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Mobile Banking

Aspiration Review: Helping You Make Ethical Choices With Your Money

In this Aspiration review, you will see how this online-only financial firm is geared towards providing consumers compelling financial products, as well as helping customers in making ethical choices with their finances.

Aspiration Review: Helping You Make Ethical Choices With Your Money

Digital banking has definitely changed the way people bank. It made managing finances and making transactions so much easier.

Digital banking has been around for some time already. However, it initially attracted the younger generations more, which is not surprising because they’re the ones who are more tech-savvy.

However, things rapidly changed when the pandemic hit in 2020. In fact, in research conducted by RFi Group, the financial services insights provider, it was found that 71% of consumers around the world are now using digital banking channels on a weekly basis because of what happened.

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Meanwhile, in a TIME report, it says that based on an analysis by Fidelity National Information Services, an international financial services firm, there was a 200% jump in new mobile banking registrations in April 2020.

In a snap, digital banking has become essential to every consumer’s day-to-day life.

Experts believe that the rise in numbers and changes in digital banking will continue post-pandemic, especially since people now already know the essence of having mobile banking access.

Now, even before this whole pandemic thing happened, there are already a lot of online financial firms competing with one another – providing the best services and rates possible to attract as many clients as possible.

Among all the choices available, Aspiration is one of them.

Aspiration is an online-only financial firm that focuses on providing compelling financial products as well as helping consumers make ethical choices with regard to their money.

Unlike banks, the firm does not offer traditional savings or checking accounts. But, it does offer products that are equally beneficial like typical bank offerings.

If you find Aspiration interesting, then, continue reading on.

For your reference, in the next few sections of this Aspiration review, we are going to answer some of the most commonly asked questions about the firm, which include:

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

WHAT IS ASPIRATION?

Aspiration is an online-only financial firm that was established in 2015.

The banks pitched themselves to customers who are already fed up with the traditional banking industry. The bank focused more on targeting Millennials who want to patronize a do-good business.

Earlier we mentioned the firm is geared toward helping customers in making ethical choices with their finances.

True to that vision, Aspiration set an example by donating 10% of its income to good causes and offering an in-app feature that guides the firm’s customers to the environment and people-friendly businesses. In fact, Aspiration users can even get sustainability scores on their respective spending habits.

How the company does promote making ethical choices while you shop? Check this video by Magnified Money wherein he explains how Aspiration actually does it:

As mentioned earlier, Aspiration is not a chartered, federally insured bank rather a brokerage that offers a cash management account.

Before you freak out about the fact that it is not insured federally because it’s not a bank, the firm’s relationship with banks helps ensure that the money you put into your Aspiration account is protected by the Federal Deposit Insurance Corp or FDIC.

So, yes, technically speaking, whatever amount you keep through Aspiration is automatically insured by the FDIC through its partnership with an FDIC-member bank.

WHO IS ASPIRATION BEST FOR?

As mentioned in the previous section, Aspiration is an online-only financial firm, which obviously means, it should appeal to customers who want the convenience of online banking and not minding the absence of a physical branch location.

Furthermore, Aspiration is a great option for those who do not want to pay monthly maintenance fees, as well as ATM fees.

Also, it should be ideal for consumers who want to earn cash back on debit card purchases.

But of all, Aspiration is a financial firm that appeals to those who want to bank with a company that does not only focus on earning, but also on sustainability.

WHAT DOES ASPIRATION OFFER?

Unlike typical brick-and-mortar banks and other mobile banking platforms, Aspiration does not offer many account-type choices.

However, the financial firm offers products that come with several incentives that customers who are considering online banking may appreciate.

Aspiration has two major product offerings. These are:

  • Aspiration Spend & Save Account, and
  • Aspiration Investment Accounts.

Aspiration Spend & Save Account

The Aspiration Spend & Save is basically a credit monitoring arrangement (CMA) for customers. It allows account holders to spend and save, at the same time, providing them with many benefits of a checking account.

This product comes with two different plans to choose from. The first one is a free plan, while the second one is a paid plan.

Customers may opt to go free with some restrictions while still earning 3-5% cashback on Conscience Coalition purchases or option the paid plan, which costs $15 a month (or $12.50 per month if paid annually) to enjoy all its features.

By the way, Conscience Coalition purchases are from companies like Warby Parker, Blue Apron, and TOMS. You may visit the Aspiration website to see the full list.

Moving on, let’s dig deeper into each of these product options —

Aspiration (The Free Plan)

The Aspiration Free Plant, allows customers to decide what they want to pay. The firm calls it “pay what is fair” regardless if you do not pay for anything at all.

The Aspiration Free Plan comes with the following features:

  • Deposits won’t fund fossil fuel exploration or production
  • 55,000 free in-network ATMs
  • 3-5% cashback on Conscience Coalition purchases
  • Personal impact score to help you shop to match your values
  • Option to plant a tree with every roundup

Aspiration Plus (The Paid Plan)

Aspiration Plus is the paid plan, which costs $15 a month, or $12.50 per month if you pay annually. Unlike the Free Plan, Aspiration Plus comes with fewer restrictions and more benefits, which is fair enough since you are paying for it, right?

All Aspiration Plus account holders will get to enjoy the following features:

  • Deposits won’t fund fossil fuel exploration or production
  • 55,000 free in-network ATMs
  • 10% cashback on Conscience Coalition purchases
  • Personal impact score to help you shop to match your values
  • Option to plant a tree with every roundup
  • Up to 1.00% APY on your savings
  • One out-of-network ATM reimbursement monthly
  • Carbon offsets for all your gas purchases with Planet Protection

Now, you are probably wondering if the monthly payment is indeed worth it.

Well, it is worth it if you spend a lot on companies within the Conscience Coalition, because it entitles you to a 10% cashback.

Additionally, the Aspiration Plus plan comes with carbon offset purchases, which means that the firm buys carbon offset to counter the climate impact of their customers’ purchases.

If you care about the environmental impact of your actions, then, the paid plan should be worth it.

As mentioned, the plan allows customers to earn 1.0% APY. However, it does have some restrictions. In order to 1.00%, APY interest on Aspiration Save Account balances up to and including $10,000 in any month, you must be enrolled in Aspiration Plus and spend $1,000 or more monthly using the Aspiration debit card.

Meanwhile, balances of more than $10,000 will earn 0.10% APY. If in case customers do not meet the requirements every month, the APY will be 0.25% on Save Account balances up to and including $10,000, while balances over $10,000 earn 0.10% APY.

Both Aspiration and Aspiration Plus comes with a digital debit card, which allows users to use it instantly while waiting for the physical card. Of course, it also comes with a physical debit card, which can be used to withdraw money, and in making purchases.

Aspiration Investment Accounts

Aspiration has four investment products. Two of them are allocated for sustainable investing, also known as environmental, social, and governance (ESG) investing, while the other two are the Flagship Fund and Flagship IRA, both have a low-volatility theme.

The Redwood Fund and the Redwood IRA invest in companies that are participating actively in different concerns like gender diversity, ethnic diversity, addressing climate change, and better ethics.

These accounts are managed by UBS Asset Management.

Meanwhile, the Flagship Fund and Flagship IRA target investors who are risk-averse. These funds are basically made up of other funds with approaches that lessen the ups and downs of the overall market and produce risk-adjusted returns.

To avail of these products, Aspiration requires a minimum initial deposit of $10.

It is important to know that all securities are insured by the Securities Investor Protection Corporation (SIPC) up to $500,000.

The financial firm’s Flagship products are under Emerald Asset Management.

HOW DOES ASPIRATION WORK?

First of all, you have to be at least 18 years old and a citizen of the United States or a permanent resident of the country to be eligible.

Opening an Aspiration account is very easy. All you have to do is process your application online.

Once you have opened your account, download the Aspiration app, which is available for both Android and iOS users, and start making transactions.

To open a Spend and Save account, the firm requires $10 as the minimum opening deposit. No minimum balance is required.

Meanwhile, you may use your debit card to withdraw money from your account in any of the Allpoint ATMs for free.

Bonus Offer

As of this writing, all newly opened Aspiration Spend and Save accounts get a $100 bonus for a deposit of at least $10 or more, as well as using the Aspiration debit card to make minimum cumulative transactions of $1,000 within the first 60 days from account opening.

Customer Service

Aspiration has a thorough FAQ section on its website, which is very helpful both for new and old customers.

However, if you wish to talk to a customer service representative instead, the financial firm’s customer support phone line is available from 6 a.m. to 6 p.m. PST Monday through Friday and from 8 a.m. to 4 p.m. PST on Saturday and Sunday at 800-683-8529.

Unfortunately, Aspiration does not offer live chat support. So, you only have two choices — either to call via phone or to send a written request.

ARE THERE FEES INVOLVED?

One of the major factors that attract customers to banks or any financial institution for that matter is either the less or no fee features.

So, in this part of our Aspiration review, we are going to look into how the firm fares when it comes to fees.

Generally, Aspiration Spend and Save account holders do not have to worry about monthly fees (unless you are enrolled in the Aspiration Plus Plan, which costs $15 per month or $12.50 per month if settled annually) as well as overdraft fees.

In fact, Aspiration does not charge any international or domestic ATM fees as well. If you have the Aspiration Plus Plan, you even get to reimburse once per month if the other bank charges you a fee for an ATM withdrawal made.

However, there are some fees that every Aspiration customer must be aware of. This includes:

  • Returned item fee (check or debit) – $4.50
  • Stop payment – $1.19
  • Domestic wire in – $2.06
  • Domestic wire out – $4.50

IS ASPIRATION SAFE?

Customer data and account security and safety are very important, which is why as part of our Aspiration review, we also looked into how Aspiration handle this common customer concern.

The Aspiration team ensures that all its digital channels – website and mobile app – are safe and secured by using bank-level encryptions and other added security features.

The app is highly rated on both Apple and Google, which means users have not encountered any major concerns using the online platform.

Meanwhile, although Aspiration is not a bank, the firm has partnered with an FDIC-member bank to ensure that all money kept through the firm is insured for up to $250,000 in case the firm fails.

WHAT TO LIKE ABOUT ASPIRATION?

In this part of our Aspiration review, we are sharing with you a list of the things that really stand out about the firm, and this includes the following:

  • Impressive APY for Aspiration Plus – Aspiration Plus account holders get to enjoy a 1.0% annual percentage yield on balances up to $10,000, while 0.10% for balances higher than $10,000, which is still higher compared to what traditional banks offer.
  • Planet Protection Benefit – This perk is available for Aspiration Plus account holders. With this feature, Aspiration automatically buys carbon offsets based on the number of gasoline purchases an account holder makes with the debit card. Aspiration Free Plan may also avail of this perk by signing up for the service for a fee of $5.99 per month or $59 per year.
  • “Pay What Is Fair” Policy – This is applicable on the Aspiration Free Plan wherein customers get to choose their monthly fee amount, between $0 and $20.
  • Little to No Fees – Although there are monthly fees involved particularly on the Aspiration Plus Plan, generally, customers do not need to worry about other common bank fees like overdraft and ATM fees.
  • Large ATM Network – Aspiration account holders have access to 55,000 fee-free Allpoint ATMs.
  • FDIC-Insured – Aspiration partnered with an FDIC-member bank. Thus, all deposits are insured up to $250,000 per depositor, per account category in the event that the firm fails.
  • Highly-Rated Mobile Application – Aspiration mobile app is downloadable for free on both iOS and Android devices.

WHAT NOT TO LIKE ABOUT?

To complete this Aspiration review, below are some of the not-so-good things we found about the firm.  It includes the following:

  • Several Eligibility Requirements to Earn Highest APY – While the 1.0% APY is impressive, it is only available with the Aspiration Plus account that comes with a fee. More so, to be eligible, the account holder must spend a minimum of $1,000 using the Aspiration debit card. Balances that do not meet the requirements will only earn 0.10%, which is still higher though compared to traditional banks.
  • No Cash Deposit Option – Aspiration does not offer cash deposits, unlike other digital-only banks.
  • Highest Cashback for Aspiration Plus Customers Only – To earn a higher cashback from making purchases at companies within the Conscience Coalition, you must be enrolled under Aspiration Plus Plan.
  • No Physical Branches – Similar to other online-only digital banks, Aspiration does not have a physical branch location where customers can visit and do in-person transactions.
  • $15 Monthly Fee for Aspiration Plus Account – To enjoy more perks you will have to avail of the Aspiration Plus plan, which comes with a fee of $15 per month or $12.50 a month if paid annually.

FINAL THOUGHTS ON ASPIRATION REVIEW

Aspiration, although not a bank provides customers an alternative by offering compelling financial products as well as an opportunity for customers to making ethical choices with their finances.

Needless to say, to ensure all deposits are safe, the firm partnered with an FDIC-member bank. Thus, in the event that the firm fails, account holders’ money will not be put to waste.

If you are up for something new and exciting, then this one’s for you. Are you?

Generally, with this Aspiration review, we found a company that does not only care about earning but also making sure they get to create an impact in the society – particularly, the environment.

