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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
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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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

Huntington Bank Review: What Makes It Your Bank of Choice In The Midwest

In this in-depth Huntington Bank review, you will see how this financial institution fares among other banks particularly located in the Midwest, and what makes it an ideal choice.

Huntington Bank Review: What Makes It Your Bank of Choice In The Midwest

When choosing a financial institution to bank with, you have to consider a lot of different factors. You have to look into where the bank is situated, how awesome its customer service is, how convenient banking with the institution is, and of course, the product offerings.

Many consumers prefer having the best of everything under one roof. While it seems unrealistic, there are some banks that try to provide such needs, which is why full-service banks exit.

There are a lot of full-service bank options out there, but, specifically for people living in the Midwest, there’s one to look out to — and it’s Huntington Bank.

It’s full-service banking that offers lots of banking products not only for consumers but for businesses as well.

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For people not living in the Midwest, you probably have not heard about it yet, but Huntington Bank actually has a large presence in eight states. Needless to say, the bank is one of the largest banks in that area of the United States.

In fact, according to a Bloomberg report, Huntington Bancshares Inc. acquires TCF Financial Corporation in an all-stock deal valued at almost $6 billion. The said tie-up is considered one of the largest regional tie-ups for 2020.

Furthermore, the article states that the merger will help boost the assets of Huntington Bank to about $168 billion, which will definitely help nudge the bank closer to its in-state competitors Fifth Third Bancorp and KeyCorp.

Needless to say, the merger will also help the bank serve its customers better and in a larger state. It will also help a lot in terms of the bank’s stability, which one of the things also that consumers look into when is choosing a bank.

Now, with so much to look forward to, in the following sections, we are going to share with you a couple of key pieces of information about Huntington Bank to hopefully convince you that this is one of the best choices for Midwest residents.

In the next sections of this Huntington Bank review, we are going to particularly tackle the following:

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

WHAT IS HUNTINGTON BANK?

Based in Columbus, Ohio, Huntington Bancshares (also known as Huntington Bank) was formed in 1866.

To date, Huntington Bank is one of the largest regional banks in the country.

In fact, it is currently ranked 26th in the list of largest banks in the United States based on consolidated assets  — as reported by Federal Financial Institutions Examination Council. The bank’s assets to date are totaled $122,838 billion.

Furthermore, the bank is also listed among the Fortune 500 list — currently ranked 500th.

As mentioned earlier, the bank recently acquires TCF Financial Corporation in an all-stock deal valued at almost $6 billion, which makes it one of the largest regional tie-ups in 2020.

Know more about this all-stock deal in the video report below by CNBC Television:

Huntington Bank is a full-service bank and services customers in the Midwest. The bank has 900 traditional and supermarket branches primarily situated in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, and Wisconsin. More so, Huntington currently has over 1,800 ATM locations.

The bank offers a wide variety of product deposit accounts, as well as loan products, investments, and insurance. For the purpose of this Huntington Bank review, though, we are only going to focus on its deposit account offerings, which include savings, checking, certificate of deposit, and money market accounts.

WHO IS HUNTINGTON BANK BEST FOR?

Huntington Bank is a full-service banking institution in the Midwest. Thus, it should appeal to consumers living in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, and Wisconsin.

But apart from location, it should also appeal to customers who are looking for a bank that provides almost anything they need as Huntington Bank provides a wide range of products including loan products, investments, insurance, and of course, deposit accounts.

Furthermore, the bank is ideal for those who want a stable and reliable bank that also provides safe and secure mobile banking access as well.

If you are looking for a basic checking account that is fee-free, Huntington Bank is also a good choice.

More so, the bank offers an all-day deposit, robust customer support, as well as a 24-hour grace period on overdrafts.

If you want to avail all these perks, then Huntington Bank is the way to go.

WHAT DOES HUNTINGTON BANK OFFER?

In this section of our Huntington Bank review, we are, obviously, going to talk about the products offered by the banking institution.

As mentioned, Huntington Bank offers a wide selection of banking products and services, including loan products, investments, and insurance. However, for this review, we are going to specifically focus on the available deposit account options only.

Currently, the bank offers the following deposit accounts:

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

Savings Account

Huntington Bank has two savings account options. These are the Premier Savings and the Relationship Savings.

Huntington Premier Savings

The Huntington Premier Savings is the basic savings account option offered by the bank. It is fee-free for customers who meet any of the following requirements:

  • A linked Asterisk-Free Checking account
  • Maintain a $300 or more average daily balance

Failure to meet any of the above requirements entitles you to a $4 monthly maintenance fee.

To open a Huntington Premier Savings account, the bank requires a minimum deposit of $50.

Huntington Premier Savings account holders could earn a 0.02% annual percentage yield (APY). Unlike other savings accounts offered by other banks, customers only need at least a $0.01 balance to earn an APY.

Moreover, the bank provides deposit-to-deposit overdraft protection for customers who have a linked checking account.

If you’ve overdrawn, however, Huntington will automatically transfer money in increments of $100 covering the overdraft from your Premier Savings account.

While there is no fee for this protection, it is important to know that there are potential transfer limits.

Huntington Relationship Savings

If you want an improved APY that gets better as you link an additional account, Huntington Relationship Savings is best for you.

For this savings account type, the basic APY is 0.02%. However, it could go higher depending on the type of accounts you also have with Huntington Bank.

When linked to a Huntington 5 Checking, the APY is 0.03%; for Huntington 25 Checking, it’s 0.05% APY; as for when linked to a Private Client Account, you get to earn 0.08% APY. Please note that the APY changes, so it’s best to always check with the bank first.

Although it seems a good call, there is a downside to it. The bigger the rate, the higher the costs are as well.

To avoid the $10 monthly maintenance fee, Huntington Relationship Savings account holders must meet any of the following requirements:

  • Maintain an average daily balance of $2,500
  • Link your account to either Huntington 5 or Huntington 25 checking account (both of these accounts also have minimum daily balance requirements and also charge a fee if the required balance is not met).

Similar to Premier Savings, Relationship Savings also offers deposit-to-deposit overdraft protection for as long as you link your account to a Huntington 5 Checking account.

Checking Account

Huntington Bank has three different types of checking accounts to choose from. These are:

  • Asterisk-Free Checking,
  • Huntington 5 Checking, and
  • Huntington 25 Checking

Asterisk-Free Checking

Huntington Bank makes sure that this checking account lives up to its name.

Asterisk-Free Checking account holders will get to enjoy the following perks:

  • No minimum deposit to open an account
  • No monthly maintenance fee
  • No minimum balance requirement
  • Free paper statements

Apart from all these amazing benefits, Asterisk-Free Checking account holders also gets to take advantage of the all-day deposit policy feature. This basically treats all deposits made before midnight on a business day as getting in on the same business day.

In addition, Asterisk-Free Checking account holders also get a  24-hour grace policy for overdrafts allowing customers to make a deposit or transfer funds to cover the overdraft until midnight the day after. More so, customers also get to enjoy the free deposit-to-deposit overdraft protection with a Premier Savings account.

Huntington 5 Checking

Huntington 5 Checking is the bank’s lower-level interest-bearing checking account.

With Huntington 5 Checking, customers can earn an APY of 0.04% on their account balance.

With this particular checking account, the customer will get to enjoy the following perks:

  • No minimum balance to earn interest
  • No minimum deposit requirement to open an account

Furthermore, as a Huntington 5 Checking account holder, you may also enjoy a free monthly maintenance fee as long as you are able to maintain $5,000 in total relationship balances. Otherwise, you will be charged $5 per month.

Similar to Asterisk-Free checking, Huntington 5 Checking account holders may also enjoy a 24-hour grace period, and overdraft protection. To enjoy the overdraft protection, you will need to link your Huntington 5 Checking to your Relationship savings account.

Additionally, all Huntington 5 Checking account holders are eligible to earn a 1.05% cashback with a linked Voice Credit Card with Rewards. The bank also waives five out-of-network ATM fees per month.

Huntington 25 Checking

Huntington 25 Checking is ideal for customers who want to earn higher rates on their checking account.

With the Huntington 25 Checking account, account holders earn 0.06% APY in all balances.

While there is a $25 monthly maintenance fee, customers may avoid it by maintaining $25,000 in total relationship balances in all your accounts.

Similar to other Huntington Bank accounts, Huntington 25 Checking account holders will also get to enjoy an all-day deposit, a 24-hour grace period, and overdraft protection (with a Relationship Savings account).

Apart from those, Huntington 25 checking account holders will also enjoy other major perks including:

  • Free paper checks
  • Free credit and identity monitoring
  • 1.25% cashback on purchases made using a linked Voice Credit Card with rewards
  • 0.15%–0.50% rate discount on a home equity line of credit (HELOC), plus an annual fee waiver
  • A mortgage relationship discount of up to 0.375%
  • Unlimited out-of-network ATM fee waivers
  • 100 commission-free online equity or exchange-traded fund (ETF) trades per year through Huntington Financial Advisors

Certificate of Deposit (CD) Account

For customers who want to keep their money in the bank for a longer period and earn more, Huntington Bank also offers certificate of deposit (CD) accounts.

The bank offers standard CDs with terms ranging from one month up to 72 months. Meanwhile, CD rates vary from 0.01% to 0.25%.

To open a CD account, Huntington requires a minimum deposit of $1,000.

In addition, Huntington Bank also offers Jumbo CDs, which require a minimum deposit of $100,000. For this particular type of CD account, the term range from seven to 1,825 days (or approximately 60 months).

As with the rates, it varies from 0.01% to 0.25%.

Money Market Account (MMA)

The Huntington Relationship Money Market Account is similar to Huntington Savings, which offers better rates if customers have additional accounts.

To earn an APY that ranges between 0.21% and 0.29%, Huntington Relationship Money Market Account holders must meet the minimum balance requirement of $25,000. Accounts with balances below $25,000 will not earn interest.

Similar to other account types, the Huntington Relationship Money Market Account also comes with a monthly maintenance fee of $25. However, this can be waived if you maintain a $25,000 minimum balance in your account, or you have linked either a Huntington 5 or Huntington 25 checking into your account.

Relationship Money Market account also provides an all-day deposit, a 24-hour grace period, and overdraft protection.

HOW TO BANK WITH HUNTINGTON BANK?

By now, you have probably chosen your preferred account type and are wondering how to actually bank with Huntington.

Unlike other banks, Huntington provides its customers two options to open an account. You may opt to either open online or visit a branch near you.

However, it is important to take note that Huntington is only present in the Midwest if you choose the latter option.

If you live outside the Midwest and still prefer Huntington, you may opt to open an account through its online channel instead.

Huntington Bank also has a mobile app, which allows customers to manage their accounts, as well as handle transactions anytime, anywhere. The Huntington mobile bank app is highly rated on both Apple and Google.

Meanwhile, to open an account, just like other banks, Huntington requires customers to provide personal information including name, address, phone number, as well as your Social Security number. The bank will also require you to present a valid government-issued identification like a passport or driver’s license to prove your identity.

ARE THERE FEES INVOLVED?

Another important thing to know when choosing a bank is the fees involved. So, in this section of our review on Huntington Bank, we are going to tackle just that.

Apart from monthly maintenance fees (which can be waived as long as customers meet the bank’s requirements) and overdraft fee, Huntington also charges the following:

  • Extended Overdraft Fee – $25
  • Non-Huntington ATM Fee – $3 (excluding fee charged by the ATM owner)
  • ATM Extended Statement – $2
  • International Transactions Fee – 3% of the amount posted for each debit card or ATM transaction processed abroad
  • Stopping Payment Fee – $31
  • Return Deposit Item – $37.50
  • Cashier’s Check – $6
  • Checking Reserve Account Fee – $12

IS HUNTINGTON BANK SAFE?

There are two things that we are going to look into in this Huntington Bank review when it comes to safety.

First, how safe is Huntington’s mobile banking platform?

To ensure that all personal data gathered as well as your account are safe, the bank uses bank-level encryptions. Huntington makes sure that all security and safety measures are in place to avoid fraud or identity theft cases.

Second, how safe is your money with Huntington Bank?

Huntington Bank is a member of the FDIC, which means all deposits are insured for up to $250,000 per depositor, per account category, in case the bank fails.

So, overall, is Huntington Bank safe? Definitely, it is.

WHAT TO LIKE ABOUT HUNTINGTON BANK?

Now, in this part of our review, we are going to provide you a list of the things to like about Huntington Bank, which include the following:

  • Fee-Free Basic Checking Account – Asterisk-Free Checking has no minimum balance, no monthly fee, as well as no minimum deposit requirement to open an account. Paper statements are also free.
  • All-Day Deposit Feature – With this feature, the cut-off is extended when getting in a deposit on a business day to midnight. When making a deposit on a business day prior to midnight, the bank will consider that same day to be the day when the deposit was made.
  • Robust Customer Support – Huntington Bank customers may reach a customer service representative by phone daily from 7 a.m. to 7 p.m. (EST). Customers may also send inquiries to them anytime by sending a message via an automated assistant on the website, or through Facebook or Twitter.
  • 24-Hour Grace Period on Overdraft – In case you overdraw, the bank has a 24-hour grace policy that gives customers until midnight on the next day to make a deposit or transfer to cover the overdraft.
  • Lots of Product Options – Apart from deposit accounts, the bank also has loan products, investments, as well as insurance products.
  • Fees Can Be Avoided – While there are fees, the bank also provides a number of ways to avoid them so you end up not paying any fees at all.
  • Strong Branch Network in the Midwest – The bank has branches across the following states: Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, and Wisconsin.

