • What to like about the OnJuno High-Yield Checking Account?
  • What not to like about the OnJuno High-Yield Checking Account?
  • Is OnJuno safe?

WHAT IS ONJUNO?

Before we even discuss the more technical stuff specifically about OnJuno High-Yield Checking account, let’s start this review by knowing what OnJuno is all about first.

Legally named CapitalJ Inc., OnJuno is an online-only bank that was “designed to help people grow their savings and reach their financial goals faster.”

The online banking platform, which was established only in 2019 (making it very new to the market) offers a high-yield checking account. OnJuno was co-founded by Varun Deshpande, Ratnesh Ray, and Siddharth Verma.

While the neobank is based in Karnataka, India, it has offices located in other parts of the world including one in San Francisco, California, and another in Singapore.

Although very new to the online banking industry, OnJuno has raised $3 million in a seed round.

This online banking platform is supported by highly regarded investors who’ve previously backed some of the world’s most successful companies — Apple, Paypal, and Youtube.

As stated on its website, “The OnJuno Checking Account and Debit Card are part of an offering of CAPITALJ Inc. (“OnJuno”) and Evolve Bank and Trust, member FDIC.”

If you want to know more about OnJuno, here’s a quick intro from the bank itself:

WHO IS ONJUNO BEST FOR?

OnJuno is an online-only banking platform, which makes it very appealing to individuals who prefer managing their accounts online, and do not mind the fact that the bank does not come with physical branches.

Furthermore, OnJuno is best for depositors who are looking for a checking account that offers a high annual percentage yield, at the same time, cashback rewards.

In addition, OnJuno is ideal for people who want to enjoy the following features:

  • No ACH transfer fee
  • Unlimited free in-network ATM withdrawals (at over 85,000 ATMs)
  • No foreign transaction fee
  • No remote deposit capture fee (for Metal Checking account)

WHAT ARE THE PRODUCTS OFFERED BY ONJUNO?

In the previous sections, we talked about what OnJuno is about, and who is it best for.

In this part of our OnJuno High-Yield Checking review, we are going to talk about the products offered by this online-only bank.

To be clear, as mentioned earlier, OnJuno is a neobank. It is not an actual bank, instead, it is a fintech that provides banking services through a partner bank, which is the Evolve Bank and Trust.

Unlike other neobanks, OnJuno offers very limited products. Currently, it offers only different high-yield checking accounts. Both of these accounts currently pay a 2.5% interest rate bonus up to particular amounts.

Moreover, these accounts also offer a 5% cashback bonus on specific debit card purchases. With both a high APY and cashback rewards, these make OnJuno very appealing to the market.

In the next section, we are going to tell you more about what’s in store for you with OnJuno’s two checking accounts.

WHAT IS THE ONJUNO HIGH-YIELD CHECKING ACCOUNT?

As mentioned in the previous section, now, we are going to tell you more about the two different OnJuno checking accounts, which are the:

  • Basic Checking Account, and the
  • Metal Checking Account.

Basic Checking Account

The OnJuno Basic Checking Account is a solid high-interest checking account. Account-holders get to enjoy earning a 2.15% APY on balances up to $5,000, while 0.25% on balances up to $100,000.

As compared to other checking and even savings accounts in the market today, what OnJuno offers is higher.

Apart from the high APY, OnJuno also comes with a long list of companies where depositors can each cashback with. Choose five of them, and you will get to earn 5% cashback on up to $500 worth of money spent with those businesses/stores every year.

While these features are already appealing, OnJuno does not stop there. In fact, apart from high APY and cashback rewards, OnJuno Basic Checking Account holders will also enjoy the following features:

  • No monthly maintenance fees
  • No overdraft fees
  • No ACH transfer fee
  • $1 for same-day ACH transfers (outgoing)
  • Unlimited free in-network ATM withdrawals (at over 85,000 ATMs)
  • 1 free ATM out-of-network withdrawal
  • No foreign transaction fee
  • $2 remote deposit capture fee
  • Virtual debit card
  • Access to Apple Pay, Google Pay, Samsung Pay

Since OnJuno is an online-only bank, it’s understandable that the account does not include a physical debit card. This could be, however, a downside since other online-only checking accounts offer a free debit card.

