Tag: online-only bank

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Mobile Banking

Vio Bank Review: Competitive Rates And Convenience In One

An online bank that offers competitive rates and convenience. This Vio Bank review will provide essential information you need to know on what makes this digital banking platform an ideal choice for you.

Vio Bank Review: Competitive Rates And Convenience In One

Online bank is not a new thing in the United States. In fact, the very first financial institution that offers internet banking to its customers dates back to 1994 according to a report published by Go Banking Rates.

Since then, the internet or online banking grew to what it is today. A few years after, people now are, no doubt, into it. Digital banking has become part of people’s day-to-day lives.

In a survey conducted by Finder, they’ve found that “an estimated 76.9 million Americans (30.3% of the US population) say they have, or are planning to, open a digital-only — or neobank — account. “ Meanwhile, “54.4 million digitally savvy Americans (about 21.4% of the total US population) already bank with digital-only banks.”

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

By the way, if you’re not quite familiar with what online-only banking is, it basically means as it is. You can only bank or make banking transactions online. Online-only banks do not have a physical branch where people can make in-person banking transactions. Again, everything is entirely online.

Online-only banks provide a lot of benefits especially for people who are always on the go and have no time to visit a bank’s branch location. Online banks give access to account holders to get to manage their accounts as well as make banking transactions all right at their fingertips through their mobile devices.

Currently, there are lots of online banks in the country already, and to be honest, finding the right online banking platform could be quite a challenge for some.

While it looks like all of them offer the same thing, the truth is, they don’t. Some of them offer a better customer banking experience than the others or offer better rates than their competitors, which is actually the case of Vio Bank.

As mentioned earlier, this review will focus on Vio Bank, an online-only division of MidFirst Bank, which is one of the largest, privately-owned banks in the country

This Vio Bank review will focus on the following to help potential customers see how good of an option this online bank is:

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

WHAT IS VIO BANK?

As you go along with this Vio Bank review, you are going to find out about the products it offers, if it suits you, the process of banking with it, and a lot more.

But, before we talk about those things, in this section, we are going to get to know more about Vio Bank is.

We always say that as potential customers, we always have to take time to look into not only what the financial institution offers, but also its history. This helps establish confidence and trust, which are key to building a good relationship with your bank.

Now, with that being said, here are some key information about what Vio Bank is all about —

As already mentioned earlier, Vio Bank is the online-only division of MidFirst Bank, one of the country’s largest, privately owned banks. MidFirst has been in the banking industry since 1911.

Currently, it has $20 billion in assets and services over 600,000 customers.

Although headquartered in Oklahoma City, MidFirst Bank also serve customers in Texas, California, Colorado, Arizona, and the rest of Oklahoma.

MidFirst Bank established Vio Bank only in 2018 in the hope of providing banking services to a larger customer base. This time, on a national level.

Vio Bank offers competitive rates and low opening minimum requirements on its savings account, which makes it really appealing to a lot of customers. Additionally, the online-only bank also offers a suite of certificates of deposit.

Since it is an online-only bank, it does not offer ATM or branch network, thus, it is best for people who want to set aside cash and let it grow.

Similar to most online banks, Vio Bank is a member of the Federal Deposit Insurance Corporation (FDIC). All deposits are insured for up to $250,000 per depositor, per account category, in case the bank fails.

In the next few sections of this review on Vio Bank, you are going to know more about this online banking platform especially on what makes it an ideal choice for those who want to save and grow their money.

WHO IS VIO BANK BEST FOR?

Vio Bank is an online-only bank, which makes it appealing to customers who want easy, no-frills access to their money. By the way, the Vio Bank app is available for both iOS and Android mobile device users.

As mentioned in the previous section, this bank is not accessible to ATMs as well as branch networks. Thus, making it an ideal choice for those who want to save their money and let them grow.

Vio Bank offers a limited selection of products, so, if you are looking for a wide variety of deposit accounts and financial products and services, you may have to look elsewhere.

Furthermore, Vio Bank is a great option for individuals who want a simple, online bank to put their money into and let it grow. It’s best for those who want a low minimum opening deposit requirement, at the same time, avoid monthly maintenance fees.

So, if you are any or all of these, then continue reading as Vio Bank may be the one you are looking for.

WHAT ARE THE PRODUCTS OFFERED BY VIO BANK?

One of the most important things that the majority of bank customers look into is the products and services that a banking institution offers.

As mentioned earlier, unfortunately, unlike other banks of the same type, Vio Bank does offer a very limited selection of products.