Categories
Mobile Banking

Investors Bank eAccess Review: What Makes It One Of The Best Online Banks

There are so many amazing online banks out there. In fact, some of them you may not have heard yet. So, in this Investors Bank eAccess review, we are going to provide you key information on what makes this digital banking platform one of the (unnoticed) best choices in the industry.

Investors Bank eAccess Review: What Makes It One Of The Best Online Banks

The presence of technology has definitely changed the way banking is. Back in the day, people have to visit physical branches to make banking transactions like opening an account, depositing and withdrawing money, and more.

Today, thanks to digital technology, banking has never been so much easier and convenient. You can do whatever you want to do right at your fingertips.

While initially, digital banking attracted more of the younger generations (because obviously, they are the ones who are more tech-savvy), when the pandemic hit the world in 2020, people across all ages have relied so much on online banking.

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In fact, an article published by Forbes Advisor says that digital banking has become the new norm. Big banks and experts in the banking industry project the biggest acceleration of digital banking in history.

In the same article, Wells Fargo Securities analyst Mike Mayo told American Banker says that what took place during the peak of the pandemic in the United States may have taken place over two to 10 years if Covid-19 did not happen.

Meanwhile, in a PwC survey, it was found that because of the pandemic, about a quarter of consumers in the country prefer online banking to visit a physical location of their banks.

So, you see, the future of digital banking or online banking is absolutely bright. No doubt why banking institutions are working double-time to ensure they get to offer the best products and services possible to gain as many customers as possible.

Sure, there are already a lot of online banking platforms out there, but, as a customer, the route is to always choose the best option possible, which also has a lot.

One of the best options out there is the Investors Bank eAccess. It is the online division of one of the largest banks in New Jersey, Investor Bank.

As stated earlier, in this Investors Bank eAccess review, we are going to share with you some of the most important facts about this online banking platform – particularly, sharing with you why it is one of the best online banks out there.

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

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

WHAT IS INVESTORS BANK eACCESS?

Investors eAccess was established in early 2019. It is the online division of Investors Bank, which is one of the largest banking companies in New Jersey with $25 billion in assets.

Needless to say, the bank appeared on the “Best Bank in America” list of Forbes Magazine in 2013. More so, Investors Bank was also awarded four stars by Bankrate on their “Safe & Sound” rating system.

Founded in 1920s, Investors Bank was originally known as the Washington Rock Building and Loan Association of Millburn.

Investors Bank is based in Short Hills, New Jersey, and has branches throughout the state as well as in New York.

If you want to know more about the Investors Bank, check the video below:

Going back to Investors eAccess, it offers a selection of online banking products and services including checking accounts, money market accounts, and certificate of deposit accounts.

Furthermore, the online banking platform also provides access to several features such as electronic statements, online banking, mobile banking, and a lot more.

Although the bank’s parent company is physically present in New Jersey and New York only, the Investors eAccess serves customers nationwide allowing account holders to bank online and through their mobile devices.

Investors Bank eAccess is a member of the Federal Deposit Insurance Corporation (FDIC), which is “an independent agency of the United States government that protects the funds depositors place in banks and savings associations.”

Since Investors eAccess is insured by the FDIC, this means that all deposits can receive up to $250,000 per depositor, per account category in the event of a bank failure.

WHO IS INVESTORS BANK eACCESS BEST FOR?

Before we move on with our Investors Bank eAccess review, in this section, we are going to talk about who will benefit the most from this online banking platform.

As a potential customer, it is important to see to it that the bank or online bank for that matter that you are eyeing meets your banking needs and preferences.

Generally speaking, Investors eAccess is ideal for people who prefer online banking to traditional banking.

What does this mean?

Obviously, you must be the type of depositor or account holder who likes the accessibility and convenience that online banking gives. As you know, online banking provides access to your account anytime and anywhere as long as you have an internet connection and a mobile device where you can open and manage your account.

Furthermore, Investors eAccess should appeal to customers who want to take advantage of a higher annual percentage yield as compared to the average APY in the market.

Since Investors eAccess requires low minimum deposit requirements, this should also be great for those who cannot afford higher minimum deposit requirements.

Investors eAccess offers a no-penalty certificate of deposit (CD) account, which is ideal for cautious savers who value liquidity over the usual CDs offered by other banks that normally requires you to park your money for a while so it gets to earn the best rate possible.

Ultimately, Investors eAccess is also a good choice for those who also want to enjoy ATM rebates of up to $15.

If you think you are this type of customer, then, Investors eAccess is perfect for you.

WHAT DOES INVESTORS BANK eACCESS OFFER?

This review on Investors Bank eAccess provides you the most important details you need to know about its product offerings for you to better gauge if this online bank is right for you.

Investors eAccess offers three different accounts. These are as follows:

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

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

Checking Account

The first product that Investors Bank eAccess offers is a checking account. Similar to most checking accounts out there, this does not earn a yield. However, it does offer a range of features that customers can enjoy. This includes credit monitoring, bill pay, as well as the ability to link it to Apple Pay, Google Pay, and Samsung Pay. Additionally, Investors eAccess checking account holders are eligible for ATM rebates for up to $15 every month.

To open an Investors eAccess checking account, a minimum of $50 initial deposit is required.

The checking account comes with a monthly service fee of $10. However, this can be avoided if you are able to maintain a $1,000 average monthly balance, as well as meet any of the following requirements:

  • A direct deposit of $500 to your checking account during the statement cycle
  • Make combined mobile check deposits of at least $500 during your monthly account cycle
  • Make 10 point-of-sale transactions within your statement cycle

Certificate of Deposit (CD) Account

Investors Bank eAccess currently offers two short-term certificates of deposit (CD) account options. First is the six-month, no-penalty CD account, and second is the traditional 10-month CD account.

The no-penalty CD account allows account holders to withdraw their savings without having to pay a penalty or forfeiting any interest in the process. It’s actually an ideal choice for cautious savers or those who are not risk-takers financially. It is a good option for those who want to earn a decent yield but want to keep their money liquid.

With the no-penalty account, customers can make penalty-free withdrawals six days after opening the CD account. Withdrawals made before six days of opening the account entitles the account holder to pay for the seven days’ simple interest.

What’s nice about the two-CD account options is that they both offer a yield that is above the national average but below what other online banks that offers top-tier rates.

To open an Investors eAccess CD account, the bank requires a minimum initial deposit of $500.

Unfortunately, both accounts do not offer debit or ATM card access, as well as check-writing abilities. To withdraw money, it can only be done through ACH (pull) transfer.

Meanwhile, both types of CD accounts can be fully accessed through the bank’s website and mobile app.

Money Market Account (MMA)

If you are looking for the best APY for a money market account, Investors Bank eAccess is definitely one of the best ways to go.

With the Investors eAccess money market account, you can earn up to 0.75% APY. The APY is variable, though, which means it can change at any time.

And the good things about this account do not end there. With the eAccess MMA, you can open an account as low as $0!

If it’s not the best deal, we do not know what it is.

Anyway, it is important to know, however, that the account’s best yields are usually capped, and only apply to accounts with balances of up to $2 million. Balances that go over that amount won’t earn any interest.

Withdrawing money from your money market account can only be done through ACH electronic debits.

Additionally, take note that MMA account holders can only withdraw up to $250,000 per 30-day rolling month. This can be quite a challenge for account holders who want to move large sums of money.

All transactions for your Investors eAccess money market account can only be done online (and not in Investors Bank branches), including opening an account.

HOW DOES INVESTORS BANK eACCESS WORK?

As mentioned earlier, eAccess is Investors Bank’s digital division, which means, customers can access the online bank’s products and services entirely online – either via the website or the mobile app.

Unlike its parent company, the Investors eAccess only provides three products, which include checking accounts, money market accounts, and certificate of deposit accounts.

Apart from its product offerings, account holders may also take advantage of other digital banking features such as access to electronic statements, online banking, mobile banking, as well as mobile check deposit (as stated on the website’s FAQs, ” to protect against fraud you must endorse the check with the wording, “For Mobile Deposits Only” under your signature and include your account number“).

In addition, by opening an eAccess account, all existing accounts with Investors Bank will be automatically linked to it so you get to manage your accounts more efficiently.

ARE THERE FEES INVOLVED?

As part of our Investors Bank eAccess review, we are also going to look into the fees involved in the different accounts offered by the bank.

For both the money market and CD products, the bank does not charge monthly maintenance fees. Additionally, Investors eAccess money market account has no hidden fees.

Meanwhile, the six-month certificate of deposit (CD) account does not have penalties. Account holders can withdraw money from the CD, including the principal amount without incurring an early withdrawal fee and any other fees.

However, for the 10-month CD account, a penalty will be charged if the money is withdrawn prior to maturity. Account holders who will withdraw their money before the maturity date will be penalized based on 90-days simple interest against the total amount withdrawn.

As for the Investors eAccess checking account, a $10 monthly service fee is charged unless the account holder meets certain requirements to avoid the said fee.

HOW TO BANK WITH INVESTORS BANK eACCESS?

Accessing Investors Bank eAccess is entirely online, including opening an account.

As mentioned, the online bank offers checking, money market, and certificate of deposit accounts.

Whatever account type you choose, the eligibility and requirements are the same — except for the minimum initial deposit requirement.

To be able to open an eAccess account, you must be a citizen or a permanent resident of the United States of America and must be at least 18 years old.

You may open your account using either your computer, smartphone, or tablet.

To complete the account application process, the bank will ask you to provide personal information including:

  • Name
  • Phone Number
  • A physical U.S. address (PO Boxes are not eligible)
  • A valid email address
  • Social Security Number
  • Government Issued ID (Driver’s License, US Passport, Permanent Resident ID, or State Issued
  • Non-Drivers ID)

As soon as your application is approved, your account is immediately created. Initially, the account will be opened in eAccess system with a zero balance until the user completes the funding process.

For eAccess Money Market and checking accounts, account holders are given 35 days to complete the funding process. Meanwhile, the bank gives 15 days for CD accounts.

Please take note that Investors eAccess allows you to open more than one account. It does not have any limitations with regards to the number of accounts a user wishes to have.

Deposits and Withdrawals

As mentioned, eAccess allows mobile check deposits. ACH transfers are also available, particularly for withdrawals of funds for both the money market and certificate of deposit accounts.

Meanwhile, checking account holders may access cash through a debit card. Checking account holders enjoy unlimited free non-investor ATM transactions. Furthermore, the bank reimburses up to $15 per month for ATM fees charged by other ATM networks.

Customer Service

In case you need assistance with your account, you may reach Investors Bank eAccess Client Care Center at 855-422-6548.

A customer service representative is available from 8:00 a.m. to 10:00 p.m. ET (Monday through Friday), and 8:00 a.m. to 8:00 p.m. ET (Saturday through Sunday).

Furthermore, you may also contact them through the Contact page on the Investors eAccess website.

IS INVESTORS BANK eACCESS SAFE?

According to Investors eAccess, customers’ privacy and security are extremely important to the bank.

So, to protect your login credentials, the online bank uses 256-bit level encryption.

Furthermore, customers may opt to use the Instant Account Verification procedure for added security.

Meanwhile, as earlier mentioned, the bank is a member of the FDIC, which means all deposits are insured up to $250,000 per depositor, per account category in case the bank fails.

So, with all that’s been said, indeed, Investors Bank eAccess is safe.

WHAT TO LIKE ABOUT INVESTORS BANK eACCESS?

There are some features that Investors eAccess provides that really stand, and this includes the following:

  • Competitive APY for MMAs – Investors eAccess offers competitive rates for its money market accounts. Customers could earn up to 0.75%.
  • Low Minimum Initial Deposit Requirements – Whether you open a checking, money market, or certificate of deposit account, the bank requires a fairly low minimum initial deposit requirement as compared to what other banks of the same type require.
  • Offers up to $15 ATM Rebates for Checking Accounts – Investors eAccess reimburses ATM fees of up to $15 per month.
  • No-Penalty CD Account Option – Investors eAccess offers a no-penalty CD account option. For this CD account type, the bank does not charge early withdrawal fees should the account holder opt to withdraw the money six days after opening the account

WHAT NOT TO LIKE ABOUT INVESTORS BANK eACCESS?

To complete this Investors Bank eAccess review, we are also giving some of the downsides of the bank, which include the following:

  • No Branch or In-Network ATM Access – The eAccess is only accessible online. So, if you want to open an account with physical branch access, this is not the bank for you.
  • CD Rates are Not as Competitive – Unlike its money market account, eAccess CDs rates are not as competitive compared to what other banks in the market offer.

FINAL THOUGHTS ON INVESTORS BANK eACCESS REVIEW

Investors Bank eAccess is the online division of one of the largest banks in New Jersey, Investors Bank. It offers checking, money market, and certificate of deposit accounts with corresponding features that attract a particular group of customers.

But among all its product offerings, the one that really stands out because of its high rates is the bank’s money market account, which is why we highly recommend the bank for those who want to earn as much as 0.75% for MMA from an online bank.

