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Apache is functioning normally

June 4, 2023 by Brett Tams

Digital nomads enjoy the freedom and flexibility of being able to work from anywhere with an internet connection, allowing them to balance work and leisure in a way that suits their lifestyle. They travel frequently, often staying in one place for a few weeks or months before moving on to the next destination.

However, expats and digital nomads face unique challenges when it comes to managing their finances. They need a bank that understands their lifestyle and offers services that cater to their needs.

For example, digital nomads require a bank that offers low fees and transaction charges since they frequently move money across borders. They also need a bank that provides easy access to their accounts from anywhere in the world, with mobile banking features that allow them to make transactions on the go.

10 Best Banks for Digital Nomads

Without further ado, here’s our lineup of the best bank accounts for digital nomads.

1. Revolut

Revolut is a digital bank that’s headquartered in London. While it doesn’t offer a traditional bank account, its money management app can be a great option. Once you download it, you can make global exchanges with more than 30 currencies and transfer money abroad instantly. Revolut will give you 10 free international transfers per month plus a debit card with cash back rewards.

Also, if you invest in a Premium or Metal plan, you can enjoy additional perks, like travel insurance and access to airport lounges while you wait for your flights. In addition, you’ll get to use 55,000 fee-free ATMs and be able to withdraw up to $1,200 from out-of-network ATMs each month. If you’re interested in a Revolut account, you’ll need to provide a name, address, and ID. The bank does not require a credit check or proof of address.

2. Chime

When most people think of international financial accounts, Chime doesn’t typically come to mind first as it’s a financial technology or fintech company in the U.S. Even though it doesn’t provide a multi-currency account, its cards don’t charge foreign transaction fees and offers free cash withdrawals at ATMs across the globe.

This is great news if you’re looking for an affordable way to cover your international purchases. Chime’s main offerings you might want to consider include the Chime Checking Account, the Chime High Yield Savings Account, and the Secured Chime Credit Builder Visa® Credit Card.

It’s important to note that Chime is designed to be used as a mobile app so it could be a solid pick if you like the idea of mobile banking. The app will send you daily notifications on your account balance and international transactions. Rest assured you can disable them at any time.

3. Capital One

Capital One is one of the largest banks in the U.S. but we had to include it in this list because of its primary checking account, the Capital One 360 Checking. If you consider yourself an expat, often make online purchases from different countries, and would like to avoid a monthly fee or foreign transaction fee, this account can make sense.

You won’t have to pay any transaction fees if you use your card overseas, plus you may open the account without a minimum opening deposit requirement or monthly fees. To reap the benefits of the Capital One 360 Checking, you must be a U.S. resident with a U.S. mailing address and Social Security number.

4. Wise

Wise, which was formerly known as Transferwise, should be on your radar if you do business abroad. The UK-based fintech company will let you create a local bank account that accepts multiple currencies, making it a breeze to meet your digital nomad banking needs. Wise also integrates with popular payment platforms, such as Amazon Payments and Stripe for easy direct deposits.

We can’t forget to mention the Wise borderless account that may be worthwhile whether you’re studying abroad, an expat, or a freelancer with international clients. It comes with low fees and can be accessed by just about anyone. However, Wise is not an actual bank account so you may have trouble receiving direct deposit payments. For this reason, it might be a good supplement to an existing bank account.

To take advantage of Wise, you’ll need a bank or credit card statement, tax bill, proof of address, driver’s license, or government document.

5. Chase

Chase is an excellent choice for digital nomads and expats living abroad due to its global presence and user-friendly digital banking platform. Chase’s online banking system is user-friendly and provides a range of features, including bill pay, mobile check deposit, and international money transfers.

For those living abroad, Chase’s credit and debit cards also offer no foreign transaction fees, making it an affordable option for international travelers. In particular, the Chase Sapphire Preferred and Chase Sapphire Reserve are widely considered to be among the best credit cards available.

Furthermore, Chase Bank provides 24/7 customer service support, ensuring that its customers can get assistance with any issues they may encounter, regardless of their time zone.

