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

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

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

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

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

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

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

However, things changed when the pandemic happened.

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

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

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

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

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

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

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

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

WHAT IS AMERICAN EXPRESS BANK?

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

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

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

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

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

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

WHO IS AMERICAN EXPRESS BANK BEST FOR?

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

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

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

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

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

WHAT DOES AMERICAN EXPRESS BANK OFFER?

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

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

High-Yield Savings Account

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

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

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

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

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

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

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

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

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

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

Certificate of Deposit (CD) Account

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

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

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

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

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

HOW DOES AMERICAN EXPRESS BANK’S ONLINE BANKING WORK?

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

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

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

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

ARE THERE FEES INVOLVED?

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

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

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

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

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

HOW TO OPEN AN ACCOUNT WITH AMERICAN EXPRESS BANK?

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

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

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

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

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

IS AMERICAN EXPRESS BANK SAFE?

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

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

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

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

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

WHAT ARE THE UPSIDES OF AMERICAN EXPRESS BANK?

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

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

WHAT ARE THE DOWNSIDES OF AMERICAN EXPRESS BANK?

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

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

FINAL THOUGHTS ON AMERICAN EXPRESS BANK

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

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

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

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

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

Categories
Mobile Banking

HSBC Online Banking Review: Everything You Need To Know

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

HSBC Online Banking Review: Everything You Need To Know

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

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

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

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

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

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

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

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

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

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

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

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

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

WHAT IS HSBC?

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

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

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

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

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

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

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

WHO IS HSBC BEST FOR?

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

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

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

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

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

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

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

WHAT DOES HSBC OFFER?

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

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

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

  • Checking Accounts
  • Savings Account
  • Certificate of Deposit

Checking Accounts

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

HSBC Premier Checking

This checking account is available to open online.

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

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

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

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

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

HSBC Advance Checking

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

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

HSBC Choice Checking

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

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

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

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

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

HSBC Basic Banking

The Basic Banking checking account has no minimum balance requirement.

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

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

Similarly, it does have optional overdraft protection.

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

Meanwhile, HSBC Direct offers below checking account:

HSBC Direct Checking

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

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

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

Savings Accounts

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

HSBC Direct Savings

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

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

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

HSBC Everyday Savings

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

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

HSBC Advance Savings

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

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

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

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

HSBC Premier Savings

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

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

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

Certificate of Deposit

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

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

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

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

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

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

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

HOW DOES HSBC ONLINE BANKING WORK?

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

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

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

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

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

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

ARE THERE FEES INVOLVED?

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

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

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

HOW TO OPEN AN ACCOUNT WITH HSBC?

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

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

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

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

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

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

IS HSBC ONLINE BANKING SAFE?

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

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

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

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

WHAT ARE THE UPSIDES OF HSBC?

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

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

WHAT ARE THE DOWNSIDES OF HSBC?

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

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

FINAL THOUGHTS ABOUT HSBC ONLINE BANKING

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

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

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

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

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

Categories
Investment Apps and Websites

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

WHAT IS AXIOM BANK?

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

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

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

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

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

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

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

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

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

WHO IS AXIOM BANK BEST FOR?

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

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

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

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

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

WHAT DOES AXIOM BANK OFFER?

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

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

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

Checking Account

Axiom Bank offers five different checking accounts namely:

  • Axiom
  • Opportunity
  • Senior
  • Select
  • AxiomGo

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

Axiom

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

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

Opportunity

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

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

Senior

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

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

Select

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

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

AxiomGo

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

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

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

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

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

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

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

Savings Account

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

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

Axiom Bank savings account holders will get the following benefits:

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

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

Certificate of Deposit (CD) Account

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

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

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

To open a CD account, Axiom Bank requires a $500 minimum opening deposit. Similar to the majority of CDs offered by different banking institutions, you get penalized when you withdraw your money ahead of its maturity date.

Also, what’s nice about it is that all investments are insured by the FDIC.

Money Market Account (MMA)

Axiom Bank’s Select Money Market account rewards higher balances with tiered interest rates, which means your money grows faster.

To open a money market account, the bank requires at least a $1,000 opening deposit.

Although the bank charges a monthly service fee of $20, it can be waived by maintaining a minimum daily balance of $5,000.

With the bank’s online and mobile banking services, account holders get to monitor their accounts anytime, anywhere.

Axiom Bank’s MMA comes with the following:

  • Free debit card
  • Online banking with bill pay
  • eStatement
  • ATM Transactions (Axiom Bank ATMs and over 55,000 ATMs nationwide on the Allpoint Network)

It is important to know that monthly withdrawals are only limited to six.

HOW DOES AXIOM BANK WORK?

The best way to open an Axiom Bank account is by visiting the nearest branch to you. As mentioned, the bank currently has 12 branches across Florida.

However, the bank also offered online account opening particularly for the following accounts:

  • Axiom Checking
  • AxiomGo
  • Senior Checking
  • Regular Savings
  • Select Money Market
  • Certificate of Deposit

Regardless of the methods you choose, though, you will need to meet the following qualifications to be able to open an account:

  • At least 18 years old
  • A legal resident of the United States
  • Have a valid government-issued photo ID, such as a passport or driver’s license
  • Have a Social Security number or tax ID number

Deposits and Withdrawals

Cash deposits may be made through any of the bank’s branch locations. Online transfers are also available.

Meanwhile, withdrawals can be made using the debit card in any of the over 55,000 Allpoint network ATMs.

Online and Mobile Experience

The Axiom Bank app is very straightforward, which makes it easier to use. It is available for both iOS and Android devices.

Unlike other bank apps, Axiom’s mobile app does not have cutting-edge features. But, it does offer enough functionality, which includes:

  • Manage accounts
  • Account balance inquiries
  • Pay bills
  • View transactions
  • Set up alerts
  • Transfer money and send funds to friends and family
  • Locate bank branches and ATMs

Customer Service

For any concerns, customers may reach the bank’s customer support by calling 1-800-584-0015. You may also send them an email through the website’s Contact Us page.

Unfortunately, unlike other banks, Axiom does not offer live chat support.

ARE THERE FEES INVOLVED?

As mentioned in the earlier sections, Axiom Bank charges monthly service fees for most of its accounts. However, these fees can be waived provided you meet certain bank requirements.