So, having all this information, do you think Investors eAccess is the one you are looking for?

With this Investors Bank eAccess review we hope to have provided you everything you need to know to see if it meets your needs and preferences in an online bank.

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

Axos Bank Review: What Makes It One Of The Country’s Best Online Banks

Rewards on checking accounts, ATM fee reimbursements, and solid annual percentage yield — all of these in just one bank. This Axos Bank review will tell you more about the perks you will get from them once you open an account.

Axos Bank Review: What Makes It One Of The Country’s Best Online Banks

Over the years, especially recently, online banks have become a trend in the United States. In fact, according to a study conducted by Finder in 2020, they’ve found that “76.9 million Americans (30.3% of the US population) say they have or are planning to, open a digital-only — or neobank — account.”

Of this number, “54.4 million digitally savvy Americans (about 21.4% of the total US population) already bank with digital-only banks,” while “22.5 million Americans (8.8% of total US population) intend to open a digital-only bank account in the coming months.”

The online banking industry has increased especially in 2020 when the pandemic hit not just the United States but the whole world. People relied so much on online banking to send and receive money, especially to purchase their day-to-day needs.

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Now, with an increasing demand year after year, it is not surprising that the number of online banks in the market has grown as well. While this means people will have more options to choose from, the reality is, it can get a little overwhelming for customers, too.

In an article by Forbes, they came up with a list of things to look for in an online bank. This includes Federal Deposit Insurance Corporation (FDIC) insurance, fee-free ATM transactions, high-yield accounts, multiple banking products, helpful financial management tools, as well as online investment management tools.

To be honest, finding an online bank that has all of these requirements could be tough. But, for sure, there one or two or even more that have almost all of the items mentioned.

Among the financial institutions that provide almost all of the things to look for in an online bank as stated by Forbes is Axos Bank, and today, we are going to share with you what these are, and why Axos could be the most ideal choice for a customer like you.

In the next few sections of this Axos Bank review, we are going to specifically provide you answers to the following questions:

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

WHAT IS AXOS BANK?

Choosing one from a variety of online bank choices can be tough. That is why it is important to look at every single aspect to see if the bank you are eyeing meets your personal banking needs and preferences.

To begin our Axos Bank review, here what Axos Bank is all about –

Axos Bank was launched in 2000, making it one of the oldest online-only banks existing in the country today.

Initially named as Bank of Internet USA, Axos Bank was renamed in 2018 and has become one of the most popular online-only banks in the United States.

Axos Bank is a full-service online bank that has grown over the years. It offers full-service banking for both individuals and businesses.

Meanwhile, before we proceed, if you are a newbie in online banking, here’s a video by Economic Lifestyle Investing that would help you understand better the pros and cons of it and the difference between traditional and online banking:

Apart from banking products, which include checking, savings, and certificate of deposit accounts, the online bank’s list of services also includes a variety of investment portfolios, lending options, as well as business and commercial banking solutions.

Apart from providing a wide array of product choices, the bank is also known for doing away with many fees, as well as offering clients products with competitive rates.

Since Axos is an online bank, customer support is only available remotely. The bank’s customer service options include 24/7 online chat, phone line, secure online messaging, as well as Twitter.

WHO IS AXOS BANK BEST FOR?

Axos Bank is an online-only bank, which makes it suitable for a specific group of people only. Unless you are okay with doing all banking transactions right at your fingertips, then Axos is not for you.

To be more specific, Axos bank should appeal the most to consumers who are looking for a full-service online bank. It may also fit people who:

  • Want to earn competitive rates or rewards with a checking account
  • Want a checking or savings account that has no monthly maintenance fees
  • Want to earn high interest on savings account
  • Prefer to do online banking compared to traditional or conventional banking
  • Want to open an online checking account for a child
  • Want to enjoy limitless reimbursement for ATM fees

Additionally, Axos Bank should appeal to customers who are looking for a credible and reliable online bank with years of experience to back them up. Needless to say, a member of the Federal Deposit Insurance Corporation (FDIC).

Overall, Axos Bank is best for people who want a “one-stop-shop” online bank.

WHAT ARE THE PRODUCTS OFFERED BY AXOS BANK?

In the previous two sections of this Axos Bank review, we shared with you what the bank is all about and who would it appeal to the most.

This time, we are going to talk about one of the most important things you need to know as a potential customer – the products and services that the bank offers.

As mentioned, Axos Bank is a full-service online bank. The bank primarily offers the following products and services:

  • Savings Account
  • Checking Account
  • Money Market Account
  • Certificate of Deposit Account

Now, here’s a more detailed explanation about each product for your reference –

Savings Account

Axos Bank offers a High-Yield Savings Account. While this account offers higher rates than most of the ones you will find at brick-and-mortar banks, it still not as much as some of the best high-yield savings accounts out there.

Currently, this savings account earns a 0.61% annual percentage yield (APY) on all balances.

Axos Bank High-Yield Savings Account does not require monthly maintenance fees unlike other banks of the same type. More so, it comes with a free ATM card upon client’s request, which in the online-only bank industry.

Moving on, the savings account allows six total transactions per monthly billing statement. This excludes withdrawals as well as transfers made through ATM or by mail.

To open an Axos Bank High-Yield Savings Account, the bank requires at least a $250 initial deposit. While it may be a bit high as compared to what other online banks require, the good thing is, it does not have a minimum balance requirement beyond the initial amount.

Checking Account

Unlike other online banks, Axos Bank offers five different checking account options, which includes the following:

Essential Checking

This is Axos Bank’s standard checking account. Essential Checking account does not earn interest, as well as offer rewards. But the good thing about it is that it does not charge monthly maintenance fees as well overdraft fees, it comes with unlimited domestic ATM reimbursements, and that it has no minimum deposit requirements.

Furthermore, this checking account offers Direct Deposit Express, which allows account holders to get paid up to two days early.

Rewards Checking

Axos Bank’s Rewards Checking offers three tiers of interest, allowing depositors to earn a total of up to 1.25% APY. To earn the highest APY, account holders must meet these requirements:

  • Monthly direct deposits of $1,000 or more
  • Use of the debit card for at least 10 transactions of at least $3 per month
  • Use of the debit card for five or more additional times per month

This account does not charge fees, and also, has no minimum balance requirements.

To open a Rewards Checking account, the bank requires at least a $50 initial deposit. Similar to the previous one, this also allows customers to enjoy unlimited domestic ATM reimbursements.

CashBack Checking

Normally, cashback rewards are reserved for credit cards. However, Axos Bank is an exception as it offers CashBack Checking account, which allows depositors to earn up to 1% cashback on all signature-based purchases.

Similar to the other checking accounts, the CashBack Checking account also features no monthly fees and unlimited domestic ATM reimbursements. Additionally, this checking account also offers unlimited check-writing privileges.

Golden Checking

If you are 55 years old and older, then the Golden Checking account is perfect for you as it is specifically designed for people within that age range.

Axos Bank’s Golden Checking account is an interest-bearing account that earns 0.20% APY on all balances.

Similarly, it also comes with a number of perks including no monthly maintenance fees and free personal checks. Unlike the other checking accounts, it does have a limit of up to $8 only when it comes to monthly domestic ATM fee reimbursements. 

First Checking

Earlier we mentioned Axos Bank is suitable for customers who want to open a checking account for a kid. That is because Axos Bank offers a First Checking account, which is an account specifically designed for kids between 13 and 17 years old.

This account is ideal for parents and guardians who want to introduce young kids to banking early.

Similar to other checking accounts offered by Axos Bank, this one also earns interest. The First Checking account earns 0.25% APY on all balances.

While this account does not have monthly fees, it does have a daily transaction limit of $100 for cash, and $500 for debit. Additionally, it featured up to $12 in domestic ATM reimbursements per month.

Money Market Account

What makes Axos Bank’s money market account interesting is that it combines both high-interest rates with the conveniences that come with a checking account.

The Axos Bank High-Yield Money Market account comes with check-writing privileges as well as a free debit card. When it comes to rates, currently, the account earns 0,30% APY regardless of balances.

To open a money market account, the bank requires a minimum of $1,000 balance. While it seems high compared to other money market accounts out there, what is nice about it is that similar to the other account types, this does not charge monthly maintenance fees as well.

Similarly, this account is accessible through the Axos mobile app that includes mobile check deposits.

Certificate of Deposit Account

Lastly, Axos Bank also offers Certificate of Deposit accounts that has terms that range from three months to five years.

Unfortunately, Axos Bank’s CD accounts do not match up well against other top online banks. Its paying rate is just 0.20% APY.

To open an Axos Bank CD account, you will need at least $1,000 for the initial deposit requirement. Like most CDs in the market, this does not charge monthly fees as well.

Once the CD term matures, Axos Bank automatically renews it. Customers are given a 10-day grace period to take other actions without having to be charged with penalties. These actions include closing your CD account, withdrawing the money, adding more funds to it, or changing your CD term.

Similar to most CD accounts, customers who withdraw their money before maturity is penalized for up to 24 months’ worth of interest, depending on the CD term.

Other Bank Offerings

Apart from traditional personal banking solutions, Axos bank also offers a wide selection of other bank offerings, which include the following:

  • Personal Loans
  • Auto Loans
  • Purchase Mortgages
  • Refinance Mortgages
  • Federal Housing Authority (FHA) Loans
  • Home Equity Loans and Lines of Credit
  • U.S. Department of Veterans Affairs (VA) Loans
  • Automated Investing Options
  • Business and Commercial Banking and Lending Solutions

HOW TO DO BANKING WITH AXOS BANK?

In this part of our Axos Bank review, we are going to talk about how to actually bank at Axos Bank.

To open an Axos Bank account, all you have to do is go to the bank’s website. Make sure to prepare all the requirements to have a smooth and fast account application process.

Similar to other online banks, you will be asked to provide your personal information such as your name, mobile number, a valid mailing address in the United States, as well as your Social Security number, and valid government-issued identification such as passport, driver’s license, or state ID.

It is important to note also that Axos Bank is only limited to American citizens as well as resident aliens who are at least 18 years old.

Meanwhile, for the First Checking Account, the bank requires to have a parent or guardian who is at least 18 years old to be a joint owner on the account.

Once done with the application process, you may now proceed to fund your account depending on the requirement.

Banking with Axos Bank was made easy. Thanks to its highly-rated mobile app that allows users to enjoy the following features:

  • Funds transfers
  • Account balances
  • Mobile check deposits
  • Mobile bill pay
  • Transaction history

The Axos Bank mobile application is available for both Android and iOS users.

By the way, most of Axos Bank’s accounts come with a free ATM card. To access it, customers may head on to any of the over 90,000 fee-free ATMs across the country.

Additionally, Axos customers have access to Evo, which is the bank’s virtual banking assistant accessible through the mobile app or the website. Evo provides questions to common banking inquiries and it can help you in managing your account as well.

IS AXOS BANK SAFE?

Safety and security concerns are valid when it comes to online banks. It’s actually something that online banks constantly work on to ensure that unfortunate events are avoided.

With Axos Bank, standard safety and security measures are put in place to ensure that fraud and identity theft threats are avoided.

Additionally, as mentioned earlier, Axos Bank is insured by the Federal Deposit Insurance Corporation (FDIC). This means that the federal government protects all its customers’ money for up to $250,000 per depositor, for every account ownership category, should there be a bank failure.

WHAT TO LIKE ABOUT AXOS BANK?

This review on Axos Bank will not be complete without sharing with you a list of the advantages and disadvantages of this financial institution.

With that said, here’s a list of the things we like about Axos Bank.

  • Competitive Rates – In particular, Axos Bank offers high-yield savings and money market accounts.
  • No Monthly Fees – Most of the account offered by the bank has this no monthly maintenance fee feature.
  • Full-Service Online Banking – Contrary to most online banks, Axos Bank is a full-service online bank that offers a wide range of products and services for both individuals and businesses.
  • Multiple Checking Account Options – Unlike most online checking accounts, Axos Bank does have lots of checking account options depending on customer needs preferences.
  • Unlimited ATM Fee Reimbursements – Although not all, most of its products offer unlimited ATM fee reimbursements.
  • Free ATM Card – Axos Bank provides customers the option to have an ATM card access or not on most of its accounts.

WHAT NOT TO LIKE ABOUT AXOS BANK?

To complete the review, below is a list of some of the things that we particularly not like (something that the bank can definitely change or improve on in the future) about Axos Bank:

  • No Physical Branches – Axos Bank is an online-only bank, which means it operates entirely online. So, if you are looking for in-person help from a bank teller or other bank employee, then, this is the wrong choice for you.
  • Average CD Rates – Compared to other CD rates in the market, Axos Bank’s CD rates fall under the average level. While its rates are above the national average for shorter terms, it falls below the average for longer terms.

FINAL THOUGHTS ON AXOS BANK REVIEW

Overall, Axos Bank lives up to its reputation as being one of the country’s top online banks. With a wide array of account options, the bank certainly has something for every customer’s need.