Currently, the bank only offers a high-yield savings account and certificates of deposit.

Now, here’s what you should know about these product offerings:

High-Yield Savings Account

Although Vio Bank does not have a lot of product offerings, customers will surely have a lot to like about the bank’s high-yield savings account.

In the video below by Martin Su, he explains how worth it Vio Bank’s savings account is if you are looking forward to earning high-interest rates from your money.

Well, obviously, as the name implies, the savings account offers a competitive interest rate. In fact, as of this writing, customers can enjoy a 0.76% annual percentage yield (APY) on all balances. Please take note that interest is compounded daily and credited monthly.

Apart from the high-interest rate, Vio Bank’s savings account only requires a low minimum deposit of $100 to open an account. More so, customers need not worry about monthly fees, because Vio Bank does not charge any of that unless you prefer getting a paper statement over an online statement.

Just so you know, opting for paper statements will cost you $5 per month. Meanwhile, the bank also charges an excessive transaction fee, which costs $10 per transaction. That is in excess of six per statement cycle.

Additionally, Vio Bank also charges $30 for outgoing domestic wire transfers, while incoming domestic or international wire transfers are free of charge.

The list of charges does not end there. Vio Bank also charges a $30 stop payment fee, as well as a $7 fee for returned deposits.

Realistically, all of these charges can be avoided to keep you fee-free. So, it should not bother you that much at all.

Certificate of Deposit Account

Certificate of deposit accounts is ideal for people who want to set aside funds that they do not need anytime soon and earn some interest from them.

Vio Bank offers CD terms that range from six months up to 10 years. The interest rate varies depending on your CD term of choice. But, to give you an idea, Vio Bank’s CD could earn as much as 0.70% APY for a 10-year term. For CD accounts, interest compounds daily.

Although Vio Bank’s CD rates may be lower as compared to other banks, overall, it’s pretty decent still.

To open a CD account, Vio Bank requires a minimum deposit of $500 regardless of the CD term you choose.

Similar to other CD accounts, once your CD reaches maturity, it may automatically renew. However, it is important to note that the bank reserves the right to allow or decline the renewal of a CD.

Vio Bank provides maturity notice before the CD’s maturity date, allowing you to enjoy a 10-day period to decide whether you want to reinvest your money in another CD or you opt to withdraw it instead.

Just like other banks, Vio charges early withdrawal penalties, which depend on your CD term. Vio Bank charges a penalty of 3% of the amount withdrawn plus a $25 fee for CD terms greater than 12 months, while a penalty of 1% of the amount withdrawn plus a $25 fee for terms of 32 days to 12 months.

Meanwhile, for CD terms of seven days to 31 days, the penalty is all of the interest earned on the amount withdrawn.

HOW TO BANK WITH VIO BANK?

So, in the previous sections, you already learned about what Vio Bank is about, as well as the products it offers.

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

As mentioned, Vio Bank is an online-only bank. It does not have a physical branch location, thus, all transactions including opening an account are done entirely online.

To open an account, all you got to do is fill out an account application online. Similar to other banks, Vio requires customers to provide some personal information like your name, address, phone number, as well as your Social Security number.

Additionally, you will be asked to provide a valid government-issued identification like your passport or driver’s license to help verify your identity.

For a savings account, Vio Bank requires a minimum initial deposit of $100, while for a CD account the bank requires at least $500 to open one.

As mentioned earlier, Vio Bank does not charge monthly fees. Although, it has a list of other fees charged, all of which can be avoided.

Deposits and Withdrawals

Vio Bank is an online-only bank. Unfortunately, it does not provide access to any ATM network or a physical branch location.

The bank does not support cash deposits. So, the only way you can fund your account is by linking your savings account to your existing external bank checking account.

Direct deposits are supported. Also, if you need recurring deposits to occur from your checking account, Vio Bank provides that feature.

Online and Mobile Access

Your Vio Bank accounts can be managed through the mobile app that is available for both iOS and Android devices. The app allows you to view account information, transfer funds, search transaction history, as well deposit checks.

Vio Bank provides a number of online features including eStatements, online transfers, set up notifications, contact Vio Bank’s customer service via email, as well as stop payments and download information to Microsoft Money or Quicken.

Customer Service

Vio Bank’s customer service is available via online form, secure email, website chat, and phone. It is available from Monday to Friday, 7 a.m. to 9 p.m. CT, as well as Saturday from 8 a.m. to 6 p.m. CT and Sunday from 12 p.m. to 4 p.m. CT.

IS VIO BANK SAFE?

