Odds are you hold at least some, if not all, of your money in a checking or savings account (or both).
Odds are you have at least one credit card (if you don’t, you should remedy that ASAP).
Odds are you have, or have had at one time, some type of loan — be it a student loan, an auto loan, a mortgage, or perhaps all of the above.
While you most certainly recognize these as products offered by banking institutions, you may not have known that none of them are free. Banks have to stay afloat somehow, and they do so in subtle ways like monthly maintenance fees on your checking account or interest on your auto loan.
Below, we’ll cover the ways banks earn money so they can continue to help you manage yours.
What’s Ahead:
How do banks make money?
When you think of a bank, what comes to mind? Checking accounts? Credit cards? Loans? Banks provide a wide range of services, but the most prevalent (and the most relevant to me and you) fall under two categories: money held for customers and money loaned to customers.
Banks need to earn some sort of revenue from these services, and they do so in two primary ways.
Fees
Fees are the main way banks make money on the cash they hold for customers.
If your checking account has a monthly maintenance fee, for example, it’s part of that bank’s income. If you recently traveled overseas, you may have noticed a fee for using your credit card abroad. This is a foreign transaction fee, and it’s another means of money-making.
Here are some examples of bank fees, many of which you’ve probably paid:
Monthly maintenance fees
Credit card fees
ATM fees
Foreign transaction fees
Overdraft fees
Interchange fees
Origination fees
Late fees
And so on…
Read more: How to stop paying ATM fees
Interest
Interest is how banks make money back on the cash they loan to individuals and businesses.
When you borrow money from your local bank to buy a new car, for example, the bank isn’t doing you a favor; they’re providing a service, and you have to pay for that service. The primary way you repay the bank for loaning you money is through interest.
Some of the products banks charge interest on include the following:
Home loans
Auto loans
Personal loans
Business loans
Student loans
Payday loans
Credit card debt
And so on…
Other bank income streams
While banks make a significant chunk of their income through various fees and interest, their revenue is truthfully much more diverse.
Banks also provide capital markets services, which essentially means they work with investors and businesses who need help with a range of financial activities. Some clients may need help funding a project. Others may need assistance with underwriting and/or building equity. Another business may require the support of an advisor or team of advisors through a merger or an acquisition.
Capital markets services are diverse, but they’re also inconsistent. This is why many banks lean more heavily on revenue from fees and interest.
Do all banks make money in the same ways?
In short, no.
While many banks bring in the bulk of their income through interest and fees, the weight they place on different income streams varies. This is because banks offer two types of services: commercial and investment.
Some banks focus on commercial banking. Some focus on investment banking. Others, but not all, offer products that fall under both categories, and those that do may make more money through one type of banking than another.
Knowing what your bank offers will help you understand why they charge the interest and fees they do.
Commercial banking
Commercial banking is likely more familiar to you, because commercial products are available for individuals and small to mid-sized businesses. In fact, when you hear the term “bank,” more often than not it’s in reference to a commercial bank. The products offered by a commercial bank include deposit accounts (checking and savings accounts) and loans (auto loans, home loans, etc.).
Read more: Which are the best banks?
Investment banking
Investment banking refers to products and services for the “big boys.” We’re talking corporations, high-net-worth individuals, and even governments. These institutions offer financial advice and wealth management, engage in trading activities, and more.
What about credit unions?
At a glance, it may seem like credit unions and banks are virtually the same, and in many ways they are. For instance, both charge customers interest and fees. One notable difference, however, is that credit unions are nonprofit businesses that are owned by their customers, while traditional commercial banks are owned by shareholders.
Read more: Credit unions vs. banks: Think local, save money?
The reason this difference matters from a money-making standpoint is that credit unions are only making enough to cover their own expenses, while banks are actually trying to make a profit. Consequently, credit unions are typically able to offer lower fees and interest rates for their customers.
This said, one of the major drawbacks to working with a credit union is they’re generally smaller than commercial banks, which means they have fewer branches to work with and fewer products.
Read more: The best credit unions
How to reduce your banking costs
Now that you have a clearer idea of how banks make money, you’ll be able to identify opportunities to reduce those funds. Here are two simple suggestions to trim your banking costs:
Pay attention to bank fees
While every bank must charge some fees and interest to stay in business, there are plenty of “fee-free” services you can consider to cut costs.
For instance, online banks are able to maintain lower costs since they don’t have to pay for physical branches. As a result, they can reduce — and sometimes even eliminate — certain fees, like monthly maintenance fees.
Read more: Online banking vs. traditional banking
Another easy fee to avoid is the overdraft fee; all you need to do is opt out of your bank’s overdraft protection and make sure you monitor your account balance to avoid spending more money than you have available.
Read more: Understanding overdraft protection and fees
Shop around before you buy
Banks may sell similar products, but they don’t all charge the same rates and fees.
As mentioned previously, for instance, online banks are able to offer customers reduced fees, because they don’t have to pay for physical branches. With this in mind, before you open a new credit card or take out a personal loan, make sure you spend some time shopping around and comparing options.
Read more: How to choose a bank
Summary
Believe it or not, your bank isn’t free.
Banks have to make money to stay in business, and they do so in a number of ways. If you have a checking account, you’re paying the bank in fees to store your cash. If you have a personal loan, you’re paying the bank in interest to borrow money. But not all banks have identical income streams and understanding how your bank makes money can help you learn how to trim costs for yourself.
From the casinos of Las Vegas to the hot springs of Reno, Nevada has plenty to offer both residents and visitors. The best banks in Nevada offer high interest rates and fee-free basic savings account and checking account options.
12 Best Banks in Nevada
If you’re in the market for a new bank, there are more than a few options available. The below list will help you find a bank account that fits your needs.
1. Chase Bank
There are quite a few national banks in Nevada, including Chase, which has both branches and ATMs in the state. Chase’s signature checking account, Total Checking, waives the monthly fee as long as you receive $500 or more in direct deposits or maintain a $1,500 balance.
But perhaps the best reason to move your Nevada banking to Chase is the $200 bonus if you open a new checking account and enroll in direct deposit.
Fees:
$12 monthly service fees (waived with requirements)
$34 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance requirements
ATMs:
Fee-free at 15,000+ Chase Bank ATMs
$3-$5 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings account
Up to 3.75% APY on CDs
Additional perks:
$200 bonus for new checking accounts
Chase Overdraft Assist gives you extra time to fix overdrafts
2. Nevada State Bank
For a local bank option, check out Nevada State Bank, which is part of Zions Bancorporation, N.A. Your Nevada State Bank debit card gets you fee-free ATM access at both Nevada State Bank and Zions Bancorporation locations.
Nevada State Bank offers a free checking account as long as you have at least $250 in electronic deposits monthly or make at least 10 debit card purchases using your Nevada State Bank debit card.
Fees:
$9 monthly maintenance fee (waived with requirements)
$29 overdraft fee
Balance requirements:
$50 minimum deposit to open
ATMs:
Fee-free at any Nevada State Bank or Zions Bancorporation ATM
$2.50 fee for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings accounts
Up to 4.75% APY on CDs
Additional perks:
Military checking accounts available
Wide range of loan options available
3. Chime
Chime is an online and mobile banking option, which offers a fee-free checking account and 2.00% APY on its savings accounts. You’ll have access to cash at more than 60,000 ATMs nationwide. This is an option that works best if you have direct deposit set up, since most of Chime’s perks require it.
Fees:
No monthly service fees
No overdraft fees
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at more than 60,000 ATMs nationwide
$2.50 out-of-network ATM transaction fee
Interest on balance:
2.00% APY on savings account
Additional perks:
Access to paycheck up to two days early
SpotMe covers you in up to $200 in overdrafts
4. Zions Bank
Zions Bank is a regional bank with branches in Nevada, as well as in Arizona, California, Colorado, Idaho, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. Like most banks, Zions Bank offers features like mobile check deposit and online bill pay. You’ll find ATMs throughout Nebraska, as well as across its service area.
Fees:
No monthly service fees
$29 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at any Zions Bancorporation ATM
$2.50 for each out-of-network ATM transaction
Interest on balance:
Up to 0.19% APY on savings accounts
Up to 5.20% APY on CDs
Up to 1.46% APY on money market account
Additional perks:
Robust mobile banking features
Great banking options for small business owners
5. GO2bank
Online-only banks can be among the best banks in Nevada, thanks to their competitive offerings. GO2bank is one of those banks. You’ll get 4.50% APY on your savings account, as well as 7% cash back on gift card purchases.
All you’ll need to do to qualify for the free checking account is to have at least one government or payroll direct deposit in the previous statement period.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 for each out-0f-network ATM transaction
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Deposit cash at more than 90,000 retailers nationwide
Up to 7% cash back on gift card purchases
6. Bank of America
Bank of America is a national bank with branches in 38 states, including Nevada. Debit cards work at ATMs throughout its service area, including throughout Nevada.
Advantage Plus checking accounts are fee-free as long as you have at least one electronic deposit of $250 or more, maintain a $1,500 minimum balance, or are enrolled in Preferred Rewards.
Fees:
$12 monthly service fee (waived with requirements)
No overdraft fees
Balance requirements:
$100 minimum deposit to open
ATMs:
Fee-free at 15,000+ Bank of America ATMs nationwide
$5 for each out-of-network ATM transaction
Interest on balance:
Up to 0.04% APY on savings account
Up to 4.75% APY on CDs
Additional perks:
Generous bonuses on new credit cards
Wealth management services available
7. One Nevada Credit Union
If you live, work, or attend church or school in Clark, Nye, or Washoe County, you’ll qualify for membership at One Nevada. Credit unions typically come with plenty of perks, including competitive rates on loans.
The One Checking Account comes with a $5 fee that can be waived as long as you maintain a $2,000 average daily balance or have at least 15 signature-based debit purchases each month.
Fees:
$5 monthly service fee (waived with requirements)
$35 overdraft fee
Balance requirements:
$5 membership fee to open
ATMs:
Fee-free at One Nevada Credit Union ATMs
Fee-free at 46,000+ Allpoint ATMs nationwide
Interest on balance:
0.05% APY on savings account
Up to 4.59% APY on CDs
Additional perks:
Dividends paid monthly on One savings account
Competitive rates on personal loans
8. CIT Bank
CIT Bank is an online and mobile banking solution that offers a no-fee checking account. A $100 minimum opening deposit is required, but there are no fees for overdrafts.
Although CIT doesn’t have an ATM network, there are no out-of-network ATM fees, and CIT will even refund up to $30 in fees charged by third-party ATM owners every month.
Fees:
No monthly maintenance fees
No fees for overdrafts
Balance requirements:
$100 minimum opening deposit
No minimum balance required
ATMs:
Up to $30 in out-of-network ATM fees reimbursed monthly
Interest on balance:
Up to 0.25% APY on checking accounts
Up to 4.736% APY on savings accounts
Up to 5.00% APY on CDs
Up to 1.538% APY on money market accounts
Additional perks:
Competitive rates on financing for small business owners
Competitive rates on no-penalty CDs.
9. Wells Fargo
Another national bank in Nevada is Wells Fargo, which has branches in Las Vegas and Henderson. You can complete most of your transactions using the mobile banking app, but you’ll also have fee-free ATM access at 12,000 ATMs nationwide.
You’ll get a free checking account as long as you maintain a $500 minimum balance or receive $500 or more in qualifying direct deposits each statement period.
Fees:
$10 monthly service fee (waived with requirements)
$35 overdraft fee
Balance requirements:
$25 minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at Wells Fargo ATMs nationwide
$2.50 fee for each out-of-network ATM transaction
Interest on balance:
Up to 0.25% APY on savings account
Up to 4.51% APY on CDs
Additional perks:
$300 bonus for new checking accounts
Robust mobile banking services
10. WaFd Bank
WaFd Bank is a regional bank with branches in Nevada, Arizona, Idaho, New Mexico, Oregon, Texas, Utah, and Washington. You’ll have access to more than 200 branches throughout those states, as well as ATM access at MoneyPass locations nationwide.
What makes WaFd Bank the best regional bank is its local bank feel. The bank focuses on providing a sense of community in each area it serves.
Fees:
No monthly maintenance fees
$30 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum daily balance requirement
ATMs:
Fee-free at 32,000+ MoneyPass ATMs nationwide
Interest on balance:
0.10% APY on savings account
Up to 5.00% APY on CD
Up to 2.00% APY on money market account
Additional perks:
Three styles of debit cards
Budgeting and financial management tools in mobile banking app
11. First Foundation Bank
Another regional bank with branches in Nevada is First Foundation Bank. There are multiple checking account options, including a free account that requires a $100 opening deposit.
There’s no national ATM presence, but First Foundation does reimburse up to $20 in third-party ATM fees monthly. What makes First Foundation the best regional bank, though, is its above-average rates on savings accounts. You’ll earn 4.85% APY on your savings account balance.
Fees:
No monthly maintenance fees
$35 overdraft fee (after $10 grace amount)
Balance requirements:
$100 minimum opening deposit
No minimum daily balance requirement
ATMs:
Fee-free at First Foundation Bank ATMs
Up to $20 in third-party ATM fees reimbursed monthly
Interest on balance:
4.85% APY on savings account
Up to 4.75% APY on CD
Additional perks:
Wealth management services available
Robust solutions for small business owners
12. Plumas Bank
Plumas Bank is a local bank covering Northeastern California and Northern Nevada. You’ll find competitive rates on CDs and multiple checking account options. The basic checking account comes with no monthly fees as long as you conduct 10 or more signature-based transactions using your debit card and enroll in e-statements.
Fees:
$7 monthly service fee (waived with requirement)
$34 overdraft fee
Balance requirements:
$100 minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at ATMs with the VISA, STAR, and PLUS symbols
$2 out-of-network ATM fee
Interest on balance:
0.10% APY on savings account
Up to 4.08% APY on CD
Additional perks:
Robust services for small business owners
Highly rated customer service
How to Choose the Best Bank for Your Needs
Whether you’re looking for a small local bank like Nevada State Bank or you’d prefer a large national bank like Bank of America, it’s important to look at the features. Here are some things to consider for your personal or business checking account and savings needs.
Selection of Products and Services
There’s more to a financial institution than fees and interest rates. The best banks in Nevada provide the type of customer service you need, coupled with a range of services.
If most of your banking is done electronically, online banking might be the best choice for you. If you regularly make cash deposits and withdrawals, though, a local bank with branches close to your house could make a bigger difference.
Before signing on with a bank, take a look at the products offered. Some banks and credit unions provide great interest rates on auto loans if you’re already a customer, so having that as an option could save you money later.
Personal, Business, or Both?
To start, take a close look at what you need in a bank account. Even if you don’t run your own business now, will you someday? If so, business banking services are worth consideration. Landing business loans might be easier if you already have a personal or business checking account with a bank.
Interest Rates
There are two ways interest rates impact you when you’re researching the best banks in Nevada. Deposit accounts like checking and savings earn interest, while loans and credit cards charge interest.
Some checking accounts pay interest but charge fees that supersede any earnings. Some banks offer competitive rates on CDs and savings, but the deals on loans and credit cards aren’t as good. There’s always the option of having multiple bank accounts, but if you prefer to do all your banking in one place, it’s important to consider these factors.
Minimum Balance
Some accounts have a minimum balance requirement attached to their personal checking account options. The best checking account will give you the freedom you need to deposit and transfer money without having you stress about your balance.
It’s also important to note the wording of those balances. In some cases, your personal checking will simply need to keep an average daily balance to meet requirements. Some of the best checking accounts also consider your balance across all your accounts rather than setting a requirement for each. If you have two checking accounts or a checking and savings account with the same bank, you’ll be able to more easily meet that requirement.
Access to Mobile Banking
Online banking makes managing your money easy. Whether you narrow your search to online banks or you’re looking for the best national bank, chances are, you’ll be able to manage your account online.
The best checking account lets you transfer funds, deposit checks, and manage your payment cards in an app. Take a close look at any bank’s app to make sure you’ll be able to handle most of your account online if you prefer to steer clear of branches and ATMs. If you go with an online-only bank, though, make sure you’ll have access to cash when you need it, especially while traveling.
The largest banks in Nevada might not have the features you need. Before choosing a bank, make sure the bank offers the best features for you while also reducing fees and maximizing interest.
Nebraska is packed with culture and beauty, from the diversity of its music to the vast farmland that brings income to the state. The best banks in Nebraska offer the amenities you need, while also keeping fees to a minimum so that you can make the most of your hard-earned money.