Of course, while it does have its share of upsides, it does have some downsides as well, including not having a physical branch where customers can receive in-person customer support.

Everything is done entirely online, which makes it ideal for people who are always on the go and would want an online bank that offers almost everything they need in a financial institution.

With all that said, do you consider opening an account with Axos now?

We do hope that this Axos Bank review has indeed provided you with all you need to know about it.

Categories
Mobile Banking

Bank5 Connect Review: Key Points You Should Know Before Opening An Account

This Bank5 Connect review will focus on providing customers important information they need to know — from this online bank’s history to its product offerings, as well as the things to like and not to like about it.

Bank5 Connect Review: Key Points You Should Know Before Opening An Account

Back in the early days of digital banking, there were only a few people who got into it. Most depositors prefer traditional or conventional banking primarily because it’s tried and tested over time.

Makes sense, right? People were hesitant to banking with online banks because it is something new. Needless to say, there are safety and security issues that may compromise the data they provide in the online portals, and their money, of course.

However, fast-forward to today, things have definitely changed. The industry that was once dominated by younger clients (because they are more fearless and more technology-inclined), is now being used by the majority of customers regardless of age.

According to a study conducted by Finder, they found that there is “an estimated 76.9 million Americans (30.3% of the US population) say they have or are planning to, open a digital-only — or neobank — account,” and that in fact, “54.4 million digitally savvy Americans (about 21.4% of the total US population) already bank with digital-only banks.”

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These numbers only show that, indeed, times have changed. Now, people prefer the more convenient, and easier way of banking.

Regardless of age, people have managed to see the advantages of banking through a mobile bank or an online bank. This was especially true when we hit the rock bottom in 2020. It was when the pandemic transpired that a lot of people relied so much on online banking especially when they had to purchase needs and wants for their day-to-day survival.

It is, perhaps, safe to say that now more than ever, online banks and online banking in a general matter.

Anyway, sure, online banking has become a necessity for a lot of people these days. With the increasing demand, it is not surprising that online banks are competing with one another, hoping to get as many clients as possible.

Among the many online banks, rather, online-only banks out there, Bank5 Connect is one of them.

If you haven’t heard about it, or if you are eyeing this bank to do banking with, then this Bank5 Connect review is for you.

As mentioned earlier, in this review on Bank5 Connect, we are going to provide you essential information that every potential customer must know.

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

  • What is Bank5 Connect?
  • Who is Bank5 Connect best for?
  • What are the products offered by Bank5 Connect?
  • How to do banking with Bank5 Connect?
  • Is Bank5 Connect safe?
  • What to like about Bank5 Connect?
  • What not to like about Bank5 Connect?

WHAT IS BANK5 CONNECT?

Before we talk about the more serious stuff about Bank5 Connect, it’s best to get to know this online-only bank first.

When choosing a bank, it is important to do a little background check. It will not only give you a better idea of how credible and reliable the bank is, but it also enables you to gauge if it has the qualities you are looking for in a bank, in this case, an online-only bank.

Having said that, here’s a backgrounder of what Bank5 Connect is all about.

Bank5 Connect, as already mentioned, is an online-only bank that offers a various selection of products, including checking accounts, savings accounts, as well as certificates of deposit.

Established in 2013, the online-only bank is actually an extension of BankFive, which is a Massachusetts-based community bank that’s been operating since 1855.

While BankFive is focused on providing banking needs on a local community level, Bank5 Connect is a national bank that is available for customers from all states except Massachusetts or Rhode Island as these territories are covered by BankFive.

Like most online banks, Bank5 Connect does not charge fees. But more importantly, it does offer competitive rates than many brick-and-mortar banking institutions.

Bank5 Connect provides customers a mobile-friendly platform that is available for both Android and iOS users. It also comes with free access to a huge ATM network across the United States.

Before moving on, if you are quite unsure about the difference between traditional banking and online banking, here’s an insightful video by Economic Lifestyle Investing we thought you should check out:

WHO IS BANK5 CONNECT BEST FOR?

Compatibility is important to have long-lasting relationships, right? The same goes for when choosing a bank.

You have to make sure that the bank you are choosing provides your banking needs. Otherwise, you will end up losing your account and finding another, which is a waste of time and effort.

Now, to help you identify if Bank5 Connect is for you, in this section, we are going to talk about who it is best for.

Based on what the bank has to offer, we, therefore, conclude that Bank5 Connect is most appealing to customers who:

  • Are looking for competitive rates on primary banking services such as savings and checking accounts
  • Have very simple banking needs
  • Prefer online banking as compared to traditional or conventional
  • Do not mind using another bank for other banking needs like mortgages, loans, etc.
  • Do not mind not having a physical branch
  • Prefer banks that do not charge monthly and overdraft fees
  • Want low minimum balance requirements

If you identify yourself in any or most or all of the above-mentioned, then Bank5 Connect is definitely right for you, and you should proceed with the next sections of this review (because you will certainly benefit from it).

WHAT ARE THE PRODUCTS OFFERED BY BANK5 CONNECT?

In the previous sections, we provided you with a short backgrounder on Bank5 Connect, at the same time, provided you with items of who this online-only bank fits the most.

Meanwhile, in this section of our Bank5 Connect review, we are going to talk about one, if not, the most important thing – the product and services offered by the bank.

As mentioned earlier, Bank5 Connect does offer the following:

  • Checking Account
  • Savings Account
  • Certificate of Deposit

Now, here’s thorough information about these products –

Checking Account

Bank5 Connect offers a high-interest checking account. It offers a 0.20% annual percentage yield (APY) on balances of $100 and above.

Like many online banks out there, Bank5 Connect does not charge monthly maintenance fees.

Furthermore, electronic statements are free. However, if you wish to have mailed statements, you may have to pay a $1 fee per statement per month.

Since it is a checking account, it is only right that basic checks are provided. While the first order of basic checks is free, the succeeding orders will cost a fee.

When it comes to transferring funds to and from your Bank5 Connect checking account to your account at other banks or financial institutions, there is also zero fees for that.

Additionally, overdraft protection is also available for free but only if you link your checking account to a Bank5 Connect savings account. Please take note, though, that there are daily purchase limits of $1,000 only.

Bank5 Connect checking account also comes with a free ATM card, which you can use in thousands of in-network ATMs across the country free of surcharges. ATM fees billed by other banks are reimbursed up to $15 per month. Cashback rewards are also available for using the debit card linked to your account.

To open a Bank5 Connect checking account, a $10 minimum initial deposit is required. Definitely, a very much lower requirement as compared to many online-banks out there.

Savings Account

Another product that Bank5 Connect offers is its high-yield savings account. The account offers 0.40% APY on balances of $100 and above, the same as the bank’s checking account.

Similar to Bank5 Connect checking account, the savings account option does not charge monthly maintenance fees.

The Bank5 Connect savings account can be connected to the bank’s checking account to avoid overdraft fees.

To open a Bank5 Connect savings account, at least a $10 initial deposit is required as well.

Certificate of Deposit

Lastly, but not least, Bank5 Connect also offers Certificate of Deposit accounts. The bank’s CD account terms range from six up to 26 months, and the annual percentage yield (APY) ranges from 0.35% to 0.55%, depending on the CD term.

While the bank does not charge monthly maintenance fees, it does implement penalties for early withdrawals, which is a very common thing among banks.

To give you an idea about the penalty, for a six-month term CD, early withdrawals will cost three months’ worth of interest, while longer-term CDs will be charged six months’ worth of interest. So, unless you are not going to use the money anytime soon, then CDs may not work for you.

Bank5 Connect also offers a 24-Month Investment CD, which is an add-on that allows customers to deposit additional funds anytime during the two-year term period. This comes with a 0.50% APY.

To open a CD account at Bank5 Connect, a minimum deposit of $500 is required. The same requirement minimum deposit requirement is applied for the 24-Month Investment CD.

HOW TO DO BANKING WITH BANK5 CONNECT?

Now that you already know the different products and services offered by Bank5 Connect, by now, you probably have decided already if this online-only bank is perfect for you or not.

If your answer is a yes, then, it’s time to talk about how to actually bank with Bank5 Connect.

Similar to most online banks, setting up a Bank5 Connect account (whether it be a checking, savings, or CD account) is very straightforward.

The application process pretty much resembles how you do it in any other banking institution. What makes the big difference is that you have to do everything online.

To begin with the account application process, you will be asked to provide personal information like your name, address, email, mobile number, as well as your Social Security number.

Make sure to also prepare a valid government-issued identification like your driver’s license or passport for identity verification purposes. Make sure also to prepare the account with funds wherein the money you will use to fund your new Bank5 Connect account will be coming from.

When it comes to customer service, Bank5 Connect has online chat support, which is available during weekdays only. In case you need to talk to customer support, though, you may opt to get in touch with a U.S.-based representative via phone during Eastern time business hours, some weekday evening hours, as well as on weekends.

The bank’s highly-rated mobile app allows you to do various banking transactions like depositing checks, paying bills, transferring funds, as well as finding an ATM near you. Similarly, the Bank5 Connect website is also very user-friendly and has essential information customers need such as accounts, rates, and fees.

IS BANK5 CONNECT SAFE?

We mentioned earlier that back in the days, one of the reasons why people are not so into online banks or online banking is because of safety and security threats.

So, with that said, it is just right that in this Bank5 Connect review, we tackle how safe it is to bank with them.

Similar to almost all online banks, Bank5 Connect made sure to put all necessary safety and security features to avoid online fraud and identity theft cases. With all measures in place, customers are assured that all the personal information they provide as well as their hard-earned money are safe and secured.

Additionally, Bank5 Connect is insured by the Federal Deposit Insurance Corporation (FDIC), which means all balances are covered for up to $250,000 per depositor, per ownership category. Also, Bank5 Connect insures amount more than that by offering Massachusetts Depositors Insurance Fund (DIF) protection on its accounts.

So, to answer the question if Bank5 Connect is safe, we got to say that yes, it is.

WHAT TO LIKE ABOUT BANK5 CONNECT?

This Bank5 Connect review will not be complete if we are not providing you a list summary of the things that struck us the most, as well as things for improvement.

So, to start, in this section, we are providing you with a list of things we like about this online bank:

  • Competitive Rates for Savings and CD Accounts – Bank5 Connect offers competitive rates among its savings and CD rates. While it’s not the best in the industry, it surely is above average.
  • No Monthly Maintenance Fees – Customers need not worry about monthly fees, because Bank5 Connect does not charge any allowing you to save a couple of bucks.
  • No Internal and External Transfer Fees – With your Bank5 Connect account, you can make free internal and external transfers free.
  • Free Overdraft Protection – The bank offers free overdraft protection provided your savings account is linked to a Bank5 Connect checking account.
  • Low Minimum Initial Deposit Requirement – For both checking and savings accounts, Bank5 Connect only requires at least a $10 minimum initial deposit. While there are online banks that do not require any initial deposit at all, what Bank5 Connect requires is definitely way lower as compared to other online banks out there. For CD accounts, the bank only requires at least a $500 deposit.
  • Low Minimum Balance Requirement – To earn high interest for both checking and savings accounts, customers need to at least have a $100 balance. Definitely, way lower as compared to what other banks of the same type required.
  • ATM Access – Bank5 Connect comes with free ATM access to thousands of in-network ATMs across the country.
  • Basic Check Access – Unlike other online banks that offer checking accounts, Bank5 Connect provides basic checks. Initially, it is given for free. Succeeding check requests will be charged for a minimal fee.
  • Reimbursement of Out-of-Network ATM Fees – The bank reimburses up to $15 per month for out-of-network ATM fees.

WHAT NOT TO LIKE ABOUT BANK5 CONNECT?

To complete our review, while we discussed the benefits of banking with Bank5 Connect in the previous section, this time, we are going to provide you with a list of things that we do not like and that the bank could possibly improve on in the future.

This includes the following items:

  • No Physical Branches – Bank5 Connect is an online-only bank, which is why it does not have physical branches available. However, its mother company, BankFive has brick-and-mortar locations in both Massachusetts and Rhode Island.
  • Limited Account Options – Unfortunately, the products and services offered by Bank5 Connect are only limited to checking, savings, and CD accounts. If you are looking for or you think you might need other financial products and services, then you might need to look for another bank instead.
  • Monthly Fee for Paper Statements – While electronic statements are free, should you wish to have a mailed paper statement, expect to be charged a $1 fee per statement.
  • Not Available for Massachusetts or Rhode Island Residents – As mentioned, Bank5 Connect is not available for Massachusetts or Rhode Island residents because it is where branches of BankFive, the local community bank are located.

FINAL THOUGHTS ON BANK5 CONNECT REVIEW

Bank5 Connect is an online-only bank that offers competitive rates for its checking, savings, and CD accounts, which also is the reason why it is appealing to a lot of customers.

What’s even nicer about it is that the bank requires a very minimal balance requirement to earn interest. Needless to say, for just $10, one can already open a checking or savings account, while it requires at least a $500 initial deposit for a CD account.