The safety and security of all depositors are one of Vio Bank’s primary concerns. Thus, it has put bank-grade security features in place to avoid possible fraud or identity theft cases.

As mentioned earlier, Vio Bank is insured by the Federal Deposit Insurance Corporation (FDIC). Thus, the federal government protects depositors’ money for up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

So, is Vio Bank safe? The answer would be, it definitely is.

WHAT TO LIKE ABOUT VIO BANK?

Vio Bank may not be similar to other online-only banks that provide a wide variety of products, it, however, gives customers the following benefits to enjoy:

  • Competitive Rates on Savings Account – One of the things that make Vio Bank stand out from among its competitors is the fact that it provides competitive interest rates for its savings account regardless of how much the balance is.
  • Low Minimum Deposit Requirement – To open a savings account, Vio Bank only requires at least a $100 initial deposit, while for a certificate of deposit accounts, the bank requires at least $500 to open an account. Compared to other banks out there, these are low and definitely are achievable.
  • No Monthly Maintenance Fees – Another thing that makes Vio Bank appealing to customers is that it does not charge monthly maintenance fees, allowing customers to save a couple of bucks instead of paying for monthly charges.
  • Online and Mobile Access – Since Vio Bank is an online-only bank, it means customers may access their account anytime and anywhere by simply checking through the website or by downloading the Vio Bank app, which is available for both iOS and Android devices.
  • FDIC –Insured – Vio Bank is an FDIC member, which means all deposits are insured. Each account holder can receive up to $250,000 per account category should the bank fails.

WHAT NOT TO LIKE ABOUT VIO BANK?

To complete our Vio Bank review, we are also giving you a list of things to not like about Vio Bank. These are things that Vio can improve on in the future to appeal to more customers.

Some of these things include:

  • Limited Product Offerings – Unlike other online banks, Vio Bank’s products are only limited to savings and certificate of deposit accounts. So, if you want to open a checking account, you may have to find it elsewhere.
  • No ATM Access – Another downside of Vio Bank is that it does not provide ATM access to customers. Although, it’s not an isolated case because it’s a very common thing among online-only banks.
  • No Physical Branches – Apart from the lack of ATM access, Vio Bank also does not have a physical branch location. All transactions are made entirely online.
  • No Cash Deposits or Check-Writing Capabilities – Unfortunately, Vio Bank does not support cash deposits, and has no check-writing capabilities as well.
  • CDs Automatically Renew – Unless you reach out to the bank and talk to a customer service representative within 10 days after your CD term matures, your CD account will automatically review.

FINAL THOUGHTS ON VIO BANK REVIEW

Vio Bank is an online-only bank. It is a division of one of the country’s largest banks, MidFirst Bank. It was established only in 2018 to provide banking services not only in select states but to customers across the country.

Although its product offerings are limited, it does offer a high-interest savings account which makes it very competitive in the market.

Do you want to save and earn high interest from your money? If your answer is yes, then Vio may just be the right online bank for you.

To end, may this Vio Bank review was able to provide you the key reasons why you should consider this online-only banking service provider.

Categories
Mobile Banking

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

WHAT IS FNBO DIRECT?

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

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

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

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

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

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

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

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

WHO IS FNBO DIRECT BEST FOR?

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

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

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

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

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

WHAT ARE THE PRODUCTS OFFERED BY FNBO DIRECT?

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

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

FNBO Direct offers the following products and services:

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

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

Savings Account

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

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

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

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

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

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

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

Checking Account

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

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

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

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

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

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

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

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

529 College Savings

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

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

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

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

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

Credit Cards

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

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

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

HOW TO BANK WITH FNBO DIRECT?

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

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

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

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

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

Deposits and Withdrawals

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

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

Fees

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

However, the bank charges for certain activities like:

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

Account Limits

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

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

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

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

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

Customer Service

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

IS FNBO DIRECT SAFE?

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

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

WHAT TO LIKE ABOUT FNBO DIRECT?

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

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

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

WHAT NOT TO LIKE ABOUT FNBO DIRECT?

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

Some of the downsides of FNBO Direct include:

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

FINAL THOUGHTS ON FNBO DIRECT REVIEW

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

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

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

Categories
Mobile Banking

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

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

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

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

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

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Varo Bank Review: Providing High-Yield Online Savings Account For You
SFGI Direct Savings Review: High-Yield Online-Only Savings Account For You
Level Bank Review: A Fintech With An Ideal High-Yield Bank Account

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

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

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

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

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

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

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

WHAT IS COMENITY DIRECT?