6. HSBC

HSBC serves about 40 million customers across 63 countries in Europe, Asia, the Middle East and Africa, North America and Latin America. If you’re an international traveler, you can’t go wrong with the HSBC Everyday Global Account, which makes it easy to make purchases in 10 different foreign currencies with no transaction fees or monthly service fees. It truly offers a fee-free banking experience.

In addition, there are no ATM fees so you can enjoy fee free ATM withdrawals and many promotions throughout the year. HSBC also offers Visa Zero Liability, which can protect you from fraud and give you some much-needed peace of mind. We can’t forget that HSBC offers over 55,000 ATMs, many of which are in the Allpoint network, as well as 24/7 customer support via phone and Twitter.

7. Citibank

There’s a good chance you’ve heard of Citibank as it’s a well-known bank in the U.S. It has a presence in 97 markets and supports clients in more than 160 countries. With the Citibank Plus account, you can manage your money in up to 21 different currencies.

Citibank will waive your maintenance fee as long as you maintain a certain balance and reimburse you for foreign ATM withdrawals when you use ATMs outside its network. Additionally, you may send money abroad quickly and won’t have to pay a penny if you’re sending the funds to another Citibank account. Another great perk is the handy mobile app that offers convenient banking while on the go.

8. Monzo

Monzo is a challenger bank in the UK that’s recently increased in popularity. You can open an account for free, divide it into “pots” to better manage and save your money, and get a free debit card, which can be sent to any address in the UK. You can use it for a variety of debit card transactions and ATM withdrawals abroad.

You won’t pay any fees when you make purchases on your card and can receive a limited amount of free ATM withdrawals every month. Monzo is also compatible with Apple Pay and Google Pay. Plus, there’s a convenient mobile app with useful budgeting tools that may help you take control of your spending. Note that Monzo is fully digital so you can’t count on it for in-person support or local branches.

9. Charles Schwab Bank

You can open a U.S. bank account through Charles Schwab and won’t have to worry about foreign transaction fees or opening fees. Plus, you can enjoy unlimited rebates on international withdrawals.

In the event you move to a different country, you can open another Charles Schwab account but you may have to meet a high minimum deposit threshold. If you need assistance while you’re traveling, you’ll be thrilled to know you can receive it via phone or email.

10. Bank of America

Despite the word America in its name, Bank of America can be a smart option if you’re looking for a digital nomad bank account. In fact, it attracts many frequent travelers.

It serves more than 35 countries and has locations throughout Europe, Asia, and the Middle Each so you shouldn’t have an issue finding a branch near you. Bank of America offers a variety of bank accounts you may find appealing as well as a well-designed mobile app.

Features to Consider When Choosing the Best Bank for Digital Nomads

When exploring different digital nomad banks, consider these features.

Banking Experience

Every financial institution provides its own unique experience. First, think about whether you’d like an online-only bank or one with branches you can visit. Then, think about the size of the bank that would be best for you.

A smaller bank might be a better fit if you prefer personal service as well as better rates and lower fees. A larger bank, however, might make more sense if you’d like access to a wider range of products and resources.

Account Types

Some banks offer a few accounts and banking services while others pride themselves on a long list of offerings, like checking accounts, savings accounts, investment accounts, and many others. To determine the account types you need, think about your goals.

Are you looking for someone to park your cash so you can access it while you’re abroad? If so, you might be in the market for a basic checking account or high yield investor checking account with no foreign transaction fees and ATM fee reimbursement.

If you’re a business owner, you may require additional services like international wire transfers between accounts and countries without paying costly fees.

ATMs and Debit Cards

Chances are you can benefit from a digital nomad bank account with ATM access. If you need to make purchases abroad frequently or every once in a while, you should opt for an account with debit cards that are compatible everywhere. This usually means you’re in the market for a Visa, Mastercard, Discover, or American Express debit card.

Keep in mind that many countries don’t accept cards with magnetic strips so you will need a card with an EMV chip. Ideally, it would also allow for contactless payments, which are quite popular abroad.

Note that while debit card purchases may make sense in some situations, credit cards come with greater protections, which can be helpful if your card gets lost or stolen. If possible, use your debit card at ATMs and credit card every time you make a purchase.