10 Best Banks in Nebraska
Whether you’re looking for a local bank or a national bank with a Nebraska presence, there’s a bank for you. The below list can help you find the right checking and savings accounts to meet your banking needs.
1. Pinnacle Bank
Although Pinnacle Bank is a local bank, there are branches in Nebraska, Missouri, and Kansas. The free checking account requires a $100 minimum deposit, but there are no fees or balance requirements.
One downside to Pinnacle’s free checking accounts is that the ATM presence is limited, but students, seniors, and military can get up to $10 in out-of-network ATM fees rebated each month.
Fees:
No monthly service fee
$32 overdraft fee ($10 if the returned item is $10 or less)
Balance requirements:
$100 minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at Pinnacle Bank ATMs
Interest on balance:
0.86% APY on savings accounts
Up to 2.08% APY on money market accounts
Additional perks:
Real-time teller access at select ATMs with ATM LIVE
$10 refund on out-of-network ATMs for seniors, military, and students on free checking account
2. First National Bank of Omaha
Headquartered in Omaha, First National Bank of Omaha (FNBO) is a regional bank with branches in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota, Texas, and Wyoming. First National Bank has multiple checking accounts, including a free option that has no monthly maintenance fees or minimum balance requirements.
Not only do you get fee-free ATM access at First National Bank and Allpoint ATMs, there’s also no fees for using out-of-network ATMs. You will, however, be responsible for any fees charged by the third-party ATM owner.
Fees:
No monthly maintenance fees
No overdraft fees
Balance requirements:
No minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at First National Bank of Omaha ATMs
Fee-free at Allpoint ATMs nationwide
No fees for non-First National Bank ATMs
Interest on balance:
Up to 0.08% APY on savings accounts
Additional perks:
Personal banker available through mobile banking app
Rate discount on auto, home equity, and personal loans
3. GO2bank
One of the best things about online banking is that it often comes with high-yield savings accounts. That’s definitely the case with GO2bank, an online bank that pays 4.50% APY on its savings accounts.
But the best thing about GO2bank is its cash accessibility. Not only can you withdraw funds from any Allpoint ATM nationwide, but you can also deposit funds at participating retailers across the country using your debit card.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 for each out-of-network ATM withdrawal
Interest on balance:
4.50% APY on savings
Additional perks:
4. Chime
Chime is another online banking option that includes all its features in its app. You can access cash at more than 60,000 ATMs nationwide, but deposits can be more challenging.
Mobile check deposit is available, but Chime has no easy way to make cash deposits to your account. Chime’s online savings account offers competitive interest rates at 2.00% APY.
Fees:
No maintenance fees
No overdraft fees
Balance requirements:
No opening deposit
No minimum daily balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 out-of-network ATM transaction fee
Interest on balance:
2.00% APY on savings accounts
Additional perks:
SpotMe covers overdrafts up to $200
Access to paycheck up to two days early
5. Union Bank & Trust
Union Bank & Trust is a privately owned bank headquartered in Lincoln. You’ll get access to branches and ATMs throughout Nebraska, along with free access to cash while traveling at any MoneyPass ATM.
One thing that sets UBT apart from other Nebraska banks is its bonus of up to $250 for new checking accounts. If you go with the free checking, you’ll only receive $150, but if you’ll have at least $2,500 in electronic deposits within the first 90 days, you can go with a higher-tier account and earn a $250 bonus.
Fees:
No monthly maintenance fees
$34 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum balance requirements
ATMs:
Fee-free at Union Bank & Trust ATMs
Fee-free at MoneyPass ATMs
Interest on balance:
0.50% APY on savings accounts
Up to 4.63% APY on CDs/IRAs
Up to 3.30% APY on money market account
Additional perks:
6. Wells Fargo
One of the top national banks in Nebraska is Wells Fargo, which has locations and ATMs throughout the state. You can enjoy fee-free checking as long as you meet the requirements. For the Everyday Checking account, you’ll merely need to maintain a $500 minimum daily balance or have at least $500 in electronic deposits each month.
Wells Fargo is also currently offering a $300 bonus for new checking accounts. You’ll need at least $1,000 in qualifying direct deposits within the first 90 days to get your bonus.
Fees:
$10 monthly service fee (waived with requirements)
$35 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum balance requirement
ATMs:
Fee-free at Wells Fargo ATMs nationwide
$2.50 out-of-network ATM fee
Interest on balance:
Up to 2.51% APY on savings accounts
Up to 4.51% APY on CDs
Additional perks:
$300 bonus on new checking accounts
Comprehensive mobile banking features
7. American National Bank
American National Bank is one of the best banks in Nebraska if you’re looking for a local bank experience with an extended service area. You’ll find 37 locations in Eastern Nebraska, Western Iowa, and the Minneapolis-St. Paul area. The fee-free checking accounts come with a $50 minimum opening deposit and no minimum daily balance requirements.
Fees:
No monthly fees
Balance requirements:
$50 minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at American National Bank ATMs
Interest on balance:
Rates not publicly disclosed
Additional perks:
Personal and home loans available
Small business banking options available
8. Ally
There are some disadvantages to going with an online bank. One of the biggest is access to cash. Ally works to overcome that by offering free ATM withdrawals at any Allpoint ATM across the country.
Ally also doesn’t charge a fee for out-of-network ATMs, and you’ll get up to $10 reimbursed monthly. But one of the biggest benefits of Ally is its highly competitive interest rates on online savings accounts and CDs. You’ll even earn 0.25% on your checking account.
Fees:
No maintenance fees
No overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance requirements
ATMs:
Fee-free at 53,000+ Allpoint ATMs nationwide
No out-of-network ATM fee
Up to $10 in out-of-network ATM fees reimbursed monthly
Interest on balance:
0.25% APY on checking
3.85% APY on savings
Up to 4.80% APY on CDs
Additional perks:
Avoid overdrafts with CoverDraft℠
Spending buckets help you budget
9. Cornerstone Bank
Cornerstone Bank started as First National Bank of York in the 1800s. It’s a great bank if you’re interested in traditional banks with a strong community connection, but its focus is local. ATMs are limited to Nebraska, and you’ll pay a $3 fee for each out-of-network ATM you use.
Fees:
No service fees
$33 overdraft fee
Balance requirements:
$100 opening deposit
No minimum daily balance required
ATMs:
Fee-free at all Cornerstone Bank ATMs
$3 out-of-network ATM transaction fee
Interest on balance:
Interest rates not publicly disclosed
Additional perks:
Wealth management services available
Home and auto loans available
10. Platte Valley Bank
Regional banks can be a great compromise between large, national banks and small community banks. Platte Valley Bank has branches across Nebraska and Wyoming, with a mobile app that includes most of the features you’ll need.
One downside to Platte Valley is its ATM profile, since you’ll only have fee-free cash access at ATMs in its service area.
Fees:
No service fees
$30 overdraft fee
Balance requirements:
$100 opening deposit
No minimum daily balance required
ATMs:
Fee-free at all Platte Valley Bank ATMs
Out-of-network fees reimbursed
Interest on balance:
Interest rates not publicly disclosed
Additional perks:
Agricultural loans available
Robust business banking options
How we picked these accounts
The most important feature of a bank is that it’s insured by the Federal Deposit Insurance Corporation. Beyond that, it’s simply a matter of highlighting the features that are most important to you.
We considered all that while curating the above list of bank account options. The list combines a bit of everything, from great interest rates on savings accounts to in-person service at branches throughout the state. Here are the features we prioritize in looking for the best financial institution in Nebraska.
In-Person Customer Service
These days, you can do the majority of your banking through apps and ATMs. But there’s something about that local bank experience that makes it stand out. If you prioritize personal service, branch access may be most essential for you.
But when looking at financial institutions, keep in mind that brick-and-mortar banks come in a variety of formats. Local Nebraska banks tend to have more of a community focus, but national banks with local branches will give you branch access while you’re traveling. Once you’ve narrowed down the options, you can pick the one with other features you need.
Online Banking Features
Banking online has brought convenience to the experience. You can deposit checks, transfer money, pay bills, and keep an eye on your accounts. Some banking apps even allow you to interact with a live teller for that personal customer service you’d typically get at brick-and-mortar locations.
Look for an online bank with fee-free withdrawals both locally and while you’re traveling. Also, make sure you’ll have a way to deposit cash if it ever becomes necessary.
Cost and List of Fees
Banks need to make money, and often this comes through interest. However, they also earn a little on the fees they charge for deposit accounts.
To compete, banks sometimes waive monthly fees. However, you’ll be expected to maintain a minimum amount in the account. This is where some online accounts can win over traditional banks. They’ll waive these requirements and give you a truly fee-free banking solution.
From the largest banks in the country to community banks, Nebraska has plenty of options when it comes to storing your money. Thanks to banking apps and online access, you can go with a bank that doesn’t even have physical branches. Take a look at all the features and choose the best Nebraska bank for you.
Indiana is a hub of industry, attracting households and businesses with its vast farmlands and thriving big cities. So, it’s only natural that a variety of banks have emerged, from branches of large national banks to small local banks.
The best banks in Indiana combine minimal checking account fees with competitive rates on savings and CDs. It’s also important to look for a bank that lets you manage your account online while also getting that in-person service when you need it.
18 Best Banks in Indiana
With so many banks in Indiana, it can be tough to narrow down the options. This list can help you get started.
1. U.S. Bank
U.S. Bank is a top choice for those seeking a blend of national reach and local presence in Indiana. With eight locations in the state, U.S. Bank offers convenient access to banking services, as well as a comprehensive suite of banking products.
One standout offering is the U.S. Bank Smartly Checking account, which is currently offering a $300 sign-up bonus to new customers. This account was designed to provide customers with a simple, low-cost banking experience.
Pros:
U.S. Bank Smartly Checking account offers no monthly maintenance fees and easy mobile banking
Eight convenient branch locations in Indiana
Access to over 32,000 fee-free ATMs nationwide
Cons:
Limited physical presence compared to some larger national banks
Higher-tier checking accounts may require minimum balances or direct deposits to avoid monthly fees
2. Chase Bank
If you prefer the power of a national bank, Chase is worth considering. In addition to online and mobile banking, Chase has branches and ATMs scattered across the state. You’ll find a wide variety of banking products, including savings accounts, personal and business banking, and wealth management services.
Pros:
ATM access at more than 15,000 ATMs and 4,700 branches nationwide
Sign-up bonuses on new checking accounts
No monthly service fees with direct deposit
Cons:
Only 0.01% APY on savings
$3-$5 fee for out-of-network ATM use
3. Fifth Third Bank
Fifth Third Bank is a regional bank with branches in 11 states, including Indiana. You can find fee-free checking accounts with Fifth Third, but savings rates are less competitive than some online and local banks.
Pros:
No fees or minimum balance on Preferred Checking
Student and military accounts available
Fee-free ATM use at more than 40,000 locations
Cons:
Lower rates on savings accounts
Branch locations tend to be near larger cities
4. Chime
Chime is an online bank that offers more conveniences than usual. Your checking account not only gives you fee-free cash access at more than 60,000 ATMs, but you can deposit cash at Walgreens and 75,000+ retail locations. You can manage the rest of your account online, and you’ll get no monthly fees or overdraft charges, as well as automatic savings features.
Pros:
Deposit cash at more than 90,000 retail locations
No overdraft fees
Credit-builder credit card available with no credit check required
Cons:
No in-person customer service available
Withdrawal limits can be low
5. GO2bank
Another online-only option with cash access is GO2bank, which allows fee-free ATM transactions at 43,000 AllPoint locations. You can also deposit cash at any CVS Pharmacy, Rite Aid, Walgreens, or Walmart. Checking accounts come with no monthly fees as long as you have at least one payment deposited directly each month. Direct deposit accounts are also eligible for up to $200 in overdraft protection.
Pros:
4.50% APY on savings account
Fee-free cash access at 43,000 AllPoint ATMs nationwide
Deposit cash at CVS Pharmacy, Rite Aid, Walgreens, or Walmart locations
Cons:
No in-person customer service available
Savings APY limited to first $5,000 of balance
Direct deposit required for fee-free checking
6. First Financial Bank
One of the best banks in Indiana is First Financial Bank, an Ohio-based bank with branches throughout Indiana, as well as in Illinois and Kentucky. You’ll get all the amenities of a national bank with the exceptional customer service that comes with banking locally. Some checking account options offer discounts on loans, and you’ll get rates of up to 4.50% on CDs.
Pros:
Local branches throughout Indiana
Fee-free ATM access at 55,000+ AllPoint locations
Interactive tellers provide personal service
Cons:
$25 overdraft fee
$10 monthly maintenance fees on checking (waived with $500 balance or debit card activity)
7. First Merchants Bank
First Merchants Bank is a local bank that primarily serves Central Indiana. But you’ll find branches as far north as Fort Wayne. First Merchants Bank has been voted one of the best banks in Indiana for its attention to customer service, community focus, and mobile banking features.
First Merchants Bank has a low barrier on its fee-free checking account, letting you qualify with only a $100 balance or at least one customer-initiated transaction each statement period.
Pros:
Free checking with $100 balance or one qualifying transaction monthly
Fee-free national access at 37,000 MoneyPass ATMs
Up to 4.75% APY on 12-month CDs
Cons:
Branches limited to Northern and Central Indiana
$37 overdraft fee per transaction
8. Huntington Bank
Although it’s a regional bank, Huntington Bank is headquartered in Columbus, Ohio, so Indiana was an easy fit for its expanded service area. One of Huntington’s premiere features applies to its overdrafts.
Deposit accounts qualify for 24-Hour Grace, which allows you extra time to take action if your account goes into the negative. But if you travel, be aware that Huntington’s ATM access is limited to its service area. You’ll pay $3.50 plus third-party fees for every out-of-network ATM transaction.
Pros:
24-Hour Grace allows extra time to resolve overdrafts
Fee-free ATM access at 1,434 Huntington locations
In-person service at branches throughout the service area
Cons:
$3.50 fee for out-of-network ATM transactions
Low savings account rates
9. CIT Bank
You won’t find local branches or ATMs, but CIT Bank is a great option for building savings. CIT’s Platinum Savings account offers up to 4.75% APY, and they have a no-penalty CD with rates as high as 4.80%.
Their eChecking product is impressive, as well, with no monthly maintenance fees and up to 0.25% APY on your balance. You can withdraw cash at any ATM and CIT will refund up to $30 in fees every month.
Pros:
Interest rates of up to 4.75% on savings
Great rates on no-penalty CDs
Up to $30 a month in ATM fee refunds
Cons:
No branches
No in-network ATMs
10. Centier Bank
Centier Bank is another local option considered one of the best banks in Indiana. Although it’s local, it’s certainly not small. In fact, it’s the largest family-owned bank in the state.
You’ll find branches from Fort Wayne to Indianapolis, as well as ATMs nationwide through the AllPoint and Publix Presto! networks. Savings rates pay as high as 5.00% APY when you connect your checking to your savings account.
Pros:
Up to 5.00% APY on savings account
Low monthly fees on checking accounts
Fee-free access to Centier, AllPoint, and Presto! ATMs
Cons:
$100 savings balance required to earn APY
$50 minimum opening balance
11. BMO Harris Bank
Indiana residents have access to BMO Harris Bank, a regional bank that also services Illinois, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin. You’ll find branches and ATMs across the state, with a heavy concentration in Indianapolis and Gary.
The savings account only offers 1.00% APY, but BMO’s CD rates are competitive, paying up to 4.50% APY. Currently, new BMO Harris customers can earn a $200 cash bonus on basic checking accounts and a $350 bonus on high-balance checking.
Pros:
Fee-free checking accounts
Fee-free access to more than 43,000 AllPoint ATMs
$200-$350 cash bonus for new customers
Cons:
Only 1.00% APY on savings account
$25 minimum opening deposit
12. 1st Source Bank
1st Source Bank is set up to serve banking customers in Northern Indiana and Southwestern Michigan, but it has a small presence in Florida as well. If you regularly travel and need cash, 1st Source Bank might not be the best option, as ATMs are limited to its service area. 1st Source will refund up to four ATM fees on their end each year, but you’ll still pay third-party ATM fees.