WHAT NOT TO LIKE ABOUT HUNTINGTON BANK?

To complete this Huntington Bank review, here are some of its downsides:

  • Limited Availability – Unfortunately, Huntington’s physical branches are only available in the Midwest. Outsiders may still bank with them, though, by opening an account online.
  • Low APY – Compared to other full-service banks out there, Huntington does not have a very appealing APY on its products.
  • High Overdraft Fee – Although it can be avoided, should you miss it, you will be charged $37.50 per overdraft.
  • High Minimum Balances – Particularly on the bank’s interest-bearing checking accounts, the minimum balance requirements are quite high as compared to other banks. Interest-bearing accounts require either at least $5,000 or $25,000 minimum balance requirement to avoid fees.

FINAL THOUGHTS ON HUNTINGTON BANK REVIEW

Huntington Bank is a full-service bank in the Midwest that provides a wide selection of products and services.

Although the bank has limited physical branches (only across the Midwest), outsiders may still bank with them through its online channels. The bank comes with a highly-rated mobile banking app that allows customers to transact and manage their accounts anytime, anywhere.

Very convenient, right?

With this Huntington Bank review, hopefully, we get to convince you that this financial institution is definitely one of the best choices out there especially if you are from the Midwest.

Categories
Mobile Banking

Copper Review: An All-Digital App Teaching Teens Financial Literacy

Teaching financial management to teenagers can be quite a challenge. With this in-depth Copper review, you will find essential facts about this all-digital banking platform that is specially designed to help parents teach their children how to successfully manage their finances.

Copper Review: An All-Digital App Teaching Teens Financial Literacy

Personal finance management is generally not taught in high school. Thus, it leaves room for parents to step in and be the ones to train their kids on how to manage their money responsibly.

While this can be a bit of a challenge for parents, good thing there are banking platforms such as Copper that are made to allow parents to monitor their teen’s spending and saving habits. Essentially, help their young ones how to handle their finances well.

According to the National Financial Awareness Day Survey, which was provided by the Junior Achievement USA, while most teens today love technology, a lot of them still rely on cash when it comes to making purchases and getting their allowances from their parents.

In fact, the survey shows that “80 percent of teens who receive money from parents or caregivers say it is in the form of cash and 75 percent of teens say they have made purchases in cash.”

Meanwhile, “26 percent who received money from parents or guardians said it was wired into their bank account, while nearly as many (23%) used their parent or caregiver’s credit card for online purchases,” while only 10 percent used financial apps like mobile banking apps such as Copper to receive money or purchase items.

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Another noteworthy finding is that although most receive money in cash, 48 percent say they use mobile or online apps to help manage their money. Particularly for budgeting and planning purposes.

To be fair, we see the result of this survey in a positive light. Although most of the respondents receive and purchase using cash, we like the fact that nearly half are using mobile apps to help manage their finances.

For us, it is a good sign that many of the young people today care about their money. Unlike the older generations, thanks to technology, younger generations are more literate or are more willing to learn when it comes to proper handling of their money.

It’s nice knowing that with their easy access to mobile apps or mobile/online banking, young people learn. Needless to say, it makes the task of parents when it comes to teaching their children financial management easier.

Now, going back to Copper.

Obviously, in the next couple of sections, we are going to share with you answers to some of the most frequently asked questions about this all-digital banking platform.

In particular, we are going to tackle in the Copper review the following:

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

WHAT IS COPPER BANKING?

Similar to when you are choosing a bank for your banking needs, as parents, you also need to check and do your own research when it comes to selecting a tool that will help you teach your children financial management.

There are a couple of online banking platforms that are targeting teens, so finding the best one that fits your preference as a parent and what you think is best for your teenager is important.

So, in this part of our Copper review, you will find out some of the key information about this online bank.

Copper Banking is a free digital-only banking platform that was established in April 2019 and is currently based in Seattle, Washington.

Learn more about Copper in this video below:

The online banking platform was founded by Eddie Behringer and Stefan Berglund, and was specifically designed for teens.

As of this writing, Copper Banking has raised $4.3 million through seed funding.

Copper Banking provides a digital checking account and a debit card for teenagers with a strong focus on financial literacy.

The mobile app comes with exclusive content as well as quizzes designed by Certified Financial Planners and other financial education experts to help the users learn more about financial management.

Additionally, the bank app also features built-in savings tools to help teens reach their respective financial goals.

While it does earn an annual percentage yield, it’s not as compelling as regular checking accounts. Nevertheless, it definitely serves its purpose.

WHO IS COPPER BANKING BEST FOR?

Copper Banking is an all-digital banking platform that is specifically designed for teens.

Obviously, it will benefit teenagers aged 13 to 17 years old the most. The app features exclusive content, quizzes, as well as built-in savings tools to help teens become better at managing their finances.

Copper Banking is ideal for parents as well who want an effective tool to teach their kids how to properly handle their money.

While the app is made for their children, it comes with certain parental controls particularly allowing parents to view transactions made by their kids, enable notification when the user is making a purchase, and a lot more (we are going to share with you the detailed feature in a different section).

WHAT ARE THE PRODUCTS OFFERED BY COPPER BANKING?

Now that you already know what Copper Banking is all about and who will benefit from it the most, it’s time to share with you important information about the fintech’s product offering.

By now, you probably have figured already that Copper only offers one – checking account with a debit card.

Before we move on, we just want to reiterate that technically speaking, Copper is not a bank but a fintech company. Fintech is the term for financial technology, which, according to Investopedia is “used to describe new tech that seeks to improve and automate the delivery and use of financial services.”

Copper uses SynapseFi, a partner of Evolve Bank & Trust for the backend technology of its app. The relationship between these two entities makes it possible for Copper to offer banking services to consumers.

As mentioned, Copper Banking is a mobile app that was specifically designed to help young people particularly teens aged between 13 and 17 years old learn about financial literacy.

While there are a lot of banks out there, most of them do not have accounts that are made to cater to the needs of teenagers.

Copper offers a digital checking account that comes with a MasterCard debit card, which enables the users to withdraw money from or use it in making purchases.

What’s nice about this all-digital banking platform is that it comes with a parental involvement feature that allows adults to track and monitor their teen’s spending habits.

With Copper Banking, sending and receiving money between parents or guardian and their teens easier. Everything is done digitally. So, with just a few clicks, parents or guardians are able to immediately transfer funds to their teen’s account.

As stated, Copper Banking offers a digital checking account. Unlike other banks that offer the same product catering to teens, Copper does not have a compelling APY. In fact, it’s too minimal you won’t feel it.

Moving on, the account comes with a MasterCard debit card that enables the users to withdraw cash at over 55,000 ATMs, at the same time, use it in making purchases where MasterCard is accepted.

What’s nice about it is that you do not have to wait until the physical card arrives before you can use it. As soon as parents or guardians fund the account, the virtual debit card is automatically activated.

Furthermore, the Copper debit card can be added to Apple Pay as well as Google Pay digital wallets.

Now, apart from the checking account and the debit card that comes with it, the Copper Banking mobile app also comes with other interesting and helpful features.

Now, let’s dig deeper into what these features have to offer —

Financial Education

Copper Banking was not only designed to provide banking services to teens but more importantly, to help them learn more about financial management.

Having said that, the fintech company actually has two primary ways to teach teens about financial literacy.

First is by offering a financial literacy quiz allowing teens to test their knowledge about financial management, at the same time, learn about it.

The second is by providing financial lessons, which they call “Cheat Codes.”

The company’s financial education department is headed by Liz Frazier who is a Certified Financial Planner, as well as an author of the book entitled, “Beyond Piggy Banks and Lemonade Stands: How To Teach Young Kids About Finance.”

Parental Involvement

Copper acknowledges the fact that the app is not enough to teach teens how to manage their finances. Parental guidance still plays a very important role.

So, with that, the app was created to ensure there is still parental involvement.

Copper provides parents or guardians certain controls through the app, and this includes the following:

  • View transactions made by their teens
  • Enable notifications every time a purchase is made
  • Ability to easily send as well as request funds between accounts
  • Ability to automate recurring transfers between parent and teen account for allowance or other regular funding purposes

HOW TO BANK WITH COPPER BANKING?

In the previous section of this review, we talked about what product does Copper Banking offers. This time around, we are going to talk about how to actually bank with Copper.

First of all, to be able to sign up for a Copper account, the parent or guardian must be at least 18 years old, while your child should be between 13 to 17 years old.

You must be a citizen or a permanent resident or non-permanent resident alien in the United States on a valid long-term visa. You must also have a valid Social Security number or a tax identification number, as well as an existing checking account to link to Copper.

When signing up, you will also be required to provide your personal information as well as your teen. Your Social Security number or tax identification number will also be asked, and of course, you will need to provide your login information for your linked checking account as well.

Since Copper is an all-digital banking platform, you will have to sign up online. Here’s a step-by-step guide for you:

  1. Click the Apply Now button on the website.
  2. Enter your phone number, and then, you will receive a link to download the Copper Banking app for teens.
  3. Once downloaded, launch the app and click How Does It Work?
  4. Click Let’s Do This.
  5. You will have to enter your phone number and then, click Next.
  6. Enter your security code.
  7. Choose whether you’re a teen or a parent.
  8. Provide your name, birthdate, email address, and zip code.
  9. Follow the next few steps to invite your teen or parent.

Cash Deposits

Apart from transferring funds online, another way to fund your teen’s Copper account is via cash deposit.

Copper uses the Green Dot network to enable cash deposits. So, all you have to do is visit the nearest Green Dot retailer location.

It is important to note, though, that retails usually charge a fee for this transaction. It varies depending on the retailer, but it could be up to $4.95 per transaction.

We highly suggest you only take this route when you have no other options left or when you have a good amount of money to deposit to make the fee worthwhile.

Deposits, Withdrawals, and Spending Limits

Unlike a typical deposit account, Copper has some depositing and spending limits. This includes:

  • $250 for daily load limit for debit card funding or ACH
  • $2,000 monthly load limit for debit card funding or ACH
  • $2,000 daily spending limit

While transferring money into a Copper account through ACH is fee-free, it takes 3 to 5 days before it gets credited to your account.

Additionally, if you use a debit card when transferring funds to a Copper account, there would be a small fee to cover the transaction cost.

Another option to transfer funds into a Copper account is by using online remittance platforms like Cash App, PayPal, and Venmo.

Meanwhile, to withdraw money from your account, you may opt to use an ATM, cashback at a retailer, ACH transfer, or fund transfer to a linked checking account.

Customer Support

Since Copper is a digital banking platform, it obviously does not have any local branches for in-person support.

So, in case you have any concerns, its customer support is only available through email at support@getcopper.com.

Fees

Unlike other fintech companies, Copper does not charge monthly fees, overdraft fees, as well as account maintenance fees.

The only possible fee you will encounter is the one charged by Copper’s third-party ATM operators should you decide to withdraw cash.

Also, as mentioned earlier, you may also be charged by Green Dot retailers if you opt to deposit cash.

IS COPPER BANKING SAFE?

Copper understands and acknowledges the importance of the safety and security of your personal as well as account details.

Thus, the fintech company features round-the-clock fraud monitoring to help ensure your teen’s money is safe from any suspicious activities.

Apart from that, the app also put other bank-grade security measures to avoid any untoward events.

With Copper Banking’s affiliation with Evolve Bank & Trust, all Copper deposits are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor, per account category in case of a bank failure.

WHAT TO LIKE ABOUT COPPER BANKING?

At this point of our Copper review, we are going to share with you a few things we like about this all-digital banking platform. This includes:

  • No Monthly Fees – Unlike other online banking platforms, Copper Banking does not charge monthly fees, as well as overdraft and account maintenance fees.
  • Parental Involvement Feature – Copper knows how essential the involvement of parents or guardians is in terms of teaching financial management among teens. That is why Copper provides them certain controls through the app to see how their teens are doing with their finances.
  • Exclusive Financial Literacy Content – We love this feature. We thought it is a nice touch for a teen banking app. This will definitely help broaden young people’s knowledge and understanding of financial management.
  • Lots of Deposit and Withdrawal Options – Apart from digital transfers, Copper also enables users to fund their account via Green Dot retailers for a minimal cost. Meanwhile, withdrawals may be done using the MasterCard debit card that comes with the Copper account in any of the over 55,000 ATMs nationwide.

WHAT NOT TO LIKE ABOUT COPPER BANKING?