Overall, Bank5 Connect is great for people who want to take advantage of what an online-only bank has to offer in terms of functionality and convenience, at the same time, enjoy high annual rates.

With all the information we have shared, do you think Bank5 Connect hits your banking requirements?

We do hope do.

To wrap up, may all the information we shared in this Bank5 Connect review serve as your guide in choosing the perfect online bank for you.

Categories
Mobile Banking

CIT Savings Builder Review: A Deposit Account That Pays High APY

Unless you a diligent saver who wants to earn high-interest rates, and is comfortable managing your money entirely online, then, this CIT Savings Builder review is not for you.

CIT Savings Builder Review: A Deposit Account That Pays High APY

This review on CIT Savings Builder will focus entirely on what the bank is all about, the product it offers, as well as other relevant and equally important information every customer needs to know.

According to research conducted by Statista, it has been found that the value of savings deposits in the United States increases every single year. In fact, in 2018 alone it has reached $9.28 trillion.

Meanwhile, in a separate study also by Statista, it has been found between that 2010 and 2019, families in the country save for different reasons, however, according to most of the respondents, the top three reasons why they save is for liquidity, retirement, as well as purchases.

Let’s face it, saving money is important. It helps us buy the things we want and need, but more so, it helps us get through challenging times.

Related Articles:

SFGI Direct Savings Review: High-Yield Online-Only Savings Account For You
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Popular Direct Bank review: Best Rates For Savings And CD Accounts

Savings is important that most – if not all – financial experts always advise people to always keep a certain percentage of their monthly income to the bank (or whatever financial institution of your preference for that matter). That, before you even allot money for your expenses, make sure to put a certain amount into your savings first.

Now, when saving a portion of what you earn, you have different places to put your money into for safekeeping. But, the most common and the most popular one is through banks.

There are lots of banks out there, and to be honest, it could get a little challenging choosing the right institution. However, if you know exactly what you need and want in a banking institution, trimming down your options should be a lot easier.

Ideally, when choosing a bank to safe-keep your money, you should go for banks that offer high-interest rates. That way, your savings grow faster than usual.  

As mentioned earlier, there are lots of banks out there, and each bank offers products appealing to specific target markets. Today, though, we are going to focus on the CIT Savings Builder, it’s a product by CIT Bank that providers customers at very competitive rates.

In the next sections, we are going to provide you essential information not just about the product, but the bank as well.

Specifically, in this CIT Savings Builder review, we are going to provide answers to the following questions:

  • What is CIT Bank?
  • What are the pros and cons of CIT Bank?
  • Who is CIT Bank best for?
  • What are the products offered by CIT Bank?
  • What is CIT Savings Builder?
  • Who would benefit from the CIT Savings Builder?
  • What are the advantages and disadvantages of CIT Savings Builder?
  • How to open a CIT Savings Builder account?
  • Is banking with CIT Bank safe?

WHAT IS CIT BANK?

Before we even talk about the product, which is the very reason for this review, it is important that we also get to know the institution that actually provides it.

Knowing a little about the bank is about being able to build that confidence you need as a potential bank account holder. You need to ensure that the bank is credible and reliable because after all, it is your hard-earned money, and that as much as possible, you should be with a bank that provides amazing features and perks.

Anyway, so here are some key points about CIT Bank —

CIT Bank is a subsidiary of CIT Group, which is a popularly known financial holding company.

CIT Bank is an online-only company, which means it has lesser operating costs as compared to traditional or conventional banking institutions.

Since it operates online only, it enables the bank to offer customers higher interest rates and fewer fees.

CIT Bank offers a variety of products and services, including checking, savings, as well as certificates of deposit accounts. In this review, however, we are going to particularly focus on the CIT Savings Builder account that comes with the highest annual percentage yield (APY).

Since CIT Bank operates entirely online, this means the bank does not have physical branches. Thus, if you are not comfortable with banking online only, then, CIT Bank and its products and services are not for you.

CIT Bank is insured by the Federal Deposit Insurance Corporation (FDIC), which means all deposits receive up to $250,000 in the event of a bank failure.

If you want to know more about CIT Bank, here’s an insightful review by BankTruth:

WHAT ARE THE PROS AND CONS OF CIT BANK?

The previous section provided some of the most important things you need to know about CIT Bank, the provider of the CIT Savings Builder account.

This time, we are going to share with you a few of the pros and cons of CIT Bank, which includes:

PROS

  • High-Interest Rates – One of the best benefits customers get from opening an account, particularly a savings account with CIT Bank is that it offers a high annual percentage yield as compared to other online-only banks in the market.
  • No Monthly Service Fees – Another feature of CIT Bank is that it does not charge monthly service fees contrary to some banks of the same type.
  • Minimal Banking Fees – While CIT Bank does implement certain fees, theirs are definitely minimal and bearable.
  • FDIC Insured – Of course, another feature that CIT Bank does have is that it is FDIC-insured, which means, should the bank fails, each account holder receives up to $250,000 insurance money.

CONS

  • Online-Only – Unless you are okay with managing your account entirely online, then, the fact that the CIT is an online-only bank will be a downside for you.
  • No ATM Access – Similar to most online-only banks out there, CIT Bank does not provide ATM access as well. To withdraw money, you will have to transfer it to a different account that comes with an ATM card or access to in-person withdrawal from the bank.
  • No Physical Branches – Obviously, since CIT Bank is an online-only bank, it does not have physical branches. Again, all banking transactions are done entirely online.

WHO IS CIT BANK BEST FOR?

CIT Bank is an online-only bank that offers a high annual percentage yield (APY) particularly only its Savings Builder account.

With that said, CIT Bank is appealing to customers who:

  • Want to save money in a bank, and grow their money quickly because of high APY
  • Want to manage their accounts entirely online
  • Do not mind not having ATM access
  • Want an online bank that does not charge monthly fees
  • Have minimal charges in common bank fees

If you see yourself in any or all of the above-mentioned, then CIT Bank is perfect for you.

WHAT ARE THE PRODUCTS OFFERED BY CIT BANK?

Although this is a CIT Savings Builder review, just to give you an idea, we are sharing with you other products that CIT Bank offers.

Apart from the CIT Savings Builder, which we are going to discuss further in the next section, CIT Bank also offers checking and CD accounts.

Here’s a quick backgrounder of these two accounts:

Checking Account

Generally, standard checking accounts do not earn interest. So, the fact that CIT Bank eChecking Account pays 0.10% APY on balances below $25,000 is a big plus.

Sure, there are other online checking accounts out there that pay more, but usually, these accounts require a series of spending as well as deposit requirements to be able to earn the high rate.

With their eChecking account, CIT Bank offers $30 per month in reimbursements of outside ATM fees. Additionally, for this account, the bank does not charge any ATM fees.

The bank does not offer its own free ATM network, which means if you withdraw cash more than what is allowed in a month, it may cost you a lot.

CIT Bank eChecking account does not charge a monthly fee, which is also a perk that not all online-only bank provides.

To open an eChecking account, CIT Bank requires at least a $100 initial deposit.

Certificate of Deposit

To compare to other CD accounts offered by other banks of the same type, CIT Bank’s Certificate of Deposit accounts are above average.

The bank’s CD terms range from six months to five years. The APY also varies depending on the term. As a general rule, the longer your money is in the bank, the higher the APY is.

To open a CIT Bank CD account, a minimum deposit of $1,000 is required. While the amount is common for national banks, some online banks as well as credit unions have lower minimums as compared to CIT Bank.

WHAT IS CIT SAVINGS BUILDER?

In the previous sections, we talked about CIT Bank and what it has to offer. Now it’s time to do a serious CIT Savings Builder review.

So, what is CIT Savings Builder?

The CIT Savings Builder is CIT Bank’s high-interest rate savings account product. It offers two-tier interest rates, which are the Upper Tier and the Base Tier.

While the two tiers offer good rates, the Upper Tier definitely shines the most. It’s one of the highest APYs on savings accounts out there. The Base Tier, though, is still higher than a lot of what brick and mortar banks offer.

The CIT Savings Builder account upper-tier pays up to 0.40% APY for accounts with less than $25,000 with at least $100 monthly deposits or for accounts with a balance of more than $25,000 balance.

Meanwhile, the CIT Savings Builder account base tier pays up to 0.29% for balances below $25,000.

To open a CIT Savings Builder account, the bank requires at least a $100 initial deposit. Compared to other online banks that offer savings accounts, this stands in the middle ground, because while some do not require any initial deposit at all, others would have at least $5,000 to open or earn interest.

So, definitely, this one’s a “just right” kind of deal.

Overall, the CIT Bank Savings Builder account has strong rates and just the right perks that come with it.

WHO WOULD BENEFIT FROM THE CIT SAVINGS BUILDER?

So, in the last section of our CIT Savings Builder review, we talked about what this product is all about.

Now, let’s discuss who would benefit from it the most.

With what CIT Savings Builder has to offer, it would be most ideal for people or customers who:

  • Are looking forward to earning quickly from their savings account
  • Want high annual percentage yield
  • Can afford the initial deposit requirement of $100
  • Have the capacity to main at least $25,000 with a minimum of $100 deposit a month to earn the highest rate available

WHAT ARE THE ADVANTAGES AND DISADVANTAGED OF CIT SAVINGS BUILDER?

This CIT Savings Builder review will not be complete if we are not going to give you a list of the advantages and disadvantages of the account.

So, here it is —

ADVANTAGES

  • High Annual Percentage Yield – As mentioned earlier, the CIT Bank Savings Builder account has one of the most competitive rates in the market today.
  • No Monthly Fees – CIT Bank does not charge monthly fees for Savings Builder account holders, however, it does charge a $10 outgoing wire transfer fee if your account balance falls below $25,000.
  • No Ongoing Balance Requirement – CIT Bank requires at least a $100 deposit to open a Savings Builder account. Once the account is open, customers need not worry about maintaining a minimum balance requirement. It is important to take note, however, that if your account balance drops below $25,000 and you are not depositing a minimum of $100 per month, then expect that your APY will drop until such time you meet one of these bank requirements again.
  • Easy Fund Transfer – CIT Bank has an app that is available for both Apple and Android devices. The app allows customers to view account balance, quickly transfer money between linked accounts, as well as remotely deposit checks.
  • Free 24/7 Online and Mobile Banking – CIT Bank is an online-only bank, thus, it’s only right that it is accessible both online and mobile.
  • Mobile Check Deposit – As mentioned, earlier, CIT Bank supports mobile check deposit, which is not available in other online-only banks.

DISADVANTAGES

  • No ATM Access – This one’s not surprising, though, because it is common for almost all online-only banks’ savings accounts not to have ATM access. So, if you are someone who wants to have access to your account not only through online or mobile, but ATM as well, then you may have to look for another bank. To withdraw money from your account, you may do an electronic funds transfer, request a mailed check, or wire transfer.
  • Minimum Initial Deposit – Although compared to other savings accounts, the minimum initial deposit requirement of $100 is still considered low. The only reason why we consider it as a disadvantage is that other online-only banks that offer savings account product does not minimum initial deposit requirement at all.

With all the pros and cons listed, it’s up to you now to decide if the CIT Savings Builder is the right deposit account for you, or something else.

HOW TO OPEN A CIT SAVINGS BUILDER ACCOUNT?

By now, you are probably wondering already how to actually open a CIT Savings Builder account.

To open a Savings Builder account, you must be at least 18 years of age and must be a citizen of the United States or a permanent resident.

Since the application process is done online, it would only take a few minutes to finish.

To begin the process, you will need to fill out the application, and provide basic information such as your name, address, phone, email, and Social Security number (or other taxpayer ID).

Once done, you may proceed to fund your account with at least $100. To deposit, you may opt to link another bank account and perform an electronic transfer or choose to do bank wire or mail in a check.

IS BANKING WITH CIT BANK SAFE?

One of the major concerns of depositors when it comes to online-only banks is how secure it is.

With CIT, the bank has made sure to put all security and safety measures in place to avoid possible fraud or identity theft threats.

The bank follows the standard requirement to ensure all depositors’ data and of course, money is safe and secured.

Ultimately, CIT Bank is a member of FDIC, which means all deposits are insured up to $250,000 per deposit in case of a bank failure.

FINAL THOUGHTS ON CIT SAVINGS BUILDER REVIEW

Overall, there’s much to love about CIT Bank and CIT Savings Builder accounts per se. It comes with lots of perks that not all online-only banks can offer.

However, of all the features available, the fact that CIT Savings Builder offers a high annual percentage yield as compared to most online as well as brick and mortar savings accounts out there, definitely makes CIT shine the brightest.

So, given all the perks that CIT Bank has to offer particularly on its savings builder account, are you convinced that this one’s the right account for you?

To conclude, this CIT Savings Builder review only proves that the account is best for savers who are diligent in saving money and that it is one of the few online-only bank savings account products to beat.