Pros:
Student checking option available
Offers Health Savings Accounts
Variety of loan options
Cons:
Branches are limited to Northern Indiana
Rates on CDs aren’t competitive
ATMs limited to Northern Indiana and Southwestern Michigan
13. Ally Bank
Another online and mobile banking option is Ally, which has an interest-bearing checking account that currently pays 0.25% APY and has no fees. You can withdraw cash at more than 43,000 AllPoint ATMs nationwide, and if you can’t find an AllPoint ATM nearby, Ally will reimburse up to $10 per statement cycle for out-of-network ATMs.
However, the best thing about Ally is its rates on savings accounts and CDs. Currently, Ally is offering up to 4.80% on CDs and up to 3.75% on your savings account.
Pros:
Great rates on CDs and savings
Fee-free access to more than 43,000 AllPoint ATMs
No fees or minimum balance requirements
Cons:
No physical branches
No cash deposit option
14. Old National Bank
With branches across Indiana, as well as in Michigan, Wisconsin, Minnesota, Kentucky and Illinois, Old National Bank is a great brick-and-mortar option. Although it’s a regional bank, Old National Bank has plenty of amenities found with national banks, including a full-featured mobile app and cash deposits at select ATMs.
Pros:
Some Old National ATMs accept cash deposits
Fee-free cash withdrawals at Old National and AllPoint ATMs nationwide
Student checking accounts available
Cons:
Savings account rates lower than some competitors
Direct deposits or minimum balance required for free checking accounts
15. First Bank
For Indiana’s small business owners, First Bank is a great local Indiana bank. First Bank serves Indiana and Illinois businesses with online and mobile banking options to help you manage everything.
You’ll find a variety of financial products for small business customers, including business loans, equipment financing, and cash management tools. One downside, though, is that it’s a completely online branch, but you’ll get fee-free cash access at more than 40,000 MoneyPass ATMs nationwide.
Pros:
No-fee checking options available
Great rates on business and equipment loans
Fee-free ATM use at 40,000+ MoneyPass locations
Cons:
No local branches
Only serves Evansville, Haubstadt, Mount Vernon, Poseyville, Princeton, and Vincennes businesses
16. Regions Bank
One of many regional banks with a heavy Indiana bank presence is Regions Bank. You’ll find branches throughout Indiana, as well as in Alabama, Arkansas, Florida, Georgia, Illinois, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.
Regions Bank’s checking account lacks the amenities of some online-only and national banks, with a $1,500 balance required to eliminate the monthly maintenance fees.
Pros:
Earn rewards on savings and checking through Regions Cashback Rewards
User-friendly mobile banking experience
24/7 customer support
Cons:
$1,500 balance to qualify for free checking
Branches limited to service area
$3 transaction fee for non-Regions ATM
17. Community First Bank of Indiana
If wealth management services are your top priority, consider Community First Bank of Indiana, which offers financial assistance through a dedicated investment services team.
In addition to wealth management services, Community First Bank offers the personalized customer service that’s typical of a local bank. But if you regularly travel outside the area, note that Community First has no nationwide ATM network.
Pros:
Community focus with great customer service
Fee-free checking accounts
Dedicated investment support team available
Cons:
Only seven branch locations
Fee-free ATMs limited to seven branch locations
18. Bank of America
There are benefits to a national bank like Bank of America. Like most national banks, you’ll find branches and ATMs throughout Indiana, but with Bank of America, this is found in towns throughout the country. Bank of America also offers better-than-average rates on home equity loans and auto loans.
Pros:
Automatic savings options
Earn rewards with debit card
Large ATM and branch presence nationwide
Cons:
Minimum balance or direct deposit required for free checking account
Low interest rates on savings
Life can be busy. Managing your financial life can be much easier if you find a bank that fits your needs. Whether it’s a fee-free checking account or help to build your retirement accounts, the right bank can make all the difference.
Finding the Best Banks in Indiana
Whether you’re in the market for a personal checking account or business banking options, there are plenty of FDIC-insured banks in the state. To help you narrow down your options, here are some questions to ask yourself.
How often do you visit your bank right now?
As you’re browsing a list of banks in Indiana, you probably know right away which ones have branches near you. Are you the type of person who visits your local branch frequently? Even the best checking accounts won’t benefit you if you prefer that in-person experience and your new bank doesn’t offer it.
How well do you handle online communication?
Some online, national, and regional banks offer customer service via text chat, video chat, or telephone. If this is sufficient, you’ll likely find your options up open considerably. You may choose an online bank for your checking account while you go with a bank that has a local branch for personal loans.
How often do you need cash?
Some of the smaller banks in Indiana fall short when it comes to ATM access. Having a no-fee checking account but paying $30 monthly in out-of-network ATM fees isn’t ideal. You may be better off going with a bank that charges fees, but gives you fee-free access to cash when you need it.
Montana is a beautiful place to live, with its waterways and mountainous terrain. If you live and work in the state, you likely need a great place to park your money. The best banks in Montana give you everything you need to pay your bills and manage your money while also keeping fees to a minimum.
The banking industry in Montana is thriving, with a wide range of brick-and-mortar banks that include local, national, and regional banks. Online banking can be a great option, as well, offering reduced fees and savings interest rates that are above the national average.
14 Best Banks in Montana
This list offers a combination of different bank accounts to help you find the right combination of features to fit your needs.
1. First Interstate Bank
With branches in Montana, Arizona, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oregon, South Dakota, Washington, and Wyoming, First Interstate Bank has a fairly large footprint.
You’ll also get fee-free access to ATM withdrawals nationwide through the MoneyPass network. First Interstate’s free checking account waives monthly maintenance fees with direct deposit or at least a $250 daily balance. Account holders under the age of 24 also pay no service fees.
Fees:
$5 monthly service fee (waived with requirements)
$10 overdraft fee
Balance requirements:
$100 minimum deposit to open
No minimum balance requirements
ATMs:
Fee-free at First Interstate Bank ATMs
Fee-free at 37,000+ MoneyPass ATMs nationwide
$2.50 out-of-network ATM fee
Interest on balance:
Up to 0.25% APY on savings accounts
Up to 0.25% APY on money market accounts
Up to 4.29% APY on CDs
Additional perks:
Open a FirstRewards World Mastercard along with a checking account and get 5,000 bonus points
Wealth management services available
2. GO2bank
GO2bank is an online-only bank that integrates all your banking functions into its app. You’ll get most of the features you need to manage your bank account in the app, including mobile check deposit and the ability to transfer money from checking to your savings account.
But what sets GO2bank apart from other online and mobile banking options is its cash accessibility. Not only can you withdraw funds at any Allpoint ATM, but you can also deposit cash at more than 90,000 retail locations nationwide.
Fees:
$5 monthly fee
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum daily balance requirement
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 out-of-network ATM fee
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Deposit cash at 90,000+ retail locations nationwide
Secured credit card helps you boost your credit score with no credit check required
3. U.S. Bank
Multiple national banks have branches in Montana, including U.S. Bank, which operates 21 branches across 14 towns. You’ll find ATMs across Montana, but the bank doesn’t operate in every state. You will, however, enjoy fee-free access to cash while you’re traveling through the MoneyPass network, which currently operates about 40,000 ATMs nationwide.
The U.S. Bank Smartly checking account is an interest-earning account that doesn’t charge fees, provided certain conditions are met. These conditions include having monthly electronic deposits of $1,000 or more, maintaining a minimum average balance of at least $1,500, or possessing an eligible U.S. Bank credit card. Alternatively, you can also qualify for fee-free status if you reach one of the bank’s rewards tiers.
In addition, for a limited time, you can earn a $400 sign-up bonus with qualifying activities.
Fees:
$6.95 monthly maintenance fee (waived with requirements)
$35 overdraft fee (waived up to $50)
Balance requirements:
$25 minimum opening deposit
No minimum daily balance requirement
ATMs:
Fee-free at U.S. Bank ATMs
Fee-free at MoneyPass ATMs nationwide
$2.50 fee per out-of-network ATM transaction
Interest on balance:
Up to 0.05% APY on checking accounts
0.01% APY on savings accounts
Up to 4.75% APY on CDs
Up to 4.00% APY on money market accounts
Additional perks:
Smart Rewards program helps you earn rewards for purchases
Up to $750 bonus for business checking accounts
4. Stockman Bank of Montana
Those who prefer brick-and-mortar banks should take a look at Stockman Bank of Montana. As Montana’s largest family-owned bank, Stockman Bank offers branches and ATMs throughout the state. It might not be the best option if you regularly leave Montana, though, as you’ll pay an out-of-network ATM fee of $1 per transaction in addition to third-party ATM fees.
Fees:
No monthly maintenance fees
$15 overdraft fee
Balance requirements:
$100 minimum deposit to open
No minimum balance requirements
ATMs:
Fee-free at Stockman ATMs
$1 out-of-network ATM fee
Interest on balance:
Up to 0.60% APY on savings accounts
Up to 4.39% APY on CDs
Additional perks:
High ratings for customer service
Enhanced debit card security features in mobile banking app
5. Opportunity Bank of Montana
Based in Helena, Opportunity Bank of Montana is another community bank with access to a nationwide ATM network. There are two free checking account options.
Opportunity Checking has all the basics, but Opportunity Reward Checking issues 1% unlimited cash back on qualifying purchases. To qualify for reward checking, you’ll need to receive at least $1,000 in monthly direct deposits and have at least 10 qualifying purchase transactions on your debit card.
Fees:
No monthly service fees
$30 overdraft fee
Balance requirements:
$100 minimum deposit to open
No minimum daily balance requirement
ATMs:
Fee-free at Opportunity Bank ATMs
Fee-free at MoneyPass ATMs nationwide
$2 fee for ATMs outside the Opportunity and MoneyPass networks
Interest on balance:
Rates not publicly disclosed
Additional perks:
6. Glacier Bank
It might be a regional bank, but Glacier Bank has a heavy presence in its service area. You’ll find 222 branches in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona, and Nevada, and you can use your ATM card at any Allpoint ATM across the globe. In addition to local bank branches, you’ll also get great deals on checking accounts, as well as savings and business banking options.
Fees:
No monthly fees
$30 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at Glacier Bank ATMs
Fee-free at 55,000 Allpoint ATMs worldwide
$2 fee for ATMs outside of Glacier Bank and Allpoint networks
Interest on balance:
Rates not publicly disclosed
Additional perks:
New checking account comes with a thank-you gift
Robust business banking services
7. Chime
If you have direct deposit, Chime is an online banking option that’s worth considering. Chime doesn’t charge monthly service fees on its checking account, and automatic savings features can help move money from your checking account to your savings account regularly. There is no cash deposit option with Chime, but you can withdraw cash from any Allpoint ATM.
Fees:
No monthly service fees
No overdraft fees
Balance requirements:
No minimum deposit to open
No minimum daily balance requirement
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 outside ATM fee
Interest on balance:
2.00% APY on savings accounts
Additional perks:
8. Chase
Chase Bank is another national bank with branches and ATMs in Montana. You’ll find branches in Helena and Billings. One of the best things about Chase is its nationwide presence. Chase has 4,800 branches and 16,000 ATMs spread across 48 states and the District of Columbia.
The most popular account is Chase Total Checking, which is fee-free if you receive at least $500 in electronic deposits monthly, have a daily balance of at least $1,500, or maintain an average combined balance of $5,000 across all your Chase Bank accounts.
Fees:
$12 monthly service fee (waived with requirements)
$34 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at 15,000+ Chase ATMs
$3-$5 non-Chase ATM fee
Interest on balance:
0.01% APY on savings accounts
Up to 3.75% APY on CDs
Additional perks:
$300 bonus for new checking accounts
Autosave makes it easy to transfer funds to your savings account
9. Farmers State Bank
Another community bank is Farmers State Bank, which has locations across Montana. Farmers State Bank offers both e-banking and traditional banking services to meet all your needs. Although their checking accounts require an opening balance, you can find a fee-free option with no minimum balance requirements or fees.
Fees:
No monthly fees
Balance requirements:
$25 minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at Farmers State Bank locations
$1 non-Farmers State ATM fee
Interest on balance:
Up to 0.03% APY on savings accounts
Up to 2.27% APY on money market accounts
Up to 4.59% APY on CDs
Additional perks:
Consumer and business loans available
Scholarship program available for students
10. Trailwest Bank
Serving Ravalli, Missoula, Mineral, and Flathead Counties, Trailwest Bank is a locally owned bank with checking and savings options. One feature that sets Trailwest Bank apart is its rewards checking account. Your account comes with a debit card that issues unlimited $.10 rewards per purchase with no fees or minimum balance required.
Fees:
No monthly fees
$30 overdraft fee
Balance requirements:
$25 minimum deposit to open
No minimum daily balance requirement
ATMs:
Fee-free at Trailwest Bank locations
Fee-free at Allpoint ATMs nationwide
$2 ATM fee for transactions outside the Trailwest and Allpoint networks
Interest on balance:
Rates not publicly disclosed
Additional perks:
Wide range of personal loans available
Business checking and savings account options
11. Ally
Another online banking option is Ally, which stands apart from other online banks due to its competitive interest rates on checking accounts, savings accounts, CDs, and money market accounts.
Ally pays up to 0.25% APY on checking account balances, as well as 3.85% APY on savings accounts. One perk included with your Ally checking account is spending buckets, a tool that helps you better balance your budget.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
No minimum opening deposit
No minimum daily balance requirement
ATMs:
Fee-free at 53,000+ Allpoint ATMs nationwide
Up to $10 in third-party ATM fees reimbursed monthly
Interest on balance:
0.25% APY on checking accounts
3.85% APY on savings accounts
Up to 4.80% APY on CDs
4.15% APY on money market accounts
Additional perks:
Robo Portfolios available to help you build wealth
CoverDraft helps you avoid overdrafts
12. Independence Bank
When it comes to local Montana banks, Independence Bank is a great option. You’ll find physical branch locations across Montana, each offering the in-person customer service you can only get from a brick-and-mortar bank. Independence Bank offers two checking accounts, including one fee-free option.
Fees:
No monthly maintenance fees
Balance requirements:
No minimum daily balance required
ATMs:
Fee-free at Independence Bank ATMs
Interest on balance:
Rates not publicly disclosed
Additional perks:
Robust business checking options
Special perks for account holders aged 60 and over
13. Valley Bank of Kalispell
Valley Bank of Kalispell is a community bank with more than a century of experience in the area. The bank’s main office is in downtown Kalispell, with an additional loan office in Eureka. You’ll find multiple basic checking accounts with no monthly maintenance fees, each with its own requirements and features.
Fees:
No monthly maintenance fees
Balance requirements:
$50 minimum opening deposit
No minimum balance requirements
ATMs:
Fee-free at Valley Bank ATMs
Fee-free at MoneyPass ATMs nationwide
Interest on balance:
Rates not publicly disclosed
Additional perks:
Easy check ordering
Wide variety of auto and recreational vehicle loan options
14. Wells Fargo
Wells Fargo is a national bank with branches in 4,900 branches in 37 states. You’ll get fee-free ATM use while traveling at 12,000 ATMs, but if you travel to one of the states without a Wells Fargo presence, Wells Fargo will charge a $2.50 fee for each non-Wells Fargo network ATM withdrawal.
This is in addition to the fee charged by third-party ATM providers. Currently, you can earn a $300 bonus by opening an Everyday Checking Account with a $25 deposit and receiving at least $1,000 in direct deposits within the first 90 days.
Fees:
$10 monthly fee (waived with requirements)
$35 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum daily balance requirement
ATMs:
Fee-free at Wells Fargo ATMs nationwide
$2.50 fee for non-Wells Fargo ATM transactions
Interest on balance:
Up to 2.51% APY on savings
Up to 4.51% APY on CDs
Additional perks:
$300 bonus on new checking accounts
FICO score available in mobile banking app
How We Picked These Accounts
Banking needs vary from one person to another, so it can be tough to say what the best banks are. First, there’s the national vs. local debate. Someone who travels often might prefer a bank with branches everywhere, while others might prefer the sense of community you get with a local bank.
This list of best banks also takes into account the different banking services available. You might prioritize a free checking account over a high-yield savings account, for instance. In case you’re looking for a checking or savings account that earns money, we also included banks that pay interest on your savings account, CD, or money market account.
Frequently Asked Questions
What national banks are in Montana?
There are several national banks that have branches within the state of Montana, including U.S. Bank, Chase Bank, and Wells Fargo. If you live in Billings or Helena, Chase might work well for you, but otherwise, U.S. Bank and Wells Fargo will have the statewide coverage you need.
What is the most reliable bank?