In addition to the account features, OnJuno does not have a minimum opening deposit requirement, which means you can open an OnJuno High-Yield Basic Checking Account regardless of how much you have at the moment.

Metal Checking Account

The OnJuno Metal Checking Account is pretty much the same as the OnJuno Basic Checking Account. The only difference is that it comes with additional perks.

Unlike the Basic checking account, the OnJuno Metal Checking allows you to earn the higher interest rate on balances up to $30,000, and 0.25% APY for balances up to $100,000. It also allows you to enjoy cashback rewards on up to $3,000 worth of spending each year.

Additionally, all OnJuno Metal Checking Account holders receive more refunds for any out-of-network ATM fees.

Other features included in this account are as follows:

  • No ACH transfer fee
  • $1 for same-day ACH transfers (outgoing)
  • Unlimited free in-network ATM withdrawals (at more than 85,000 ATMs nationwide)
  • 3 free ATM out-of-network withdrawal
  • No foreign transaction fee
  • No remote deposit capture fee
  • Free Black Metal Debit Card
  • Virtual debit card
  • Access to Apple Pay, Google Pay, Samsung Pay

The only downside about the OnJuno Metal Checking account is that while account holders get to enjoy it free of charges for the first six months, and then, your account will be automatically be downgraded to the free Basic Checking Account unless you are okay with paying the $9.99 monthly fee.

Also, it is important to note that for both Basic and Metal checking accounts, OnJuno does not offer joint accounts. So, if you are looking for that particular feature, you may have to look for another bank.

As mentioned, while the OnJuno Basic Checking account does not charge monthly fees, the OnJuno Metal Checking account does.

However, for both accounts, the following transaction-related fees apply:

  • 1.5% fee on remote debit card deposits
  • 3% fee on credit card deposits
  • $5 return charges on ACH, wire, RDC
  • 1.80% fee on prepaid card deposits
  • 3% on prepaid non-US card deposits

WHO IS ONJUNO HIGH-YIELD CHECKING ACCOUNT BEST FOR?

Generally speaking, whether it be the Basic or the Metal checking account, they’re both ideal for people who want to enjoy the benefits of having an online-only checking account with a high APY and cashback rewards.

To be more specific, the OnJuno Basic Checking account would be most ideal for those who do not mind not having a physical debit card.

Meanwhile, the OnJuno Metal Checking account would be most appealing for depositors who want to enjoy the benefits of an online-only bank plus access to ATMs. It’s also best for those who can keep higher balances, and are okay with paying a $9.99 monthly fee.

HOW TO OPEN AN ONJUNO HIGH-YIELD CHECKING ACCOUNT?

So, now that you already know what products OnJuno offer, it’s time that we tackle how to actually open an OnJuno high-yield checking account.

This part of our OnJuno High-Yield Checking review will provide you a guide on how to open an account.

As mentioned, OnJuno is an online-only bank, which means it does not have a physical branch location. That said, opening an account is done entirely online.

To open a high-yield checking account, whether it be the Basic or the Metal account, all you have to do is visit the OnJuno website, and look for the “Apply Now” button to start the application process.

During the application, you will be asked to provide the following information:

  • Name
  • Mobile number
  • Home address
  • Social security number
  • Valid government-issued identification (such as driver’s license or passport) to verify your identity

Once the online application process is done, you will have to wait for OnJuno to verify your information. Once you are verified, you can now make your initial deposit and will have automatic access to your virtual card.

Apart from the website, OnJuno is also accessible through its mobile app, which is available on both Android and iOS. This allows you to manage your account anytime, anywhere, and also allows you to connect to more than 3,800 third-party financial apps including Apple Pay, Google Pay & Samsung Pay, as well as Venmo, Robinhood, Acorns, Cash App, and Coinbase.

As mentioned, while the Basic Checking account does not have a physical card, the Metal Checking account comes with one. You can use your debit card to access cash in more than 85,000 Allpoint and MoneyPass ATMs nationwide for free. While OnJuno does not charge its customers for using out-of-network ATMs, other ATM providers might. In this case, though, the neobank refunds a $1 fee per month on Basic account holders and $3 per month for Metal account holders.