Fees

At the end of the day, you don’t want to be stuck with sky-high fees that deter you from your financial goals. Here are some fees to be aware of as you search for the best banks for digital nomads.

Foreign transaction fees: These fees can kick in whenever you make a withdrawal or purchase in a foreign currency. Your bank might charge them all the time, in certain situations, or not at all.

ATM fees: If you need to withdraw money from an ATM, you may be on the hook for ATM fees. The chances of this are higher if you opt for an out-of-network ATM. The good news is some banks offer free withdrawals or will reimburse you for ATM fees while you’re abroad.

Monthly maintenance fees: You may face a monthly maintenance fee or service fee to keep your account open. Typically, the more features your account has, the more expensive this fee will be. Fortunately, some banks pride themselves on low banking costs and zero monthly fees.

Interest Rates

Depending on what you plan to do with the bank account you open, interest rates may or may not be important. If your sole purpose is to get easy access to cash while you’re traveling to a different country, interest rates probably aren’t a big deal. But if you’d like to use your account for saving or investment purposes, a higher rate is ideal. The higher the rate, the easier it will be for you to meet your goals.

Security

Security should be a top priority when you explore digital nomad bank accounts. Reputable banks have certain account holders protections in place for if your debit or credit card gets lost or stolen, for example. They also make it a breeze to report fraudulent activity from anywhere.

Some banks also have a security feature known as two-factor authentication. This requires you to use your password and a special code you receive via call or text every time you log in. It provides extra security in the event your device gets lost or stolen.

Customer Service

In a perfect world, you’d never have any questions or issues with your bank account. Since this is unlikely, you shouldn’t overlook the importance of customer service. The bank you choose will determine how easy or difficult it is to receive assistance.

If you can, opt for a digital bank with 24/7 customer service. Otherwise, you may get stuck if you have an urgent need and customer service is only available during select business hours.

Reviews

If you visit a bank’s website, you’ll find no shortage of information on its benefits and why you should become a customer. However, one of the best ways to determine whether a bank account is worth it is through customer reviews. Do your due diligence and read real reviews on reputable, third-party websites.

Also, look at ratings on websites like the Better Business Bureau (BBB) to get a better idea of a bank’s reputation. If you notice a lot of negative reviews and poor ratings, you may want to look elsewhere.

Online Banking Features

As a digital nomad, you’ll likely be doing a lot of your banking online. Look for a bank that offers robust online banking features, such as the ability to view account balances and transaction histories, transfer funds, and pay bills online.

Bottom Line

Choosing a good bank is essential for digital nomads who need access to their money while traveling the world. With the right bank, you can manage your finances easily and efficiently while enjoying the freedom of a location-independent lifestyle.

Frequently Asked Questions

What is a digital nomad?

A digital nomad is someone who works remotely and has the ability to work from anywhere in the world as long as they have an internet connection. They often travel frequently and have a location-independent lifestyle.

Why do digital nomads need a specific bank?

As a digital nomad, you’ll need to find a bank that caters to your specific financial needs; one that offers easy online access, enables low-fee transactions, and facilitates international transfers without hefty costs. Traditional banks may not be able to provide you with these services, which is why it’s important to investigate other options.

What is the best bank for digital nomads and expats?

There is not one bank that checks off everyone’s boxes. The right option for you depends on your goals. You may choose an account that allows for easy money transfer abroad. Or you may prefer one that eliminates foreign transaction fees. It’s up to you and what you hope to accomplish.

How can I avoid transaction fees when banking as a digital nomad?

To avoid transaction fees when banking as a digital nomad, you should look for a bank that offers fee-free ATM withdrawals and has low foreign transaction fees. You may also want to consider using a debit or credit card that doesn’t charge foreign transaction fees.

Do I need to have a permanent address to open a bank account as a digital nomad?

You do not necessarily need a permanent address to open a bank account as a digital nomad. Some banks allow you to use a post office box or a friend’s address as your mailing address. You may also be able to use a virtual mailbox service.

Can I open a bank account in a foreign country as a digital nomad?