For your reference, here are the service fees charged by the bank:

  • Axiom – $6.95 (This can be waived with a direct deposit of $500 OR 8 debit card transactions within the statement cycle (ATM withdrawals do not count).)
  • Opportunity – $12.95 (It can be reduced to $8.95 with direct deposit of any amount.)
  • Select – $15 (Can be waived for minimum daily balance over $1,000 with Select Checking, over $5,000 with Select Money Market.)
  • AxiomGo – $5.99 (The fee can be waived by establishing a direct deposit into the account each statement cycle or one (1) debit card transaction being posted to the account per statement cycle.)
  • Money Market Account – $20 (It can be waived by maintaining a minimum daily balance of $5,000.)

In addition, customers should also watch out for the following fees:

  • Returned Item Fee – $34
  • Cashier’s Check Fee – $10
  • Wire Transfer (Incoming) – $10 domestic and $65 international
  • Wire Transfer (Outgoing) – $20 domestic
  • Non-Sufficient Fund (NSF) Fee – $34

IS AXIOM BANK SAFE?

The safety and security of your account and personal information are one of the bank’s topmost priorities.

Thus, the bank uses encryption to ensure that customers’ valuable personal information remains safe when using the bank’s online and mobile banking features.

Meanwhile, all deposits are insured by the FDIC, which means each depositor gets up to $250,000 per account category in the event of a bank failure.

WHAT TO LIKE ABOUT AXIOM BANK?

This section of our Axiom Bank review will provide you with a summary of the things that stand out about the institution. This includes:

  • Low to No-Fee Accounts – Sure, the bank charges monthly fees for most of its product offerings, but, they can easily be waived as long as you meet the requirements.
  • Second Chance for Customers with Poor Credit History – Axiom Bank provides a second chance for customers who want to open a checking account but have a poor credit history.
  • Interest-Bearing Checking Account – Axiom Bank offers interest-bearing checking accounts unlike other banks of the same type.
  • Physical Branch Locations – Axiom Bank currently has 12 physical branches in Florida, the majority of which are located in select Walmart Supercenters.
  • Digital Banking Access – Axiom Bank does offer digital banking to the majority of its personal deposit accounts, which makes banking so much easier and more accessible.
  • FDIC-Insured – All accounts are insured by the FDIC for up to $250,000 per depositor, per account category in case of a bank failure.

WHAT NOT TO LIKE ABOUT AXIOM BANK?

To complete our review on Axiom Bank, here are some of the downsides of this financial institution:

  • Branch Locations Are Limited To Florida Residents – Unfortunately, physical branch locations are only available in Florida. So, if you are an outsider who wants to have access to an in-person banking experience, this may not be ideal for you.
  • Monthly Service Fee – The service fee varies depending on the account type. However, as mentioned, it can be waived as long as you meet the requirements set by the bank.
  • Digital Banking Does Not Have Cutting-Edge Features – Axiom Bank’s online and mobile baking platforms are straightforward. Compared to other banks’ digital platforms, there’s definitely has a lot of work that needs to be done.

FINAL THOUGHTS ABOUT AXIOM BANK

Axiom Bank is a regional bank. Although its physical branch locations are limited to residents of Florida, its online banking platform is available for those living outside the area who still want to bank with them.

While Axiom may be a little small compared to other banks, it does provide a selection of personal as well as business banking products.

But what we like the most really is that the bank gives chance to customers to open checking accounts despite having a poor credit history. Do you like that, too?

To end this Axiom Bank review, we got to say that while it has its flaws, the institution is a great option for those who want to start anew — particularly customers with not-so-good credit history.

Categories
Mobile Banking

NBKC Bank Review: High APY Checking Account Without Fees

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

High APY Checking Account Without Fees

Digital banking is booming.

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

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

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

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

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

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

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

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

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

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

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

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

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

WHAT IS NBKC BANK?

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

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

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

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

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

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

WHO IS NBKC BANK BEST FOR?

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

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

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

Know more about the NBKC Bank in the video below:

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

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

WHAT DOES NBKC BANK OFFER?

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

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

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

Checking Accounts

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

  • Everything Account
  • Free Business Account

Everything Account

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Free Business Account

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

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

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

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

Certificate of Deposit (CD) Account

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

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

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

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

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

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

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

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

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

Money Market Account (MMA)

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

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

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

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

HOW TO BANK WITH NBKC BANK?

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

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

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

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

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

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

Deposits and Withdrawals

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

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

Customer Service

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

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

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

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

ARE THERE FEES INVOLVED?

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

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

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

IS NBKC BANK SAFE?

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

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

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

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

WHAT TO LIKE ABOUT NBKC BANK?

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

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

WHAT NOT TO LIKE ABOUT NBKC BANK?

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

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

FINAL THOUGHTS ON NBKC BANK

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

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

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

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

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

Categories
Mobile Banking

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

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

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

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

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

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

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

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

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

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

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

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

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

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

WHAT IS HUNTINGTON BANK?

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

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

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

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

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

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

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

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

WHO IS HUNTINGTON BANK BEST FOR?

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

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

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

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

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

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

WHAT DOES HUNTINGTON BANK OFFER?

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

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

Currently, the bank offers the following deposit accounts:

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

Savings Account

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

Huntington Premier Savings

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

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

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

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

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

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

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

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

Huntington Relationship Savings

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

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

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

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

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

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

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

Checking Account

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

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

Asterisk-Free Checking

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

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

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

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

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

Huntington 5 Checking

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

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

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

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

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

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

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

Huntington 25 Checking

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

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

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

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

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

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

Certificate of Deposit (CD) Account

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

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

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

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

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

Money Market Account (MMA)

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

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

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

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

HOW TO BANK WITH HUNTINGTON BANK?

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

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

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

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

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

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

ARE THERE FEES INVOLVED?

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

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

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

IS HUNTINGTON BANK SAFE?

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

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

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

Second, how safe is your money with Huntington Bank?

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

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

WHAT TO LIKE ABOUT HUNTINGTON BANK?

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

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

WHAT NOT TO LIKE ABOUT HUNTINGTON BANK?

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

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

FINAL THOUGHTS ON HUNTINGTON BANK REVIEW

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

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

Very convenient, right?