Nothing’s guaranteed, but if you go with an FDIC-insured bank, you should be covered, even if you choose an online banking or extremely local bank. Large, corporate banks have a bigger asset base, so if stability is your biggest concern, that might be the way to go. However, there are plenty of FDIC-insured regional banks and small, local banks that are well-established and unlikely to go anywhere.
What Montana bank is ranked the best?
Opinions can vary from one source to another, so it’s important to look across multiple rankings to pull out some trends. When it comes to national banks with a large number of bank branches in Montana, U.S. Bank tops a lot of lists.
As for local banks, two banks receive quite a few mentions. Both Glacier Bank and Stockman Bank of Montana get high marks for their customer service and community focus. Since both of these options are among the best banks for keeping fees low, they’re worth considering.
What should I look for in a Montana bank?
With so many Montana banks, it can be tough to narrow it down to just one. Once you’ve ensured a bank is FDIC insured, it’s a matter of weighing the cost against the rewards. That includes perks like rewards for debit card transactions and checking accounts that pay interest. Here are some factors to consider as you’re researching the best banks.
Overall Better Fee Structure
You’ll see plenty of banks that offer free checking account options, but it’s important to look at the big picture. You’ll see account fees charged for the following:
In most cases, you won’t be penalized for not using an account as long as it doesn’t sit dormant for a while, but it’s essential to look at that. Also consider ATM availability. If you think you’ll regularly need to withdraw cash, the best checking accounts will give you fee-free access whether you’re at home or traveling.
Easy-to-Achieve Fee Waivers
Most online banks and community banks have free checking. But many national and regional banks have strings attached to their free accounts. The best checking accounts have attainable fee waivers, if any at all. Pay close attention to banks that require a lot of debit card purchases every month if you tend to spend more using cash or a credit card.
Some fee waivers will also require a minimum daily balance. This goes for both checking and savings accounts. Before choosing an account, make sure you can maintain that balance, day after day, or be prepared to pay the fee.
Low (or No) Minimum Deposits
Banks often require a small deposit on the account holder’s part to establish checking and savings. But you’ll find plenty of free online banking and smaller local banks that waive the minimum deposit to let you get started with no money whatsoever.
Among the banks that require an opening deposit, though, you’ll find options with small requirements. You might find a bank that lets you open a savings account with just $25 or $50 with a free or low deposit to establish checking. If it’s lower than what you’d put into savings with a different bank, that small checking deposit might be worth it.
Competitive Interest Rates
In addition to fees, you’ll also need to look at the return you’ll get on your savings. The best savings accounts offer a high yield without requiring a ridiculously high balance. Take a look at the interest rate and compare it to other banks to make sure you’re getting the best deal.
Variety of Accounts and Loans
Whether the account pays a higher interest rate is a great consideration, but there’s a benefit to having a one-stop shop. You might find community banks and credit unions offer highly competitive interest rate options on personal loans.
Being an account holder might even get you a discount on auto loans and mortgages. Although you can always shop for loans with other banks, some people prefer to have everything in one place.
Digital banking
Over the years, banking has moved to mobile devices and websites. Whether you go with a large or small bank, take a quick look at the digital offerings. The app should make it easy to pay bills, transfer funds, and keep an eye on your accounts. You might find an online bank gives you better options in this area, particularly if you don’t need to visit a local branch and you rarely deposit cash.
Most importantly, make sure the bank’s mobile app works with your particular mobile device. The app can’t help you at all if you can’t access it. Even if you rarely use the app, it’s a handy tool to have if you suddenly need to take a look at your account when you’re away from your computer.
The best savings accounts and checking accounts offer all the amenities you need while also keeping your balances strong. With so many banks and credit unions in Montana, it’s fairly easy to find a solution that will meet your own needs.
It may be known for blues music and catfish farming, but the Magnolia State has plenty to offer when it comes to work and play. Mississippi is home to industries from technology to agriculture, with everything in between.
If you live in the state, you’re likely hoping to find the best banks in Mississippi to fit your checking and savings account needs.
12 Best Banks in Mississippi
Whether you’re looking for a national bank, a regional bank, or a small community bank, there are so many banks in Mississippi, it’s easy to find one that meets all your needs. You may even find the options overwhelming. Here’s a list of some of the best bank accounts in the state to help you narrow it down.
1. BankPlus
Local banks bring benefits like personalized customer service. BankPlus is a local bank with branches and ATMs throughout Mississippi. One downside to BankPlus, though, is its ATM availability. If you need to withdraw cash from your checking account, you’ll have to find a BankPlus ATM to avoid the fee.
Fees:
$6 monthly service fee
$36 overdraft fee
Balance requirements:
$100 minimum opening deposit
No minimum balance requirements
ATMs:
Fee-free at BankPlus ATMs
Interest on balance:
Up to 0.05% APY on savings accounts
Up to 0.55% APY on CDs
Additional perks:
Interactive teller machines connect you with live bank representatives
Up to $1,200 in cell phone protection per year
2. Planters Bank
Planters Bank could be a great option if you’re looking for a bank with physical branches. You’ll find physical locations across Mississippi, as well as in Tennessee and Louisiana.
This bank is better for those who don’t need to regularly make cash deposits and withdrawals while traveling. You’ll have to track down a SUM Network ATM, and even then, Planters charges a $1.50 fee in addition to what the third-party bank charges.
Fees:
No monthly maintenance fees
$36 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum balance requirements
ATMs:
Interest on balance:
Up to 2.50% APY on money market accounts
Additional perks:
Robust mobile banking features
Unlimited check writing
3. Chime
Chime is an online and mobile banking solution that has everything you need to manage your accounts in its mobile banking app. You’ll get a fee-free1 checking account and access to a savings account that pays 2.00% APY3. With qualifying direct deposits in place, Chime will spot you in up to $2005 on debit card purchases with no overdraft fees.
Fees:
No monthly fees
No fees for overdrafts
Balance requirements:
No minimum opening deposit
No minimum balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 for each out-of-network ATM transaction
Interest on balance:
2.00% APY on savings accounts
Additional perks:
4. Renasant Bank
Renasant Bank is a regional bank based in Tupelo. You’ll find 195 branches in seven states, including throughout Mississippi. There are multiple checking accounts, including a basic account that’s fee-free as long as you enroll in eStatements, have at least one direct deposit a month, or maintain a daily balance of $1,000.
Fees:
$10 monthly fee (waived with requirements)
$36 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at 225 Renasant Bank ATMs and ITMs
$3 per out-of-network ATM transaction
Interest on balance:
0.05% APY on savings accounts
Up to 4.46% APY on CDs
Additional perks:
Small business owners have a wide range of checking and loan options
Children’s savings accounts available
5. GO2bank
Another online bank is GO2bank, which offers fee-free cash withdrawals through the Allpoint ATM network. If you need to deposit cash, you can take your free debit card to one of 90,000+ retail partners nationwide.
GO2bank’s checking account is free as long as you receive at least one payroll or government benefits electronic deposit each month.
Fees:
$5 monthly maintenance fee (waived with requirements)
$15 fee for overdrafts
Balance requirements:
No minimum opening deposit
No minimum balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 for each out-of-network ATM withdrawal
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Secured credit card helps you build credit with no credit check required
Up to 7% cash back on gift card purchases
6. Cadence Bank
Cadence Bank began at the back of a hardware store in Verona, Mississippi in 1876. Over the years, Cadence has expanded to a regional bank and now has branches in Mississippi, Alabama, Arkansas, Florida, Georgia, Louisiana, Missouri, Tennessee, Texas, and Illinois.
The My Way checking account waives service fees as long as you maintain a $250 balance, have five debit card purchases monthly or at least one $100+ direct deposit, or are a student under 25.
Fees:
$8 monthly service fee (waived with requirements)
$36 overdraft fee
Balance requirements:
$50 minimum deposit to open
$250 minimum balance required
ATMs:
Fee-free at 400+ Cadence ATMs and ITMs
Interest on balance:
Up to 4.49% APY on CDs
Additional perks:
Special checking account option for seniors 62 and over
Wealth management services available
7. Ally Bank
Online and mobile banking have created an appealing alternative to big banks. Ally Bank gives you a checking account with no monthly maintenance fees and no minimum balance required.
You’ll have everything you need in the mobile app, as well as access to cash at Allpoint ATMs nationwide. But one of Ally’s best features is its competitive rates on savings accounts, CDs, and money market accounts.
Fees:
No monthly maintenance fees
No overdraft fees
Balance requirements:
No minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at 53,000+ Allpoint ATMs nationwide
Up to $10 in third-party ATM fees reimbursed monthly
Interest on balance:
0.25% APY on checking accounts
3.85% APY on savings accounts
Up to 4.80% APY on CDs
4.15% APY on money market accounts
Additional perks:
Paycheck funds available up to two days early
SpotMe covers you for up to $200 in overdrafts
8. Wells Fargo
National banks bring their own benefits, including a wide range of banking services and a vast branch and ATM network. Wells Fargo is one of the largest banks in the country, and you’ll likely find a bank branch near you.
Wells Fargo has a checking account with no monthly service fees as long as you keep a $500 balance, receive $500 or more in qualifying electronic deposits monthly, or you’re between the ages of 17 and 24. If you’re attending college, you can also enjoy a free checking account by linking your checking account to a Wells Fargo campus card.
Fees:
$10 monthly fee (waived with requirements)
$35 fee for overdrafts
Balance requirements:
$25 opening deposit required
No minimum daily balance
ATMs:
Fee-free at Wells Fargo ATMs nationwide
$2.50 fee for out-of-network transactions
Interest on balance:
Up to 2.51% APY on savings
Up to 4.51% APY on CDs
Additional perks:
$300 for new checking accounts
Earn 20,000 bonus points with the new Wells Fargo VISA
9. Regions Bank
Regions Bank is a regional bank that operates throughout the South, Midwest, and Texas. You’ll find branches and ATMs throughout Mississippi, including DepositSmart ATMs that make it easy to make check and cash deposits.
The Regions Bank LifeGreen eAccess Account is an online and mobile banking option with no monthly maintenance fees as long as you make at least 10 debit or credit card purchases each month.
Fees:
$8 monthly maintenance fee (waived with requirements)
$36 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at Regions Bank ATMs
$3 out-of-network ATM fee
Interest on balance:
0.01% APY on savings accounts
Up to 4.75% APY on CDs
Up to 1.50% APY on money market accounts
Additional perks:
DepositSmart ATMs make it easy to deposit cash and checks
Wealth management services available
10. PriorityOne Bank
For a smaller, community bank, look at PriorityOne Bank, which has 16 locations across Mississippi. PriorityOne offers multiple checking account options, including a basic account with all the mobile banking features you’ll need, as well as unlimited check writing. This account is $7 a month, but you can have the fee waived if you keep at least a $100 daily balance.
Fees:
$7 service fee (waived with requirements)
$35 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at PriorityOne Bank ATMs
Interest on balance:
Up to 0.10% APY on savings accounts
Up to 1.00% APY on CDs
Up to 0.20% APY on money market accounts
Additional perks:
Check Buy-Back program pays for unused check and debit cards from your previous bank
Variety of banking options for small business owners
11. Trustmark National Bank
Another option is Trustmark National Bank, which is headquartered in Jackson. Although Trustmark National Bank qualifies as one of the big banks, it’s confined to the Southeast U.S., with 180 branches, ATMs, and ITMs.
You’ll enjoy a free checking account as long as you make at least 15 debit transactions monthly, receive at least $100 in electronic deposits monthly, or keep an average balance of $1,500. Trustmark National Bank also currently has account options for both students and small business owners.
Fees:
$10 monthly fee (waived with requirements)
$36 fee for overdrafts
Balance requirements:
$50 minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at Trustmark National Bank ATMs
$2.50 for each non-Trustmark National Bank ATM withdrawal
Interest on balance:
Rates not publicly disclosed
Additional perks:
$50 bonus for opening Trustmark National Bank student checking account
Banking options for small business owners available
12. First State Bank
Another community bank option is First State Bank, which has multiple branches in Waynesboro, as well as in Ellisville, Laurel, Leakesville, Lucedale, Meridian, Quitman, and State Line. There are multiple checking options, but the best checking account if you’re looking for a fee-free option is Kasasa Cash Checking.
Although there’s no opening deposit, you’ll have no monthly fees. Best of all, it’s a rewards checking account. You’ll also earn up to 1.00% APY on your balance.
Fees:
No monthly fees
$37 fee for overdrafts
Balance requirements:
$100 minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at First State Bank ATMs
Up to $25 in out-of-network ATM fees refunded each cycle
Interest on balance:
Up to 1.00% APY on checking account
Up to 0.25% APY on savings account
Additional perks:
Rewards checking account with no monthly fees
Travel and Leisure Club open to account holders aged 50 and over
How We Determined the Best Banks in Mississippi
Personal preferences can vary widely when it comes to a bank account. For that reason, we looked at a variety of options, including national bank branches in Mississippi and small but powerful local options.
The banks we looked at had as many as six different checking accounts and four different savings accounts. To make a fair comparison, we looked at the simplest checking account at each bank. However, in your search, you may be willing to pay a monthly fee or maintain a high minimum daily balance in exchange for features like high interest rates and cash back rewards checking account options.
We also looked at rates on savings accounts, CDs, and money markets, but if you’re interested in those features, you may want to compare the minimum opening deposit, required balance, and fees that go with those account types.
Finding Your Ideal Checking Account
If you’re shopping for a bank, chances are you want a place to park your paycheck. From there, you can add on the savings accounts and other financial products you want. Here are some things to consider as you’re researching banks in Mississippi.
Big Banks vs. Online Banks
There are benefits to a big bank with physical branches across the country. You’ll typically see a large number of checking options, which means you’re likely to find the best checking account to fit your needs. Having access to cash and in-person customer service while you’re traveling is also a big bonus.
But there are benefits to an online bank account as well. Since a free debit card is a standard feature on both online and traditional bank accounts, mobile banking is often as full-featured as a brick-and-mortar financial institution. If you’re concerned about cash access, many checking accounts now feature partnerships with national ATM networks that let you withdraw cash without paying extra account fees.
Difficult to Meet Fee-Waiver Requirements
Free checking accounts sometimes come with requirements. This may be maintaining a balance every day. That means the monthly fees will kick in if your account ever drops below that minimum.
These days, though, many banks offer an alternative to that balance minimum. The best checking accounts also allow you to waive the fee by receiving a certain number of electronic deposits each month. If your paycheck or government benefits check goes into your account once or twice a month, this should qualify you for fee-free checking.
Access to Mobile Banking Services
What matters in a bank is what you can do through your mobile device. It’s important to not only look for features like bill pay and remote check deposit, but also check to see if an account offers budgeting tools and financial advice services. This is where some banks stand out. Online-only banks and large, corporate banks may have state-of-the-art mobile services, while small banks may struggle to keep up.
When you’re looking for the best checking accounts and savings vehicles, it’s important to consider the features you need, then look for the account that will fill those needs. National banks, regional banks, credit unions, and local banks each have their own benefits. But the best banks in Mississippi are the ones who give you the conveniences you need, whether you’re traveling or staying close to home.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
3. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of May, 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
Opening a bank account for your teen is a great way to begin teaching financial responsibility and money management. If your teen’s account is linked to yours, it’s also a convenient way to pay them an allowance, reward them for good grades, or even transfer money for pizza when your teen is out with friends.
It’s no wonder a recent Fidelity study reported that 49% of teens in the U.S. have opened bank accounts. But which checking account is best? And what should you look for in checking accounts for teens?
10 Best Teen Checking Accounts
While there are many options available for teen checking accounts, parents frequently choose to establish accounts for their teens at their own primary banking institutions. This list includes many top national banks.
Their inclusion isn’t necessarily due to their teen checking accounts offering the highest interest rates or the most features. Instead, their comprehensive services for adults and strong reputations make them a viable consideration.
1. Copper Card
Copper Bank, Member FDIC, is a federally insured online bank dedicated to helping kids and teens learn how to manage money. Copper Bank has invested more than $1 million in high school financial literacy and the app helps teach kids the basics of investing.
Copper accounts are available to kids ages 6 and up, as long as they have their own mobile phone number separate from the adult account holder. Children and teens receive a Copper Spending Account debit card that is compatible with Google Pay and Apple Pay. Users can also use the debit card for fee-free transactions at 55,000+ ATMs nationwide.