Of course, this Copper review will not be complete without a list of the things that we do not particularly like about Copper, which includes:

  • Very Low APY – Unfortunately, Copper accounts can only earn a 0.001% annual percentage yield, which when compared to other mobile banking platforms that also cater to teens is very, very low.
  • Fees for Cash Deposits – While Copper allows cash deposits through Green Dot retailers, it does come with a fee of $4.99. So, unless it’s an emergency or you have a good amount to deposit, we highly recommend doing everything digitally.
  • Very Limited Customer Support – Since Copper is an all-digital banking platform, it also comes with a very limited customer support feature. Right now, customers may only contact them via email. No phones, no live chat support available.

FINAL THOUGHTS ON COPPER REVIEW

Copper is an all-digital banking platform that was specifically designed to help teens develop better financial management skills.

This also helps parents or guardians teach their teens how to handle their money properly to avoid future financial mistakes.

If you are a parent or guardian, does Copper meet your preferences? We do hope so.

Generally, we found through this Copper review that while there are a couple of good things about the banking platform, it also has some notable downsides including not earning a good APY as compared to others. So, unless that does not bother you, overall, it still is worth it.

Categories
Mobile Banking

TD Bank Review: A Full-Service Bank With Mobile Access

People living on the East Coast and are looking for a full-service bank with mobile app access, this one’s for you. This TD Bank review provides you key information on how this financial institution may just be the right one for you.

TD Bank Review: A Full-Service Bank With Mobile Access

The increasing number of smartphones as well as the presence of the Internet has brought rapid changes in a lot of things — including financial services.

With technology, consumers, as well as banking institutions, now have access to new tools — digital ones — for managing finances. Needless to say, technology in the banking industry has changed the customer-bank relationship to a different level.

According to a report by the Federal Reserve, which is the central bank of the United States, it has found that the use of smartphone technology has grown rapidly in the country. Mobile banking use has expanded, including for banking.

In the said report, it says that based on the Federal Reserve Board’s Survey of Household Economics and Decisionmaking (SHED), in 2017, “about half of U.S. adults with bank accounts had used a mobile phone to access a bank account.”

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Meanwhile, according to Statista, based on a 2018 survey, it was found that the use of mobile banking differs among demographic groups — 69.3% of Millennials used mobile banking, while only 24% among respondents who belong to Baby Boomers are into it.

This study shows that while a lot of young people are into mobile banking, the older generations are not as receptive to it because they are more confident and trusting with traditional banking. They find mobile banking too risky.

However, things changed when the pandemic struck the world in 2020.

In fact, an article by CNBC says that according to Fidelity National Information Services (FIS), there was a 200% jump in new mobile banking registrations, while mobile banking traffic rose to 85%.

With health protocols in place, it is no doubt people relied so much on mobile banking instead.

While the pandemic is still around, the number of mobile banking users will surely continue to surge.

Now, while this is good news to mobile banks, this somehow poses a challenge to traditional banks. This means they need to keep up with the game by providing better mobile banking services.

TD Bank is one of those traditional banks that managed to keep up with the changing needs of their customers.

Unlike other banks of the same type, TD Bank offers customers the ability to open an account either through its online channels or by visiting one of its 1,250 physical locations.

Sounds interesting?

Well, as mentioned earlier, in this TD Bank review, you will surely find out more about this financial institution and what makes it an ideal choice.

In particular, we are going to tackle the following in the next few sections:

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

WHAT IS TD BANK?

Before we proceed with the more serious information like the products offered by the bank, let us first and foremost get to know TD Bank.

As a customer, it is important to know the history of the bank. This tells you a lot in terms of how credible and how strong its foundation is.

TD Bank, for instance, has been around for 150 years now. The longevity of its presence in the banking industry only means they are doing what is right — including insuring they get to adapt to changes, and of course, provide excellent customer service.

TD Bank is actually a subsidiary of the Canadian Toronto Dominion Bank. Currently, the bank’s headquarter in the United States is located in Chapel Hill, North Carolina.

The bank boasts more than 9 million customers as of this writing, and 1,250 brick-and-mortar locations along the East Coast. Thus, making it an ideal bank for people living in that area.

Also, TD Bank currently has more than $300,000,000 in assets, making it ranked 9th based on the mx.com 2019 rankings.

TD Bank is a full-service bank, which means, if you want to have access to a variety of bank products and services (including checking, savings, and CD accounts), this one’s got to be among your top choices.

Additionally, it is also known for providing an exemplary customer experience.

The video below by Talend provides you information on how the bank delivers a legendary customer experience.

TD Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means every depositor could receive up to $250,000 per account category in case of a bank failure.

WHO IS TD BANK BEST FOR?

How do you know if TD Bank is indeed right for you?

Well, on this part of our TD Bank review, we are going to talk about who’s going to benefit from it the most.

First, as mentioned in the previous section, TD Bank is a full-service bank, which means it offers a variety of products and services. Thus, it is ideal for those who want a wide range of bank product selections.

Second, TD Bank should appeal to consumers who want to bank in a traditional banking institution, at the same time, enjoy the benefits of having mobile access.

Third, since there are a few TD Bank branches that are open outside the usual banking days, this financial institution would also be great for people who want access to a brick-and-mortar location on weekends.

Fourth, TD Bank is a good choice for those who want to park their money into their accounts to be able to waive the monthly fees.

Fifth, if you are someone who wants a bank that reimburses out-of-network ATM fees reimbursed, TD Bank is also a good option. However, you need to meet the minimum balance required to be able to enjoy this feature.

Sixth, this bank is also a great choice for people who use their debit cards for international travel.

Lastly, TD Bank is a great bank for those who want a financial institution that caters to different types of customers — from students to those aged 60 and above.

WHAT ARE THE PRODUCTS OFFERED BY TD BANK?

Similar to any other large financial institution out there, TD Bank offers a wide range of banking products and services.

For this TD Bank review, however, we are going to particularly focus on the following:

  • Savings Account
  • Checking Account
  • Certificate of Deposit (CD) Account

Savings Account

TD Bank offers two different savings accounts for customers to choose from. These accounts are the TD Simple Savings and the TD Beyond Savings.

Now, let’s look into what these accounts are all about —

TD Simple Savings

With TD Simple Savings, all balances earn a 0.05% annual percentage yield (APY). This basically means that regardless of you only have a $1 balance in your account, you are still going to earn the said APY.

The bank charges TD Simple Savings account holders a monthly fee of $5. However, this can be waived as long as you do any of the following conditions:

  • Keep at least a $300 daily balance
  • Connect your savings account to an existing TD checking account
  • Make a $25 or more recurring transfer from your linked account (Please note that this is only good for the first 12 months since you open your TD Simple Savings account.)

Furthermore, the bank also waives the monthly fee if the account holder falls below 18 or above 62 years old.

One of the best things about the TD Simple Savings account is that it does not have a minimum deposit to be able to open an account, which makes it a great choice for anyone.

TD Beyond Savings

The TD Beyond Savings account is ideal for those who keep high balances of $20,000 and above on their savings accounts.

Having a balance below $20,000 entitles you to a monthly maintenance fee of $15. Also, you only get to earn 0.10% APY.

Meanwhile, for those whose balances are $20,000 and above, apart from the waived monthly fee, they get to earn 0.50% APY, which is quite competitive given that TD Bank is a traditional bank.

In addition, account holders who are able to keep at least $2,500 on balances also get to reimburse out-of-network ATM fees.

Checking Account

TD Bank offers five checking account options — pretty much covering almost all types of bank customers, including students and seniors.

These accounts are namely: TD Convenience Checking, TD Simple Checking, TD Beyond Checking, TD Student Checking, and TD 60 Plus Checking.

Unlike most banks of similar type, TD Bank does not require a minimum opening deposit for any of its checking account options.

However, it does charge monthly fees if the account holder is not able to meet a certain minimum balance requirement.

Now, let’s take a look at what each of these accounts has to offer —

TD Convenience Checking

This checking account type is suitable for customers who want to earn interest but does not keep a high balance in their account.

Although there is a monthly maintenance fee, it can be waived if you are able to keep a minimum of $100 balance in your account. Account-holders aged 17 to 23 are also exempted from paying the monthly fee.

Additionally, a $1 monthly fee is charged if you prefer receiving a paper statement. The bank also charges $3 for a non-network ATM fee.

Speaking of which, this account has a daily ATM limit of $750.

TD Simple Checking

The TD Simple Checking account is ideal for those who want a no-frills checking account.

Unlike the other checking accounts, though, TD Simple Checking comes with a monthly maintenance fee of $5.99 no matter how much you have in the bank.

True to its name, it comes with just the basics like free online statements and free access to TD Bank’s mobile app.

TD Beyond Checking

With TD Beyond Checking, monthly maintenance fees of $25 are waived if you do any of the following requirements:

  • Get monthly deposits of $5,000 or more
  • Have an average daily balance of $2,500
  • Have a combined total of $25,000 across eligible TD Bank accounts

In addition to waived monthly maintenance fee, account holders may also enjoy other perks such as:

  • Free basic checks
  • Reimbursement of up to two overdraft fees per year
  • Fees incurred with a rush bill payment will be covered
  • Reimbursement of fees tacked onto one outgoing wire—domestic or international—per statement cycle

While everything seems great, the downside of this account is that the APY is not as competitive. For minimum daily balance of $0.01 to $9,999.99, the APY is only 0.01%; for balances between $10,000 and $49,999.99, it’s 0.03% APY, while for balances of $50,000 and up, the APY is 0.05%.

TD Student Checking

What’s nice about TD Bank is that they take into consideration the different needs of their target market.

TD Student Checking is specifically designed for young people aged 17 to 23. This account features no minimum balance requirements, as well as no monthly maintenance fees.

More so, the no-account fee bleeds over to a linked Simple Savings account if you are 24 years old or below.

Similarly, the TD Student Checking charges $3 for the non-network ATM fee, as well as $1 for the paper statement fee.

The daily ATM limit is also $750.

TD 60 Plus Checking

The TD Plus 60 Checking account is obviously for customers aged 60 and up. This account features free checks, money orders, as well as statements.

While it does have a $10 monthly maintenances fee, it can easily be waived by keeping an average daily balance of $250.

Additionally, account holders get to earn 0.05% APY on all balances.

Certificate of Deposit (CD) Account

TD Bank offers tiered interest rates on its CD account depending on the deposit amount.

What’s nice about it though is that account holders get a rate bump if their CD accounts are linked to an eligible TD Bank checking account. Otherwise, the rate is only 0.10% APY.

TD Bank offers CD terms from three months to 12 months.

To open a TD Bank CD account, the minimum deposit requirement is $250.

Similar to other banks, TD also penalizes early withdrawals depending on how early you get your money. For withdrawals made during the first seven to 89 days after opening an account, you will lose all interest earned.

Meanwhile, for withdrawals made anywhere between 90 days and a year since opening the account, you will lose three months’ worth of interest.

Other Products

Just to give you an idea, other products that TD Bank offers are:

  • Money Market
  • Home Equity Loans and Lines
  • Mortgages
  • Personal Loans
  • IRAs
  • Prepaid Cards

HOW TO BANK WITH TD BANK?

In this section of our TD Bank review, we are going to talk about how to actually bank with TD Bank.

As mentioned earlier, you have the option to sign up for an account either online through the TD Bank website or by visiting one of the bank’s 1,250 branch locations.

Similar to other banks, you will be asked to provide personal information including your address, phone number, as well as your Social Security number. Presentation of a valid government ID such as a passport or driver’s license will also be required.

Mobile App

The TD Bank mobile app is available for both iOS and Android users.

The app lets you access most of the bank’s products. Additionally, it also allows users to deposit checks, transfer money between accounts, view statements, as well as find the nearest branch location or ATM.

IS TD BANK SAFE?

Your account’s safety and security are an utmost concern of TD Bank. Thus, the bank made sure to put all bank-grade security and safety measured to avoid fraud or identity theft threats.

The bank uses high-grade encryption not only on its website but on its mobile app as well.

As mentioned, TD Bank is insured by the FDIC, which means all depositors can receive up to $250,000 per account category in the event that the bank fails.

WHAT TO LIKE ABOUT TD BANK?

This TD Bank review is not complete without a list of things to like and not to like about this financial institution.

First, let’s talk about the things that really stand out —

  • Wide Selection of Banking Products – TD Bank is a full-service bank, thus, it offers a wide selection of banking products and services.
  • Solid Checking Account Options – The bank offers five different checking account options, which cater to the varying needs of customers. Needless to say, depending on what stage in life they’re in. Whether you are a student, a professional, or someone who’s over 60 years old, TD Bank has a specific checking account for you.
  • Mobile App – Apart from the fact that the TD Bank mobile app is secured, it also allows users to access most of the bank’s products and services, as well as provide essential features to have a better mobile banking experience.
  • FDIC-Insured – TD Bank is a member of the FDIC, which provides insurance to all accounts should the bank fails.
  • Sign-Up for an Account Online – Although you can open an account in any of TD Bank’s branches, it also allows you to sign up online through its website, which makes it very convenient for customers especially these days.

WHAT NOT TO LIKE ABOUT TD BANK?