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

Categories
Mobile Banking

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

BMO Harris Bank Review: Full-Service Banking And Accessibility In One

If you are looking for a full-service bank that comes with mobile access and a wide selection of banking products and services, then, this BMO Harris Bank review is perfect for you.

BMO Harris Bank Review: Full-Service Banking And Accessibility In One

In an article entitled, The Mobile Banking and Payment Revolution, which was written by Sunil Gupta, the Edward W. Carter Professor of Business Administration and co-chair of the executive program on Driving Digital Strategy at Harvard Business School, it says that mobile technology has revolutionized the global banking and payment industry.

He further states that it offers new opportunities to banking institutions to provide added convenience to their customers. In the said article, it says that mobile penetration in the United States as well as in France is 105%.

Meanwhile, data by Statista says that as of 2018, the total number of mobile banking users in the United States is 57 million, and the number is expected to increase further as years go by.

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In fact, according to Fidelity National Information Services (FIS) as reported in a CNBC article, there was a 200% jump in mobile banking registrations in early April of 2020, which was the peak of the pandemic in the country.

Furthermore, mobile banking traffic increased to 85%, definitely higher as compared to previous years. This was not surprising at all, though, since a lot of bank branches had to close, and tellers were not available for health and safety reasons.

While 2020 was a challenging year for almost all industries, it was in a way a game-changer for the banking industry per se.

It was then that banks had to step up and ensure they are able to cater to the needs of their customers – whether it be in-person or online.

It was also during that time that a lot of people realized the value of having a bank that does not only provide a traditional banking experience but a great online banking experience as well.

One of the banks that actually offers both ways before the pandemic hit the world is BMO Harris Bank.

In this BMO Harris Bank review, we are going to tell you more about what to expect in this full-service bank, and what makes it a good banking option.

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

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

WHAT IS BMO HARRIS BANK?

First of all, we are going to share with you key facts you need to know about BMO Harries Bank. This provides you a picture of what the bank is all about and where it stands out as compared to other banks of the same kind.

So, with that said, here’s what you should know about the BMO Harris bank —

BMO Harris Bank is a full-service financial entity that runs over 500 brick-and-mortar locations across eight states. It is a subsidiary of Canada’s Bank of Montreal, with U.S. headquarters located in Chicago.

Founded over 130 years ago, BMO Harris Bank is currently in the eighth spot among the largest banks by assets in North America. The bank boasts having over 12 million customers to date.

If you want to know more about BMO Harris Bank, check the video below by nctv17:

BMO Harris Bank offers a wide selection of banking products and services including checking and savings accounts, certificates of deposit (CD), IRAs, as well as other investing and loan options. Needless to say, providing customers with a large ATM network of over 40,000 nationwide.

Moreover, the bank offers a high-yield money market account, while its checking accounts are generally affordable and provides several options to waive fees.

Adapting to the needs of its customers, and providing better banking services, BMO Harris Bank comes with a mobile banking application that provides some distinct features such as a service that links all your accounts, including non-BMO ones, to give you a full picture of your current financial situation.

Furthermore, the mobile app also allows its users to withdraw money from some BMO Harris ATMs even without their physical debit cards. 

WHO IS BMO HARRIS BANK BEST FOR?

Obviously, in this section of our BMO Harris review, we are going to talk about who is the bank best for.

Generally, BMO Harris Bank should appeal to customers who want a Midwest-based bank that offers a wide variety of banking products and services.

As mentioned in the previous section, BMO Harris is a full-service banking institution making it an ideal choice for those who want to manage all their finances in just one bank.

Furthermore, BMO Harris Bank is a good choice for clients who are looking for competitive money market account, as well as multiple checking account options.

Since the bank offers over 40,000 ATM networks, this should also appeal to those who want easy access to cash.

BMO Harris Bank has brick-and-mortar locations, and it is also accessible through its mobile banking app. Thus, making it appealing to those who want to have access to both.

WHAT ARE THE PRODUCTS OFFERED BY BMO HARRIS BANK?

Similar to other full-service banks, BMO Harries had everything you need financially. Apart from traditional checking and savings accounts, the bank offers personal loans, wealth management services, mortgages, retirement and investment accounts, as well as business and commercial banking.

BMO Harris has over 500 physical branches located in Arizona, Florida, Illinois, Indiana, Missouri, Minnesota, Kansas, and Wisconsin. Needless to say, the bank has over 40,000 ATMs, allowing customers to withdraw their money anytime.

Now, for the purpose of this BMO Harris review, we are going to focus only on its deposit product offerings such as checking and savings accounts, as well as money market and certificate of deposit accounts.

Checking Accounts

BMO Harris Bank offers three different types of checking accounts. These are:

Smart Advantage Checking

This checking account type is the most popular among all of the bank’s checking account offerings.

The Smart Advantage checking account requires no monthly maintenance fees as well as ATM fees. While electronic statements are free, if you prefer receiving a paper statement, you may do so for a fee of $2 per month.

Smart Advantage checking account comes with a debit MasterCard, which enables the account holder to withdraw money from the bank’s large ATM network.

To open a Smart Advantage checking account, BMO Harris only requires a minimum of $25 opening deposit, which is definitely lower as compared to other banks.

The only downside of this account type is that it does not earn any interest.

Smart Money Checking

Unlike Smart Advantage, the Smart Money checking account comes with a monthly maintenance fee of $5. This fee is waived only if the account holder is 25 years old and below.

Additionally, Smart Money checking account is free from overdraft fees or non-sufficient fund fees. Basically, this is because customers can only spend the funds available in the account.

Similarly, Smart Money checking account electronic statements are free. However, if you opt for a paper statement, this costs a $2 fee.

Also, this checking account type comes with a debit MasterCard and can be used in over 40,000 ATMs.

To open a Smart Money checking account, the bank requires a minimum of $25 initial deposit. This account type does not earn interest, as well.

Premier Checking

Of all the three checking account types offered by BMO Harris Bank, Premier checking is the only one that bears interest.

With Premier checking, all account balances earn interest. However, you need to have a minimum of $25,000 in your account to earn the highest interest rate, which currently is 0.10% APY.

The Premier checking account comes with a monthly maintenance fee of $25. However, this can be waived only if you meet any of the following requirements:

  • Maintain a $10,000 minimum daily balance
  • Has $25,000 in combined BMO Harris accounts
  • Has a BMO Harries investment account

Similar to other checking account types, this also comes with a debit MasterCard. More so, it also offers up to a $25 rebate monthly on out-of-network ATM fees. Fees are also waived on cashier’s checks and money orders.