Categories
Mobile Banking

Popular Direct Bank review: Best Rates For Savings And CD Accounts

This Popular Direct Bank review is ideal for customers who are looking for some of the best interest rates available in both savings and certificate of deposit accounts. This will provide essential information about the bank, its products and services, and more.

Popular Direct Bank review: Best Rates For Savings And CD Accounts

According to the research entitled, “The Adoption of Electronic Banking Technologies by US Consumers” published at ResearchGate, the use of electronic banking or e-banking technology in the United States has grown rapidly. Currently, millions of Americans are using different e-banking technologies, and the number is expected to rise over the years.

By the way, in the same reference, e-banking is referred to as “a variety of different services, ranging from the common automatic teller machine (ATM) services and direct deposit to automatic bill payment (ABP), the electronic transfer of funds (EFT), and computer banking (PC banking)“.

Over time, there is an increasing demand for online banking – especially among the younger client base — making a way for digital banks to emerge, and for conventional banks to step up their game to be able to address the digital banking needs of their customers.

Related Articles:

CIBC Bank USA Review: A Closer Look On Its Online-Only Savings Account
SFGI Direct Savings Review: High-Yield Online-Only Savings Account For You
Barclays Online Savings Review: A High-Interest Rates Online Bank For You

Fast-forward to the present times, Statista found that in 2018 about 61 percent of Americans used digital banking and that the number is expected to rise to 65.3 percent by 2022.

No doubt, thanks to technology, banking has never been so easy and convenient as it is today.

Moving on, as the number of users/clients increase, the same goes for the number of digital banks present in the market.

There are lots of existing digital banks out there, and to be honest, choosing one can be very challenging. A lot of digital banks today offer really competitive rates, and amazing perks to draw more people to them. One of these banks is Popular Direct Bank.

In the next few sections, we are going to tackle some of the most important details every potential customer needs to know about this online bank.

This Popular Direct Bank review will particularly focus on providing factual information about the bank by answering some of the most commonly asked questions by customers, which include the following:

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

WHAT IS POPULAR DIRECT BANK?

Before we talk about the technical stuff, it is important that we give you a brief background about the bank first. Doing so will give you a clearer picture of how credible, reliable, and trustworthy the bank is.

After all, the bank is where you are going to keep your money, also, you will be providing your personal information and more. Thus, it is only right that you make sure the bank you are dealing with is able to keep your money and personal information safe and secure, right?

Anyway, here’s what you need to know about Popular Direct Bank —

Popular Direct is an online-only bank that was launched in 2016. It is a subsidiary of Popular Bank, which is a full-service financial services provider that was founded over 120 years ago.

The bank serves mobile and online banking customers and is ideal for those who are looking for some of the best rates available. Popular Direct Bank offers high-yield online savings accounts as well as certificates of deposit.

Before moving on, if you want to know more about Popular Bank’s mobile banking technology, you better check the video below out:

Yes, unfortunately, the bank only offers two accounts, which means, if you are looking for products other than savings and CDs, Popular Direct may not be the right one for you.

Popular Direct bank is a member of the Federal Deposit Insurance Corporation (FDIC), which is “an independent agency created by the Congress to maintain stability and public confidence in the nation’s financial system.”

Since Popular Direct is FDIC-insured, it means all accounts can receive up to $250,000 in case of a bank failure.

WHO IS POPULAR DIRECT BANK BEST FOR?

So, in the previous section of our Popular Direct Bank review, we shared with you some important details about the bank.

This time, we are going to talk about who Popular Direct Bank is most ideal for.

Generally speaking, Popular Direct Bank is ideal for anyone who is comfortable opening and maintaining an account with an online bank. It would be most appealing for those who prefer online banking to traditional/conventional banking.

Popular Direct Bank may also appeal to established savers who have more money to fund savings or a certificate of deposit account.

Overall, though, Popular Direct Bank may be best fitted for customers who:

  • Have at least $5,000 to open a savings account or $10,000 to open a CD account
  • Are looking for high-interest rates on savings accounts
  • Wants to have access to their account on a 24/7 basis
  • Do not mind not having ATM or in-person access to their money

Additionally, Popular Bank is ideal for customers who:

  • Are at least 18 years old
  • Have an existing checking account at an external bank
  • Are not looking to have one bank to handle all their deposit and lending needs
  • Are able to deposit money electronically
  • Want 24/7 access to customer service

If you are any of the above-mentioned, or that everything pertains to your personality as an account holder, then perhaps Popular Direct is the right online-only bank for you.

WHAT ARE THE PRODUCTS OFFERED BY POPULAR DIRECT BANK?

We totally understand that knowing what the institution has to offer is an important aspect when choosing a bank – in this case, an online-only bank.

So, in this section of our Popular Direct Bank review, we are going to talk about the products offered by the bank, and how they compare to other accounts of the same type in the market.

As mentioned, Popular Direct Bank only offers two accounts, and these are high-yield Savings and Certificate of Deposit accounts.

Now, here’s what you need to know about these products:

Popular Direct Select Savings Account

The Popular Direct Select Savings Account is the bank’s high-yield savings account. Since it offers a high annual percentage yield (APY), it could help you grow your money quickly as compared to a typical savings account offered by other online and traditional banks.

As of January 2021, Popular Direct Select Savings Account holders may earn a 0.55% annual percentage yield (APY).

The Popular Direct Select Savings Account does not charge monthly maintenance fees, which is definitely a plus.

To open a Popular Direct Select Savings Account, the bank requires a minimum deposit of $5,000. While this is huge as compared to what other online-only banks require, the good side is that the bank does not have a minimum balance requirement for you to earn interest.

It is important to take note, though, that once the account is opened, it must remain open for at least 180 days. Otherwise, you may be charged a $25 fee.

Furthermore, if your accounts have been inactive for 12 months, the bank charges a $5 dormancy fee per month.

Similar to most online banks, Popular Direct Select Savings Account holders are entitled to a combination of six transfers or withdrawals per month. Exceeding withdrawals will be charged a fee of $5 each.

Additionally, the bank charges $10 each for overdraft and returned items. Also, a conditional monthly maintenance fee of $4 per month is charged if your balance falls below $500.

The Popular Direct Select Savings Account allows linking to external banks for easy deposits and withdrawals, and also supports mobile check deposits.

Popular Direct Certificate of Deposit Account

If you want to save for a short-term or a long-term goal, then opening a certificate of deposit is perfect for you.

Popular Direct offers CDs with terms ranging from three months to five years — pretty much the same as most banks with CD account offerings.

To open a Popular Direct Certificate of Deposit Account, the bank requires at least $10,000.

As a general rule when it comes to CDs, the longer the CD term is, the better your annual percentage yield (APY) is.

AS of February 2021, Popular Direct Certificate of Deposit Account CD APYs ranges from 0.15% for a 3-month CD term to 0.80% for a 5-year CD term.

The Popular Direct Certificate of Deposit Account does not charge monthly maintenance fees. However, CD account holders could be penalized if they withdraw their money prior to the maturity date.

Popular Direct charges between 89 and 730 days of simple interest if money is withdrawn before the CD matures. The penalty varies depending on your CD term.

Once the CD matures, account holders have the option to either renew or withdraw their money.

HOW TO DO BANKING WITH POPULAR DIRECT BANK?

By this time, you probably know already if Popular Direct Bank is right for you or not. If you think this online-only bank is perfect for your banking needs and preferences, then, it’s time to talk about how to actually do banking with Popular Direct.

As mentioned, Popular Direct Bank is an online-only bank, which means it does not have physical branches where you can open an account or do banking transactions. Everything is done entirely online.

So, to open either a savings account or a CD account, the best way to do that is through Popular Direct’s website.

To open an account, you must be at least 18 years old. Also, you will be asked to provide personal data including your name, a valid address, your Social Security number, as well as your mobile number. Additionally, you need to have a government-issued identification like a passport or driver’s license with you for identity verification purposes.

The whole account application process will only take a few minutes to finish.

Once your account is open, you can access it by different channels like online, through mobile banking, or via telephone.

Unfortunately, being an online-only bank means the bank does not issue ATM cards as well. To be able to withdraw money from your account, you need to request a transfer to your deposit account at an external bank.

Meanwhile, to deposit money to your account, you can either initiate a transfer from your existing bank account, or you may opt to perform a mobile deposit through the Popular Direct mobile app.

The Popular Direct Bank mobile app is available for both Apple and Android devices. Apart from making deposits, the app also allows you to see an overview of your accounts, review your account history, as well as transfer money between eligible accounts.

For customer concerns, you may reach Popular Direct through its customer service by phone. You may call 800-274-5696 anytime, any day.

Customers also have the option to mail a letter instead to Popular Direct Bank’s headquarter in Florida.

IS POPULAR DIRECT BANK SAFE?

Account security and safety are important to Popular Direct Bank. Thus, the bank ensures that all security and safety measures are in place to avoid possible fraud or identity theft cases.

The bank follows standard online security and safety requirements to ensure that all money and personal data are safe and are well-taken care of.

Also, as mentioned earlier, Popular Direct Bank is a member of the Federal Deposit Insurance Corporation (FDIC). So, in case of a bank failure, each account will receive up to $250,000.

So, to answer the question if Popular Direct Bank is safe, with all these measures in place, it definitely is.

WHAT TO LIKE ABOUT POPULAR DIRECT BANK?

In this part of our Popular Direct Bank review, we are going to share with you a summary of the things that we like about this online-only bank.

These are the things that you may consider to push through with opening an account with Popular Direct over other banks of the same type out there.

With that said, here are some of the things we particularly like about Popular Direct Bank:

  • Competitive Rates – Popular Direct Bank offers one of the most competitive rates on both savings and CD accounts out there. This makes it really ideal for people who want to save, at the same time, earn quickly from their money.
  • No Monthly Fees – While the Popular Direct savings account has a minimum initial deposit requirement, the bank does not charge monthly maintenance fees. This feature is definitely a plus especially since monthly fees can be excruciating at times.
  • 24/7 Customer Service Availability – One of the unique features of Popular Direct Bank is that it offers 24/7 live customer service by phone. So, anytime you need help with your account, or you need to make transactions via phone, no matter what time of the day, you can rely on the bank’s customer service representatives to help you.
  • Easy Account Application Process – Since Popular Direct is an online-only bank, it means account applications can be done entirely online only. Good thing is, the process is easy and quick it only requires a few minutes to finish.

WHAT NOT TO LIKE ABOUT POPULAR DIRECT BANK?

While Popular Direct Bank has its share of things to like, it also has a few downsides.

In this part of our Popular Direct Bank review, we are going to share with you a list of the things we do not like about the bank, and that they could probably improve on in the future. This includes as follows:

  • High Minimum Initial Deposit Requirement – To be honest, the minimum initial deposit requirement for both savings and CD accounts is too high if compared to other online banks out there.
  • No Physical Branches – Since Popular Direct Bank is an online-only bank, it is totally understandable that it does not have physical branches. So, if you want to enjoy the benefit of an online bank and a traditional bank, then you may have to look for another bank.
  • No ATM Card Access – Again, Popular Direct is an online-only bank, which also means it does not come with ATM card access. Withdrawals can be made only if you link your account to an external account.
  • Monthly Fee for Balances Below $500 – The bank charges $4 per month for account balances under $500. This can be quite a challenge for some. It’s high compare to other online-only banks. So, if you are not sure you can keep up with this requirement, then better choose another bank instead.
  • Limited Product Offerings – Popular Direct Bank only offers two products – savings account and certificate of deposit accounts. If you want a bank with a wide variety of account options, Popular Direct is not it.

FINAL THOUGHTS ON POPULAR DIRECT BANK REVIEW

Popular Direct Bank is an online-only bank that offers competitive rates for both savings and CD accounts. While the bank does not charge monthly service fees, it does have its share of different fees, which can be avoidable if you meet the bank’s requirements.

While we like the fact that the bank offers high-yield accounts, we find its minimum initial deposit requirements too high as compared to similar accounts by other online banks in the market.

Overall, Popular Direct Bank has its share of good and bad, and it’s all up to you to decide if the bank fits best for you or not.

Now, do you think Popular Direct Bank suits your preference in an online bank?

Well, we do hope that through this Popular Direct Bank review, you are able to know more about this online-only bank and what it has to offer.

Categories
Mobile Banking

Amboy Direct Review: An Ideal Online Bank For New Jersey Residents

Are you a resident of New Jersey who is looking for an online bank that offers high-yield savings account without monthly fees? If your answer is a yes, then, you got to check this Amboy Direct review.

Amboy Direct Review: An Ideal Online Bank For New Jersey Residents

Amboy Direct is an online bank that provides both high-yield savings accounts as well as money market and certificate of deposit accounts without charging monthly maintenance fees like other banks of the same time do. Well, that is like hitting two birds with one stone, right?

Anyway, in case you forgot or you totally do not know what it is, a high-yield savings account, according to an article by CNBC, “reward you with a higher interest rate, allowing your money to grow even faster as it sits in your account”.