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

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

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

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

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

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

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

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

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

WHO IS COMENITY DIRECT BEST FOR?

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

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

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

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

WHAT ARE THE PRODUCTS OFFERED BY COMENITY DIRECT?

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

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

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

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

High-Yield Savings Account

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

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

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

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

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

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

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

Certificate of Deposit Account

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

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

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

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

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

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

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

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

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

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

HOW TO BANK WITH COMENITY DIRECT?

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

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

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

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

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

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

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

Deposits and Withdrawals

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

Fees

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

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

Meanwhile, there are charges for the corresponding transactions:

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

IS COMENITY DIRECT SAFE?

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

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

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

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

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

So, is Comenity Direct safe? Definitely.

WHAT TO LIKE ABOUT COMENITY DIRECT?

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

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

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

WHAT NOT TO LIKE ABOUT COMENITY DIRECT?

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

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

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

FINAL THOUGHTS ON COMENITY DIRECT REVIEW

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

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

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

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

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

Categories
Mobile Banking

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

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

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

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

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

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

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

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

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

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

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

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

WHAT IS ONJUNO?

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

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

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

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

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

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

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

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

WHO IS ONJUNO BEST FOR?

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

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

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

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

WHAT ARE THE PRODUCTS OFFERED BY ONJUNO?

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

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

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

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

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

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

WHAT IS THE ONJUNO HIGH-YIELD CHECKING ACCOUNT?

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

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

Basic Checking Account

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

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

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

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

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

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

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

Metal Checking Account

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

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

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

Other features included in this account are as follows:

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

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

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

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

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

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

WHO IS ONJUNO HIGH-YIELD CHECKING ACCOUNT BEST FOR?

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

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

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

HOW TO OPEN AN ONJUNO HIGH-YIELD CHECKING ACCOUNT?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

This includes the following:

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

IS ONJUNO SAFE?

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

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

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

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

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

FINAL THOUGHTS ON ONJUNO HIGH-YIELD CHECKING REVIEW

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

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

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

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

Categories
Mobile Banking

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

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

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

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

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

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

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

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

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

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

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

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

WHAT IS AXOS BANK?

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

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

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

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

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

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

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

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

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

WHO IS AXOS BANK BEST FOR?

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

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

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

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

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

WHAT ARE THE PRODUCTS OFFERED BY AXOS BANK?

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

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

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

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

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

Savings Account

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

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

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

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

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

Checking Account

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

Essential Checking

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

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

Rewards Checking

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

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

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

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

CashBack Checking

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

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

Golden Checking

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

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

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

First Checking

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

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

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

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

Money Market Account

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

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

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

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

Certificate of Deposit Account

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

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

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

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

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

Other Bank Offerings

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

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

HOW TO DO BANKING WITH AXOS BANK?

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

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

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

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

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

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

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

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

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

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

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

IS AXOS BANK SAFE?

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

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

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

WHAT TO LIKE ABOUT AXOS BANK?

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

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

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

WHAT NOT TO LIKE ABOUT AXOS BANK?

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

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

FINAL THOUGHTS ON AXOS BANK REVIEW

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

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

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

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

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

Categories
Mobile Banking

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

WHAT IS BANK5 CONNECT?

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

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

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

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

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

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

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

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

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

WHO IS BANK5 CONNECT BEST FOR?

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

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

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

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

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

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

WHAT ARE THE PRODUCTS OFFERED BY BANK5 CONNECT?

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

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

As mentioned earlier, Bank5 Connect does offer the following:

  • Checking Account
  • Savings Account
  • Certificate of Deposit

Now, here’s thorough information about these products –

Checking Account

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

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

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

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

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

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

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

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

Savings Account

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

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

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

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

Certificate of Deposit

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

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

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

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

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

HOW TO DO BANKING WITH BANK5 CONNECT?

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

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

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

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

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

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

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

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

IS BANK5 CONNECT SAFE?

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

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

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

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

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

WHAT TO LIKE ABOUT BANK5 CONNECT?

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

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

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

WHAT NOT TO LIKE ABOUT BANK5 CONNECT?

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

This includes the following items:

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

FINAL THOUGHTS ON BANK5 CONNECT REVIEW

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

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

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

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

We do hope do.

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

Categories
Mobile Banking

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

WHAT IS CIT BANK?

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

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

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

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

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

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

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

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

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

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

WHAT ARE THE PROS AND CONS OF CIT BANK?

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

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

PROS

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

CONS

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

WHO IS CIT BANK BEST FOR?