Overdraft fee can be waived if you set it up by linking your savings account, MMA, or other checking accounts. The fee is $36 for every overdraft over $5 with a maximum of four overdrafts per day. Additionally, a $10 fee is charged for transferring funds to cover the overdraft.

To open a Premier checking account, the minimum initial requirement is also $25.

Savings Accounts

BMO Harris Bank only has one savings account option. This is the one they call the Statement Savings.

Similar to the bank’s checking account options, BMO Harris only requires at least a $25 initial deposit.

Unlike other savings account offerings from other banks, the Statement Savings only offers a 0.05% interest rate, which is below the national savings account average rate.

The savings account also comes with a monthly maintenance fee of $5, which can be waived for account owners who are 25 years old and below, or those who are keeping a minimum daily ledger balance of $100 for the month.

Money Market Accounts

If you want to earn a competitive interest rate, one of the ways to achieve that is by opening BMO Harris’s Platinum Money Market account.

Currently, account balances between $5,000 and $999,999.99 earns 0.95% annual percentage yield (APY), while balances that range $1,000 or more earn 0.75% APY.

While it requires a minimum opening deposit of $5,000, the account does not have an ongoing balance requirement.

Unlike the previous account types, the Platinum Money Market account does not charge a monthly maintenance fee. Furthermore, it comes with check-writing privileges.

Generally, the Platinum money market account is ideal for people who want to keep an emergency fund.

Certificate of Deposit (CD) Accounts

BMO Harris Bank offers two kinds of certificate of deposit (CD) accounts. These are Standard CD and Add-On CD accounts.

When it comes to interest earned, it is handled similarly with the two account types. For CD terms below 12 months, the interest is compounded daily and credited at maturity. Meanwhile, for CDs 12 months or greater, the interest is compounded on a daily basis and is credited to the CD account quarterly.

Now, to understand the difference between the two-CD account types here’s a brief explanation of each:

Standard CDs

This CD account type features terms from three to 60 months. It has an option for one-month and two-month CDs for balances of at least $100,000.

Standard CDs have tiered fixed rates depending on the term as well as the account balance. Rates vary from 0.05% for 1 month CD term up to 0.70% for 60 months CD term. Occasionally, the bank offers special rates for certain term lengths.

The minimum balance requirement for this CD type is $1,000.

Add-On CDs

As the name of the product suggests, this allows account holders to add more funds to their CD account after opening.

Unlike the other CD type, Add-On only has a one-year CD term, which at the moment earns 0.30% APY.

Similarly, the bank requires a minimum deposit of $1,000 to open an Add-On CD account.

For both CD types, the bank charges an early withdrawal fee of up to 545 days interest if you opt to withdraw your money prior to its maturity date.

HOW TO BANK WITH BMO HARRIS BANK?

This part of our BMO Harris review will focus on how to actually bank with BMO Harris.

What’s nice about BMO Harris is that the bank pairs some of the best in-person banking features with its digital banking functionality.

To open an account with BMO Harries, customers have the option to either visit any of the banks’ over 500 branches located in Arizona, Florida, Illinois, Indiana, Missouri, Minnesota, Kansas, and Wisconsin or do it online via its website.

Similar to any other financial institution out there, BMO Harris Bank requires all new customers to provide some personal information including their name, address, phone number, and Social Security number. Additionally, government-issued identification such as a passport and driver’s license is also required.

ATM Access

As already mentioned, BMO Harris has over 40,000 fee-free ATMs where customers can access cash.

Mobile Banking

For those who prefer mobile or online banking, BMO Harris Bank provides digital banking services so you can access your account anytime and anywhere.

The bank’s mobile app is highly-rated in both App Store and Google Play.

Using the mobile app, customers are able to enjoy the following features:

  • Mobile cash withdrawals in most of the bank’s ATMs
  • Mobile check deposit
  • Bill Pay
  • Total Look account management
  • Apple Pay and Zelle integration

Customer Service

If you have any concerns, you may contact someone at BMO Harris’s call center, which is available 24 hours a day, seven days a week.

IS BMO HARRIS BANK SAFE?

Of course, we made sure to also look into the bank’s digital platforms’ safety and security features.

As mentioned, you can access your BMO Harris Bank account either through the website or the mobile app.

Having been in the banking industry for more than 130 years, BMO Harris surely knows how to keep its customers’ personal data and accounts safe and secured.

The bank uses bank-grade encryption to ensure all accounts and personal data are free from possible fraud or identity theft.

Additionally, BMO Harris Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means all deposits are insured for up to $250,000 per depositor, per account category in case the bank fails.

WHAT TO LIKE ABOUT BMO HARRIS BANK?

In this section, we are going to give you a list of the things that really stand out about BMO Harris Bank, and the list includes the following:

  • Several Product Offerings – BMO Harris is a full-service bank. Thus expect to find a wide variety of banking products and services. Not only does it offer traditional checking and savings accounts, but that it also offers personal loans, wealth management services, mortgages, retirement and investment accounts, as well as business and commercial banking.
  • Inexpensive Checking Accounts – For only $25, you can easily open a checking account of your type.
  • Waivable Monthly Maintenance Fee – For most of its products, the bank charges a monthly maintenance fee. However, the fee is waived if you meet certain requirements.
  • Competitive Rates for Money Market Accounts – Of all the deposit products offered by BMO Harris Bank, the best in terms of rates would be Money Market. It definitely offers one of the best rates out there.
  • Large Fee-Free ATM Network – The bank has over 40,000 ATMs free of charge.
  • Physical Branches – Apart from providing a highly-rated mobile application, as well as online access, the bank has over 500 physical branches in select states.

WHAT NOT TO LIKE ABOUT BMO HARRIS BANK?

While there are a lot of things to like about BMO Harris Bank, it sure does have its share of downsides as well, and this includes the following:

  • Low-Interest Savings Account – Unlike other banks of the same type, BMO Harris Bank’s savings account is not that appealing. It offers a low-interest rate. In fact, below the national average for savings accounts even.
  • Limited Branches – Although we like the fact that BMO Harris Bank does have physical branch locations, it is limited to eight states only. It would be nice, though, if they could have more and eventually be present across all 50 states.