The interest rate is called the annual percentage rate or APY. Basically, the higher the APY of a savings account or any deposit account for that matter is, the faster your money in the bank grows, which is why it is important to research and look for banks that offer the best rates.

But of course, we cannot also deny the fact that apart from rates, consumers also have to look into other perks that the bank provides. In this case, an online bank.

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By the way, an online bank, according to Policygenius, is a type of bank that offers pretty much the same as what traditional banks provide except for the fact that in most cases, it does not come with a physical branch.

Online banks allow you to deposit, withdraw, as well as manage your account anytime, anywhere for as long as there is an internet connection.

Over the recent years, online banks have become popular especially among the younger generations.

A report by Statista states that in 2018, about 61 percent of American people used digital banking. More so, experts believe that the number is set to increase to 65.3 percent by 2022.

We believe, however, that there is a big chance the number will even go higher because of the recent turn of events.  

When the pandemic hit in 2020, a lot of consumers, both young and adults have relied so much on digital banks. There are even studies showing that Americans are now ready to make online banks their primary bank choice.

Now, even before all these things happen, there are already a lot of existing online banks. Among the many choices in the market is Amboy Direct, and today, we are going to focus on this. We will look into what the banks have to offer and what would make it an ideal choice.

In this Amboy Direct review, we are going to provide answers to some of the most commonly asked and very important questions, which include:

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

WHAT IS AMBOY DIRECT?

Choosing an online bank can be quite difficult given the so many options out there, which is why, as we always say, it is important to do your part. Research about the banks you are eyeing, and compare them to each other.

By doing so, you get to trim down your options, and eventually come up with a decision.

When looking for a bank, whether it be traditional or online, it is essential to look into the history of the bank. This will help build up your confidence as a possible account holder. After all, your number one priority is to keep your money in a credible and trustworthy bank.

Now, to start off this Amboy Direct review, let’s take a look at what the bank is all about —

Amboy Direct is an online division of Amboy Bank, which is a full-service institution founded in 1888 for both retail and commercial clients. Amboy Bank is present throughout central New Jersey with over 20 branches to date.

Amboy Direct was established in 1990 specifically to cater to customers who prefer not to do bank in person at a bank.

Initially, Amboy Direct was meant for banking by mail. But, that changed in 2003 when Amboy Bank decided to upgrade it into an internet banking service.

Since Amboy Direct does not come with physical branches, it helps keep the online bank’s overhead costs low, which is why the bank is able to offer high-interest rates on the different accounts it offers. Needless to say, Amboy Direct does not charge monthly service fees.

Similar to most online banks, all Amboy Direct accounts are insured up to $250,000 per depositor by the Federal Deposit Insurance Corporation (FDIC).

Before moving on, if you want to know more about FDIC and how you, as a bank customer can benefit from it, we recommend you check the video below from FDICchannel:

WHO IS AMBOY DIRECT BEST FOR?

In the previous section, we learned some important things about Amboy Direct. This time around, we are going to share with you who Amboy Direct is best for.

Generally speaking, since Amboy Direct is an online banking platform, it makes it appealing to people who do not want to bank in-person at a bank branch. This is ideal for people who prefer managing their accounts as well as make banking transactions right at their fingertips.

Now, technically, Amboy Direct will appeal to consumers who want to enjoy competitive deposit accounts, at the same time, enjoy not having to pay for monthly maintenance fees.

Additionally, it is also ideal for those who want to open a savings account with a very minimal opening deposit requirement. In this case, Amboy Direct only requires at least $1 to open specifically for the Jersey First eSavings, which is a savings account exclusive for New Jersey residents only.

While Amboy Bank, the mother company of Amboy Direct, caters only to New Jersey residents, Amboy Direct is available for everyone.

WHAT ARE THE PRODUCTS OFFERED BY AMBOY DIRECT?

One important factor when choosing an online bank is the list of products and services the bank offers. Although every customer has his or her own preference, it would be ideal to look for a bank that offers more than what you need in case you decide to also open other accounts in the future.

With Amboy Direct, the online bank offers high-yield deposit accounts, which include:

  • Savings Account
  • Money Market Account
  • Certificate of Deposit

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

Savings Account

Amboy Direct is known for its Amboy eSavings account, which essentially is a high-yield savings account that uses the tools as well as perks offered by online banking.

Amboy claims that through the eSavings account, customers can earn 40 times more as compared to the accounts offered by major banks.

Since everything is done strictly online, Amboy Direct is able to offer higher rates as compared to most traditional banks.

If you are living in New Jersey, though, you can take advantage of the Jersey First eSavings account, which is exclusive to New Jersey residents only. This account pays higher yields and only requires $1 to open.

Meanwhile, for non-New Jersey residents, the minimum initial deposit requirement is $100.

Amboy savings account allows any account with check-writing privileges to be linked. Similar to most online banks, withdrawals are available but are only limited to six per month, per federal regulations.

Amboy Direct offers tiered interest rates. For eSavings account, customers earn 0.30% APY on balances of $300 to $2,999, and 0.55% APY on balances of $3,000 to $100,000. Meanwhile, for Jersey First eSavings account, customers can earn 1.01% APY on balances of $1 to $50,000, and 0.64% APY on balances of $50,001 to $250,000.

As mentioned, the Amboy Direct savings account does not charge a monthly maintenance fee.

Money Market Account

Apart from the savings account, Amboy Direct also offers money market accounts, which also offer very competitive rates. Needless to say, the minimum balance requirement is also astounding.

The Amboy Direct Max More money market account is available and is exclusive to New Jersey residents only.

This account comes with some notable features like it allows customers to link to any account with check-writing privileges, as well as provides an option to schedule automatic transfers from linked account.

Again, just like the savings account, account holders are only limited to six withdrawals per month.

Amboy Direct offers tiered interest rates that usually change. As of January 2021, though, Amboy Direct money market account holders can earn 0.20% APY on balances of $5,000 to $29,999.99, and 0.60% APY on balances of $30,000 to $250,000.

To open an Amboy Direct Max More money market account, you have to have at least $100 to meet the initial deposit requirement.

Certificate of Deposit

Amboy Direct offers a certificate of deposit account to both residents and non-residents of New Jersey.

However, contrary to its eSavings CD account for residents, the bank falters when it comes to CD accounts for the non-resident.

Amboy Direct CD version is a two-year variable-rate CD. The interest rates are quite competitive as well.

As of January 2021, the rates for eSavings CD with a 12-month term is 0.30% APY for balances up to $9,999.99, and 0.65% for balances of $10,000 to $250,000. Meanwhile, for Treasury Index 2-Year CD, the rate is 0.60% (three-month Treasury rate of 0.10% plus 0.50% margin). Please note, though, that the rates change on a quarterly basis.

Although Amboy Direct only requires $100 to open a CD account, unfortunately, the bank requires a whopping $25,000 balance before the CD earns interest.

However, if you are a resident of New Jersey, you have a better option. The eSavings CD earns interest on every dollar you save, as well as the ability to add funds for six months.

As for Treasury Index 2-Year CD, account holders may also add funds for 30 days after opening the account.

Similar to many CDs, a penalty may apply for withdrawals made prior to the account’s maturity date.

HOW TO DO BANKING WITH AMBOY DIRECT?

Now that you already know the products offered by Amboy Direct, it’s time to talk about how to actually open an account with this online bank.

Interested customers may open an Amboy Direct account in three different ways — by phone, by mail, or through its website.

Of all the options available, opening an account online is the most ideal way as it only takes at least five minutes to finish.

However, make sure that you have the following requirements on hand to make the account application process as fast as possible”

  • Your Social Security number
  • Valid government-issued identification such as your passport or driver’s license
  • A copy of a personal check from the account you will be used to fund your Amboy Direct account

In addition, be ready to provide your personal and employment information as well.

By the way, when you visit Amboy Direct homepage, look for the “Open” account button on each of the product descriptions. Choose the product/account that you want to open, and just follow the prompts to complete the application process.

Again, it only takes a few minutes to finish.

Once done with the application process, you may deposit or transfer your initial deposit. It takes a little patience though as the length of time for deposits to clear, and for transfers out of your account to complete may take up to five business days and up to three business days, respectively.

It’s definitely one of the downsides of Amboy Direct. Other than that, everything else should be smooth.

By the way, apart from the website, you can also access Amboy Direct through its mobile app, which is very new. The app is available on both the App Store and in Google Play.

Currently, the app is only limited to checking balances, transferring money, as well as contacting customer service.

IS AMBOY DIRECT SAFE?

One of the things that hinder people especially the older ones from opening an online account or entrusting their money to an online bank is safety and security issues.

In the past, there have been a number of fraud and identity theft cases in various online banks. So, it’s very understandable why people are kind of hesitant with online banks.

So, having said that, in this part of our Amboy Direct review, we are going to talk about how safe and secure banking with Amboy Direct is.

The same as most online banks in the country, Amboy Direct has put necessary safety and security measures to help ensure its customers that all their data, including their money, are safe.

In addition, and probably a very important feature in every bank is that all Amboy Direct accounts are FDIC-insured, which means, in the event of a bank failure, each depositor can get up to $250,000. 

With this in place, plus the safety and security measures on its website and app, we got to say that yes, banking with Amboy Direct is safe.

WHAT TO LIKE ABOUT AMBOY DIRECT?

This review on Amboy Direct will not be complete if we will not provide you with a list of the things that we particularly like about this online bank.

Some of the things that really stand out for us are as follows:

  • High-Yield Accounts – As mentioned earlier, Amboy Direct has become popular because of its high-yield account offerings. All of its products basically offer the same benefit, which makes it ideal for people who want to save money and earn from their money at the same time.
  • No Monthly Maintenance Fee – Unlike other online banks, Amboy Direct does not charge a monthly service fee. Definitely, a good feature for us.
  • 24/7 Access to Withdrawals and Deposits – Since it is an online bank, it means account holders can access their accounts and make transactions anytime, anywhere.
  • Low Minimum Deposit Requirement – Although the bank requires at least $100 minimum opening deposit for non-residents, it only requires at least $1 for New Jersey residents. So, if you are from this state, you will benefit a lot from Amboy Direct.
  • FDIC-Insured – Of course, one of the most important features of the bank is that it is a member of the FDIC, which means in case of a bank failure, clients can get up to $250,000 per account.

WHAT NOT TO LIKE ABOUT AMBOY DIRECT?

While Amboy Direct has its share of good points, it does have some downsides as well.

To complete our Amboy Direct review, we are sharing with you some of the things that the bank can improve on. This includes the following:

  • Limited Account Options – Unfortunately, Amboy Direct only offers savings, money market, and certificate of deposit accounts only. This means that if you are looking for a checking account or a business account, you may have to look elsewhere instead.
  • Money Market Max More is Available for New Jersey Residents Only – Unfortunately, the Amboy Direct Money Market Max More account is only available for residents of New Jersey. Non-residents may have to consider looking for another bank.
  • Mobile App is New – Although the Amboy Direct website is doing pretty well, and is providing an excellent online banking experience when it comes to the mobile app, it’s not as functional as other mobile banking apps out there yet. However, we believe that there’s a chance it would be better and more functional in the long run.

FINAL THOUGHTS ON AMBOY DIRECT REVIEW

To be honest, Amboy Direct has a lot of things to work on especially if the bank looks forward to catering to a larger client base.

However, if you are a New Jersey resident, we must say that Amboy Direct is perfect for you. You can absolutely benefit a lot from what the bank has to offer.

Through this Amboy Direct review, we hope we are able to provide all the necessary information you need and more about this online bank fitted for New Jersey residents and for non-residents as well.

Categories
Mobile Banking

Synchrony Bank Review: What Makes It An Ideal Online Bank For You

This Synchrony Bank review talks about essential matters you need to know about this online bank that offers competitive deposit products and credit cards for all types of consumers.

Synchrony Bank Review: What Makes It An Ideal Online Bank For You

Surely, the past year was a challenging year not only for the American people but everyone across the world.

But, we cannot deny the fact that 2020 also brought so many realizations. Needless to say, it allowed different industries to shine — business-wise.

One of the many industries that stood out during the whole pandemic thing is the digital banking industry. In fact, according to the Global Mobile Consumer Trends Report, downloads of mobile banking apps grew by 20 percent globally from the first to second quarters of 2020.

Furthermore, the report also states that there was a nearly six percent increase in the Daily Active Users (DAU) of banking apps since the pandemic started.

This is not surprising though since people were restricted to go out, they had to rely on the most accessible way to access cash to pay off for goods, bills, and other things. Digital banking helped people survive on a day-to-day basis given the fact that most transactions were done online — from buying food to paying bills and transferring money to loved ones or people in need.

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Barclays Online Savings Review: A High-Interest Rates Online Bank For You
Radius Bank Review: What Every Potential Customer Must Know
NorthOne Bank Review: What Makes This Mobile-Only Bank Exceptional?

A report published by Forbes says that according to the July 2020 survey of US consumers from Cornerstone Advisors, it was found that “14.2 million Americans—6% of US adults with a checking account—now consider a digital bank to be their primary bank—a 67% jump from January 2020”.