Now, in this section, let’s talk about some of the things that did not stand out. This includes:

  • Low APY on Savings Accounts – Compared to other banks, TD Bank savings accounts do not provide competitive rates.
  • Monthly Maintenance Fee – The bank charges monthly maintenance fees. Although it can be waived if you meet certain requirements.

FINAL THOUGHTS ON TD BANK REVIEW

TD Bank is a full-service bank that offers both traditional and mobile banking experiences particularly for people living on the East Coast. It offers a wide selection of products including checking, savings, and CD accounts.

While it may not be the best in terms of rates on its deposit accounts, TD Bank is still worth a try especially if you want to get the best of both worlds – access to a physical branch and online, do you agree?

With this TD Bank review, we hope you are able to find all the information you need, and hopefully, this convinces you that this financial institution is the right one for you especially if you are from the East Coast.

Categories
Mobile Banking

Truist Bank Review: Providing You A Better Financial Experience

If you are looking for a better financial experience including digital banking, then, you got to keep reading this Truist Bank review.

Truist Bank Review: Providing You A Better Financial Experience

In this review, we are going to tackle the most important details that make this bank one of the best choices out there.

Let’s face it, finding a digital banking service provider that provides a better financial experience than everyone else in the industry can be quite tough. But, guess what? That is exactly what Truist Bank promises to its customers.

Every single day, the bank continues to evolve depending on the needs and preferences of its customers. Your financial goals influence the kind of products and services the bank creates to be able to “help you make the choices that lead to better opportunities.”

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Sounds too good to be true? Well, we’ll find out later on as we go along with our Truist Bank review.

But before that, allow us to share with you some interesting facts first.

Truist Bank, while it does have physical branch locations offer a superior digital banking experience as well.

Just a quick overview, digital banking refers to the digitization or automation of all traditional banking activities. More so, it also includes other financial features that makes it even more convenient and easy to use.

Digital banking is not a new thing. It has been there for years, but only until lately especially in 2020 that it really boomed.

In the Insider Intelligence’s Mobile Banking Competitive Edge Study, which was published by Business Insider, it was found that 89 percent of the respondents said they do use mobile banking or digital banking. The study further states that 97 percent of Millennials use mobile banking, 91 percent are Gen Xers, while 79 percent are Baby Boomers.

This study shows that digital banking is not for young generations alone, but that even older consumers are into it. That actually becomes real when the pandemic hit. A lot of people relied on digital financial services to be able to do day-to-day banking transactions.

The digitization of banking services, while it was a bit of a challenge to the banking industry at first, has really changed the way people bank. Needless to say, it provided a lot of opportunities for banks to serve their customers better.

Truist Bank is surely one of the banks that embraced the challenge. Apart from providing traditional banking services, in its hope to provide an improved customer experience, the bank also managed to come up with a better digital banking experience for its existing customers and the potential ones.

So, as mentioned earlier, in the next couple of sections, we are going to particularly focus on essential information that makes Truist Bank, the bank of choice.

Specifically, we are going to tackle the following:

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

WHAT IS TRUIST BANK?

Truist Bank is a banking institution formed after BB&T acquired the assets of SunTrust Bank. The two banks merged, and the whole merging process was completed on December 6, 2019.

To know more about the merger, check out the video below from CNBC Television as Kelly King, Truist Bank CEO talk about it:

The merger of BB&T and SunTrust Bank involved $228 billion and $220 billion in assets, respectively. Thus, the formation of Truist Financial (with the two banks combined assets) made it the 6th largest bank in the United States.

During the time of the merger, the bank serves close to 10 million households in 17 states. But, with the existence of its digital banking platform, and almost two years since the merging transpired, the numbers, for sure, have already increased.

Here’s the thing, though, although the Truist website is already functional, all products and services are still available on both BB&T and SunTrust Bank. As to when they’re going to be in one site/bank, we do not know.

Meanwhile, the bank still uses the BB&T mobile application, which will eventually become Truist anyway.

Do you find it confusing?

Well, to simply put it, if you opt to open an account with Truist, you may do so at BB&T or SunTrust Bank branches, or through the BB&T mobile app.

It doesn’t matter where and how you open an account because all clients of both banks are considered Truist.

At the moment, all banking products and services offered by both banks are still functional, which means also that they will be carried over to what Truist Bank offers.

Truist Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means all funds placed by depositors in this bank are protected by the federal government. Each depositor will receive up to $250,000 insurance per account category in the event of a bank failure.

WHO IS TRUIST BANK BEST FOR?

Now that you already know what Truist Bank is, it’s time to look into who would benefit from it the most.

Generally speaking, Truist Bank should appeal to consumers who are looking for better banking experience.

It would be ideal for depositors who appreciate continued innovation in the banking industry.

Furthermore, Truist Bank is best for those who are looking for a stable and reliable bank that offers both traditional and digital banking services.

Both BB&T and SunTrust Bank offer a wide variety of products, which will surely be carried over by Truist Bank. Thus, Truist would also be a great choice for those who want to enjoy a variety of banking products and services to choose from.

Also, Truist Bank customers will surely enjoy waived ATM fees, as well as competitive rates on its deposit accounts. So, if you are looking for such features, this should appeal to you as well.

WHAT ARE THE PRODUCTS OFFERED BY TRUIST BANK?

In this part of our Truist Bank review, we are going to talk about one of the most important things that people look into when finding a bank.

As mentioned earlier, technically speaking Truist right now is just a name. In fact, both BB&T and SunTrust have a link to Truist, and vice versa.

Sure, it can be quite confusing but, technically speaking, all BB&T and SunTrust Bank customers automatically become Truist Bank customers.

Right now, if you go visit the BB&T and the SuntTrust Bank websites, both offer a variety of banking products and services.

But for the purpose of this review, we are going to focus on both checking and savings accounts only.

Checking Account

Similar to the banks’ savings accounts, there is not much to expect on their checking accounts as well.

Both banks do not offer high-yield checking accounts. In fact, with BB&T, customers need to pay a monthly maintenance fee. The fee can be waived though if you have a student checking account, or you meet the minimum balance required by the bank.

To be honest, if Truist Bank wants to really become the better choice, it has to work on its product offerings. The bank has to be competitive in terms of rates.

After all, most customers prefer to have the ability to earn more from their money than anything else.

Savings Account

One thing that we noticed about BB&T and SunTrust Bank when it comes to their savings account offerings is that both do not offer high-yield savings accounts.

It kind of saddens us because the trend right now is really on high-yield savings accounts.

However, the fact that both banks are full-service banks, it’s quite not that surprising. Generally speaking, traditional or conventional banks have lower annual percentage yields (APY) as compared to online banks, which is typically caused by the higher operating costs.

Yes, online banks are really the ones that are competitive when it comes to rates.

Now, given the fact that Truist Bank aims to provide a better banking experience, we are looking forward to what would be in store for existing and potential clients in the future — especially if they put more focus on their digital banking offering.

Now, before we move on to the next section, just to give you an idea, here’s what BB&T offers:

Banking

  • Checking Accounts
  • BB&T@Work
  • Savings Accounts
  • Prepaid Cards
  • Credit Cards
  • Debit Cards
  • Certificates of Deposit

Lending

  • Home Mortgage
  • Home Equity Loans and Lines of Credit
  • Auto Loans
  • Personal Loans

Retirement and Investing

  • Investment Products (such as Annuities, Asset Management Account, Bonds, Mutual Funds, etc.)
  • Coverdell Education Savings
  • Certificates of Deposit

Insurance

  • Personal Insurance

Meanwhile, here’s what SunTrust Bank offers:

Personal Banking

  • Checking Accounts
  • Savings Accounts

Credit Cards

  • Cash Rewards
  • Travel Rewards
  • Prime Rewards
  • Secured
  • Business

Loans

  • Home Improvement
  • Home Equity Line of Credit
  • Auto Loans
  • Student Loan
  • Debit Consolidation
  • Recreational Loans
  • Unsecured LightStream
  • Personal Lines of Credit
  • CD Secured Loan
  • Physician Loans and Lines of Credit
  • Business Loans

Mortgages

  • Fixed-Rate
  • Adjustable-Rate Mortgage
  • Affordable Financing
  • Federal Housing Administration (FHA) Loans
  • Department of Veterans Affairs (VA) Loans
  • USDA Rural Development Loans
  • Conventional Financing for High-Cost Areas
  • Doctor Loan Program
  • Jumbo Financing
  • Premiere Loans for Professionals and Entrepreneurs

Small Business

  • Banking
  • Credit Cards
  • Loans

Investing and Retirement

  • Stocks
  • Bonds
  • Mutual Funds
  • Global Investing
  • Annuities
  • ETFs
  • Types of IRAs
  • Taxable Brokerage
  • BrightFolio

HOW TO BANK WITH TRUIST BANK?

In the previous sections, we shared with you pieces of important information about Truist Bank including its product offerings.

This time around, we are going to talk about how to actually bank with them.

As already mentioned, Truist Bank, as of the moment is just a name. If you are interested to open a bank account or avail of any of its other services, you have to either visit a BB&T or Suntrust Bank or these banks’ respective websites.

Again, all depositors of BB&T, as well as SunTrust Bank, are all Truist Bank customers as well. This kind of setup is just for the meantime, but, eventually, it will all be in one place.

Now, when it comes to opening a bank account, similar to all the other banks out there, you will be asked to provide your personal information such as your name, address, phone number, email, as well as your Social Security number.

To verify your information, the bank will, for sure, ask you to present valid government-issued identification such as a passport or driver’s license. So, make sure to keep these documents handy.

By the way, once you have opened an account particularly on BB&T, please note that customers can access their accounts through the BB&T mobile app. All you have to do download the app, which is available for both iOS and Android users, and then, follows the following steps:

  • Step 1: Open the U by BB&T app, and select Enroll Now.
  • Step 2: Choose Personal Banking.
  • Step 3: Scroll down and select your account type.
  • Step 4: Enter your account, debit, or ATM card number.
  • Step 5: If you choose debit or ATM card, enter your PIN.
  • Step 6: Enter your ZIP code.
  • Step 7: Enter your email address.
  • Step 8: Select Continue.
  • Step 9: Create a unique user ID that’s easy for you to remember.
  • Step 10: Create your password.
  • Step 11: Submit your information.

Meanwhile, customers of SunTrust Bank may also check and manage their accounts through the website.

IS TRUIST BANK SAFE?

Technically speaking, Truist Bank’s website is not yet functional like that of a normal bank. However, as mentioned earlier, you can open a bank account through the BB&T and SunTrust Bank websites.

Respectively, both banks have bank-grade security measures in place to ensure that all personal data provided are safe from fraud or identity theft threats.

Meanwhile, Truist Bank is FDIC-insured. So, whether you opened an account through BB&T or SunTrust Bank, since both merged, all their customers are Truist Bank customers as well, which means each of them could receive up to $250,000 per account category in the event of a bank failure.

So, is Truist Bank safe? Well, being one of the largest banks in the country, and with two financial institutions with years of experience in the banking industry to back it up, it definitely is.

WHAT TO LIKE ABOUT TRUIST BANK?

Now that you already know what Truist Bank is all about, who it is suited for, what products and services it offers, how to bank with them, and how safe it is, it’s time to come up with a list summary of the things that really stand out the most.

Some of the things that we particularly like about Truist Bank include:

  • Wide Array of Banking Products and Services – As you know by now, Truist Bank is the output of the BB&T and SunTrust merger. Respectively, these banks have a wide selection of banking products and services from personal banking, business banking, as well as loans, insurance, and investments.
  • Allows to Open an Account Online – Both BB&T and SunTrust website provides customers the ability to open an account online. Currently, Truist Bank website provides links to the websites of the two banks and vice versa.
  • Mobile App (BB&T) – BB&T has a mobile app called U. This allows customers to manage their accounts anytime and anywhere. The mobile app is available for both iOS and Android devices.
  • Low Fees (BB&T) – BB&T customers can benefit from low fees in certain bank products and services.
  • Lots of Rooms for Improvements – Truist Bank has lots of rooms for improvement, which we consider a plus given the fact that it is the baby out of the merger between two banks. We cannot wait for what’s in store for its customers once everything is settled.
  • Stability – With the merging, Truist Bank currently has over $400 billion in assets, making it one of the largest banks in the country. That alone is enough to prove how stable the bank is.
  • FDIC-Insured – Truist Bank is FDIC-insured, which means all depositors can receive up to $250,000 per account category in case the bank fails.

WHAT NOT TO LIKE ABOUT TRUIST BANK?

This Truist Bank review will not be complete without a list of the things to not like about it.

While we did provide you a good number of things to like, here are a few downsides of the Truist Bank:

  • The existence of BB&T and SunTrust can be confusing – Although they say that eventually all customers of both banks are considered as Truist Bank customers, it can really be confusing to have these two banks still. We cannot wait to just have one – and that’s Truist Bank, of course.
  • Does Not Offer High-Yield Savings and Checking Accounts – Both BB&T and SunTrust Bank do not offer high-yield savings and checking accounts, which is understandable, though, since they are full-service banks with overhead costs to consider.
  • Fees – For both banks, their savings and checking accounts do have fees to watch out for. BB&T checking account does have a monthly maintenance fee unless you have a student checking account or have met the minimum balance requirement. For SunTrust’s Essential Checking, there is also a monthly fee. It can be waived if you meet the minimum balance requirement of $500.