FINAL THOUGHTS ON BMO HARRIS BANK REVIEW

BMO Harris is a full-service bank that offers a wide selection of banking products and services. It comes with over 500 physical branches across eight states and provides access to over 40,000 ATMs.

While it does have a few downsides, the good things that it provides overshadow them.

Setting the not-so-good things about the bank, would you consider opening an account with BMO Harris?

To sum up, with this BMO Harris review, we found that the bank, while imperfect, is definitely one of the best options out there especially if you want a full-service financial institution that provides an access to both a physical branch (if you are from the Mid-west) and excellent digital platforms.

Categories
Mobile Banking

TIAA Bank Review: A Bank With Wide Selection of Financial Products

If you are looking for an online bank that offers a wide variety of financial products plus access to physical branches (at least for Florida residents), then you have to check this TIAA Bank review out.

TIAA Bank Review: A Bank With Wide Selection of Financial Products

TIAA Bank is one of those rare online banks that offer the convenience of a digital banking platform, at the same time, the traditional way of banking.

According to Statista, in 2018, there are 57 million mobile banking users in the United States.

In another research made during the same time by Statista as well, they’ve found that 69.3 percent of the mobile banking users in the country are Millennials, 47.9 percent belong to Generation X, while 24% are Baby Boomers.

Meanwhile, an article published by CNBC says that based on the Fidelity National Information Services (FIS), a firm that works with 50 of the largest banks in the world, there has been a 200% increase in new mobile banking registrations in early April in 2020 during the peak of the COVID-19 pandemic in the United States. Consequently, mobile banking traffic rose to 85 percent.

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The rise in the number of people using mobile banking since then was non-stop, and of course, obviously, the reason behind it is that most transactions are now done online to avoid unnecessary human contact to help lessen, and ultimately, win the pandemic situation.

Now, while some consumers are okay with banking entirely online, let’s admit it, some are not – especially the older ones as they still prefer traditional banking more. Needless to say, they feel more secure banking with a conventional financial institution rather than all-online.

While there are some financial institutions that offer access to both brick-and-mortar and online, they are very few. One of these few institutions is TIAA Bank, which is formerly known as EverBank.

However, the bank’s physical branch accessibility is only limited to Florida residents. Nonetheless, the online version of it is available for most residents of the United States.

In the next few sections, we are going to tell you more about TIAA Bank. This TIAA Bank review will provide you essential information to help you gauge if this is the right bank for you or not.

To be more specific, we are going to tackle the following:

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

WHAT IS TIAA BANK?

Before we talk about the more technical stuff, let’s discuss what TIAA Bank is all about first. This way, we get to know the institution and build trust and confidence in them. After all, we are letting them keep our hard-earned money, right?

The history of TIAA Bank dates back to 2017 when TIAA, a Fortune 100 company, purchased EverBank, and then re-launched it as what it is known for today back in 2018. The bank is headquartered in Jacksonville, Florida, and has Financial Center Locations scattered throughout the state.

While most residents of the country are able to access their TIAA Bank accounts online, those living in Florida have the luxury to visit a branch.

TIAA Bank offers full-service personal banking, as well as other financial products and services, which is why we mentioned that this is ideal for those who are looking for a variety of financial products and services in one bank.

Along with several personal bank account options, TIAA Bank also offers investment solutions, home loans, as well as business and commercial banking services. Later on, we are going to tell you more about what the bank has to offer.

TIAA Bank is insured by the Federal Deposit Insurance Corporation (FDIC), which means the federal government protects all deposits up to $250,000 per depositor, per account ownership category, in case of a bank failure.

Meanwhile, before moving on, sharing with you an insightful review by Eddie Yoon. In the video below, he provided some of the best banks in the country today, which include TIAA Bank.

Know what he has to say about the bank by clicking the play button below:

WHO IS TIAA BANK BEST FOR?

As we continue with our TIAA Bank review, this time around, we are going to provide you insights on who TIAA Bank suits best.

Based on what the bank offers, in terms of products and services, TIAA Bank will surely appeal most to clients who want access to a variety of financial products and services in just one bank.

It will also be great for those who are okay with accessing their bank accounts online. As with Florida residents, it is best for those who want to have access to both conventional and online banking.

Furthermore more, clients with deep pockets who would want to take advantage of Certificate of Deposit Account Registry Service (CDARS) as well as other banking products for large deposits would also like TIAA Bank.

Additionally, TIAA Bank would fit clients who want to have access to a large ATM network as TIAA Bank account holders have ATM access to all Allpoint and MoneyPass ATMs, which is equivalent to over 80,000 ATMs nationwide. Needless to say, using these ATMs does not come with a fee.

So, if you are any of you see yourself in all of these, then, TIAA Bank is perfect for you.

WHAT ARE THE PRODUCTS OFFERED BY TIAA BANK?

Probably, this is the most important section in this TIAA Bank review. Obviously, we are going to talk about the different products that TIAA Bank offers to the public.

As mentioned, TIAA Bank is full-service banking for both personal and commercial banking.

The bank offerings include savings, checking, credit cards, loans, lines of credit, investing products, as well as retirement.

As much as we want to cover all products and services offered by the bank, in this TIAA Bank review, we are going to focus only on the bank’s deposit products — savings, checking, Certificates of Deposit, and Money Market accounts.

Let’s begin with —

Savings Account

TIAA Bank has only one savings account, and it’s the Basic Savings account. It’s an average-bearing account that earns 0.45% annual percentage yield (APY), this changes though so always make it a point to check the latest.

While the interest rate is lower than several other online savings accounts offered by other banks, it still is higher as compared to what traditional brick-and-mortar banks offer.

What’s nice about TIAA Bank’s Basic Savings account is that in as low as $25, you can already open an account. Of course, there are others that require lower than that, but this one’s definitely not bad at all.

While the bank charges a $5 monthly maintenance fee for this account, it can be avoided for as long as you keep a minimum balance of $25 in your account.

For this account, mobile deposits are available. More so, it can also be linked to the Basic Checking account to avoid overdraft fees.

Checking Account

Unlike the savings account that only comes with one option, TIAA Bank’s checking accounts have two. These are the Basic Checking and the Yield Pledge Checking.