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

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

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

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

WHAT ARE THE PRODUCTS OFFERED BY CIT BANK?

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

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

Here’s a quick backgrounder of these two accounts:

Checking Account

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

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

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

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

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

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

Certificate of Deposit

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

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

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

WHAT IS CIT SAVINGS BUILDER?

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

So, what is CIT Savings Builder?

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

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

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

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

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

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

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

WHO WOULD BENEFIT FROM THE CIT SAVINGS BUILDER?

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

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

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

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

WHAT ARE THE ADVANTAGES AND DISADVANTAGED OF CIT SAVINGS BUILDER?

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

So, here it is —

ADVANTAGES

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

DISADVANTAGES

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

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

HOW TO OPEN A CIT SAVINGS BUILDER ACCOUNT?

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

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

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

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

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

IS BANKING WITH CIT BANK SAFE?

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

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

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

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

FINAL THOUGHTS ON CIT SAVINGS BUILDER REVIEW

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

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

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

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

Categories
Mobile Banking

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

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

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

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

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

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

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Barclays Online Savings Review: A High-Interest Rates Online Bank For You

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

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

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

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

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

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

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

WHAT IS POPULAR DIRECT BANK?

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

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

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

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

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

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

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

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

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

WHO IS POPULAR DIRECT BANK BEST FOR?

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

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

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

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

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

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

Additionally, Popular Bank is ideal for customers who:

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

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

WHAT ARE THE PRODUCTS OFFERED BY POPULAR DIRECT BANK?

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

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

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

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

Popular Direct Select Savings Account

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

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

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

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

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

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

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

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

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

Popular Direct Certificate of Deposit Account

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

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

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

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

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

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

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

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

HOW TO DO BANKING WITH POPULAR DIRECT BANK?

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

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

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

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

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

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

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

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

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

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

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

IS POPULAR DIRECT BANK SAFE?

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

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

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

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

WHAT TO LIKE ABOUT POPULAR DIRECT BANK?

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

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

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

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

WHAT NOT TO LIKE ABOUT POPULAR DIRECT BANK?

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

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

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

FINAL THOUGHTS ON POPULAR DIRECT BANK REVIEW

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

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

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

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

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

Categories
Mobile Banking

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

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

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

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

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

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

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

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

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Barclays Online Savings Review: A High-Interest Rates Online Bank For You
Radius Bank Review: What Every Potential Customer Must Know
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A report published by Forbes says that according to the July 2020 survey of US consumers from Cornerstone Advisors, it was found that “14.2 million Americans—6% of US adults with a checking account—now consider a digital bank to be their primary bank—a 67% jump from January 2020”.

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

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

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

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

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

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

WHAT IS SYNCHRONY BANK?

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

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

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

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

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

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

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

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

WHO IS SYNCHRONY BANK BEST FOR?

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

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

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

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

WHAT ARE THE PRODUCTS OFFERED BY SYNCHRONY BANK?

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

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

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

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

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

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

Savings Account

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

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

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

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

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

Money Market

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

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

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

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

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

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

Certificates of Deposit

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

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

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

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

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

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

Credit Cards

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

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

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

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

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

HOW TO DO BANKING WITH SYNCHRONY BANK?

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

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

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

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

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

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

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

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

IS SYNCHRONY BANK SAFE?

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

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

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

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

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

WHAT TO LIKE ABOUT SYNCHRONY BANK?

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

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

WHAT NOT TO LIKE ABOUT SYNCHRONY BANK?

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

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

FINAL THOUGHTS ON SYNCHRONY BANK REVIEW

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

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

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

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

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

Categories
Mobile Banking

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

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

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

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

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

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

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

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

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

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

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

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

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

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

WHAT IS SFGI DIRECT?

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

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

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

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

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

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

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

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

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

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

WHO IS SFGI DIRECT BEST FOR?

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

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

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

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

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

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

WHAT ARE THE PRODUCTS OFFERED BY SFGI DIRECT?

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

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

WHAT IS SFGI DIRECT ONLINE SAVINGS ACCOUNT?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Advantages

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

Disadvantages

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

HOW TO DO BANKING WITH SFGI DIRECT?

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

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

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

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

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

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

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

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

IS SFGI DIRECT SAFE?

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

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

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

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

WHAT TO LIKE ABOUT SFGI DIRECT?

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

This includes the following:

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

WHAT NOT TO LIKE ABOUT SFGI DIRECT?

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

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

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

FINAL THOUGHTS ON SFGI DIRECT SAVINGS REVIEW

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

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

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

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

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

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