Copper offers a ton of enticing features parents and teens will love. First, there are no overdraft fees, no minimum balance, or maintenance fees. Parents will pay a small fee of 2.5% + 30 cents of the total transaction for an “instant transfer” from a linked debit card. Otherwise, it can take 3 to 5 business days for funds to arrive in the Copper account.
Copper makes banking convenient for parents and rewarding for kids. Parents can set up automatic transfers for allowance, or can even transfer money automatically when the Copper account drops below a specific number.
Copper lets kids round-up their debit card transactions to be automatically transferred into their linked savings account. Users can set specific savings goals and earn interest with up to 5% annual percentage yield. This can motivate kids to save as they watch their money grow.
Copper also allows kids and teens to invest, starting with as little as $1. Investing is automated based on your child’s risk profile, and Copper even reinvests dividends and uses dollar-cost averaging to set your child up for investment success and good habits for life.
2. USAA Youth Spending Account
USAA offers a joint account that a parent or legal guardian can open with a child of any age. The USAA Youth Spending Account includes a debit card that allows the adult account holder to increase or decrease daily spending limits. Children can use their card at point-of-sale transactions and without fees at any of 100,000 preferred ATMs in the USAA network.
Once the child turns 13, you can use the mobile app to give them the ability to transfer money, make remote deposits, and more.
When your child turns 18, the USAA Youth Spending Account will be converted automatically to a USAA Classic Checking account. You can choose to stay on as a joint account holder to help your teen manage their money while they are away at college or in the military.
The USAA Classic Checking account has no monthly fee for college students or members of the military.
There are a few things to be aware of before you open the banking account:
USAA is available only to veterans, active duty military, national guard, reservists, military spouses and others who meet a few criteria related to the U.S. Armed Forces
The USAA Youth Spending Account requires a $25 minimum opening deposit
Your child will earn .01% annual percentage yield if they maintain a daily balance of $1,000 or more
3. PNC Bank Student Banking
PNC Bank offers a VirtualWallet student account for teens and young adults ages 16 and up. Teens under 18 will need to open a joint account with a parent or legal guardian. College students may have to show proof of enrollment. After six years, the student account becomes a regular PNC Bank Virtual Wallet account, with all the same features and benefits.
The Virtual Wallet account includes a “Spend” primary checking account, a “Reserve” savings for short-term savings and a “Growth” account for long-term savings for big ticket items or to build up emergency cash reserves.
The Virtual Wallet has no monthly service fees for students and includes fee-free ATM withdrawals at PNC Bank ATMs. Teens and adults, alike, receive ATM rebates for the first two non-PNC bank ATM withdrawals and up to $5 in ATM fee reimbursements per statement period for ATM surcharges collected by other financial institutions.
Unlike some student bank accounts, which decline transactions that would put your account in the negative, the PNC Bank Virtual Wallet offers one automatic courtesy refund of Overdraft item fees per month. However, the Virtual Wallet’s Low Cash Mode makes it easy to avoid overdrafts with alerts that tell you when your spending balance drops below a certain point.
You can also use Payment Control to choose to pay or return certain ACH transactions if your account balance is negative.
4. Wells Fargo Clear Access
Wells Fargo Clear Access is designed for teens ages 13 and up, as well as previously underbanked or unbanked customers. It’s considered a “second chance” bank account, but the lack of overdraft charges and no monthly fees also makes it great for teens just learning financial responsibility.
Be aware that children under 18 cannot open an account online. They must open the bank account at one of the 4,800 Wells Fargo branch locations nationwide.
Clear Access has no monthly fee for account holders ages 13 to 24. Teens 16 and under will need a joint account holder who is over the age of 18.
Wells Fargo Clear Access was certified by the Bank on National Account Standards as meeting the requirements for safe and affordable bank accounts with no overdraft fees. A straightforward account with few bells and whistles, the account includes access to the user-friendly Wells Fargo mobile banking app and mobile check deposits. You also get Zelle person-to-person payments and a debit card compatible with digital wallets like Google Pay.
There are no overdraft fees with Clear Access, but transactions that would bring your account into the negative are likely to be declined. There is no minimum balance requirement, but you’ll need a $25 minimum opening deposit.
5. Chase First Banking Account
The Chase First Checking Account is available to kids ages 6 to 17 and has no monthly fees. To open an account for your teen or tween, you must have a qualifying Chase checking account, such as Chase Total Checking.
It’s easy to open an account online and make transfers from your account to the Chase First Banking account in the mobile app. You can set up automatic recurring transfers for allowance or approve requests from your child for money.
Set a spending limit for general spending or for specific purposes. You can even create a list of approved stores where your child can shop with their debit card. For existing Chase customers, Chase First is one of the smartest choices for a teen checking account due to the convenience and easy parental controls.
6. Capital One MONEY Teen Checking Account
The Capital One MONEY Teen checking account is one of the most popular checking accounts for kids. You don’t need a Capital One account to open a MONEY account with your kids, as the account can accept external transfers.
The account is available for kids ages 8 and up. Once the teen turns 18, they can convert it to a Capital One 360 Checking Account of their own with no monthly fee.
Unlike Chase, Capital One MONEY Teen pays interest on checking account balances. It’s only 0.10% annual percentage yield, but it is enough to begin teaching kids the value of compounding interest. Capital One’s teen product has no monthly service fee, no minimum balance requirement, and no minimum opening deposit.
Through the mobile app, kids and teens can set savings goals, designate funds in “savings buckets” or for spending with their Capital One Mastercard debit card, and make withdrawals at any Capital One or AllPoint ATMs with no fees.
Parents can make automatic transfers for allowance, set up one-time transfers, and even pay kids rewards if they meet specific savings goals. You can track spending and view transactions in the mobile app or set up text alerts.
7. Bank of America Advantage SafeBalance
Unlike the other three largest national banks in the U.S., Bank of America does not have a dedicated teen checking account. However, Bank of America customers can open a joint account with their child who is age 13 or older and give them access to their own debit card.
Bank of America recommends the Advantage SafeBalance bank account for teens and college students under 25. There is no monthly fee on the account if one of the account holders is under 18, or under the age of 25 and a student, or if any of the account holders are members of Bank of America Preferred Rewards.
A straightforward, checkless account, BofA calls SafeBalance “a smart start for students.” Kids ages 16 and up can be sole owners of the account, but you might choose to be a joint account holder for convenience.
The SafeBalance account doesn’t have a lot of bells and whistles, but it is a great way to get your child set for the future with an account at a nationwide, reputable bank with 4,000 branch locations nationwide.
8. Axos Bank First Checking
Axos Bank First Checking offers a checking account where you can earn interest. It pays a 0.10% annual percentage yield on all balances. It is available for teens ages 13 to 17, with an adult account holder.
Axos First Checking boasts no monthly maintenance fee, no overdraft fee, and reimburses up to $12 per month in out-of-network ATM surcharges.
Be aware that your child can only make $500 in debit card purchases per day and can only withdraw up to $100 per day at ATMs.
Axos Bank is consistently rated one of the best for online banking by top personal finance websites. The First Checking account is a straightforward way to teach teens financial independence and the ease of online banking.
9. Connexus Credit Union Teen Checking Account
Connexus is a top-rated credit union that’s easy to join with a one-time donation to become a member of the Connexus Association. The Connexus Credit Union Teen Checking account offers up to 2.0% annual percentage yield with zero monthly service fees, free ATM transactions within the Co-Op or MoneyPass networks, and overdraft protection with linked accounts.
Kids ages 10 to 17 can open a teen checking account to earn a high APY. When they turn 18, the credit union will transition their teen account into a Connexus Innovative Checking account with no monthly fees.
Young adults can choose to convert the account into an Xtraordinary checking account through the credit union to earn interest. The Xtraordinary account offers up to 1.75% APY when you make 15 debit card purchases or spend $400 with your debit card.
10. Alliant Credit Union Teen Checking
Alliant Credit Union has won awards from top personal finance sites as one of the best credit unions in the country. With no monthly service fees and no overdraft fee, it’s a straightforward account that will introduce teens to the personalized service of credit unions.
Teens can earn interest with a rate of 0.25% APY on their checking account balance. Keep in mind, to earn that high yield, they will need to opt in to receive eStatements and make at least one electronic deposit per month.
As with a regular Alliant credit union account, your teen will receive up to $20 in ATM fee reimbursements per month, and pay no fees at 80,000+ ATMs nationwide.
Alliant Credit Union Teen Checking is one of the few teen checking accounts that provides overdraft protection. If you sign up with a linked savings account, Alliant Credit Union Teen checking will automatically transfer funds from savings to cover debit card purchases.
You will need a $25 minimum deposit to open an account with your teen, ages 13 to 17.
Prepaid Debit Cards for Kids
If you feel your child or teen isn’t ready for a checking account, you might consider a prepaid debit card for kids, instead. Products like Greenlight, Cash App, Revolut<18 are not your typical banking account, but are prepaid debit cards that provide kids with easy access to money.
1. Greenlight
Greenlight is one of the original names in pre-paid debit cards for kids and teens. Greenlight offers three different plans with the following monthly service fees.
Greenlight Core: $4.99/month
Greenlight Max: $9.98/month
Greenlight Infinity/$14.98/month
Each plan includes debit cards for up to five children or teens, access to the app, and parental controls. After that, these plans vary somewhat in their offerings.
The Core plan pays 1% interest. Greenlight Max pays 1% cash back on your child’s debit card purchases, deposited automatically into their savings account to earn 2% interest.
Greenlight Infinity also pays 1% cash back on purchases. It pays 5% APY on savings. But Greenlight Infinity is much more than just a debit card or money account. It’s also a family safety and protection app that provides the ability to send and receive SOS alerts, crash detection that automatically alerts 911 in the event of a car crash, and family location sharing.
Greenlight has vast capabilities for money management, including the ability to set limits on spending, reward kids with deposits for chores or accomplishments such as high grades, and pay a monthly allowance.
Kids can create a customized card, as well, which often appeals to teens.
2. Cash Card
Cash App is the popular person to person payment app that comes with a debit card you can use for online or in-store purchases. Now, everyone age 13 and up can gain access to a customized Cash Card of their own.
Cash Card is an easy-to-use card that allows you to send and receive money from external accounts or from friends and family who also use Cash App. You can use Boosts in Cash app to find savings on everyday items from popular stores. Boosts are a great way to teach kids how to save money while shopping.
There is no minimum deposit to open a Cash App account.
3. Revolut
Revolut has no monthly service fee and links to an external account or your Revolut online bank account. You can set spending limits and receive alerts when your child uses their debit card.
You can also assign “tasks” to your kids and set up instant transfers from your account when the task is complete. You can also set up automatically allowance payments, or create a list of chores and put money directly on your teen’s debit card when that chore is done.
Features to Consider for Opening a Teen Checking Account
The features you’ll find in the best free checking accounts for adults should also apply to teen checking accounts. Most of the best teen checking accounts on our list meet the following requirements.
No Monthly Maintenance Fees
You don’t want to pay money so your teen can learn about managing money. Teach your teen early on that some of the best things in life – including their checking account – can be free.
Low Minimum Balance Requirements
Look for an account with no minimum opening deposit and no minimum balance requirements. Fortunately, even banks that have minimum balance requirements to waive fees for other checking accounts typically have no requirements for free checking for teens.
Low or No Fees
Make sure there are no ATM fees, no overdraft fees, and no hidden fees for any reason. Most teen checking accounts will decline a purchase rather than put the account into overdraft, which can help teens build financial responsibility and learn money management.
Linked Savings Accounts
When you’re evaluating a teen checking account, you may also want to look for a linked savings account with savings buckets, so your teen can set goals and plan for future purchases. Compare interest rates on teen accounts, discuss the other features and benefits, and enroll your teen in making the choice with you.
Parental Controls
You should be able to lock and unlock your teen’s checking account within the mobile app, set spending limits, and even designate certain funds to be used only for specific purposes.
Online Banking Through a Desktop Portal or Mobile App
Teens today are tech savvy. Fortunately, most teen bank accounts – even those from brick and mortar banks and credit unions – include an easy to use mobile app with separate logins for teens and their parents.
Direct Deposit
Features like direct deposit may not be as important, unless your teen is working and wants their paychecks deposited into their account. Most of the bank accounts on this list, however, do offer the service. Some even deposit funds up to two days earlier than usual.
It’s a nice bonus when teen checking accounts can be converted into a regular checking account once your child reaches adulthood.
Pros and Cons of Bank Accounts for Teens
As you evaluate the features of these teen checking accounts, you might wonder if it’s even worthwhile to open a checking account for your teen. Opening a bank account for your teen can help them develop good personal finance habits early on.
Let’s consider other benefits and drawbacks of checking accounts for teens.
Pros
Conveniently transfer money from your linked account, wherever you are
Teach children and teens about saving and investing
Teach the basics of using a mobile banking app
Build financial responsibility
Money is protected by the Federal Deposit Insurance Corporation up to $500,000 for joint accounts
Cons
Teens unfamiliar with budgeting may spend more with a debit card handy
Some financial institutions charge fees
Your teen may lose their debit card, creating a security risk
You may need to make a minimum deposit to open the account
When all is said and done, the benefits of teen checking accounts far outweigh any inconveniences. Just make sure to choose a banking account with no minimum deposit requirements or monthly service fee at a bank or credit union that offers responsive customer service.
Also, make sure you can keep tabs on your teen’s spending through alerts or a mobile app.
How to Choose a Teen Checking Account
Now that we’ve explored some of the best checking accounts for teens, you may have already made your choice. If not, here are some aspects to think about when choosing the best checking account or prepaid spending account for your tween, teen, or college student.
Choose the Type of Teen Account You Want (Checking Account vs. Savings Account)
First, think about whether you want a prepaid debit card, a checking account, a savings account, or both. Do you want to choose a money account from a bank or credit union? Would you prefer to open the account at a brick and mortar bank or are you and your teens comfortable banking online only?
The answers to these questions should give you a good place to start.
Consider the fee menu (monthly service fees, recurring transactions, ATM withdrawals, card reload, etc.)
It shouldn’t cost money to teach your teen money management. Consider any fees related to the account. Similarly, you might prefer a bank or credit union with no minimum deposit to open an account.
Some of the best teen checking accounts pay interest, which is a great incentive to help your teen start saving money and to put a little extra money in their pocket.
Consider the Age and Responsibility Level of your Teen
Most of the best teen checking accounts feature alerts for parents through text or an app, capabilities to freeze spending or set limits, and turn off the debit card in the app in case it’s lost or stolen. These are good capabilities as your teen learns how to manage money.
Because you can’t spend every minute tracking your teen’s finance, however, you also want an account that will either decline transactions that would put the account into the negative, offer overdraft protection, or waive overdraft fee.
How to Open a Teen Checking Account
When you’re ready to open a checking account for your teen, you’ll want to make sure you have their date-of-birth and Social Security number handy, as well as your own. Make note of any minimum deposit requirements, as well, and have a plan in place to fund the account.
Fund the Teen Checking Account and Activate the Debit Card
Most teen checking accounts will allow you to make a deposit from an external account or make a mobile check deposit in the app. If your teen works, you can have them request a form to have their paycheck deposited automatically via ACH transfer.
If you open a teen account with Chase, Bank of America, or other big banks, you can easily transfer funds from your linked internal account in minutes.
Once your teen receives their debit card, you will want to show them how to activate it by calling the number on the card or setting up their PIN at an ATM within the network. Let them know that their PIN should be easy for them to remember, but hard for anyone else to guess. They shouldn’t use their birthday or the last four digits of their phone number, for instance.
Frequently Asked Questions
Do teen checking accounts have monthly fees?
Most of the best checking accounts on our list do not have maintenance fees, service fees, or ATM fees.
Can a minor have a checking account?
Yes, a minor can open a checking account jointly with a parent or guardian.
What happens to a teen checking account when I turn 18?
Some of the best teen checking accounts automatically convert to regular checking accounts when the child turns 18.
Can I open a teenage bank account online?
You can open many of the checking accounts on this list online. However, to open a Wells Fargo Clear Access account for a person under the age of 18, you’ll need to visit a brick and mortar branch.
What is the minimum age to open a teen checking account?
Some teen checking accounts are available to children as young as six years or eight years old, as long as they are opened jointly with a parent or guardian. Teens 18 and older can open an account on their own. Many student checking accounts designed for young adults ages 18 to 25 have no fees for college students.
How much money should you keep in your teenager’s checking account?
How much money you keep in your teen’s checking account will depend on a variety of factors. How much can you afford to pay in allowance or fees for chores per month? Is your child earning any money of their own they can deposit? Do they typically receive cash gifts for birthdays or holidays?