Most countries prohibit non-residents from opening bank accounts. You’ll find that you’ll likely need a local mailing address. Unfortunately, financial institutions don’t typically accept hotel or short-term rental addresses.

Can I use my digital nomad bank account for personal transactions?

Yes, you can use your digital nomad bank account for personal transactions. However, it’s best to keep your business and personal finances separate to make accounting and tax reporting easier.

Will my digital nomad bank account have all the features of a traditional bank account?

Your digital nomad bank account may not have all the features of a traditional bank account, but it should have the features that are most important for your lifestyle, such as online banking and low transaction fees. Be sure to research the banks you’re considering to ensure they offer the services you need.

What should I do if I lose my debit card while traveling?

If you lose your debit card while traveling, you should contact your bank immediately to report the loss and request a replacement card. You should also carry a backup debit card or credit card in case of emergencies.

What are the best banks for international wire transfers?

If you’d like to make many international wire transfers, there are certain banks with solid bank transfer rules you should explore. Several examples are Bank of America, Chase, Citibank, Wells Fargo, Citibank, PNC, and U.S. Bank.

Source: crediful.com

Apache is functioning normally

June 3, 2023 by Brett Tams

In spite of bank failures over the past three decades, most banks and credit unions in the U.S. remain secure places to store your money. One of the benefits credit unions and banks offer is easy access to your money.

Account holders can withdraw money quickly from a checking account at a bank branch or with a debit card, often with no fees. They can also find easy access and higher interest rates with a savings or money market account.

FDIC Insurance (Federal Deposit Insurance Corporation)

Keeping your money in a bank or credit union is considered safe because your money is insured up by the FDIC or NCUA, respectively.

In the event of a bank failure, which occurred more than 100 times during the financial crisis that spanned 2008 to 2012, some of your money is still protected by the federal government. Money in all U.S. banks, including the nation’s five biggest banks, is FDIC insured up to $250,000, per person, per account.

Fortunately, bank failures are less common today. The FDIC reported that the last time an FDIC insured bank failure occurred was October 2020. The FDIC paid out an estimated $18.3 million to account holders.

Credit unions carry similar protection in the form of insurance through the National Credit Union Administration.

How to Choose a Safe Bank Account

You already know that if a bank fails, the federal government will protect a large portion of your funds through FDIC insurance. You can spread your money between multiple checking and savings accounts so that no account holds more than the maximum $250,000 that is FDIC insured.

When you’re looking for the safest bank to open a new bank account, you want to compare other factors, including the bank’s total assets, security measures, fraud liability policies, history, and more.

What We Mean By a Safe Bank

You can see from this list of safest banks in the U.S. that bank security doesn’t always depend on the bank’s size. You’ll find financial institutions ranging from smaller banks to the largest banks on this list.

Bank safety means that the bank uses state-of-the-art security measures to protect your money, including:

Data encryption for their own systems and for online banking
Secure online bill pay
Two-factor authentication
Alerts for unauthorized transactions
Guarantee against unauthorized access
Card locking by app or phone
Direct deposit

We’ll look at these and other safety measures. Then, we’ll explore what makes some of the biggest banks in the U.S. some of the most secure banks and which other banks are keeping pace. Read on to find out: What is the safest bank in the U.S.?

Safety Measures Banks Use

Banks use a combination of training and state-of-the-art technology to keep account holder’s money secure. This includes training bank employees in security best practices and how to respond promptly to fraud alerts. It also includes bank policies, such as $0 fraud liability.

Finally, technology that includes SSL encryption and two-factor authentication can also help to keep your bank account safe during online banking.

12 Safest Banks in the U.S.

The Global Finance “World’s Safest Banks” list highlighted 50 safe banks. Of those, only a handful were based in the U.S. Here are 12 of the safest banks for U.S. customers, based on the Global Finance list.

1. JPMorgan Chase

With a market capitalization of $413.7 billion and a balance sheet total of $3.31 trillion, JPMorgan Chase is the largest bank in the U.S. based on assets, according to InsiderIntelligence.com.

During the financial crisis of 2008, Chase was one of the banks deemed “too big to fail.” Certainly, an account holder can feel secure that their most is protected even if the bank faces financial hardship.