FINAL THOUGHTS ON TRUIST BANK REVIEW

Truist Bank is technically a new bank that still needs a lot of ironing especially since it is formed because of the merging between two banks.

As mentioned earlier, the existence of BB&T and SunTrust Bank can cause confusion to potential customers. So, the earlier BB&T can resolve this, the better for its customers, right?

To wrap this Truist Bank review, we got to say that there’s so much potential here especially since the institution promises to provide customers a better banking experience, which is very much feasible given the credibility of BB&T.

Categories
Mobile Banking

Provident Bank Review: Offering Both Traditional And Mobile Banking

If you are living in New Jersey, Pennsylvania, or a portion of New York and is looking for a full-service bank with mobile access, then, this in-depth Provident Bank review is for you.

Provident Bank Review: Traditional And Mobile Banking In One

A lot of people today are into mobile- or online-only banking. But, there are still some who prefer having the best of both worlds — conventional or traditional banking with mobile or online access.

With so much happening around and being in a fast-paced era, consumers these days prefer having the ability to make banking transactions anytime and anywhere.

According to a study conducted by the Federal Reserve Board of Governors, 43 percent of mobile phone users with a bank account in the United States prefer using mobile banking services. Furthermore, the study found that 53 percent of smartphone owners with bank accounts used mobile banking in the past 12 months prior to the survey.

Also based on the study, the number of consumers who use mobile banking services increased year after year – and there seem to have no signs of slowing down.

According to data reported by Statista, as of 2018, there are 57 million mobile banking users in the United States. The number, for sure, has increased in the last two years especially with the pandemic that happened in 2020, most consumers relied on mobile banking services.

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So, you see, every year there is an increasing demand for mobile banking services, needless to say, the competition between banks now has also something to do with their mobile banking offerings.

With more and more people preferring mobile banking, banks need to really step up their game. True enough, these days, finding the right financial institution to bank with is quite a challenge given the fact that banks are really trying to win as many consumers as they can.

Now, in today’s review, though, we are going to focus on a bank that specifically services residents of New Jersey and Pennsylvania. Yes, we are talking about the Provident Bank.

In the next few sections, we are going to share with you some of the most important details you need to know about this full-service bank.

In particular, we are going to provide answers to the following questions:

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

WHAT IS PROVIDENT BANK?

First of all, we are going to talk about what Provident is all about.

We always say this, when selecting a bank – whether it be an online bank or a traditional/conventional bank – it is every consumer’s responsibility to do a little background check. This helps you see how credible, reliable, and stable the financial institution is.

Having said that, here are some of the key information you need to know about Provident Bank –

As mentioned earlier, Provident Bank is a full-service bank that specifically services residents of New Jersey and Pennsylvania, as well as a portion of New York. Currently, the bank has more than 95 local branches to serve its customers’ banking needs.

By the way, before we proceed, if you are wondering what the different banking services available are out there, check out the video below by Corporate Finance Institute:

Established in 1839, Provident Bank is considered one of the oldest banks in the United States. It is a wholly-owned subsidiary of Provident Financial Services, Inc. Currently, the bank’s assets total at $10 billion as well as deposits totaling $7 billion, which is also what makes it a considerably large bank.

Provident Bank offers a full suite of checking, savings, as well as a certificate of deposit products

So, if you live in either New Jersey or Pennsylvania or some parts of New York, and you are looking for a bank that offers convenience because of local branch access, at the same time, mobile app access, then Provident Bank is for you.

By the way, it may sound confusing for some, but please take note that Provident Bank is totally not affiliated with The Provident Bank as well as its online-only bank arm, Bank Provident Online.

WHO IS PROVIDENT BANK BEST FOR?

Before we move on to the more technical stuff, let’s talk about who Provident Bank is most suitable for first. This helps you assess if you are eyeing the right bank.

As mentioned earlier, Provident Bank is only available for residents of New Jersey, Pennsylvania, and a few parts of New York.

Although it has mobile app access, it only offers very limited features that make it only available for those who already have an existing Provident Bank account.

Having said that, technically speaking, Provident Bank should appeal to consumers from New Jersey, Pennsylvania, and some parts of New York who want to have access to a physical branch, at the same time, have mobile phone access to their bank accounts.

This also is a good choice for customers who are not that particular with earning good interest from their deposit accounts, because to be honest, while the bank offers a full suite of deposit accounts, it does not have very attractive interest rates as well as fee structures like what online banks these days offer.

The bank, however, does not charge monthly fees (on certain products), and also refunds ATM fees, which makes it an ideal choice for those who want to enjoy such features.

Provident Bank should appeal the most as well to those who are looking for a wide variety of account choices, because, certainly, they have so much to offer in that aspect.

WHAT ARE THE PRODUCTS OFFERED BY PROVIDENT BANK?

In the previous sections of our Provident Bank review, we provided you important information on what the bank is all about, as well as who should it appeal to the most.

This time, we are going to talk about the products that the bank offers.

Provident Bank is a full-service bank that offers different account types including checking, savings, certificates of deposit, business accounts, as well as IRA, wealth management, and mortgages.

In this review, however, we are only going to focus on the three major bank offerings — checking, savings, and CD accounts.

Now, let’s dig deeper into what each account has to offer —

Checking Account

Provident Bank offers a bunch of checking products that cater to different needs. In fact, it has seven different checking accounts to choose from. All of which requires an initial deposit of $50, which is quite a good amount as compared to what other banks of similar type require.

Provident Bank checking account options include:

Provident Basic Checking

This checking account type offers the following features:

  • First six (6) paid checks FREE each month
  • FREE direct deposit
  • FREE Provident Debit Mastercard®
  • FREE ProvidentConnect Online Banking with Bill Payment
  • FREE eStatements1
  • FREE Mobile Banking with Check Deposit
  • Unlimited ATM transactions
  • No minimum balance requirements
  • Funding from a linked account to help avoid overdraft fees
  • Access to 95+ bank locations in New Jersey, New York & Pennsylvania

Meanwhile, for this account type, a $0.50 fee per check is charged after the sixth paid check. Also, a $2 monthly fee is charged if the account holder opts to receive a paper statement.

Provident Cash Back Checking

Provident Cash Back Checking account holders will get to enjoy the following features:

  • Cashback on the total amount of eligible signature-based point-of-sale (POS) transactions, credited monthly when qualification requirements are met2
  • No limits on the amount of cash back2
  • FREE ProvidentConnect Online Banking with FREE Online Bill Payment
  • FREE Provident Debit Mastercard®
  • FREE eStatement
  • FREE Mobile Banking with Mobile Check Deposit3
  • ATM fee refunds nationwide when qualification requirements are met
  • No monthly minimum balance requirements4
  • No monthly service fees
  • Access to 95+ bank locations in New Jersey, New York & Pennsylvania

Please note that to be able to earn 1.50% cashback and domestic ATM fee/surcharge refunds for every statement period, the account holder must:

  • Conduct ten (10) signature-based point-of-sale transactions with your Provident Debit Mastercard
  • Have one (1) direct deposit or one (1) automatic ACH debit
  • Establish and maintain a FREE ProvidentConnect Online Banking relationship
  • Elect to receive your periodic account statement electronically via ProvidentConnect Online Banking

If in case you do not meet the above requirements, you still will get to enjoy a free checking account and be eligible for cashback and ATM fee/surcharge refunds in the very next statement period.

NJ Consumer and NY Basic Checking

For these checking account types, account holders will get to enjoy these features:

NJ Consumer Checking

  • $50 deposit to open the account
  • Minimum of $1 to maintain the account
  • Maximum $3 monthly service fee
  • Eight (8) free withdrawals per month by check
  • Free unlimited deposits and in-person withdrawals

NY Basic Checking

  • $25 deposit to open the account
  • Minimum of $.01 to maintain the account
  • Maximum $3 monthly service fee
  • Eight (8) free withdrawals per month by check
  • Free unlimited deposits and in-person withdrawals

Provident Debit Mastercard

For this type of account, customers will get to enjoy the ability to purchase items at millions of locations and ATMs where MasterCard is accepted worldwide.

Additionally, account holders will enjoy the following benefits:

  • Extended Warranty
  • Satisfaction Guarantee
  • Zero Liability Protection against Unauthorized Purchases

Provident Platinum Checking

All Provident Platinum Checking account holder will enjoy the following benefits:

  • Higher yields for higher balances
  • FREE Provident Debit Mastercard® (Daily cash withdrawal limit: $500. Daily purchase limit: $1,500)
  • FREE ProvidentConnect Online Banking with Bill Payment
  • FREE direct deposit
  • FREE basic checks
  • Unlimited check writing
  • No ATM fees (fees will be refunded at end of cycle)
  • Bonus .25% APY on Certificates of Deposit
  • Access to 95+ bank locations in New Jersey, New York & Pennsylvania

Please note that as stated on the bank’s website, account holders are required to “maintain a combined $10,000 daily account balance in conjunction with eligible linked deposit accounts, mortgage loans, or select consumer loans and credit lines to avoid fees.”

Additionally, a minimum of $50 must be kept to be able to receive interest payments.

Provident Prestige Suite

The Provident Prestige Suite is a bundle of Provident Bank’s Checking & Money Market that yields big benefits, including:

Provident Prestige Checking

  • FREE eStatements
  • FREE Identity Theft Protection through ULTIMATE ID2
  • FREE Mobile Banking with Mobile Check Deposit3
  • FREE Debit Mastercard®
  • No minimum balance
  • FREE Basic-Style checks
  • Unlimited check writing
  • Unlimited domestic ATM fee refunds
  • Bonus 0.25% APY on Certificates of Deposit

Provident Prestige Money Market

  • Total money management with a linked Provident Prestige Checking account
  • Competitive APY on balances from $15,000 up to $500,000
  • FREE unlimited balance transfers
  • FREE eStatements
  • FREE direct deposit
  • FREE ProvidentConnect Online Banking
  • No withdrawal penalties

To be able to maintain this type of account, customers must:

  • Open and maintain a Provident Prestige Checking account – receive at least one direct deposit and process at least one automatic debit1
  • Open and maintain a Provident Prestige Money Market account

Provident Smart Checking

With Provident Smart Checking, you get to earn 1.51% APY for balances up to $15,000, at the same time, enjoy domestic ATM fee/surcharge refunds, per statement period as long as the following requirements are met:

  • Conduct ten (10) signature-based, point-of-sale purchases with your Provident Debit Mastercard that post and clear your account.
  • Receive one (1) direct deposit or process one (1) automatic ACH debit.4
  • Establish and maintain a ProvidentConnect Online Banking relationship.
  • Elect to receive your periodic account statements via ProvidentConnect Online Banking

Additionally, all account holders will get to enjoy the following benefits:

  • FREE ProvidentConnect Online Banking with Bill Payment
  • FREE Provident Debit Mastercard®
  • FREE eStatements
  • FREE Mobile Banking with Check Deposit
  • ATM fee refunds3 nationwide when monthly requirements are met
  • No minimum balance requirements
  • No monthly service fees
  • Access to 95+ bank locations in New Jersey, New York & Pennsylvania

Savings Account

Provident Bank also offers a selection of savings accounts that suits almost every customer type. These options include:

Provident Power Savings

For this savings account type, customers will get to enjoy the following benefits:

  • 0.35% APY1 on the portion of your daily balance over $10,000
  • 0.05% APY1 on the portion of your daily balance $50 – $9,999.99
  • FREE online account with no fees or service charges
  • FREE ProvidentConnect Online Banking with FREE Online Bill Payment
  • FREE Mobile Banking with Mobile Check Deposit2
  • FREE Provident Basic Debit Card
  • FREE eStatement
  • No funding fees on transfers to another Provident deposit account

Please note that account holders be able to maintain a $50 minimum daily balance to earn interest.

Additionally, the account holder must be able to establish and keep a free ProvidentConnect Online Banking relationship and elect to receive periodic account statements electronically via ProvidentConnect Online Banking.

Platinum Money Manager

All Platinum Money Manager account holders will get the following benefits:

  • Total money management with a linked Provident Platinum Checking account
  • FREE monthly combined statement
  • Higher yields for higher balances
  • FREE direct deposit
  • FREE ProvidentConnect Online Banking
  • FREE 24-hour telephone banking access
  • No ATM fees
  • FREE unlimited balance transfers
  • No withdrawal penalties
  • Access to 95+ bank locations in New Jersey, New York & Pennsylvania

To qualify for this account you must have or open a Provident Platinum Checking account first. To open an account, the bank requires a $50 minimum deposit, while to earn interest, you must be able to keep a $5,000 combined daily balance.

Young Saver

The Young Saver savings account is designed for kids aged below 18 years old. To open an account, the bank only requires a minimum of $1 deposit. Meanwhile, to be able to receive interest, you must at least have a minimum balance of $0.01.