Keep in mind, funds in teen checking accounts are FDIC insured up to the federal limit of $250,000 per account holder, per account type. In the case of jointly held accounts with a parent and a minor account holder, these accounts are insured for $500,000 in total, or up to $1 million if you have linked checking and savings.
Cash advance apps have become a vital financial tool, offering a lifeline to those needing early access to earned wages. These apps allow users to borrow money ahead of their pay period, helping them bridge financial gaps and avoid costly overdraft fees or high-interest payday loans.
These apps function by connecting to a user’s bank account, tracking income, and spending patterns. Some require setting up direct deposit through the app. Once connected, users can request an advance on their paycheck, which typically lands in their bank account instantly or within a few business days.
Cash advance apps provide several benefits, including saving users from costly bank charges and providing budgeting tools and savings accounts. However, potential drawbacks include the possibility of falling into a cycle of debt and privacy concerns.
Despite these risks, cash advance apps, when used responsibly, can serve as a valuable financial management tool.
12 Best Cash Advance Apps
We’ve reviewed some of the best cash advance apps available, highlighting key features and who they might be best suited for.
1. Dave – Best for Small Cash Advances
Borrow up to $500 with no interest.
Dave checking account: No fees at 37K MoneyPass ATMs
Tools to help manage spending and anticipate upcoming expenses.
Automated savings: Automatically plans for future financial goals.
Bill alerts: Gives heads up on upcoming bills to prevent overdrafts.
Dave is a financial app well-suited for individuals who occasionally need a small, quick paycheck advance to tide them over until the next paycheck. It’s a reliable tool for managing finances and avoiding overdraft fees.
Dave allows users to borrow up to $500 as a cash advance to cover small expenses or to prevent an account from going negative.
Advances are provided without interest and are automatically repaid on your next payday. Funds are typically available within one to three days, though instant access is available if you choose to pay an express fee.
The Dave app also offers a checking account with no minimum balance, budgeting tools, and an automated savings feature.
The app also alerts users about upcoming bills, helping them better manage their finances and avoid unexpected charges.
2. Brigit – Best for Budgeting Features
Borrow up to $250 with no interest.
Credit builder loans to build credit
Auto-advance: Automatic cash infusion when your balance is low.
Expense forecasting: Predicts future expenses and warns against overspending.
No late fees or penalties: Offers a flexible repayment policy.
Brigit is a cash advance app that stands out due to its strong emphasis on financial tools, making it ideal for individuals who want to better manage their finances while having access to cash.
With Brigit, users can access cash advances up to $250 when their balance is low. The app features an auto-advance option, providing an automatic cash infusion when the user’s bank balance is in danger of dipping below zero.
Brigit also offers a free tool called ‘Finance Helper’ that provides a financial health snapshot and tracks your spending. The app’s algorithm also predicts future expenses and warns users if they’re at risk of overspending.
3. EarnIn – Best for Low Fees
Tip-based fee structure: Pay what you believe is fair.
Daily cash outs: Borrow up to $100 per day based on hours worked.
Balance Shield: Prevents overdrafts with automatic cash infusions.
No credit check: Your credit score isn’t affected by using the app.
Direct deposits: Pay is received directly into your checking account.
EarnIn stands out among cash advance apps for its low-cost structure, making it an ideal choice for those looking to avoid high fees.
Rather than charging a standard fee or interest, EarnIn operates on a tip-based system. This means that users can pay what they believe is fair for the service, even if that amount is zero.
This app works by allowing users to cash out up to $100 per day (up to $750 per pay period) based on the hours they’ve already worked. It’s a great tool to help avoid overdraft fees or cover unexpected expenses between paychecks.
EarnIn also integrates a Balance Shield feature that prevents overdrafts by offering a $100 cash infusion when the user’s bank account falls below a specific amount.
4. Chime – Best for Banking
SpotMe: Allows overdrafts up to $200 without overdraft fees.
Full-service banking: Includes checking and savings accounts with no monthly fees.
Early Direct Deposit: Access your paycheck up to 2 days early with direct deposit.
Automated Savings: Automatic rounding up of transactions to the nearest dollar with transfer to savings.
Secured credit card: Helps build credit score over time.
Chime is a full-service financial technology company that provides users with a banking platform.
Chime’s SpotMe feature allows eligible account holders to overdraft their accounts by up to $200 on debit card purchases without incurring an overdraft fee.
Additionally, Chime offers banking services provided by The Bancorp Bank and Stride Bank, including a no-fee checking account, an automatic savings account, and secured card offerings.
These services, combined with all of Chime’s other features, make it a well-rounded choice for individuals looking to streamline their banking experiences.
5. Current – Best for Quick Cash Advance Processing
Overdraft up to $200 with no fees.
Full-service banking: Provides checking accounts and savings tools.
Spending insights: Offers personalized breakdowns of spending habits.
Teen banking: Offers accounts for teens managed by parents.
No hidden fees: Current is upfront about all its charges.
Current is a comprehensive banking app that stands out due to its impressive speed in processing cash advances.
With Current, you can overdraft up to $200 without incurring overdraft fees. It also provides a checking account, savings tools, and personalized insights into spending patterns.
The lightning-fast processing times and user-friendly platform make Current a reliable choice for individuals who need speedy access to cash.
6. MoneyLion – Best for Comprehensive Financial Services
Instacash: Get up to $1,000 instantly with 0% APR.
Full-service banking: Offers a RoarMoney account for seamless banking.
Credit Builder Plus: Access to a secured credit card to help build credit.
Investment accounts: Provides an opportunity to grow your savings.
Credit monitoring: Keeps an eye on your credit score and provides advice.
MoneyLion sets itself apart as a financial technology company that provides a wide array of services, making it a standout for those seeking comprehensive financial tools in addition to cash advances.
MoneyLion offers a feature known as Instacash, which allows users to borrow up to $1,000 with 0% APR. The requested funds are transferred instantly to the user’s MoneyLion checking account, providing immediate financial relief.
MoneyLion also offers banking services, including a RoarMoney account and a secured card to help build credit.
Investment accounts are also part of its suite of services, making MoneyLion a one-stop solution for numerous financial needs.
7. Albert – Best for Personal Finance Management
Access up to $250 from your next paycheck.
Automated transfers to help you save money effortlessly.
Albert Geniuses: Subscribers can get personalized financial advice.
Keep track of your spending and set budget goals.
Invest in stocks and funds
Albert shines as a financial app focused on overall personal finance management while also offering a cash advance feature. This makes it an excellent choice for users who seek to enhance their financial literacy and stability.
Albert’s cash advance feature, Albert Instant, allows users to advance up to $250 from their next paycheck. This provides a handy buffer against unexpected expenses or potential overdraft fees.
Albert also offers an array of tools, including an automatic savings feature, budgeting help, and a subscription service that provides access to financial advisors for personalized advice.
Furthermore, Albert Geniuses, the app’s text-based financial advice feature, is a unique tool that helps users make more informed financial decisions.
8. Empower – Best for High Cash Advance Limits
Borrow up to $250* with no interest or late fees.
Free credit monitoring
Sets aside savings automatically based on your spending habits.
Spending tracking: Monitors spending to provide insights and alerts.
Personalized tips: Provides suggestions tailored to the user’s spending patterns.
Empower is an app that caters to those who might need larger cash advances, standing out with its high cash advance limits.
Empower offers qualified users advances up to $250* with no late fees or interest. The Cash Advance feature can be a lifesaver for individuals facing unexpected expenses or dealing with high living costs, providing a buffer until the next payday.
In addition, Empower provides a host of banking and financial services. It offers automated saving features and spending tracking to help users manage their finances more effectively.
* Eligibility requirements apply. Minimum direct deposits to an Empower checking account, among other conditions, may be required.
9. Payactiv – Best for Direct Deposit Advances
Direct deposit advances: Access up to 50% of earned wages before payday.
Financial counseling: Offers assistance to help manage finances.
Budgeting tools: Provides tools to monitor spending and set budget goals.
Discounts: Offers discounts on healthcare, retail, and commuting services.
Payactiv is a standout cash advance app for those seeking direct deposit advances, offering a unique system for accessing earned but unpaid income.
With Payactiv, users can access up to 50% of their earned income before payday, providing flexibility and a safety net for those with unpredictable expenses. This advance is automatically repaid from the user’s next paycheck, making it a seamless solution.
Payactiv also offers financial counseling, a Visa debit card, and a savings program. It also provides discounts for healthcare, retail, and commuting services.
Its comprehensive approach to financial wellness makes Payactiv a robust tool for managing personal finance.
10. Vola – Best for Students
Cash advances for students: Offers advances up to $300.
Financial learning resources: Provides educational content to enhance financial literacy.
Budgeting insights: Helps manage finances and plan for future expenses.
Overdraft prediction: Alerts users if they’re at risk of overdrawing their account.
Subscription model: Flat monthly fee provides access to all features.
Vola is a financial app specifically tailored to meet the needs of students, making it the ideal choice for students seeking cash advances.
The app understands the unique financial challenges faced by students and offers solutions to help them navigate their financial journey.
With Vola, students can borrow up to $300. It uses a subscription-based model, which also provides access to various financial tools and learning resources that are especially beneficial for students.
Vola also offers a suite of financial learning resources, money management tools, and an overdraft prediction feature.
These resources empower students to learn about personal finance management while providing a financial safety net when needed.
11. Kora – Best for User Experience
User-friendly: Simple and intuitive interface for ease of use.
Cash advances: Provides advances up to $500 to cover unexpected expenses.
Budgeting tool: Helps users manage their spending and save money.
Bill tracker: Helps users keep track of upcoming bill payments.
No hidden fees: Kora offers transparency in its fee structure.
Kora sets itself apart with its user-friendly interface and experience, making it the best choice for individuals who prioritize a seamless and intuitive user experience when it comes to cash advance apps.
With Kora, students can get up to $3,000, or as little as $25 to start building their credit history. The app’s interface is designed to be straightforward and easy to navigate, allowing users to request an advance with just a few taps.
Kora also offers financial planning tools, including a budgeting feature and a bill payment tracker. The simple, user-friendly layout makes it easy for users to manage their financial activity and plan ahead.
12. Varo – Best for No Overdraft Fees
Overdraft fee-free: Users are not charged for overdrafts.
Cash advances: Provides advances up to $250 to cover unexpected expenses.
Savings Account: Earn 5% APY on up to $5,000.
No hidden fees: Transparent about all charges and costs.
All-in-one banking: Combines a range of banking services in one app.
Varo is a standout for those who wish to avoid overdraft fees while getting cash advances. As a financial technology company that offers online banking, Varo’s cash advance app is an excellent choice for users seeking straightforward, cost-effective solutions.
With Varo, users can access a cash advance of up to $250. It’s also worth noting that Varo, unlike most cash advance apps, does not charge overdraft fees, making it a great option for those who are concerned about accruing extra charges.
Varo also offers a 5% APY savings account, allowing users to manage all their banking needs in one place.
Criteria for Evaluating Cash Advance Apps
When evaluating the best cash advance apps, several critical factors were considered to ensure a comprehensive and accurate review. These apps were assessed based on the following criteria:
Fees: The cost to use the app is a significant factor. This includes any charges for cash advances, subscription fees, late fees, or any other additional costs that could be incurred by the user.
User Experience: The design and functionality of the loan app plays a pivotal role in its effectiveness. A well-designed app should be easy to navigate, intuitive, and user-friendly. This includes the process of requesting a cash advance, accessing available features, and obtaining customer support.
Cash Advance Features: The primary function of these apps is to offer cash advances. Key considerations when assessing these features include maximum advance amounts, fees, repayment terms, and speed of delivery.
Additional Features: Many cash advance apps offer extra features, such as credit building tools, financial guidance, and more. These were evaluated based on their usefulness and how well they integrate with the cash advance function.
Customer Service: Good customer service is essential for any app. The availability, responsiveness, and helpfulness of the customer service team were considered.
Customer Reviews and Reputation: Online reviews and the overall reputation of the app provide insight into user satisfaction and potential issues.
Security: As these apps handle sensitive financial data, the security measures in place were evaluated to ensure they protect user information effectively.
By assessing each app based on these criteria, we aimed to provide a comprehensive overview to help you select the cash advance app that best suits your needs.
How to Choose the Right Cash Advance App for You
As you consider which cash advance app is right for you, it’s important to note a key difference between these apps and traditional payday lenders. Most cash advance apps do not charge interest, unlike payday lenders.
This makes cash apps typically a more cost-effective solution for short-term cash needs. Choosing the right cash advance app requires understanding your financial needs, habits, and goals. Here are a few steps to guide you:
Identify Your Needs: The first step is to define what you need from a cash advance app. Do you need a large advance, or will a small amount suffice? How quickly do you need access to the funds? Are you interested in the other features they offer?
Evaluate the Costs: Understanding the cost structure of the loan app is essential. Some apps might have high fees that can add up over time. Remember to consider both the upfront costs.
Assess the Features: Look beyond the cash advance function. Many apps offer useful features that can help you manage your finances better. Some have financial planning tools, bank accounts, and even financial education resources. If these features are important to you, they should be a significant factor in your decision.
Consider User Experience: The app should be easy to use and navigate. Read online reviews or try out the app to see if you find it user-friendly.
Check the Customer Service: Good customer service is crucial, especially when dealing with financial services. Check if the app provides timely and effective support when needed.
Think About Your Financial Future: Consider whether the app can grow with you. Some cash advance apps include features that can help you improve your financial health in the long term, such as bank accounts, credit building tools, or investment options.
By taking the time to consider these factors, you’ll be well-positioned to choose an app that fits your personal needs and helps enhance your financial situation. Remember, while cash advance apps can provide quick relief in times of need, they’re not a sustainable solution for financial difficulties. If you frequently find yourself needing to borrow money, it may be worth seeking advice from a financial advisor.
Bottom Line
Cash advance apps like Earning, Chime, and Current offer a variety of features and services to meet different financial needs. From low fees and banking features to high cash advance limits and user-friendly experiences, these apps provide convenient solutions for those in need of quick cash access.
The right app for you depends on your individual financial needs, habits, and goals. It’s crucial to consider the costs, available features, user experience, and customer service when choosing an app.
However, it’s important to remember that while these apps can provide immediate financial relief, they should be used responsibly. Cash advances are a temporary solution and not a replacement for sound financial management or long-term financial planning. Frequent reliance on money loan apps may indicate deeper financial issues that need to be addressed.
Lastly, remember to carefully read and understand all terms and conditions before using a cash advance app. Make sure you fully understand the app’s features, fees, and repayment terms can prevent unpleasant surprises down the line.
When you choose a bank for your daily checking and savings needs, you can choose between a national bank, a smaller regional bank, credit unions of varying sizes, and even online banks and financial technology companies.
Since early 2023, when Signature Bank and Silicon Valley Bank both experienced failures after customers pulled out large amounts of money during bank runs, banking customers may feel more comfortable choosing a national bank.
Although the U.S. government took extraordinary measures to protect the assets of SVB and Signature Bank customers, and deposits held in the accounts were FDIC insured, many customers were still rightfully concerned about gaining access to their money in a timely manner.
After the banking crisis of 2008, the Federal government declared banks like JPMorgan Chase, Bank of America, Citibank, and Wells Fargo as “too big to fail.” But these aren’t the only national banks or credit unions available.
You might think that smaller online banks may have lower fees, while small local banks are known for friendly and responsive customer service. But the national banks on this list blend the best of all worlds: low fees, high marks for customer satisfaction, ways to avoid overdraft fees, convenient ATM networks, and a variety of banking products.
16 Best National Banks
Here are the 16 best national banks that offer exceptional services, excellent customer support, and innovative banking solutions to meet all of your financial needs.
1. SoFi – Best for Digital Banking & High Yields
SoFi became a nationally chartered online bank in 2022, after acquiring Golden Pacific Bancorp, Member FDIC. Originally known for its vast array of loan products, including private student loans, today SoFi has a combination checking and savings account, or a cash management account, with no monthly service fee.
SoFi also has no minimum balance requirements, no overdraft fee, and overdraft protection up to $50 with qualifying direct deposits each month. You can bank for free at any of 55,000+ fee free Allpoint ATMs nationwide.
As an online bank, SoFi offers higher interest rates than you may find at brick and mortar banks. Earn up to 4.20% APY on your savings account balance and 1.20% on money in your checking account. When you use your SoFi debit card at select local businesses, you can earn up to 15% cash back.