But is Chase also ahead of the curve when it comes to security? Chase uses multiple authentication checks when you try to sign in to your online account.

The bank monitors for unusual activity and may send a text message or email for you to authorize a transaction outside your home state or for an exceptionally high amount.

The bank’s website uses 128-bit data encryption to secure your personal information. Finally, bank employees are trained in fraud prevention, fraud detection, and ethics.

Everyday security features

128-bit encryption
Multifactor authentication
Guarantee against unauthorized access
EMV chip cards
Card locking through the app or automated phone system
24/7 fraud protection by phone

2. U.S. Bank

With assets totaling nearly $675 billion, U.S. Bancorp, parent company of U.S. Bank, is the fifth-largest bank in the U.S. The bank website and mobile app offer SSL encryption, one-time card numbers for online purchases, and enhanced security features for commercial banking customers.

The Bank Smartly checking account for consumers allow you to set up account alerts and reminders through the mobile app. You can make contactless payments through the app, which gives you added protection against point-of-sale fraud and debit card skimmers, which can steal your account information if you pay using the magnetic stripe on your card.

U.S. Bank also offers a “Safe Debit Card,” designed for consumers ages 14+ who want the convenience of a checking account and debit card without the ability to write checks. The Safe Debit Card provides free access to the user’s VantageScore 3.0 credit score through TransUnion, a credit score simulator, online bill pay, mobile banking, and no overdraft fees.

Everyday security features

$0 liability fraud protection
Multifactor authentication
Virtual card numbers
SSL encryption
EMV chip cards

3. TD Bank

TD Bank, or Toronto-Dominion, is not just one of the largest banks in the U.S. with a worldwide presence, it is also one of the safest. Its branches are known for personalized customer service. But the bank is also known for its online presence. TD Bank recently partnered with Amount, a fintech provider, to enhance security with a suite of state-of-the-art fraud detection and account verification services.

The bank has 24/7 fraud monitoring and text alerts for activity. Plus, if you lose your debit card, you can replace it immediately at a nearby branch. TD Bank also offers features that enhance your security, including Bill Pay and Mobile Deposit, which reduces the handling of paper checks that create a risk of theft and fraud.

Everyday security

Card locking
24/7 fraud monitoring
Personalized service
Mobile deposits
Enhanced security and fraud detection

4. Citibank

Citigroup, which owns Citibank and other Citi properties, is the third-largest bank in the U.S. right now behind Chase and Bank of America. Like Chase, Citi is considered one of the financial institutions deemed “too big to fail.” The bank’s market cap is $97.06 billion.

Citi is considered one of the safest banks due to its enhanced security features for its bank accounts and credit cards.

Citi was one of the first banks to offer a virtual credit card number. This one-time use card number allows cardholders to shop safely online without having to give out your bank account information or card number.

You can sign on to the Citi mobile using a QR code and Face ID®, Touch ID®, Biometrics or 6-Digit PIN, which is more secure than using a username and password. As with Chase, you will receive text alerts for suspicious or unusual activity.

Do not confuse Citi with CIT Bank. In spite of the similarity in their names, CIT is a division of First Citizens Bank and not affiliated in any way with Citigroup.

Everyday security features

EMV chip cards
$0 liability fraud protection
Biometric security
256-bit SSL encryption
Multifactor authentication
Remote debit card locking by phone or through the app

5. Charles Schwab Bank

Charles Schwab Bank is known primarily for its investment divisions. But the bank achieved the highest ratings for customer satisfaction with checking accounts by J.D. Power. Most of the world’s safe banks offer a high level of customer service, which can put a customer’s mind at ease.

Schwab Bank has many of the features high earners look for in a bank, including the ability to easily transfer money from your Schwab One brokerage account to your fee-free checking account.

Schwab’s Mobile app and banking systems use the highest levels of data encryption, as you might expect. Set notifications regarding transactions and fraud alerts through the mobile app. Lock and unlock your debit card at will. You can also set travel notices so that you don’t get a fraud alert in error if you’re making large purchases off your usual beaten path. The bank’s personalized service stands out, with 24/7 service via phone or chat, and branches nationwide.