This does not charge monthly service fees, and just the same as the other account types, your kids can easily access 95 bank locations in New Jersey, New York & Pennsylvania

Certificate of Deposit Account

Provident Bank’s certificate of deposit account is ideal for those who have money but won’t be accessing it anytime soon.

The bank offers competitive rates for its CD accounts with terms ranging from 91 days up to 60 months.

HOW TO BANK WITH PROVIDENT BANK?

Now that you already know the different deposit accounts that Provident Bank offers, this time, let’s talk about how to actually bank with them.

Although Provident Bank has a mobile app, unfortunately opening an account online is not yet accessible. You will need to visit a local branch near you if you want to become a customer of Provident Bank.

Once you’ve opened the account, though, you can easily access and manage your account through its mobile app that is available for both iOS and Android devices.

More so, the mobile app allows you to transfer money, pay bills, as well as find an ATM or a branch near you.

At the moment, the mobile app does not cater to mobile check deposits yet.

In case you need assistance but cannot go to the branch, you may call Provident Bank customer service or you may email them through the website.

IS PROVIDENT BANK SAFE?

This section of our Provident Bank review will focus on how safe your money is with Provident Bank.

Provident Bank is insured by the FDIC, which means every depositor will get up to $250,000 per account in case of a bank failure.

Meanwhile, its mobile app as well as website use encryption to ensure all data submitted through these channels are safe and secured.

WHAT TO LIKE ABOUT PROVIDENT BANK?

This Provident Bank review will not be complete without a list of things to like about this financial institution, which includes:

  • Mobile App Access – Although there still is so much to improve on its mobile app, we like the fact that the bank is keeping up with the needs of its customers. The mobile app access is definitely a great help especially for people who are always on the go.
  • No Monthly Fees – For the majority of its account selections, Provident Bank does not charge monthly fees.
  • Wide Account Selection – The bank offers a wide selection of financial products, which actually is a very common feature of a full-service bank.
  • 95+ Local Branches – Provident has more than 95 local branch locations across New Jersey, Pennsylvania, and parts of New York.

WHAT NOT TO LIKE ABOUT PROVIDENT BANK?

While it does have its share of highs, Provident Bank does have a few downsides as well, and this includes the following:

  • Limited Mobile App Features – The bank has still a lot of things to work on with regards to its mobile app. One downside of it is that it does now allow opening an account online yet.
  • Less Competitive Rates – Compared to other banks of similar type, Provident Bank has less competitive rates.
  • Limited Access to Customer Service – Customer service is only accessible through phone or email.

FINAL THOUGHTS ON PROVIDENT BANK

Overall, Provident Bank is a good full-service bank that caters to residents of New Jersey, Pennsylvania, and parts of New York.

While it does offer mobile and online bank access, it is limited only to fund transfer, bill payment, and other basic mobile banking services. Definitely better if the bank also allows opening an account through the website or the mobile app.

Nevertheless, it is a good choice for those who want to have access to both a branch location and mobile app, right?

With this in-depth Provident Bank review, we hope you are able to see the potential there is in this bank, especially because it tries to cater to the needs of consumers these days by providing access to both a branch location and a mobile application.

Categories
Mobile Banking

Comenity Direct Review: Best High-Yield Savings And CD Accounts For You

This Comenity Direct review will provide you with all the essential information you need to know about this digital bank. Specifically, it will focus on its product offerings, which include a high-yield savings account and a Certificate of Deposit (CD) account.

Comenity Direct Review: Best High-Yield Savings And CD Accounts For You

There are a lot of factors to consider when looking for a savings account. But, one of the most important things especially if your goal is not just to save but earn from your savings as well, is to find a bank that offers a high annual percentage yield (APY).

For those who are not really familiar with the term high-yield savings account, since we are going to use it a lot in the course of this review, according to CNBC, high-yield savings accounts, unlike a traditional savings account, reward customers with a higher interest rate that allows their money to grow even faster as it sits in the account.

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Technically, the higher the APY on a particular savings account is, the faster the money grows.

Having a high-yield savings account will surely give you better benefits than the conventional ones. After all, who doesn’t like to earn big from their money, right?

Now, there are quite a few banks, particularly online banks that offer high-yield savings accounts out there. And with so many options around, finding the best could be very challenging.

So, to help you a bit with your search for the right online bank that offers a high-yield savings account, today, we are going to particularly talk about one of the many banks that offer such a deal.

In the next few sections, we are going to talk about some very important details on what Comenity Direct is all about, and how competitive its product offerings are. By the way, apart from its high-yield savings account, as mentioned earlier, we are also going to look into how competitive its Certificate of Deposit account is.

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

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

WHAT IS COMENITY DIRECT?

When choosing a banking institution, whether it’s a traditional or an online bank, it is every customer’s responsibility to ensure that he or she is dealing with the right financial institution.

We always say, though, that when looking for a financial firm to bank with, you have to consider the bank’s credibility, reliability, and trustworthiness. These are important aspects to look into to ensure that your money will not be put to waste. That it is safe and secured.

Now, with that said, here are a few key points that we thought you should know about Comenity Direct —

Comenity Direct is, first of all, a brand of Comenity Capital Bank. It is a digital bank that provides consumers banking products including high-yield savings accounts and certificates of deposit (CDs).

Comenity started in the banking industry in 1986 as a credit card issuer of many retail brands. Fast forward to today, the bank has over 50 million people carry its private label, branded, as well as business credit cards.

Do you want to know more about Comenity Bank? If your answer is a yes, check out the video below by ProudMoney:

However, in the hope to provide more banking opportunities to consumers, the bank launched Comenity Direct in 2018, which, as you know by now, offers online banking services.

Since Comenity Direct is an online banking solutions provider, obviously, it does not have physical branches like what traditional banks have. However, Comenity Direct’s headquarter is based in Springfield, Missouri.

Comenity Direct is a brand of Comenity Capital Bank, a member of the Federal Deposit Insurance Corporation (FDIC), which means all deposits are insured for up to $250,000 per depositor, for every account ownership category should there be a bank failure.

WHO IS COMENITY DIRECT BEST FOR?

Every bank, whether it be traditional or online, catering to a particular group of consumers. There is no such thing as one for all.

True to that, Comenity is also not available for all. It only appeals to a certain group of people particularly those who are looking for very competitive rates on banking products.

Generally, Comenity Direct should be a great choice for those who want to enjoy the convenience that an online bank gives, and not minding not having access to a physical branch or to ATMs.

Additionally, the online bank would appeal to people who do not want to deal with monthly maintenance fees particularly on savings and CD accounts, as well as those who want flexible hours to reach customer service representatives.

WHAT ARE THE PRODUCTS OFFERED BY COMENITY DIRECT?

In the previous sections of this Comenity Direct review, we provided you with key information on what Comenity Direct is all about, as well as who the bank would appeal to the most.

Now, it’s time for the more important part.

One of the most essential things that consumers need to look at when choosing an online bank or even a traditional bank is the products that are being offered. In fact, for most consumers, it’s the very basis of selecting a financial institution to bank with.

Having said that, it’s time to discuss the products that Comenity Direct offers. Although it does offer credit cards, in this Comenity Direct review, we are going to specifically focus on providing you details about its high-yield savings account and certificate of deposit account.

High-Yield Savings Account

Obviously, as the name suggests, Comenity Direct offers a high interest-bearing savings account. It comes with a very competitive annual percentage rate that makes it very appealing to consumers who want to earn bigger on their savings accounts.

Currently, Comenity Direct’s high-yield savings account earns 0.55% APY. The APY changes from time to time, but nonetheless, the rate remains at par with other high-yield savings accounts offered by other online banks.

What’s nice about Comenity Direct is that it constantly monitors the top rates offered by other banks across the banking industry. So, when other high-yield accounts raise their rates, the bank also raises theirs to ensure that their customers always get the best rates available.

To open a Comenity Direct High-Yield Savings account, the bank requires a minimum initial deposit of $100. While it seems a big amount compared to what other online banks require, the good thing is that Comenity Direct does not charge a monthly maintenance fee. Also, account holders get to have up to six free withdrawals per month.

Additionally, high-yield savings account holders are not charged for incoming wire transfers, online statements, as well as Automated Clearing House (ACH).

However, the bank charges for certain activities like a $25 fee per transfer for outgoing wire transfers, a $15 fee per request of paper checks, and a $5 fee per request of paper statement.

Please note that interest on the high-yield savings account is compounded on a day-to-day basis and credited every month.

Certificate of Deposit Account

If you have spare money that you won’t be needing anytime soon or you have a financial goal, opening a Certificate of Deposit is a better route.

By opening a CD account, you get to leave your money for a certain period of time and earn more from it.

Comenity Direct offers five different CD terms with corresponding rates. The CD terms range from one year up to five years.

As a general rule, the longer the term is, the higher the rate will be. As of this writing, the annual percentage yield varies from 0.63% to 0.90%. Similar to the high-yield savings account, interest is compounded daily and credited monthly.

Please note that stated APYs assume that all interest is credited to the CD account. But, customers have the option to have interest paid out on a monthly basis to a verified or Comenity Direct savings account.

Additionally, CD account holders can also auto-renew their CD accounts once it matures or choose to cash out without having to pay any penalty provided it’s done within the 10-day grace period.

Meanwhile, if the account holder decides to withdraw his or her funds before the CD maturity date, an early maturity penalty will be charged.

As for CD terms of up to three years, the penalty would be 180 days of simple interest, while 365 days of simple interest for those with CD terms of four years or more.

Similar to Comenity Direct’s high-yield savings account, ACH transfers, as well as incoming wire transfers are free, too.

By the way, to open a CD account, Comenity Direct requires a minimum deposit of $1,500.

HOW TO BANK WITH COMENITY DIRECT?

Now that you already know what this mobile bank offers, at this point of our Comenity Direct review, we are going to discuss how to actually bank with them.

Since Comenity Direct does not have any physical branches, it made sure to come up with digital access to its product offerings.

Comenity Direct is accessible through a mobile app that is available for both iOS and Android users, as well as through online banking via its website.

Both platforms are accessible 24/7. However, if you need immediate help, Comenity Direct is accessible via chat through a customer service representative. The customer service feature is available Monday–Friday, 7 a.m. to 11 p.m. CT, and Saturday–Sunday (and most holidays), 9 a.m. to 5 p.m. CT.

Meanwhile, to be eligible to open a savings or CD account with Comenity Direct, you must be at least 18 years old and a citizen or a resident alien of the United States.

As with the bank account application process, all you have to do is visit the bank’s website. The whole process is done entirely online. In fact, it only takes a few minutes to open an account.

Similar to other banks, you will be asked to provide personal information such as your name, address, mobile number, and your Social Security number. Additionally, you must ensure to have with you a valid government-issued identification like a passport or driver’s license for identity verification purposes.

Deposits and Withdrawals

Unfortunately, the high-yield savings account, it does not come with ATM access. The only way customers can deposit and withdraw money from the account is by transferring via a linked account.

Fees

If you are looking to avoid bank fees, Comenity Direct is one of the best choices for you. The bank does not charge monthly maintenance fees on both its savings and CD accounts. Consequently, it does not require any minimum balance as well.

Additionally, ACH, as well as incoming wire transfers, are also free of charge.

Meanwhile, there are charges for the corresponding transactions:

  • $25 fee for outgoing wire transfer
  • $15 fee for paper check request
  • $5 for paper statement request

IS COMENITY DIRECT SAFE?

A lot of people are quite hesitant with mobile banking platforms for safety and security reasons. That is why in every review that we make, we always make it a point to look into the safety and security features of the bank.

Comenity Direct, as already mentioned, is an online-only bank, which makes it even more important to look into how safe banking with them is.

Good thing, the safety, and security of all bank account is one of the top concerns of Comenity Direct.

Thus, to ensure that customer data and funds are intact, the bank installed bank-level security features. This ensures that all accounts are safe from fraud and identity theft threats.

Meanwhile, all accounts under Comenity Direct are FDIC-insured through Comenity Capital Bank, a member of the FDIC. All accounts are insured for up to $250,000 per depositor, per account category, in case of a bank failure.

So, is Comenity Direct safe? Definitely.

WHAT TO LIKE ABOUT COMENITY DIRECT?

This Comenity Direct review will not be complete without sharing with you a list of things that we like and not like about this mobile bank.

For this section, though, let us provide you with the things that we like about Comenity Direct first. This includes:

  • Very Competitive Interest Rates – The major come-on of Comenity Direct is definitely its high-yield savings as well as a certificate of deposit accounts. For both accounts, the bank is able to provide customers with the best rates possible. Good thing, they always check other banks’ rates to ensure they’re able to keep up.
  • No Minimum Balance Requirements – Although for savings the initial deposit required is at least $100, while $1,500 for CD accounts, the good thing is, Comenity Direct does not require any balance requirements, which makes it more flexible for customers.
  • No Monthly Maintenance Fees – Another thing that we like about Comenity Direct is that, unlike other mobile banks, it does not charge a monthly maintenance fee.
  • No ACH Transfer Fees – Apart from no monthly fees, Comenity Direct does not charge ACH transfer fees, too.
  • Accessibility – Comenity Direct is available anytime and on all days of the week via the bank’s mobile app and its website. Account-holders can make banking transactions even on weekends and during late nights.
  • FDIC-Insured – Comenity Direct is a brand of Comenity Capital Bank, a member of FDIC. Thus, all deposits are insured for up to $250,000 per depositor, per account category, in case the bank fails.