Now, let’s dig deeper into each of these account options:

Basic Checking Account

TIAA Bank’s Basic Checking account is exactly what it sounds like. This account comes with few requirements, as well as few perks.

Just like the Basic Savings account, TIAA Bank requires a minimum initial deposit of $25 and maintains a similar balance to avoid the $5 monthly maintenance fee.

This comes with a bill pay feature, as well as a debit card that has purchase benefits like price protection, return protection, and extended warranty.

For the Basic Checking account, the bank reimburses customers for ATM fees charged by other banks. There are two tiers of reimbursements available, which are based on the account balance.

For those with balances of $5,000 and more, there are unlimited ATM fee reimbursements every month, while balances of $5,000 below receive up to $15 ATM fee reimbursements on a monthly basis.

Yield Pledge Checking Account

The Yield Pledge Checking Account is an interest-bearing checking account that comes with two distinguishing features, which are:

  • an interest rate that is always among the top 5% of competitive accounts, and
  • a higher-earning rate for the first year since the account was opened.

As of November 2020, Yield Pledge Checking account holders earn 0.40% APY for the first year after the account was opened, and then, 0.12% APY in succeeding years on all account balances.

To open a Yield Pledge Checking account, the bank requires a minimum initial deposit of $100.

While there are no monthly maintenance, TIAA ATM, overdraft, and debit card replacement fees, there are some account activities that could trigger a fee like $10 for cashier’s check fee and $25 for the stop payment fee.

Additional perks include balances of $5,000 and above get unlimited ATM fee reimbursements for charges from other banks, while balances with below $5,000 receive up to $15 reimbursements per month.

Certificate of Deposit Account

While TIAA Bank has limited savings and checking account offerings, it does offer multiple Certificate of Deposit account options for its clients.

TIAA Bank offers:

  • Basic CDs
  • Bump Rate CDs
  • CDARS Services

Now, let’s take a look at each of these options:

Basic CDs

This CD account option comes with terms of three months to five years with an APY that ranges from 0.25% to 0.70%.

To open a Basic CD account, the bank requires a minimum deposit of $1,000. The account is set up to automatically roll over with a 20-day maturity alert. Similar to most CD accounts, the bank charges a penalty should an early withdrawal is made.

Bump Rate CDs

The Bump Rate CD account requires a larger minimum deposit requirement, which is $1,500, and a maximum of $250,000.

Unlike the Basic CD account, the Bump Rate CD account has only one term option, and that is 3.5 years. For balances of up to $250,000, the APY is around 0.60%.

As the name states, customers with this account have the opportunity to bump up their interest rates. When the rates are increasing, customers are given a one-time chance to lock in their CD at a higher interest rate.

TIAA Bank’s Bump Rate CDs are eligible for IRA and as mentioned, they automatically rollover. Take note, though, that each customer can only hold one of these CDs at a time.

CDARS Services

CDARS services are available for customers who are seeking FDIC coverage on CDs with values that run into the millions of dollars. A CDARS Service places CD deposits with multiple banks.

To avail of this product, the bank requires at least a $10,000 deposit.

Money Market Account

The last deposit product that is on TIAA Bank’s list is Money Market.

Similar to the Yield Pledge Checking account, TIAA Bank’s Money Market Account (MMA) has a high first-year APY as well. The rate will then depend on your balance after the first year.

Money Market Accounts does not charge monthly maintenance fees. However, there is a potential $10 fee for ordering a cashier’s check. Also, TIAA Bank’s MMA is IRA eligible.

To open an MMA, the bank requires a minimum deposit of $500.

HOW TO DO BANKING WITH TIAA BANK?

So, in the previous parts of our TIAA Bank review, we have discussed what the bank is all about, who is it best for, and of course, the products and services it offers.

By now, you are probably wondering already how to actually bank with TIAA.

As mentioned earlier, generally, TIAA Bank is accessible online. However, those residing in Florida, have access to physical branches across the state.

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

To open an account online, though, you need to visit the TIAA Bank website. Similar to most banks, on- and offline, during the application process, you will be asked to provide personal information such as your name, address, date of birth, as well as your Social Security number.

Furthermore, the bank may ask you to provide further information to help verify your identity.

Additionally, you may also call 1-888-882-3837 to know more information on how to open an account.

Online Banking Features

Apart from the ability to open an account anytime, anywhere, TIAA Bank also offers the following online banking features:

  • Online Bill Pay
  • Accounts Tracking
  • Online Electronic Transfers
  • Online Payment via Zelle
  • Setting Budgets and Savings Goals

Apart from these, TIAA Bank’s mobile app feature also includes mobile check deposits.

Meanwhile, TIAA payment cards may also be integrated with other mobile payment programs such as Google Pay, Samsung Pay, and Apple Pay.

IS TIAA BANK SAFE?

TIAA is a Fortune 100 company, which means it does things best. So, when it comes to the safety and security of your TIAA Bank account, you are assured that it is being taken care of in the best way possible.

The safety and security of all bank accounts are a top priority of TIAA Bank. Thus, all accounts are protected by the bank’s wide array of safety measures such as fraud detection, encryption technology, malware protection, identity theft protection, and a lot more.

Also, as mentioned earlier, TIAA Bank is FDIC insured, which means all deposits are insured up to $250,000 per depositor, per account category, in the event of a bank failure.

WHAT TO LIKE ABOUT TIAA BANK?

Now that we have already discussed the most important things that you need to know about TIAA Bank, we have gathered and listed down what we particularly like about this online bank, and this includes:

  • Wide Range of Banking Products – TIAA Bank offers a wide selection of banking products and services both for personal and commercial use. Apart from deposit accounts, it also offers investment solutions, home loans, as well as business and commercial banking services.
  • Competitive APY on Yield Pledge Checking Account – Yield Pledge Checking account holders could earn up to 0.45% APY.
  • Large ATM Network – TIAA Bank account holders can get access to cash at all Allpoint and MoneyPass Network ATMs, which totals to over 80,000 nationwide.
  • No ATM Fee, Reimburses Charges Incurred from Other Banks – TIAA Bank does not charge ATM fees. Apart from that, it also reimburses fees incurred from other banks. Depending on your balances, reimbursement could range from $15 a month to unlimited.
  • Waivable Monthly Maintenance Fee – Although TIAA charges a $5 monthly maintenance fee, this can be avoided if you maintain the required minimum balance requirement, which we have already stated earlier for both savings and checking accounts.
  • Mobile Check Deposit – Another plus point for TIAA Bank is that it supports mobile check deposits.