Meanwhile, OnJuno customer support is available Monday through Friday, 9:00 a.m. to 6:00 p.m. PT. You may also opt to chat online all throughout the week from 5:00 a.m. to 6:00 p.m. PT.

WHAT TO LIKE ABOUT THE ONJUNO HIGH-YIELD CHECKING ACCOUNT?

As a staple in all our reviews, this time around, we are going to provide you with a summary of things we particularly like about the OnJuno high-yield checking accounts, and this includes the following:

  • High Annual Percentage Yield – For both Basic and Metal checking accounts, depositors can enjoy a 2.15% APY for balances of up to $10,000 and $30,000, respectively.
  • Cashback Rewards – Depositors can enjoy 5% cashback on up to $500 a year in debit card purchases ($25 max) for Basic accounts, and up to $3,000 a year in debit card purchases ($150 max) for Metal checking accounts.
  • No Monthly Maintenance Fees (for Basic Checking Account) – While Metal account holders pay $9.99 a month from the seventh month onwards, Basic checking account holders enjoy no monthly fees from the beginning until forever.
  • No ATM Fees – OnJuno does not charge its customers for using out-of-network ATMs. In case other ATM provider does, OnJuno refunds $1 fee per month on Basic account holders and $3 per month for Metal account holders.
  • No Minimum Initial Deposit and Balance Requirement – For both checking accounts, the online-only bank does not have a minimum initial deposit and balance requirements.
  • Free ATM Debit Card (for Metal Checking Accounts) – All Metal checking account holders get a free ATM debit card for easier cash access.
  • Accessibility – Since OnJuno is an online-only bank, it is accessible through the mobile app and the website 24/7.
  • FDIC-Insured – Through its partner bank, Evolve Bank and Trust, all accounts are FDIC-insured up to $250,000.

WHAT NOT TO LIKE ABOUT THE ONJUNO HIGH-YIELD CHECKING ACCOUNT?

In the previous section of our OnJuno high-yield checking review, we provided you with a list of things to like about these products. This time, to balance it out, we are also giving you’re the things to not like about or to improve on.

This includes the following:

  • No Physical Branch Locations – OnJuno is an online-only banking platform, thus, it does not come with a physical branch-like what typical banks have.
  • No Physical Debit Cards for Basic Checking Account – Unfortunately, a physical debit card is not available for Basic checking account holders. Only Metal checking account holders get to enjoy this feature.
  • Monthly Fee of $9.99 for Metal Checking Account – Although Metal checking accounts are free for the first six months, it will automatically downgrade to the Basic account unless you opt to continue on and pay the $9.99 monthly account fee.

IS ONJUNO SAFE?

To complete our OnJuno High-Yield Checking review, we are going to look into the safety and security of all accounts, which is one of the most important things customers need to look at when looking for an online bank.

Similar to most online banks, OnJuno follows all standard safety and security measures to ensure that all data are safe from possible fraud or identity theft threats.

Meanwhile, as mentioned, all deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor through its partner bank, Evolve Bank and Trust.

Furthermore, the Better Business Bureau gives OnJuno’s partner bank, Evolve Bank & Trust, an A+ in trustworthiness, which is definitely a plus and helps build customers’ trust and confidence. By the way, according to Business Insider, “BBB measures trustworthiness by assessing a company’s responses to customer complaints, honesty in advertising, and transparency about business practices.”

As with the debit card, it comes with Mastercard’s Zero Liability policy, protecting it from unauthorized transactions.

FINAL THOUGHTS ON ONJUNO HIGH-YIELD CHECKING REVIEW

Overall, OnJuno High-Yield Checking accounts are worth it. While they do have their share of advantages and disadvantages, we believe the good sides of both accounts outweigh the not-so-good ones.

To be fair, it is very rare to have high-yield checking accounts. In fact, most checking accounts do not earn at all. So, this one is definitely worth a try especially if you are really looking forward to having a checking account from an online bank.

Given all the information we provided, do you plan to open an OnJuno checking account soon?

May this OnJuno High-Yield Checking review provided you with all that you need to know about the account, and hopefully, it gave you clarity on whether it’s worth it or not.