Everyday security
Card locking through the app
Travel notices
Contactless payments
EMV chip card
Data encryption

6. M&T Bank Corporation

With assets totaling more than $200 billion, M&T Bank may not be as large as Citi or Chase, but its high level of customer service and security puts it on the list of safest banks. M&T Bank has earned multiple awards for small business excellence, along with the highest ratings issued by the Federal Reserve Bank of NY for Community Reinvestment Act performance.

M&T’s mobile app allows you to receive instant alerts about purchases via email, text, or in the app. This way, you can keep track of fraud along with your own spending habits. The app offers fingerprint or facial recognition on supported devices for enhanced security. You can easily report a lost or stolen card in the app or lock your card if you’ve misplaced it.

M&T delivers the same security larger banks offer, with the personalized service of a community bank. With 700 branches across 15 states nationwide plus a network of 1,800 ATMs, M&T Bank might be a convenient and safe choice for your money.

Everyday security features

SSL encryption
Debit card locking
Multifactor authentication
Identity protection services available
24/7 fraud protection

7. Wells Fargo

With $1.71 trillion in assets, Wells Fargo is currently the fourth-largest bank in the U.S. It offers savings and checking accounts, credit cards, loans, and more to personal and business customers.

The bank has more than 4,700 locations plus 12,000 ATMs in its network, making it convenient for customers across the U.S. The Wells Fargo mobile app makes online banking easy and secure, with access to your FICO score, fraud alerts, and multifactor authentication.

The website and app operate with SSL encryption. You can log in via face or fingerprint ID if you prefer. You can set alerts any time someone signs onto your account or whenever a purchase is made.

Furthermore, you can also connect a digital wallet to your account, which may be safer than using debit cards. If you think you lost your card, you can turn it off and turn it on again through the app if you find it.

Wells Fargo makes it easy to report fraud, unauthorized activity, or suspicious activity quickly and easily through the bank’s helpline, even if you are traveling outside the U.S.

Everyday security features

$0 fraud liability
·Guarantee against unauthorized activity
SSL encryption
Low balance alerts
Card locking

8. PNC Bank

PNC Financial Services, owner of PNC Bank, has assets of $557 billion as of December 2022, making it one of the largest banks in the U.S. Like the other big banks, PNC is on the cutting edge of security and fraud protection for its customers.

The bank offers a Virtual Wallet that provides three accounts for checking and savings, along with direct deposit capabilities, overdraft protection, and a “Low Cash Mode,” that alerts you when your balance drops below a specific amount.

PNC also offers traditional banking solutions at its 2,629 branches worldwide. Through the bank’s growing number of Solution Centers, as well as mobile branches in underserved communities, PNC combines the security and convenience of an online bank with a traditional bank.

Everyday Security

Virtual wallet
Debit card blocking
SSL encryption
Fraud alerts
$0 fraud liability

9. Capital One

Capital One sits in the country’s list of top 10 banks and, thanks to enhanced security measures, is considered one of the safest banks in the U.S., too. Capital One holds assets worth $391.81 billion.

Capital One’s credit cards are consistently ranked on top list for rewards credit cards for travelers, and their security measures and easy to use app works for both credit and bank account customers.

You can set alerts by text or email each time you use your card. The app uses multifactor authentication and Capital One has $0 fraud liability for its accounts. You will not be held responsible for unauthorized activity. The bank issues EMV chip cards for added security at point-of-sale transactions.

Everyday Security

Card locking through the app or by phone
Account monitoring
SSL encryption
Multifactor authentication
Activity alerts
Credit monitoring

10. AgriBank

AgriBank made the Global Finance list of world’s safest banks, coming in at number 34. Part of the Farm Credit System, the bank has a net income of $576.1 million and $142.1 billion in total assets.

AgriBank has delivered reliable and consistent service to the agricultural industry for more than 100 years. As an agricultural credit bank, AgriBank is a wholesale only lender to farmers, ranchers, and rural businesses and homeowners. It pays dividends to its members.