WHAT NOT TO LIKE ABOUT TIAA BANK?

This TIAA Bank review will not be complete without listing down the things that can be improved on. Some of the things that we do not like about TIAA includes:

  • Physical Branches are Limited to Florida – While the online banking platform is available for most states, physical branches of TIAA bank are only available across Florida. So, if you want an online bank with physical branch access, but you are not living in Florida, then. TIAA Bank is not for you.
  • Monthly Maintenance Fee – The bank charges a $5 monthly maintenance fee for both checking and savings accounts unless the minimum balance requirement is hit.
  • Limited Savings Account Option – Unfortunately, TIAA Bank only offers one savings account option.

FINAL THOUGHTS ON TIAA BANK REVIEW

TIAA Bank is an online bank that offers full-service personal banking, as well as commercial and business banking.

The bank, like any other bank, has its share of ups and downs in terms of its product offerings. At the end of the day, it will depend on you, the customer, to decide if this will work better for you or you should look for another bank.

Now, given all the information we’ve shared, do you think TIAA Bank hits off your needs and preferences in a financial institution?

We do hope that through this TIAA Bank review, we are able to provide you with everything you need to know to gauge if it’s the right one for you or not.

Categories
Mobile Banking

Step Review: The Best Financial App For Teens

The best way to teach teens about money and financial management is to actually let them use real money. This Step review will provide you information about how this new financial app is ideal especially for young people out there.

Step Review: The Best Financial App For Teens

As a parent, one of our responsibilities and obligations is to teach our children how to handle money right. The earlier we expose them to financial management and money stuff, the better — as they will surely benefit from it in the long run.

Unlike before, parents of this generation are more privileged because there are a lot of existing tools that would help them develop their kids to be financially savvy.

Thanks to technology, mobile banking exists. Needless to say, there are banks out there that specifically focus on providing teenagers their banking needs.

Also, as compared to the older generations, the younger generation is actually keener in knowing how to handle their finances, which is actually a good thing.

In fact, according to a study conducted by Raddon, “a Fiserv company and provider of innovative research, insightful analysis and strategic guidance to financial institutions,” it was found that out of the 2,500 respondents (all high school students aged 16 to 18), most of them are “eager for financial education and have done more to further their knowledge of financial matters than preceding generations.”

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Furthermore, the research finds that 56% of the respondents “believe programs or seminars from financial institutions are very or extremely important sources of personal finance information.”

The study also revealed that 67% of the “Gen Z” respondents already have a bank account at a financial institution — either personal or as a joint account together with their parents.

In terms of banking preferences, the study shows that 34% prefer banking in a more traditional way, while 37% of the respondents prefer banking through digital or electronic channels, and the remaining 28% think that all financial institutions are the same — whether it be conventional or digital — and that they’d rather go for what is convenient for them.

This study alone shows that teaching banking, as well as financial management as a whole to the younger generation, is actually easier today, because they, themselves are into it. They thirst for knowledge. They want to learn, which is great for parents, right?

Now, as you can see in the study we just mentioned, most of the young people lean towards digital or online banking, because after all, it is more convenient than traditional banking, right?

As we all know, people these days especially the young ones are more into what’s convenient and fast rather than the old, slow-moving style – and this is very apparent in their choices including when it comes to banking.

Speaking of banking, when it comes to digital banking per se, there are a lot of choices available out there. But, only a few focus on the banking needs of teenagers — one of them is Step.

The following sections of this Step review will provide you with the necessary information to help you gauge if this one’s the right financial institution for your teen or not.

Specifically, we are going to focus on answering the following questions:

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

Now, let’s dig into what Step Bank is all about and what it has to offer especially for the young people –

WHAT IS STEP?

First of all, let’s talk about what Step is all about. As a parent or guardian, it is our responsibility to make sure that we have the best partner in teaching financial management to our teens.

Thus, it is always best to do a little background check. Good for you, you don’t need to go elsewhere because we are going to provide you with some of the most important details that you need to know about Step.

Here you go –

Founded in 2018 by CJ MacDonald and Alexey Kalinichenko, Step’s mission is “to improve the financial future of the next generation.”

Technically, Step is not a bank, rather, it is a fintech. It is a financial app that comes with a debit card and is specifically oriented towards teenagers. But, all its banking services are provided through its partner-bank, Evolve Bank & Trust.

Since Step is a financial app, it means it does not have a physical brand, and that everything is done digitally. However, the company is headquartered in Palo Alto, California.

Step, as mentioned, targets teens, specifically those between the 13 and 18 age range.

This online banking solution does not charge fees and has no minimum requirements, which makes it even more appealing to the younger generation. More so, the financial app advertises an annual percentage yield that could go as high as 2.5%.

Interested to know more about Step? Below is a very informative video by Tech Hustler. He tackles the app, and how you can make cash fast by using it.

WHO IS STEP BEST FOR?

Step, as mentioned earlier, was designed to help educate young people on financial management.

The account was made specifically made for anyone aged 13 years old and above.

Step would be most appealing to those within the said age range who wanted to learn more about handling money and banking. It’s also ideal for those who want to start building their credit early.

To create an account, though, they need a parent or guardian to sponsor the account.

WHAT ARE THE PRODUCTS OFFERED BY STEP?

Unlike a typical online bank, Step does not offer a variety of product choices. It only has one, and it is what we consider a “lite” version of a checking account for teenagers.

Once you sign up for Step, you automatically get the Step Card, which is powered by Visa. According to its website, it is “a new type of secured spending card that has a few extra features over traditional bank cards.”

The Step Card combines both the benefits of a conventional debit and credit card, which means you only get to spend what you have deposited in your Step account. That leaves you a lot of security and peace of mind knowing you won’t be spending much more than what you have and you can. Needless to say, you don’t have to worry about paying interest like a typical credit card.

With the Step Card, your teenager gets to also enjoy the following features:

  • Can be linked to Apple Pay and Google Pay
  • Track real-time balance
  • Helps build credit
  • Send and receive money from other Step applications or members in an instant
  • Learn more about financial management
  • Referral credit of $3 for every person you invited to create a Step account
  • Parental monitoring through the parent account

The Step Card in itself is a physical debit card. Once you open an account and request the card, expect to receive it within seven to ten days.