You see, these reports show that indeed, digital banking has instantly become in-demand not just in the United States, but even across the world.

Now, in the country, there are lots of online banks. In fact, the choices are too many it can get overwhelming to choose the one that’s right for you.

But, today, we are going to focus on one particular online bank that provides high-yield deposit products and credit cards for retailers and healthcare providers, as well as ordinary individuals. And yes, we are talking about Synchrony Bank.

In this Synchrony Bank review, we are going to provide you with the essential information you need to be able to compare it among other online banks in the market and see for yourself if this, indeed, is your perfect fit.

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

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

WHAT IS SYNCHRONY BANK?

One important thing to look at when choosing an online bank or any other bank for that matter is history. This will provide you confidence and trust you need. After all, what you are entrusting them is hard-earned money, right?

With that said, in this section of our review on Synchrony Bank, we are going to share with you a few important pieces of information about what the bank is all about.

Synchrony Bank is an online bank, which started as a division within General Electric (GE) and eventually became a separate, independent company in 2015.

The bank provides a variety of high-yield savings options, which include certificates of deposit (CDs), a savings account, a money market account, and individual retirement accounts (IRAs).

As an online- and mobile-only bank, the services and accounts that Synchrony Bank offers are only accessible through its online banking website and its mobile banking apps. While the website and the app allow you to manage your account anytime, anywhere, being an online- and mobile-only bank means it does not have access to physical branches.

However, even without the physical branch, Synchrony Banks has created one of the best online and mobile banking experiences across the market today. Synchrony Bank’s mobile app is available for both Android and iOS users.

Synchrony Bank is a Fortune 500 company and is a proud member of the Federal Deposit Insurance Corporation (FDIC), which means all bank offerings are FDIC-insured up to $250,000 in case of a bank failure.

Before moving on to the next section, we are sharing with you the video below by ProudMoney wherein he shares information as well as helpful insights about Synchrony Bank that we thought you might want to know, too.

WHO IS SYNCHRONY BANK BEST FOR?

In the last section, we talked about some of the most important things you need to know about Synchrony Bank.

Now, for this part of our Synchrony Bank review, we are going to share with you who the bank is fitted for. Hopefully, this helps you gauge if the bank is right for you based on your needs and preferences.

Anyway, Synchrony Bank is most appealing for consumers who fall in any (or all) of the following:

  • Want a high-yield personal deposit account
  • Do not want to change their primary checking account
  • Do not mind not having access to a physical branch
  • Want to enjoy the benefits of having a retailer credit card
  • Want to finance healthcare expenses as time goes by
  • Want 24/7 access to their bank account

WHAT ARE THE PRODUCTS OFFERED BY SYNCHRONY BANK?

Probably the most important thing that consumers need to look into when choosing a bank, in this case, an online bank is the product offerings.

As much as possible, it would be nice to have everything you need in one place, right?

In the case of Synchrony Bank, it offers a variety of high-yield personal deposit accounts, which include the following:

  • Savings Account
  • Money Market
  • Certificates of Deposit
  • Credit Cards

Before we move on to discuss each of these products, it is important to note that the bank has a Synchrony Bank Perks Rewards program wherein customers earn elite status based on their deposit levels or length of the relationship. Those who reach the top-level “diamond” status (deposits exceed $250,000) or those who have been banking with Synchrony Bank for five years get to enjoy unlimited domestic ATM reimbursements, three free wire transfers per statement cycle, as well as a dedicated customer service.

Now, let’s take a look at each of the product offering:

Savings Account

Synchrony Bank offers a high-interest rate savings account. The rates a competitive among other online banks that offer the same type of account.

Synchrony Bank customers can earn an annual percentage yield of 0.50% on all balances, which means even if you have only $1 in your account, you will still earn.

To open a savings account, all you have to do is go Synchrony Bank website or download the app, and provide the information required such as your name, email address, mobile number, your Social Security number, as well as make sure to have a government-issued identification like driver’s license and passport in hand.

The account does not have a minimum deposit requirement, which means you can open an account with a little or as much as you want. Also, the bank does not charge a monthly maintenance fee as well as ATM fees. In fact, it reimburses up to $5 per statement cycle for ATM-related fees.

Synchrony Bank’s partnership with Accel allows its customers to access its 412,000 ATMs across all 50 states.

Money Market

The Synchrony Bank money market account (MMA) is also very competitive in terms of rates. It offers 0.35% APY with no minimum balance required.

As compared to the bank’s high-yield savings account, the APY is lower. However, the money market account offers check-writing capabilities, which makes it a good choice as well.

Similar to the high-yield savings account, Synchrony Bank’s money market account comes with an optional ATM card to enable account holders to withdraw cash.

Unfortunately, similar to most money market accounts out there, this one is subject to monthly convenient transaction limits as well. Transactions are limited to up to six per month only. If you exceed the allowable limit, the bank will not charge you, but, maybe forced you to close your account instead.

Money market accounts are also available with a traditional or Roth IRA. However, if you opt to open an IRA money market account, it is important to note that there is a minimum opening deposit requirement, which amounts to $250.

With the IRA account, account holders are allowed to contribute anytime (up to the annual limit), as well as transfer an IRA from another bank or rollover an employer-sponsored retirement plan to Synchrony Bank.

Certificates of Deposit

Another product that Synchrony Bank offers are certificates of deposit (CDs). The bank’s CD terms range from three months to five years.

It requires a minimum deposit of $2,000, and the APY ranges from 0.15% on a three-month CD term to 0.80% on a five-year CD term.

As compared to a high-yield savings account, CDs may or may not offer a higher APY depending on the term of the account. It is important to keep in mind, though, that the APY of CD accounts is fixed based on the term you choose.

Synchrony Bank provides customers an option to open a traditional CD or one inside of a traditional or Roth IRA.

Once the CD matures, it will automatically renew for the same term at the prevailing interest rate. The bank provides a 10-day grace period, though, to allow you to add funds, withdraw, or change the term. Customers may provide instructions during the grace period or they may opt to submit a written instruction within 30 days before the maturity date of the CD.

Similar to most banks, if an account holder decides to withdraw the money prior to the maturity date, there will be a penalty, which depends on the length of the CD. For CD terms of one year or less, the penalty is 90 days simple interest, while for those that are more than a year to less than four years, the penalty is 180 days of simple interest. As for four years and above, the penalty is 365 days of simple interest.

Credit Cards

Unlike other online banks, Synchrony Bank offers a wide selection of credit cards from retailers around the country.

In addition, the bank also offers healthcare financing through its CareCredit product, which we thought is very unique to the bank.

This financing can be used for different purposes like dental, hearing, cosmetic, as well as LASIK and vision, veterinary, and other specialties.

From an array of options, here are some of the retailers that the bank has partnered with to offer credit cards:

  • Amazon.com
  • PayPal
  • Ashley HomeStore
  • The Container Store
  • Banana Republic
  • Old Navy
  • Lowe’s
  • Lumber Liquidators
  • Midas
  • Sam’s Club
  • T.J. Maxx

HOW TO DO BANKING WITH SYNCHRONY BANK?

Technically speaking, Synchrony Bank is an online- and mobile-only bank. However, what makes it even more appealing to a lot of customers is that it also comes with four branches — one each in  Georgia, North Carolina, Kansas, as well as in Utah.

However, because of the amazing banking experience, it provides in both its website and mobile apps, most customers still prefer to open an account or a credit card online.

Opening an account at Synchrony Bank online is very easy and simple. In fact, it is so easy and simple that it could only take you a few minutes to finish.

Similar to all the other banks out there, Synchrony Bank will ask you to provide personal information such as your Social Security number, your name, and a valid address, as well as an email address, and your mobile number. Make sure to keep a government-issued identification such as a passport and driver’s license as well to verify your identity.

Once you have opened an account, you can now make a deposit into it electronically or by mail. You can also make a mobile deposit through Synchrony Bank’s mobile application. As mentioned earlier, the mobile app is both available for iOS and Android devices.

Since both savings and money market accounts come with a debit card, this allows account holders to make ATM transactions like withdrawal at over 400,000 Accel Network ATMs for free.

To apply specifically for a credit card, you may browse the choices online first before proceeding with the application either online or in the branch. With so many options, it’s best to choose the one that would really work for you.

By the way, please note as well that there are credit cards that come with a welcome bonus when you apply and complete certain activities. It would also be nice to take advantage of that.

IS SYNCHRONY BANK SAFE?

In this section of our Synchrony Bank review, we are going to talk about how safe and secure your money and your personal information when you bank with Synchrony.

If we are going to base it on Synchrony Bank’s mobile app ratings in both Apple’s App Store and Google Play, then we have to say that banking with Synchrony is safe and secured. Well, in both app stores, Synchrony’s mobile app got solid ratings.

Having such ratings only means that the bank has all the necessary safety and security precautions in place to ensure all accounts are protected from possible fraud and identity theft.

Apart from that, Synchrony Bank is rated A+ in trustworthiness by the Better Business Bureau. According to Business Insider, “a strong BBB rating indicates the company is transparent in how it handles business, responds effectively to customer complaints, and is honest in its advertising.”

Of course, as stated earlier, Synchrony Bank is an FDIC member, which means all accounts are insured up to $250,000.

WHAT TO LIKE ABOUT SYNCHRONY BANK?

This Synchrony Bank review will not be complete without giving you a summary of the things we like about this online bank, which include the following:

  • High-Yield Deposit Accounts – Synchrony Bank offers high-yield savings, money market, and certificate of deposit (CDs) accounts. For savings accounts, customers earn a 0.50% annual percentage yield (APY); for money market accounts, customers earn 0.40% APY; while CD rates vary depending on the term, but it could go as high as 0.80% for the long CD term.
  • No Monthly Maintenance Fee – All of the bank’s deposit accounts do not have monthly maintenance fees.
  • No Minimum Initial Deposit Requirement – Customers can open a Synchrony Bank savings or money market account with as little as $0. However, to open an Individual Retirement Account (IRA) money market accounts, there is a $250 minimum initial deposit requirement, while a minimum of $2,000 initial deposit is required for all CDs.
  • A Variety of Credit Card Options – Synchrony Bank partnered with hundreds of retailers as well as healthcare providers around the country to offer to finance. This allows customers to purchase products and services now, and pay for them over time.
  • 24/7 Online and Mobile Access – Synchrony Bank is an online- and mobile-only bank, which allows customers to access their accounts anytime, anywhere.
  • Traditional and Roth IRA Accounts – Unlike other online banks, Synchrony Bank offers both traditional and Roth IRA accounts, which allows it to cater to a larger customer base.
  • ATM Cards and Checks – For both savings and money market accounts, the bank offers an optional ATM card, which allows account holders to easily access cash in case the need arises. As for money market accounts, checks may also be requested.

WHAT NOT TO LIKE ABOUT SYNCHRONY BANK?

While we stated the things we like about Synchrony Bank in the previous section, to complete our Synchrony Bank review, here are some of the things we do not like about it or things that the bank can improve on in the future:

  • No Checking Account Options – Unfortunately, Synchrony Bank does not offer to check account option. So, if you are looking for this specific product, Synchrony may not be the right bank for you.
  • Limited Branch Locations – Although it’s nice knowing that Synchrony Bank does have physical branches, unfortunately, they’re only limited to one each in one each in Georgia, Kansas, North Carolina, and Utah.

FINAL THOUGHTS ON SYNCHRONY BANK REVIEW

Synchrony Bank is a solid online- and mobile-only bank that offers competitive rates on savings, the money market, as well as its CD accounts.

It is an ideal choice for people who want to earn a higher interest rate on their savings. More so, it is also ideal for consumers who want to open a credit card account because of the variety of options it provides.

Synchrony Bank is also a great choice for consumers who want to enjoy all these features without getting charged monthly maintenance fees. Also, to have access to ATMs without having to worry about ATM fees.

Given all the information we provided, do you think Synchrony Bank is the perfect online bank for you?

We hope this Synchrony Bank review provided you with everything you need to convince you that this bank is worth it.

Categories
Mobile Banking

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

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

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

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

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

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

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

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

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

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

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

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

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

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

WHAT IS SFGI DIRECT?

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

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

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

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

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

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

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

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

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

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

WHO IS SFGI DIRECT BEST FOR?

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

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

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

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

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

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

WHAT ARE THE PRODUCTS OFFERED BY SFGI DIRECT?

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

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

WHAT IS SFGI DIRECT ONLINE SAVINGS ACCOUNT?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Advantages

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

Disadvantages

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

HOW TO DO BANKING WITH SFGI DIRECT?

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

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

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

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

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

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

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

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

IS SFGI DIRECT SAFE?

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

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

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

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

WHAT TO LIKE ABOUT SFGI DIRECT?

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

This includes the following:

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

WHAT NOT TO LIKE ABOUT SFGI DIRECT?

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

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

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

FINAL THOUGHTS ON SFGI DIRECT SAVINGS REVIEW

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

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

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

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

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

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