SoFi offers two tiers of accounts: SoFi and SoFi Plus. To qualify for the “freemium” SoFi Plus membership, bank customers must have qualifying direct deposits. Plus, when you sign up before December 31, 2023, you can earn a cash bonus of $250 when you set up direct deposits of $5,000 or $50 with a direct deposit as low as $1,000.
SoFi Plus members receive loan rate discounts, bonus rewards, access to special entertainment events and more, making SoFi a unique company when it comes to online banks.
2. Discover Bank – Best for Cash Back
Discover may be best known for cashback and rewards credit cards. But its online banking products are some of the best you’ll find among national banks.
With no monthly fees and no minimum balance, your Discover Cashback checking account pays 1% cashback on up to $3,000 worth of debit card purchases monthly. You’ll never pay overdraft charges, and you can withdraw cash at a network of 60,000+ fee free ATMs.
You can qualify for overdraft protection by linking your Discover Bank savings account. Discover Savings pays a high 3.90% APY with no minimum deposit required.
Other Discover Bank deposit accounts include CDs with terms from 3 months to 10 years, and a money market account that pays 3.80% APY for balances under $100,000 and 3.85% on balances $100,000 and up.
For questions or help with your account, you can reach a U.S.-based customer service representative for Discover Bank by phone, 24/7/365.
3. Chase Bank – Best for Credit Card Rewards & Referral Bonuses
As the world’s largest national bank, JPMorgan Chase Bank doesn’t need to do much to entice customers. People will choose Chase based on its name, reputation, and more than 4,700 convenient branch locations across the U.S.
However, Chase happens to have one of the best bonuses for new customers and a generous referral bonus program when existing customers refer their friends. This, coupled with a robust and easy-to-use mobile app and a variety of checking, savings and investment services, puts Chase on our list of top national banks in the U.S.
Chase is currently offering new Chase Total Checking customers a $200 bonus when they open a new account and set up direct deposit within the first 90 days.
New or upgrading Chase Private Client customers can earn a $3,000 bonus with a deposit of $500,000 or more within the first 45 days of account opening. Deposits of $150,000 to $249,999 earn $1,000 and cash deposits of $250,000 to $499,999 earn $2,000. You must keep the money in your J.P. Morgan Wealth Management or JPMorgan Chase deposit accounts for 90 days to qualify.
In addition to Chase Total Checking, the bank’s most popular checking account, and Private Client services, Chase also offers other checking and savings accounts.
Chase Secure Banking has a $4.95 monthly fee and no overdraft fees. Chase Premier Plus Checking offers a few added benefits beyond Chase Total Checking, including ATM fee rebates up to four times per statement cycle, a linked personal checking account with no monthly fees, and a 0.01% interest rate on balances.
Chase also offers bank accounts for kids, teens, and college students, as well as CDs, savings and money market accounts, mortgages, loan products, and a full array of top-rated rewards credit cards.
If you have multiple Chase accounts, it’s easy to manage them all within the mobile app.
4. Chime – Best for Building Credit
Chime is a financial technology company backed by Stride Bank, Member FDIC, and Bancorp Bank, Member FDIC. It is not a bank, itself, but offers some of the same features, including online banking, a debit card, and direct deposit up to two days earlier than some other banks.
Chime has no monthly service fee, no overdraft fee, and no minimum balance requirements. For customers who need a little boost to make it from paycheck to paycheck, Chime offers fee-free overdraft up to $200 through the SpotMe5 program and a credit builder secured Visa credit card with no annual fees, interest or minimum security deposit.
Use your Chime debit card at any of 60,000+ fee free1 ATMs in the Allpoint, MoneyPass or Visa Plus Alliance ATM networks. Out of network ATM fees may apply, otherwise.
You can qualify for Chime’s SpotMe program with a single direct deposit of $200 or more during any monthly statement period. If you process a transaction that would put you into overdraft, Chime will accept the transaction even if it puts your balance into the negative by up to $200.
The Credit Builder Secured Visa card carries the same requirements of a $200 monthly minimum direct deposit. You can build your credit and raise your credit score with responsible use of the card.
5. Citi® – Best for Large Cash Deposits
The third of the four largest national banks in the U.S. based on assets, Citi, owned by Citigroup, is best for high net worth customers or those with large cash deposits divided among Citi checking, savings, and other accounts.
Currently, you can earn a generous cash bonus of $200 to $2,000 when you open a qualifying Citi checking account and meet specific minimum opening deposit requirements. Your bonus will be determined by your account balance on the 20th day after opening the account. Funds must remain in the account for an additional 60 days after the 21st day.
Citi offers multiple checking accounts to meet various customers’ financial needs, all with monthly fees that are easy to waive if you hold the required minimum balance. The bank accounts include:
Citibank
Citi Priority, which includes travel perks and access Citi Personal Wealth Management advisors
Citigold, relationship banking and investment services
Basic Banking and ATM access
Access Account, a debit account with no paper checks
For the Basic Checking account, you’ll need to maintain a $1,500 minimum balance to waive the fees. The other accounts have larger minimum balance requirements to avoid monthly maintenance fees and take advantage of other perks, up to $200,000 for a Citigold account.
All accounts provide access to personal banking at Citi branches and access to more than 65,000 fee free ATMs across the U.S. All accounts except for Basic and Access accounts also have no fees at ATMs outside the Citi network.
Like all the larger national banks on this list, Citi has a full gamut of rewards credit cards, savings and money market accounts, and high-yield CDs.
6. CIT Bank – Best for High Interest Rates
CIT Bank, a division of First Citizens Bank, has earned awards and accolades for customer satisfaction, rated by American Banker as #1 for “delivering the most humanized experience in banking.”
You should be aware that deposits in First Citizens Bank & Trust Company, Member FDIC, are not separately insured. This only matters if you hold more than $250,000 in any single account type, such as checking or savings, in both First Citizens Bank and in CIT Bank.
CIT is the online only banking arm of First Citizens Bank, with high-yield savings accounts, CDs, money markets, and eChecking, all with no monthly fees and no overdraft fees. You won’t pay any ATM fees at CIT Bank machines, and CIT Bank reimburses up to $30 per month when you use out-of-network ATMs.
CIT offers 0.25% APY on checking when you hold more than $25,000 in your account, and 0.10% APY on balances under $25,000. The bank has high interest rates for savings, offering customers a 4.85% APY on balances of $5,000 or more with the Platinum Savings account.
CIT Bank has two other savings accounts as well:
Savings Connect, with a 4.60% APY
Savings Builder, which requires a minimum balance of $25,000 or a $100 monthly deposit to earn 1.00% APY
You’ll need a $100 minimum deposit to open a checking or savings account at CIT Bank.
7. Bank of America – Best for College Students
As the second largest of the best national banks, behind Chase, Bank of America has the full gamut of banking products, with three checking accounts plus a student account, savings, CDs, and investment products.
It’s easy to waive monthly maintenance fees on a checking account with a minimum daily balance, direct deposits, combined balances across eligible linked Bank of America accounts, or by enrolling in their Preferred Rewards programs.
We like the Advantage SafeBalance banking for kids, teens, and college students under 25 years old. They have no monthly fee and no overdraft fees. Teens ages 16+ can have sole ownership of the account.
For everyone else, the bank offers Advantage Plus and Advantage Relationship checking accounts with easy ways to waive the monthly fees with direct deposit or a minimum daily balance.
When you open a new checking account, you can qualify for a $100 bonus when you receive qualifying direct deposits of at least $1,000 within 90 days of opening the account.
Of course, Bank of America also has CDs, and a savings and money market account. Plus you can invest with Merrill. All of these deposit accounts count toward your Preferred Rewards membership.
When you have a combined average daily balance of at least $20,000 for three months, you’ll qualify for the rewards program.
8. U.S. Bank – Best for Military Members & High Balance Savings
U.S. Bank offers the Bank Smartly checking account so you can earn interest on your money. The current interest rate is just 0.01% APY on all checking balances. You’ll pay a $6.95 maintenance fee, but this is waived if you meet minimum deposit requirements or if you are a member of the U.S. military.
You can link your Bank Smartly checking account to a standard savings account or Elite Money Market to earn even more. To avoid fees on your savings account, you’ll want to keep a $300 minimum daily balance or a $1,000 average monthly collected balance. If you are already a Bank Smartly customer, you can enroll in Smart Rewards to waive savings account fees.
The Elite account is better for those with high balances. You can earn up to 4% APY on balances from $25,000 up to just under $500,000.
The appeal of U.S. Bank is in its high ratings for banking satisfaction across the board from customers. U.S. Bank earned accolades for having the best mobile app, the best digital mortgage tools, the best customer service features, and best mobile check deposit capabilities. These factors all contribute to its ranking as a best national bank.
9. Axos Bank – Best Online Bank
Axos is an online only bank with a rewards checking account that delivers up to 3.30% APY, with no fees and unlimited ATM fee rebates for out-of-network ATMs.
To earn the maximum APY, you’ll need to set up direct deposit and Axos Bank’s free Personal Finance Manager for 0.70% interest. Then, open an investment account and take out an Axos personal loan or auto loan and earn another 2.60% annual percentage yield on your checking account balance.
Axos also offers an Essential Checking account with early direct deposit and no fees, and a Cashback Checking account, which gives you 1% cash back on debit card purchases, along with no maintenance fees and unlimited domestic ATM fee reimbursements.
Voted the best online bank by many top personal finance sites, Axos Bank offers more than just high interest, no fee checking.
Axos Bank offers CDs with terms between 3 and 60 months and a savings account with 0.61% annual percentage yield, with interest compounded daily. You can also find personal loans, car loans, mortgages, and investment products.
Like other national banks, Axos Bank provides FDIC insurance up to $250,000 or $500,000 for joint account holders. But you can expand your coverage up to $150 million with Axos Bank InsureGuard+ Savings from IntraFi Network Deposits.
Axos splits up your large deposit into multiple accounts across several banks, each covered up to $250,000. If you are dealing with a substantial amount of cash and want your savings protected at a single bank, Axos may be a good choice for you.
New customers can earn a $100 welcome bonus by opening an account with just a $50 minimum opening deposit.
10. Truist Bank – Best for Relationship Banking & Innovative Savings Perks
Truist Bank is one of the top 10 largest national banks, formed as a merger between BB&T and SunTrust in 2019. Called “the biggest bank you’ve never heard of” by CNN Business, Truist holds assets of $574 billion and has been growing steadily since the merger.
Truist offers checking and savings accounts, CDs, and credit cards. Truist checking and savings customers can earn perks and benefits. This includes access to Long Game, a savings game app that lets you earn cash when depositing into your Truist savings account. It also includes bonus rewards on your Truist credit cards.
Truist has four levels of relationship banking in its Truist One checking account. This means the more you deposit, the more perks you will receive, up to a 50% loyalty bonus on Truist credit cards, and a discounted annual fee for a Delta SkyMiles debit card. Benefits for relationship banking begin at $10,000 in combined average monthly balances for Truist deposit accounts.
Your Truist checking account has a $12 monthly fee, which is easy to waive with $500 or more in direct deposits each month or a $500 minimum balance across all Truist deposit accounts. Truist personal loan, mortgage or credit card customers also pay no fees on their Truist checking account.
You can also waive the monthly fee with a linked Small Business checking account or if you are a student under the age of 25. You’ll need a $25 minimum opening deposit for a Truist One checking.
Customers with lower income or just getting started establishing their finances can benefit from Truist Confidence checking and savings accounts. The account has just a $5 monthly maintenance fee, which is easily waived.
11. Capital One – Best for High Interest Rates at a Brick and Mortar Bank
Like Chase Bank, Capital One is well known for its top-rated rewards credit cards. The company is also one of the best national banks with a savings account and CDs offering interest rates higher than the national average.
Capital One Performance 360 savings has a 3.90% APY, no monthly maintenance fees, and no minimum deposit to open your account. A Capital One 360 Performance checking account, similarly, has no monthly maintenance fee, overdraft protection through your linked savings account, and early direct deposit.
You can bank with no fees at a network of 70,000+ ATMs nationwide, and can deposit cash easily at CVS retail locations. Although you must open your Capital One Performance account online, you can receive personalized service and deposit cash at any Capital One bank branches or Capital One Cafes.
12. PNC Bank – Best in East and Southwest
PNC Bank is a large, national bank with branch locations across 29 states. Most branches are in the east, south, and southwest, although you will also find branch locations in some Midwest states.
PNC Bank’s online checking account is called Spend and it links to the PNC VirtualWallet. You can add a savings account, called Reserve, or upgrade to the Performance Select product with two tiers of savings and double layer overdraft protection.
When you set up your VirtualWallet with PNC Bank and open your Spend account, you can earn a $50 bonus.
Combining your Spend account with a PNC Bank Reserve account yields even more benefits. Earn a $200 bonus when you qualify. Finally, if you open a Performance Select VirtualWallet, you could earn $400.
Each account comes with a low monthly fee that is easily waived through qualifying monthly direct deposits or by meeting minimum balance requirements.
13. Wells Fargo – Best for Checking Account Options
Wells Fargo, one of the “big four,” is the fourth largest of the best national banks in the U.S. It is known for having many convenient bank locations, with 4,700 branch locations.
The vast number of branches across the country puts it top on our list for in-person banking and customer satisfaction.
Plus, we also rated it best for various checking account choices for everyone from children to retail investors.
Like the other national banks on this list, Wells Fargo has checking, savings, and CD accounts. The bank has four checking account options for consumers at various stages of their financial lives:
Clear Access Banking, with no overdraft fee and a low $5 monthly fee, waived for teens and young adults ages 13 to 24
Everyday Checking, the most popular bank account, with optional overdraft protection
Prime Checking, offering discounted interest rates for loans and higher interest rates for linked CDs and savings accounts
Premier Checking, a relationship banking service with 24/7 support and discounts on investing services
It’s easy to waive the $10 fee on Everyday Checking with a $500 minimum daily balance or $500 in monthly direct deposits. Waive the $25 fee on your Prime checking with $20,000 in linked balances. Similarly, your Premier Checking account will be free with $250,000 in linked balances, including investments with the bank’s Advisors.
You’ll need a $25 minimum opening deposit to open your account.
14. Ally Bank – Best Online Only Bank for Savings
Ally Bank is widely recognized as one of the best national online banks. It has very few fees, including no maintenance fee, no overdraft fee, and no ACH fee (even on expedited transfers). Plus, you’ll earn interest of 0.25% in your checking account and 3.85% APY on savings, including money you have allocated into various buckets.
We rated Ally Bank as the best online only bank for savings, not just because of the high interest rate, but because it offers so many ways to manage your money and ramp up your savings efforts.
You can set up recurring transfers into your savings account for specific goals or just to build up your emergency coffers. You can choose to round up transactions made with your Ally Bank debit card, or even electronic payments and checks. When Ally Bank finds at least $5 in “round-up” savings, it will be transferred automatically to your checking account.
Finally, Ally Bank analyzes your checking account periodically to reveal extra funds that are “safe to save.” Ally Bank automatically transfers that money for you. But you can transfer it back whenever you’d like.
In addition to these savings benefits, Ally Bank lets you access your money with your debit card with no fees at any of 43,000+ Allpoint ATMs. The online bank also refunds up to $10 in fees charged by out-of-network ATMs.
You can avoid stress and overspending with the Overdraft Transfer Service, which automatically transfers money from your Ally Bank savings account into checking. If you exceed six transfers or six savings withdrawals per month, Ally Bank will reimburse those fees, too.
You can also apply for CoverDraft℠ Coverage, which will cover up to $250 in charges that would put your account in the negative. You’ll qualify 30 days after you deposit at least $100 into your checking account. If you receive qualifying direct deposits of at least $250 two months in a row, you can increase your coverage to $250.
15. TD Bank – Best for Overall Banking Satisfaction
TD Bank, deemed America’s most convenient bank for its number of branches, branch hours and excellent customer service, blends the best of brick and mortar banks with easy online banking.
Most TD Bank locations are open seven days a week, including Sundays, with extended hours beyond what most brick and mortar banks provide. Most TD Bank branches are located across the East Coast, with locations in 15 different states and Washington, D.C.
TD Bank is the 7th largest bank in the U.S. based on deposits, with 1,668 branch locations nationwide. You can also reach customer service by phone, 24/7/365, which earns TD Bank high marks for banking satisfaction.