While waiting for the card to arrive, you can use your Step account by linking it to Apple Pay and Google Pay.

HOW TO DO BANKING WITH STEP?

In the previous sections, we talked about what Step is all about, who is it best for, and the product it offers. This time, in this part of our Step review, we are going to provide you details on how to bank with Step.

First of all, you have to be at least 13 years old to be eligible to join Step. Also, you need to have a parent or guardian to sponsor the account for you.

To join, all you have to do is visit the Step website, and click the “Get Started” button. You will then be asked to input your phone number. Otherwise, the application process will not push through.

Step use cell phone number to verify the account, and to ensure that only the user can access his or her money. Step sends an SMS code as verification that the account is linked to the right mobile phone number.

Step is only available for residents of the United States as your mobile phone has to be issued by any of the US mobile phone carriers such as Verizon, AT&T, and T-Mobile.

To proceed with the account application process, you will be asked to provide other personal information such as your name, address, and your Social Security number. By the way, Step does not perform a credit check, but similar to most banks, it does use the SSN to verify the customer’s identity.

Once you have completed all the account application process, you may now start banking with Step.

Deposits and Withdrawals

Step is a financial app and does not come with a physical branch. Unfortunately, Step account holders have very limited ways to fund their accounts.

The only way to deposit money into your Step account is from another bank through a debit card or by linking the Step account to a PayPal, Venmo, or CashApp account. While both options can have their disadvantages, the good thing about linking it to a debit card is that you can transfer the money and use it immediately. Meanwhile, moving money through PayPal, Venmo, and CashApp will take between one and three days.

Step accounts do not have access to mobile checks or cash deposits. The same goes for paper checks. However, it is possible to make direct deposits from an employer. The process is pretty much similar to that of regular banks.

Meanwhile, when it comes to withdrawing funds, it’s pretty much the same. You have to move money into another checking account. Unfortunately, the Step Card can only be used to make purchases, but not to withdraw cash. However, who knows, Step might just add this feature in the future.

Fees

As mentioned earlier, Step does not charge any fees including monthly, overdraft, or service fees, which makes it one of the best ways to teach your kids financial management really.

IS STEP SAFE?

Similar to other online banks, one of the major concerns of customers is the security and safety of their personal data and money.

So, in this part of our Step review, we are going to look into how safe and secure Step is.

To ensure that all personal data shared are safe and secured, Step follows the standard safety and security measures to help avoid possible fraud or identity theft threats. Step also built-in a bank-level security and data encryption to make sure that customer information and account are safe all the time.

As with your money, all Step accounts are insured up to $250,000 per account through its banking partner, Evolve Bank & Trust, which is a member of the Federal Deposit Insurance Corporation (FDIC).

Additionally, every purchase made using the Step card is also protected by VISA’s Zero Liability Policy. This basically means the account holder will never be responsible for charges that are not authorized.

Overall, we got to say that Step is safe and secured – also taking into consideration that the Step app is rated 4.5 in the Appstore.

WHAT TO LIKE ABOUT STEP?

So, now that you already know what Step is about, what it offers, how to bank, and more, it’s time to share with you our list of things that we like about this financial app.

This is a summary of the notable features that make Step stand out from other financial platform of the same type.

Some of the things we like about Step include the following:

  • No Minimum Deposit Requirement – One of the things that we particularly like about Step is that it does not have a minimum deposit requirement, which obviously means they are serious about making it teenager-friendly. Well, we all know that not all teens have the capacity to always fund the account. So, it’s really a good thing.
  • No Fees – Another plus is that Step does not charge any fees including monthly maintenance fee, overdraft fee, and service fee.
  • Builds Credit – Building credit is not easy for adults. But, with Step, as young as 13 years old, you can already start building your credit. As you know, having good credit is key to take full advantage of bank offerings once you’re an adult.
  • Parental Monitoring Capability – Step comes with a parental monitoring capability through the parent account, which is good because parents get to track their teens’ expenses and see how their spending habits are.
  • Referral Fee – Step pays a referral fee to those who are able to invite people to create a Step account. The fee is $3, which is not bad at all.
  • Safe and Secured – Step has installed bank-level security and data encryption to protect customer information and accounts all the time.
  • FDIC-Insured – All Step accounts are FDIC-insured up to $250,000 per depositor. Thanks to its bank partner, Evolve Bank & Trust.

WHAT NOT TO LIKE ABOUT STEP?

This Step review will not be complete without a list of the things to not like about Step. These, though, can be improved eventually.

So, our list includes:

  • No Interest on Deposits – Unlike typical deposit accounts, whether it be traditional or mobile banking, Step does not earn interest on deposits. So, if you want your kid to learn to save, at the same time, earn from their savings, you may have to look for another bank.
  • No Physical Branches – As mentioned, Step is a financial app, and does not come with any physical branches. Again, if you or your teenager opt for a more traditional way of banking, Step is not the right financial institution for you.
  • No ATM Access – Although Step comes with a debit card, it only functions as a credit card. It does not allow you to withdraw cash from ATM portals. However, who knows, maybe this is already part of Step’s future plans.
  • No Cash, Paper, and Mobile Check Deposits – Step account holders can only fund their account by transferring money from another account. Unfortunately, there are no other means to fund the account apart from that. So, if you find this inconvenient, there are other mobile banks out there to check out.

FINAL THOUGHTS ON STEP REVIEW

Step is an online financial app specifically designed to cater to the needs of teenagers. This app was designed to help teach the younger generation how to properly manage their finances.

Step offers a lot of notable features including no monthly maintenance fee, no service fee, and no overdraft fee. Additionally, this financial app also helps build the account holder’s credit at such a young age.

The financial app also comes with parental monitoring capability to help parents track their kids’ spending, and see how well they are in handling their money.

Step comes with a debit card that functions like that of a credit card. The only difference is that you need to fund the card to be able to use it. While it can be a not-so-good feature for some, it actually works to help teens learn how to spend within their means or within the money, they have on their account.

So, given all the features Step offer, do you think this fits your needs and preferences?

To wrap up,  this Step review provided you with essential information about this financial application, particularly on how it focuses on teaching young people to handle their money well, and of course, what makes it the best money app for teens.

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.