WHAT NOT TO LIKE ABOUT COMENITY DIRECT?

While there are a lot of things to like about Comenity Direct, it does have its share of downsides as well. Just like the other mobile banking service providers out there, Comenity Direct is not perfect, too, and definitely has a lot of room for improvement in the future.

Some of the things to not like about Comenity Direct are as follows:

  • Limited Product Options – Unlike other mobile banking service providers out there, Comenity Direct does not offer a variety of product options. As of this writing, the online bank only offers high-yield savings and certificate of deposit accounts.
  • No Physical Bank Locations – Comenity Direct is an all-online bank, which means it does not come with any physical branch locations. So, if you want the benefit of having both mobile and traditional bank access, this is not the bank for you.
  • High Minimum Deposit Requirement for Savings and CD Accounts – Compared to other savings and CD accounts, Comenity Direct requires quite a high minimum deposit requirement for both accounts. As mentioned, for savings, the minimum deposit requirement is $100, while $1,500 is required to be able to open a CD account.
  • No ATM Access – Another thing that we wish Comenity Direct would eventually consider is having ATM access. As of now, the mobile bank does not offer ATM access. Accessing cash is only available via online fund transfers.
  • No Cash Deposits or Check Writing – Unfortunately, Comenity Direct does not allow customers to deposit cash or write checks at the moment. We hope, though, that this can be improved in the future to make it more accessible and more convenient for account holders.

FINAL THOUGHTS ON COMENITY DIRECT REVIEW

Comenity Direct is a mobile banking service provider. It was created by Comenity Capital Bank to provide banking services to consumers.

Similar to most online-only banks, it does not have ATM access or access to physical branch locations. However, online fund transfer is feasible, and account holders can access their accounts anytime, anywhere via the website or the mobile app.

While it does have its share of limitations, what’s nice about it is that it offers high-yield savings as well as CD accounts, which makes it ideal for saving money on a long-term basis.

Having said all that, do you think Comenity Direct is the one you are looking for?

With this Comenity Direct review, we hope you are able to see more of the benefits that it offers over its limitations. Hopefully, it is exactly what you are looking for.

Categories
Mobile Banking

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

If you are focused on finding a mobile banking service provider that provides a high-yield bank account, then, you got to check this Level Bank review to see if this meets exactly what you are looking for.

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

Mobile banking is not new. In fact, it has been there for quite a while now.

However, back then, it was mostly the younger generations who get into online banking. Adults prefer traditional or convention banks. This is not surprising though because younger people are more explorative and they’re into anything digital, while the older ones are okay with what they are used to.

But things changed last year when the worldwide pandemic hit the country. A lot of people of all ages get into mobile banking since outside activities were limited.

Since then until now, and in the coming years, experts believe that online banking or the fintech industry will continue to grow.

According to Statista, as of February 2021, there is 10,605 financial technology (Fintech) startups in the United States. With such a number, it has made the region the most Fintech startups across the world.

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If the current trend will continue, and we mean people clamoring over online or mobile banking, there would be even greater opportunities for fintech companies.

Now, if you think about it, there are lots of options available. So, the question now would be, how to choose the best one for you.

Well, it will boil down to what your banking needs and preferences are. Knowing your needs and preferences will help trim down your options to make it easier to choose the one that’s for you.

As mentioned, there are a lot of mobile-centric service providers out there. But today, we are going to particularly focus on what Level Bank is and what it has to offer.

Level Bank is a fintech company that is known for providing a high-yield checking account.

In the next few sections, this Level Bank review will focus on providing answers to the following questions:

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

WHAT IS LEVEL BANK?

When choosing a bank, in this case, a mobile banking solution, it is important to look into its history first.

This way, you get to see how credible and trustworthy the bank is, and of course, how stable it.

So, with that said, before we even talk about the technical stuff, here’s a quick backgrounder about Level Bank —

According to the founder of Zero Financial, the firm that owns Level Bank, Bryce Galen, “Level was built to challenge the status quo in banking and put an end to the era of big banks holding people’s money while giving them no interest, a clunky app experience, and frustrating customer service.”

Level Bank aims instead “to give customers dramatically better rewards and interest, a design-forward app, and superior customer support.” The company’s goal is to “revolutionize the way people engage with their finances on a daily basis.“

With Level Bank, all account holders are able to enjoy earning interest on their money, at the same time, are ensured that their deposits are safe because their money is insured by the Federal Deposit Insurance Corporation (FDIC) through its partnership with the Evolve Bank & Trust, which is a member of FDIC.

Furthermore, Level Bank offers “unlimited cash back on qualified purchases with your Plus or Premium membership, no overdraft fees or minimum balance requirements, and access to interest-free cash advances up to $500.“

In addition to that, customers can also “take advantage of ATM operator fee reimbursements worldwide (up to $4 per reimbursement), and the ability to get paid up to two days early.”

Level Bank is based in Walnut Creek, California.

If you are interested to know more about what Level Bank is all about, what to expect from it, and why it’s one of the bests, we recommend you watch the video below by Magnified Money:

WHO IS LEVEL BANK BEST FOR?

Now that you already know what Level Bank is all about, it’s time to look into who would benefit from it the most.

Generally speaking, Level Bank should be great for people who are open to adapting to new financial technology tools and services.

It would appeal to individuals who want debit card access, at the same time, earn cashback on purchases. Of course, it would also be appealing to those looking for a high-interest rate in a liquid account.

Additionally, Level Bank is ideal for people who want mobile banking, 24/5 customer support, as well as those who want to get away from banking fees.

WHAT ARE THE PRODUCTS OFFERED BY LEVEL BANK?

Now, we get into the most exciting part.

In the previous sections of our Level Bank review, we talked about what this fintech company is all about, and of course, who would benefit the most from it.

This time around, we are going to talk about one of the most important details you need to know – the products that the bank offers.

Level Bank is an online bank that provides customers with “cash management” services.

Although it may look the same as traditional checking accounts, its features are different.

With Level Bank, customers get to enjoy unlimited cash back on purchases, as well as a 0.50% annual percentage yield (APY) on deposits.

Unlike most credit cards that restrict cashback rewards to certain categories, Level Bank has no restrictions. Furthermore, the bank offers a no-fee service, which is definitely rewarding for customers.

For your information, Level Bank does not charge the following fees:

  • Minimum balance fees
  • Overdraft fees
  • Non-sufficient funds fees
  • Foreign transaction fees
  • Add-on ATM fees

Level Bank offers cashback rewards, and it is made available every after a transaction is completed. Thus, you get to enjoy your rewards as soon as you can.

Apart from that, Level Bank also lets you cash out your balance through Lyft and DoorDash.

The amazing thing is, all of these are doable by simply using the Level Bank mobile app.

Now, to be able to qualify for cashback rewards, it is important to note that purchases must be signature-based “credit,” which basically means they can’t be used for buying other debit cards, ATMs, or ACH transfers.

The Level Bank account comes in three different options. These are:

  • Level Standard
  • Level Plus
  • Level Premium

Now, let dig deeper into each of these to get to know them better —

Level Standard

The Level Standard account is basically the base level plan. It offers solid options at no cost at all.

With the Level Standard account, customers get to enjoy a 1.0% unlimited cash back on all qualified purchases using your Level Debit Card with qualifying direct deposits in the account every 31 days.

Also, customers who opt for this option get one ATM fee reimbursement, a $300 ATM withdrawal limit, as well as a 0.50% APY on deposits

Level Plus

If you want to enjoy better features, you may opt for the Level Plus option, which is the cheapest paid plan that Level Bank offers.

This account comes with benefits that slightly improve the Level Standard option.

All Level Plus account holders pay a monthly fee of $5, which when compared to other mobile banks out there is still lower.

Also, account holders get to enjoy 1.0% unlimited cash back, free cash advance of up to $150, three ATM fee reimbursements, as well as a $500 ATM withdrawal limit, limited merchant perks, message-based support, and of course, a 0.50% APY on deposits.

This plan is definitely a great option if you want to enjoy better features without having to spend so much on monthly fees.

Level Premium

The last but certainly not the least option of all is the Level Premium. Obviously, by the name itself, it means it provides customers the best features of all the three Level plans.

By opting for Level Premium, which entitles you to a $15 monthly fee, you get to enjoy several perks like a 1.5% unlimited cash back, a free cash advance of up to $150, five ATM fee reimbursements, $1,000 ATM withdrawal limit, as well as exclusive merchant perks, phone and message-based support, and of course, a 0.50% APY on deposits.

Customers get to enjoy discounts from exclusive merchants like Postmates, Lululemon, Spotify, Starbucks, and Sukoshi. Discounts are up to $25 for every merchant.

Meanwhile, for both Level Plus and Level Premium, ATM reimbursements are up to $4 per incident for the number of times listed.

By the way, all Level cards can be used at any ATM that accepts Visa cards.

HOW TO BANK WITH LEVEL BANK?

So, in the previous section of our Level Bank review, you already found out the products that this mobile banking service provider offers.

This time, we are going to talk about how to actually bank with Level Bank.

To open a Level Bank account, all you need to do is to visit the Level Bank website or download the mobile app, which is available for both Android and Apple device users.

Ultimately, though, you need to have a mobile device to use the services offered by Level Bank.

Anyway, when opening an account, similar to other banks, you will be asked to provide basic personal information including your name, address, mobile number, as well as your Social Security number. You should also have with you a government-issued identification like a driver’s license or passport for verification purposes.

Please note that the bank does not require any minimum deposit to be able to open an account, which means you can have an account with as little as $1.

It is also important to note that Level Bank customers can set up direct deposits for their paychecks into their Level Bank account. Generally, Level Bank posts the deposit on the same day the money is received, which means it could be up to two days earlier than the scheduled payment.

Fees

As mentioned in the previous section, for Level Standard, the bank does not charge any monthly fees. However, for Level Plus and Level Premium, the bank charges $5 and $15, respectively.

Meanwhile, for all three plans, customers are not charged overdraft fees, non-sufficient funds fees, low balance fees, as well as foreign transaction fees.

To be honest, this feature is great given the fact that a lot of mobile banks charge certain fees way more than what their competitors charge.

IS LEVEL BANK SAFE?

The safety and security of both your personal data and your money are important to Level Bank.

So, to ensure all your data is protected, Level Bank uses bank-grade encryption. More so, the bank is PCI-DSS v3.1 compliant, and also applies PCI standards when dealing with any sensitive information.

With regards to the Visa debit card, it comes with Visa protection, which means all protection that comes with using a Visa card — it’s called the Visa Zero Liability — applies to it. The card comes with built-in protection so you won’t be responsible should there be any unauthorized charges.

With Level Bank’s partnership with Evolve Bank and Trust, which is an FDIC member, all deposits are insured by the FDIC. This means FDIC insurance of up to $250,000 is provided per depositor, per account category in the event of a bank failure.

So, yeah, ultimately, Level Bank is very safe to use and to bank with.

WHAT TO LIKE ABOUT LEVEL BANK?

Now that we have already discussed all the important details about Level Bank – from what the bank is about to the products it offers and how to bank with them, it’s time to come up with a list of summary of the things that we like about Level Bank.

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

  • Plan Options – We like the fact that customers are provided with three different plan options starting with a no monthly fee plan to the premium one. This helps reach out to more classes of people.
  • No Overdraft and Insufficient Funds Fees – Level Bank does not charge overdraft fees as well as insufficient funds fees, which makes it even more appealing for people who want to get away with these types of fees.
  • No Foreign Transaction Fees – Another plus for Level Bank is the fact that it does not charge customers for foreign transaction fees, making it a good choice for constant travelers.
  • Free Cash Advance of Up To $150 – This perk is another one that makes Level Bank stand. It’s nice knowing that the bank is able to provide a cash advance of up to this much.
  • Up To 1.5% Unlimited Cash Back on Debit Card Purchases – The percentage of cashback on debit card purchases is also something that makes Level Bank worth it. This perk, however, is only available for the Level Premium option.
  • Accessibility – Level Bank is a mobile bank, which means you can easily access your account anytime and anywhere you want for as long as there is an internet connection near you. Also, while it does have a website, you can only enjoy the services offered by the bank through its mobile application, which is available for both Apple and Android devices.
  • FDIC-Insured – Thanks to the bank’s partnership with Evolve Bank and Trust, which is a member of the FDIC, all deposits are insured up to $250,000 in case of a bank failure.
  • Bank-Level Security – Another thing that we like is that Level Bank uses bank-level security to ensure that all accounts are safe and secured from fraudulent acts as well as identity theft.

WHAT NOT TO LIKE ABOUT LEVEL BANK?

Of course, this Level Bank review will not be complete without sharing with you the downsides of this mobile banking platform.