TD Bank offers six checking accounts for customers in various life stages:
TD Essential Banking
TD Convenience Checking
TD Beyond Checking
TD Simple Checking
TD 60 Plus Checking
TD Student Checking (for ages 17 to 23)
Currently, TD Bank is offering sign-on bonuses for new customers who open a TD Beyond or TD Convenience bank account. You’ll need a qualifying direct deposit (or more than one) totaling $2,500 within the first 60 days to earn $300 with TD Beyond, and a direct deposit of just $500 within the first 60 days to earn $200 with TD Convenience.
16. Schwab Bank – Best for Investors
Schwab may be best known as an investment service, but the bank was rated highest in banking satisfaction with checking accounts from J.D. Power & Associates four years running.
If you have a Schwab investment account, or are considering opening one, Schwab could be the best choice in banking for you.
The Schwab Bank Investor checking account has no foreign transaction fees, no minimums, and unlimited ATM fee rebates. Plus, earn 0.45% annual percentage yield on checking. Schwab’s savings account offers 0.48% APY.
Schwab also offers exceptionally high interest rates for CDs, with up to 5.40% APY and terms as short as 30 days. You’ll receive FDIC protection exceeding the federal maximum because you can purchase CDs from multiple banks, all through Schwab investment.
Methodology: How We Chose the Best National Banks
We evaluated a variety of banks and credit cards, taking into consideration the:
Variety of products
Interest rates
Monthly fees
ATM fees and ATM fee reimbursement
Branch locations and number of branches
Minimum deposit requirements
Fraud protection and security
We also looked at consumer reviews, and drew on the general reputation of each bank to find the best national bank.
Finding the Best National Bank
Now that we’ve explored the specifics of the best online banks and brick and mortar banks nationwide, you probably still have questions about which one is really the best national bank.
Let’s compare the three largest in the U.S. based on number of branches, interest rates, and overall banking satisfaction.
Chase vs. Wells Fargo
For the largest nationwide bank, Chase offers excellent banking satisfaction with an A+ rating from the Better Business Bureau, 4,800 branch locations, and an easy and intuitive mobile app. If you are shopping for a bank credit card, Chase also offers some of the best rewards cards available today.
Wells Fargo rivals Chase when it comes to number of branches, with roughly 4,700 locations across the U.S. It’s somewhat easier to waive the checking account fees at Wells Fargo. Wells Fargo offers higher interest rates for savings, with a 0.15% APY compared to Chase’s 0.01%.
Both banks have lower interest rates than you might find at online banks. However, if you are looking for national banks with a solid reputation, many branches, and high marks in banking satisfaction, either Chase or Wells Fargo would be a good choice.
Wells Fargo vs. Bank of America
Bank of America and Wells Fargo are the second and third-largest banks in the U.S. based on assets. BofA only has 4,000 branches compared to Fargo’s 4,700, but BofA boasts more ATMs nationwide.
BofA stands out when you join the Preferred Rewards program because you can waive the fees on your bank account and enjoy perks, bonus rewards on BofA credit cards, and rate discounts on loans.
If you have a large balance or are looking for an investing platform through your bank, BofA may be your best choice. On the other hand, Wells Fargo offers high interest rates on savings and convenient branch locations nationwide.
Common Questions
People have many questions related to whether an online bank is better than a traditional bank or whether a local bank is better than one of the largest national banks. We break it all down here.
Which is better, an online bank or a brick-and-mortar bank?
If you are looking for the highest interest rates and generous rewards programs, you are highly likely to find them at online banks. However, there are some advantages to a brick and mortar bank, including in-person service at local branches, the availability of paper checks, and easy ways to deposit cash in person or at branch ATMs.
You should expect the best national online banks and the best brick and mortar banks to have robust mobile apps, easy-to-waive fees, and fraud protection.
Make sure whatever bank you choose is “Member FDIC,” which means your deposits are insured up to $250,000 per account holder, per account type. That means joint accounts have $500,000 worth of FDIC insurance protection.
Is my money safer in a national bank vs. a regional bank (or a national credit union vs. a regional credit union)?
All banks on this list are Member FDIC, which means they are insured to the maximum allowable limit of $250,000 per account holder, per account type. Credit unions are covered up to the same limits by the National Credit Union Administration.
Many online banks are insured up to $2 million or more. These financial institutions divide cash deposits among multiple partner banks. Each bank insures deposits up to the maximum limit allowed by the Federal Deposit Insurance Corp. Read the fine print to determine your coverage limits when you choose a bank.
Beyond that, your money should be equally safe in a national bank, a smaller bank, or a credit union of any size. Also look for features such as fraud protection, fraud alerts via text, email or in the mobile app, and enhanced website security measures. You should also be able to lock and unlock your debit card in the mobile app if you misplace it or believe it may have been stolen.
What makes big banks different from smaller banks?
By definition, big banks will have larger market capitalization, which represents the total value of a bank’s stocks. Big banks will also hold more assets. For instance, Chase, which is the world’s largest financial institution, holds $3.2 trillion in assets. The second-largest national bank, Bank of America, possesses $2.41 trillion in assets. Larger financial institutions may also have more bank branches.
In many other ways, big national banks and smaller banks are similar, especially today. Customers want specific features and are unwilling to compromise on things like fee-free ATMs, no monthly fees, early direct deposit, and an intuitive mobile app.
How much interest do the best big banks pay?
In general, some of the largest national banks do not have the highest interest rates for savings and very few offer interest earning checking accounts.
Capital One 360 and Discover are two of the best national banks that offer interest on checking. To earn a higher APY with one of the largest national banks, you might want to consider CDs.
Are national banks better than other kinds of banks?
National banks aren’t necessarily better or worse than other kinds of banks. They may have more convenient branch locations, a higher number of branches, and a greater variety of products, but they might also have higher fees. Decide what’s most important to you when you choose a bank.
If you’d prefer to trust your money with one of the largest national banks, with a large market capitalization, high value, and branches nationwide, consider opening your checking and savings accounts with one of the best national banks on this list.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
The Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
The Dave app is a personal finance service including a bank account with no fees for overdrafts. It doesn’t require a minimum balance, and users can access a short-term $500 advance if necessary.
Users can withdraw from ATMs, and the app sends updates on side-hustle opportunities. It provides notifications to help users manage their money sensibly.
Life has a habit of throwing curveballs, and if you’re like most of us, you’ve found yourself with unexpected expenses when your bank account is running low, putting you in danger of overdraft fees.
Cash advances can be your lifeline in the last week or so before your pay comes in. But many payday lenders charge interest that pulls you deeper into debt.
Dave claims to provide the advance you need until your next paycheck is paid without exorbitant fees. At present, around millions of people are registered with Dave..
Here’s our Dave app review.
What’s Ahead:
What is Dave app?
Three friends were dissatisfied with certain aspects of traditional banking, especially overdraft fees, due to difficulty monitoring monthly expenses and their remaining bank balance.
Backed by celebrity investor Mark Cuban, they developed the Dave cash app as a “David vs. Goliath” solution for the majority of Americans to avoid overdraft fees and exorbitant payday loans.
With Americans paying as much as $12.4 billion in overdraft fees in 2020, such an innovation addressed a real consumer pain point.
Dave app is an entirely mobile platform available for iPhones running iOS (download from Apple App Store) and Android phones (download from Google Play Store). It isn’t available on computers.
Get Dave app here.
Pros and cons
Pros
No credit check to qualify
ExtraCash™ advances up to $500
Easy sign-upprocess and instant access to advances
No overdraft fee (settlement cheaper than overdraft fees)
No low balance fees
Potentially low fee/zero-fee way of borrowing money
Very useful for occasional emergency expenses
Early direct deposit funds
Round-the-clock support from trained financial professionals
Dave Spending Account and Dave Debit Card may not be used for internet gambling
Cons
Problems with transfers or deposits into your account can result in it becoming overdrawn (this must be rectified within 60 calendar days)
$1/month Dave membership fee (although compared to most monthly fees, this is low).
Tips are optional, however they are effectively interest on the advance if you choose to leave a tip
Instant access to cash advances in your Dave account or another account requires you to pay express fees
Dave requires bank account access (if you use it in addition to your existing bank account) You must share your Social Security number or Tax Identification Number
Using Dave may encourage people to borrow money against future earnings rather than accumulating emergency savings
Short repayment terms
How the Dave app works
The Dave app is a fully mobile interface for banking products provided by the financial institution Evolve Bank & Trust, partnering with Dave Inc.
It has two main products: a spending account and Extra Cash. The spending account functions as a checking account and you can get your direct deposit up to two days early if you choose to have your direct deposit sent there.
ExtraCash allows you to get an advance of up to $500 that is paid back automatically on your next payday. For a small fee, you can spend it out of your spending account with your Dave debit card or transfer it to another checking account for free.
Learn more at the Dave app website.
The Dave account: Setting up a bank account
Download the Dave App and link your bank account to determine whether you qualify for an ExtraCash advance.
Dave spending account
This account is Dave’s primary product. Calling it a spending account emphasizes that it is similar to a checking account, without checking. Evolve charges no overdraft fee or low-balance fees.
You can use this account alone or with a linked bank account. The linked account may be a checking account or another type of bank account, such as a savings account.
The Dave Debit Card, backed by Mastercard®, is linked with this account, and you can make debit card purchases with it like with any other debit card and withdraw from MoneyPass® ATMs.
You can use your Dave Debit Card in Canada, Mexico, and the UK to pay or withdraw cash from ATMs; foreign transaction fees apply for both uses as specified in the deposit account agreement.
The app provides you with a Virtual Dave Debit Card on your phone.
The Dave Rewards program, linked to the Dave Debit Card, offers cashback opportunities for spending ExtraCash advances via this card.
Learn more at the Dave app website.
Set up an ExtraCash account
Within the Dave app, will answer some verification questions and then you can set up an ExtraCash Account.
Qualification requirements for an ExtraCash advance
Dave uses a proprietary underwriting model to analyze your bank account for markers of financial health so as not to plunge you into a worse financial position.
This model determines your monthly income, account balance, and typical spending habits and uses this information to decide whether or not you qualify for a advance and how much. It does not do a credit check with the credit bureaus.
Your bank account must be at least 60 days old, have a minimum of three recurring deposits, and monthly deposits must total at least $1,000.
You must also verify your identity.
You may use the money for rent, gas, buying a Black Friday special, attending a friend’s wedding, and other personal and household expenses that can’t wait till the next payday.
However, you may not cover business or educational expenses with this money.
Does Dave app give you money instantly?
When requesting a advance from Dave’s ExtraCash account, you can elect to send money to any account you wish at no charge (but a two to three business day period to clear), or you can access funds instantly.
With express delivery, you can send it to your Dave Account, where it is available within minutes, or to an external bank account and external debit card, within an hour.
However, this instant access to cash requires you to pay an express fee that depends on the amount of the transfer money, with transfers to external bank accounts costing more than those to a Dave Spending Account.
How much eoes Dave let you advance?
The service has gradually increased the advance amount. Although a maximum of $75 is often quoted online, this amount is outdated, and the current maximum advance Dave offers is $500.
The average cash advance offered as of October 10, 2022, was $120. Eligibility on your account resets at midnight.
Learn more at the Dave app website.
How long do you have to pay Dave back?
When you take an advance, your ExtraCash Account balance goes into the negative; the agreement between you and Dave is that you will return the balance in this account to $0 (settle the account).
If you have a fixed pay period, you will be required to settle on your paydays; should you have no fixed pay period, you must usually settle on the nearest Friday after you take the advance. Users who cannot settle at these times incur no late fees for settling later; the platform may take partial payments to cover the amount advanced.
Once your settlement has reflected, bringing the balance back to $0, you could beeligible for another advance. You can have a positive balance in your ExtraCash account, up to a maximum of $500.
How much must you pay back to Dave?
On your settlement date, or as soon as possible afterward, you must repay the advance, any express fee for immediate access to cash, and a tip (the app defaults to 10%; you can set it to anything between 0% and 25%).
This tip allows you to reward Dave for helping you while remaining in control of your expenses. A portion of your tip goes to Feeding America, which feeds the hungry via a network of community food banks.
In addition, Dave charges a monthly fee of $1. As a result, these are not entirely free advances, but they are still more affordable advances than traditional payday loans.
Dave app features
The app has several useful features for savers. Let’s take a look.
Insights
Insights provide automatic account monitoring that analyzes your paycheck or wages, monthly debits for rent, utilities, and other services, and your monthly average spend on things like gas and food.
You can also manually add expenses to the tool. The budgeting tools let you view your budget and see how much you can still spend before your next paycheck is paid into your savings account.
Dave’s notification services can send you a warning text if a bill could put you in danger of an overdraft fee.
Learn more at the Dave app website.
Side hustle
If you regularly find yourself anxiously waiting for the next payday to come, why not take on a side job to earn a bit more money?
Dave has partnered with scores of partner businesses that offer flexible, local jobs in your area through Dave’s Side Hustle feature. You can also fill out Dave Surveys and get paid for each survey completed.
Early direct deposit
Depending on your employer’s specific payroll policies, Dave may be able to get you access to your paycheck up to two days early via an early direct deposit.
Dave app fees
For a $1 monthly membership fee, Dave analyzes your spending patterns to predict whether you’re in danger of becoming overdrawn and avoid an overdraft fee by giving you a advance of up to $5o0.
The app itself has no minimum balance requirement, late fees, or overdraft fees (although it is possible for your account to become overdrawn).
You can withdraw money at 37 thousand MoneyPass ATMs nationwide, with no ATM fees. When repaying advances (a process referred to by Dave as settlement), you are encouraged to leave a tip (between 1% and 25% of the advance amount).
Learn more at the Dave app website.
What people are saying about Dave app: Customer reviews
The Dave app has 575.8k ratings on Apple App Store, with an average rating of five stars. On Google Play Store, 426k people have rated this app, with an average rating of four-and-a-half stars.
Is Dave right for you?
Being a Dave member can be very useful if you have occasional small emergency expenses; you can use the advances instead of personal loans that would take longer to apply for and access.
It is also a money-saver when you use it to avoid overdraft fees that would otherwise gobble up an appreciable chunk of your pay.
However, using it as an adjunct to an emergency savings account is best.
Ensure that your next paycheck will cover the settlement and your monthly expenses and that you have a checking account that receives recurring direct deposits.
Get started with the Dave app.
Who the Dave app isn’t right for
The Dave app isn’t right for everyone. If you know you have a habit of spending more money than you earn, you should know that the app isn’t a quick fix for these habits. Dave’s advance feature is also not ideal if you need same-day cash with low repayments (due to the express fees Dave charges). Same-day personal loans are probably a better solution in this case.
If you need a longer repayment term than the service offers, personal loans or a credit card are a better option.
Some people prefer not to share their bank account details, Tax Identification Number, or Social Security number with Dave.
Is Dave a trustworthy app?
Dave uses various banking-level security measures, such as 2048-bit encryption, to protect data transmission (including your SSN and password). Banking credentials are used once for authentication purposes.
The data center housing the Dave servers is monitored by security personnel around the clock. Independent security experts are engaged to assess and test site security.
FDIC insures every account up to $250,000.
Get started with the Dave app.
Dave vs. other cash advance apps
Here’s a quick comparison of the app versus similar services.
Dave vs. Earnin
Earnin gives cash advances up to $500/month, but its fees are not transparent.
Earnin also requires users to provide an electronic timesheet or geographic location data to confirm that they’ve been working.
Here’s our full Earnin review.
Dave vs. Brigit
Brigit also offers budgeting tools and cash advances up to $250. However, its monthly fee is $9.99, and its encryption is only 256-bit.
Learn more at Brigit.
Dave vs. Branch
Branch offers advances up to $150/day or a maximum of $500 of your paycheck, but you may not work remotely.
Learn more at Branch.
Summary
The Dave app provides a basic yet effective debit account with a low monthly fee, an associated debit card, an insightful budgeting tool, and advances that help you pay for an emergency or avoid overdraft fees.
Download the app and sign up today!
*ExtraCash™ is a DDA account with overdraft utility, advances are subject to eligibility requirements and identity verification. Taking an ExtraCash™ advance will make your account balance negative. Express delivery fees apply to instant transfers. Average approved advance is $120 as of October 10, 2022. See the Extra Cash Account Agreement for more details.
**Early access to direct deposit funds depends on timing and availability of the payroll files sent from your employer. These funds can be made available up to 2 days in advance.