Some of the things to not like (but hopefully can be improved on) about Level Bank are as follows:

  • No Physical Branches – As mentioned, Level Bank is a mobile bank, which means it does not have any physical branches. If you are the type who would want to avail the benefit of having mobile bank access as well as conventional or in-person bank access, then, this is not for you.
  • Does Not Allow Cash or Check Deposits – Unfortunately, Level Bank does not support cash or check deposits. But, who knows? Maybe the company is already working on it.
  • Limited Products – Apart from the Level Bank Account that comes with three different plans, Level Bank does not offer any other product or services. With very limited options, this trims down to a very specific customer base. But then again, we do not know anything. Maybe the bank will eventually offer a few more in the coming years?

FINAL THOUGHTS ON LEVEL BANK REVIEW

Level Bank is a fintech company that offers high-yield bank account. Although the products are limited to just one compared to other financial institutions of similar type, Level Bank makes sure customers are given options – from a free plan to paid ones.

Overall, do you think this is the kind of bank that suits your needs and preferences?

With this Level Bank review, we hope we are able to provide the information you need to see if it is indeed the kind of bank that you are looking for.

Categories
Mobile Banking

Varo Bank Review: Providing High-Yield Online Savings Account For You

Finding a savings account that earns a high annual percentage yield could be challenging. With this Varo Bank review, though, we are going to share with you essential information on why it’s the right financial institution to bank with.

Varo Bank Review: Providing High-Yield Online Savings Account For You

According to an article published by CNBC, when the COVID-19 pandemic hit the United States last year, the Federal Reserve has decided to drop the interest rates to almost 0% in the hope of supporting the economy.

Because of this, most banks also lowered their interest rates on different financial products — from checking accounts to mortgages — that they offer to consumers.

However, while most opted for that route, there are certain banks that managed to still provide high annual percentage yield, and one of them is Varo Bank.

For those who are not familiar or do not exactly know what a high yield savings account is, CNBC, in another article, described it as an account that provides higher interest rate, “allowing your money to grow even faster as it sits in your account.“

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Contrary to a typical savings account, having a high-yield savings account allows you to take advantage of what you have. Basically, this is how it goes — the higher the annual percentage yield is, the faster your money grows. To make it short, it means higher earning.

…and who does not like a higher earning, right? We all do, for sure.

So, if you have a good amount of spare money that you do not intend to use anytime soon, at the same time you want to make the most out of what you have, then, the best way to go is to open a high-yield savings account.

But, as mentioned earlier, these days, especially with the ongoing pandemic around, finding a bank – in this case, an online bank — that offers a high annual percentage yield could be a challenge. Let’s face it, the reality right now is that the economy is really struggling to get back on its feet.

However, while it seems impossible at the moment, there are still some banks that managed to pull it through. Varo Bank is one example. The bank has made it possible to still provide high APY to its savings account holders.

For sure, you are interested to know more about what this bank has to offer now, right?

So, with that said, today, in the next few sections we are going to provide you more information – of course, essential ones – about Varo Bank.

Specifically, we are going to tackle the following:

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

WHAT IS VARO BANK?

Before we even talk about the more serious details, as a potential customer, it is our responsibility to get to know about the institution we are eyeing to bank with.

It is important to look into how stable, reliable, and trustworthy the bank is — and what better way to do that than looking into the history of the firm, right?

Now, here are some key information that you should know about the Varo Bank —

Varo Bank was established in 2015. It is a mobile-based bank, which means physical branches are not available for those who prefer to bank in the more traditional way.

Since it is a mobile-based bank, it is only right that the company makes its mobile banking app available for both Apple and Android users. By the way, the mobile app is downloadable for free.

By downloading the app, you get to access the various products and services (including several deposit and loan products) offered by Varo Bank.

Varo Bank N.A. is insured by the Federal Deposit Insurance Corporation (FDIC), which means the federal government protects all deposits for up to $250,000 per depositor for every account ownership category, should there be a bank account failure.

Varo Bank, although it does not have physical branches, is headquartered in San Francisco, California.

To know more about Varo Bank and what makes it one of the best online banks out there, check out this informative review by Eddie Yoon:

WHO IS VARO BANK BEST FOR?

Now that you already know a few important information about the bank, this time, let’s talk about who Varo Bank appeals to the most.

Generally speaking, Varo Bank appeals to customers who prefer mobile banking and do not mind not having any physical branches around.

But more specifically, Varo Bank is best for people who want to earn a high annual percentage yield on a savings account, at the same time, enjoy a no minimum balance requirement when opening an account.

With access to a large Allpoint ATM network, Varo Bank will surely be great also for those who want easy cash access.

Furthermore, Varo Bank is ideal for those who want to get away with fees like monthly maintenance, overdraft, foreign transaction, and transfer fees.

Now, if you are any of the above-mentioned, then, Varo Bank is right for you.

WHAT ARE THE PRODUCTS OFFERED BY VARO BANK?

Probably one of the most important things that a customer needs to look at when choosing a bank is the variety of products being offered by the financial institution. This way, you get to see if you are able to make the most out of what it offers, or not.

Having said that, in this part of our Varo Bank review, we are going to particularly discuss the products and services offered by Varo Bank.

Varo Bank’s products are limited to checking and savings accounts. Now, let’s see what’s in store for you in each of these accounts –

Varo Bank Account (Checking Account)

Varo Bank’s online checking account is known as the Varo Bank Account. This has no monthly maintenance fee, no overdraft fee, and does not require a minimum balance as well.

The Varo Bank Account comes with a free Visa debit card, which can be used across all Allpoint network ATMs, which currently is at more than 55,000 across the United States, Canada, Mexico, Puerto Rico, as well as in the United Kingdom.

Yes, ATM transactions made in these ATMs are all free of charge — including foreign transactions for both ATM withdrawals and debit card purchases made abroad. So, if you are a traveler, this account would be ideal for you.

Moving on, while making ATM transactions in any Allpoint ATMs is free, Varo Bank does charge a $2.50 fee for non-Allpoint ATM transactions made. In addition, certain fees may be charged by the ATM owner as well.

Varo Bank Account offers early access to direct deposit payments. The bank posts deposits as early as on the same day they’re received or up to two days earlier than the payment schedule.

As mentioned, Varo Bank Account does not charge an overdraft fee, which means account holders can overdraw their checking account by up to $50 when making debit card purchases. More so, there are no fees or interest charges, too, for as long as the account holder meets the following requirements:

  • Must make five debit purchases for each month
  • Must receive payroll or government direct deposits amounting to at least $1,000 per month

Please take note, though, to avoid an overdraft fee, you must enroll in No Fee Overdraft in the Varo mobile app. Once enrolled, the feature will then be activated. In the event, however, that you overdraft your account, customers are given 30 calendar days to pay the amount back. Varo Bank automatically deducts the amount from your next direct deposit. That way, you won’t miss the payment.

Varo Bank Account also lets you send money to other Varo account holders without being charged a transfer fee. Unfortunately, though, Varo does not offer a wire transfer yet at this time.

Meanwhile, to open a Varo Bank Account, make sure you are at least 18 years old and have a mobile device that can access the Varo mobile app.

Also, make sure to have your government-issued identification such as passport or driver’s license, as well as your Social Security number when opening an account. These are essential in verifying your identity. The bank does not have a minimum deposit requirement, which means you can open a Varo Bank Account for as low as $1.

Varo Savings Account

Varo Savings Account is considered a high-yield savings account. It is important to note, however, that it has a tiered rate.

For balances up to $10,000, the annual percentage yield (APY) is 2.80% provided certain conditions are met. Meanwhile, when conditions are not met, your money will still earn but only for a 0.40% APY. The same APY applies to those with balances above $10,000.

Regardless, though, the APY is definitely higher as compared to the national average of 0.04% APY for a savings account. So, yeah, either way, you are still earning above-average — a win-win situation still.

As mentioned, there are certain conditions to be able to earn the 2.80% APY on balances up to $10,000. This includes:

  • Must receive a minimum of $1,000 in total qualifying direct deposit from either payroll or government sources
  • Must make at least five purchases using the Varo debit card between the first and the last business day of the month
  • Account balance must not drop below zero at any point during the month
  • The balance should not exceed $10,000

The Varo Savings Account also comes with two automatic savings tools, which include:

  • Save Your Pay – This allows the account holder to set up a recurring transfer from checking to a savings account every time he or she receives a direct deposit payment. The user gets to choose the percentage of payment that he or she wants to move to savings.
  • Save Your Change – This feature allows you to round up every checking transaction to the nearest dollar, and then move the extra cents to the account holder’s savings account.

Similar to the Varo Bank Account, the Varo Savings Account does not charge monthly fees or require a minimum balance.

To open a Varo Savings Account, the requirements are pretty much the same as the Varo Bank Account. Your personal information is required, and an identification issued by the government must be presented to verify your identity.

HOW TO BANK WITH VARO BANK?

By now you probably have gauged already if you want to open an account with Varo Bank or not.

Now, if you opt to open an account, then this part of our Varo Bank review is for you as we are going to tell you more about banking with them.

To be eligible to open an account with Varo Bank, you must be at least 18 years old. Similar to most banks, your personal information including your name, address, mobile number, and Social Security number is required, and you will also have to present valid government-issued identification such as your driver’s license or passport.

To open an account, all you have to do is visit the Varo Bank website, click the “Get Started” button, and then, follow the prompts.

According to Varo, the whole application process should not take longer than five minutes — now that’s very convenient and fast, right?

Apart from the website, you may also apply for an account via the Varo Bank mobile application, which is available for both Apple and Android Users.

Deposits and Withdrawals

To deposit money to your account, apart from direct deposit, Varo Bank also supports mobile check deposits. Bank transfer is another option. As of this writing, cash deposits are not yet supported, which is a very common thing among mobile banks.

As with withdrawals, all Varo Bank account holders are handed with a Varo Visa debit card, which enables them to withdraw money from any of the over 55,000 Allpoint network ATMs.

Fees

As mentioned in the previous section, Varo Bank does not charge a monthly maintenance fee, overdraft, ATM fee (unless you use a non-network ATM), transfer fee, as well as foreign transaction fee.  

IS VARO BANK SAFE?

The safety and security of all depositors are one of Varo Bank’s top concerns. Thus, the bank has ensured that all safety and security measures are in place to avoid fraudulent acts as well as identity theft.

Meanwhile, in case of a bank failure, Varo Bank is FDIC-insured, which means all depositors will get up to as much as $250,000 per account holder, per account category.

With all that being said, Varo Bank is indeed a safe mobile banking platform where you can store your hard-earned money.

WHAT TO LIKE ABOUT VARO BANK?

We’ve come to the point of our Varo Bank review wherein we are going, to sum up, all the good things we found at Varo Bank.

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

  • No Minimum Balance Requirement for Opening an Account – Unlike most mobile banks, Varo Bank does not require a minimum balance requirement when opening an account, which means you can open an account with as little as $1 only.
  • No Monthly Maintenance Fee – Another thing to like about Varo is that it does not charge a monthly maintenance fee for both checking and savings accounts.
  • No Overdraft fee – Similarly, Varo also does not charge an overdraft fee. If you do an overdraft, however, you are given 30 days to pay it back to the bank. The amount is in fact automatically deducted from your next direct deposit to ensure you do not miss it out.
  • No Foreign Transaction Fee – Another plus for us is that Varo Bank does not charge a foreign transaction fee, which makes it an ideal bank partner for those who love traveling.
  • Competitive APY for Savings Account – One of the most important features that Varo Bank offers is its high-yield savings account wherein you can earn as much as 2.80% APY for balances up to $10,000, and 0.40% for balances below $10,000 and those who do not meet certain requirements to avail the higher interest.
  • Highly-Rated Mobile App – Given the fact that Varo Bank is a mobile bank, it is really important that the app works very well. Good thing Varo ensures their customers have the best mobile banking experience with both their website and of course, ultimately, their mobile app.
  • Access to over 55,000 Allpoint ATM Network – All Varo account holders are given a Visa debit card, which allows account holders to withdraw cash from among Allpoint’s ATM network.

WHAT NOT TO LIKE ABOUT VARO BANK?

To complete our Varo Bank review, here are some of the not-so-good things we found:

  • No Physical Branches – Varo Bank is a mobile-only bank, which means it does not come with physical branches. So, if you want a feature of a conventional bank, then, this may not be the right bank for you.
  • High-Yield Savings Account is Only Available to Checking Account Holders – Yes, you read it right. Unfortunately, one of the conditions for you to earn a high-yield savings account is that you have to have an existing checking account. Otherwise, you’d only earn 0.40% APY, which, to be honest, is still high as compared to the average APY of savings accounts nationwide.

FINAL THOUGHTS ON VARO BANK REVIEW

Overall, we got to say that Varo Bank, while it does have its share of downfalls, it is overshadowed by its good features, especially its high-yield savings account option.

Also, since it is a mobile bank, it provides customers a more convenient and fast banking experience.

So, given all that’s been said about the bank, do you think it has all the features you are looking for?

It is our hope that this Varo Bank review provided you with all the information you need to convince you that this is the right bank for you.