It’s important to note that AgriBank services only agricultural customers in 15 states in the southern and Midwest U.S., from Arkansas to Minnesota. AgriBank is not FDIC insured. But, it is backed by the Farm Credit System Insurance Corporation to protect its members.

Everyday security features

Ethics hotline through EthicsPoint
SSL secured website
Two-factor authentication
Data encryption
Backed by the FCSIC

11. CoBank

CoBank is the second FCS member on our list of safest banks. Like AgriBank, it is protected by the FCSIC and offers wholesale loans to rural customers in the agricultural, power, water, and telecommunications industries.

Serving customers in all 50 states, it is one of the largest private providers of credit to the U.S. rural economy, according to its website. Dedicated to preventing fraud, the financial institution has a podcast, Fraud Wise, that provides tips to help its rural customer prevent and detect fraud.

Customers can report fraud easily through phone or email. Because of its size and personalized service, CoBank is rated by Global Finance as one of the safe banks in the U.S.

Everyday security features

Code of ethics
Fraud prevention
SSL data encryption
Guarantee for unauthorized transactions

12. AgFirst

AgFirst Farm Credit Bank is another member of the Farm Credit System that runs as a cooperative, where an account holder is considered a partner. AgFirst takes steps to maintain the safety and security of its members financial data and money. The organization operates in alignment with national cybersecurity standards and applies industry best practices to keep its systems and customers secure.

AgFirst offers loan servicing, loan origination, and many other services to the agricultural community. Headquartered in Columbia, SC, AgFirst has locations across the south and Midwest U.S.

Everyday security features

SSL encryption
Adheres to national cybersecurity standards
Personalized customer service
Backed by FCSIC

Bank vs. Credit Union

In your search for the best bank, you might also consider a credit union. They often offer lower fees, higher interest rates, and more personalized service. The ability to build relationships with employees at your local branch might make them feel like a safer choice.

See also: Best Credit Unions Anyone Can Join

What makes credit unions safe?

The money in a credit union is insured by the National Credit Union Administration. Just as with FDIC insured bank accounts, funds in credit unions are insured for up to $250,000 per person, per account if the credit union fails.

Credit unions often offer local, more personalized service than a national bank, which makes them a desirable financial institution for some people. You may find zero fee checking accounts more frequently at credit unions, higher interest rates, and better loan terms.

The same technology and customer service used in the safest banks also keeps your money safe in a credit union. Look for SSL encryption and two-factor authentication, easy ways to report fraud, and a guarantee against unauthorized access to your account.

What makes the safest banks in the U.S. secure?

A variety of security measures, along with FDIC insurance, keeps the money in your bank secure against fraud and bank failures. Some of the factors that can enhance a bank’s security include its online banking security, the availability of EMV chip cards, $0 fraud liability,

What happens if a bank fails?

Bank failures happened with alarming frequency during the recession of 2008. Experian reports that there were 561 bank failures between 2001 and 2022, when the U.S. faced more than one financial crisis.

Fortunately, these banks were FDIC insured. When a bank fails, the FDIC sells the remainder of the bank’s assets to a more stable bank. Sometimes, the FDIC will cover the bank deposits itself.

Are online banks safe?

Online banks today use the same security measures as a brick-and-mortar financial institution. Often, an online bank offers a fee-free checking account and higher interest rates for an online savings account. If you choose an online bank, make sure it is FDIC insured.

What appears to be an online bank may not be a national FDIC insured bank, but another type of financial institution. If that’s the case, make sure it is backed by an FDIC insured national bank.

Learn more about online bank safety.

Source: crediful.com

Apache is functioning normally

June 3, 2023 by Brett Tams

Since its debut in 2013, Chime has become quite popular. This financial technology company partners with Bancorp Bank, N.A. and Stride Bank, N.A. to provide a number of FDIC-insured bank accounts. Just like most online banks, Chime offers higher annual percentage yields than brick-and-mortar banks.

Chime offers a credit builder account⁷, which acts like a secured credit card to help customers establish credit. However, its flagship products are the Chime® Savings Account and Chime® Checking Account⁸.

Chime has one of the most robust apps in the world of mobile banking. It also has a phenomenal rating in both the Apple App Store and Google Play Store.

Despite the fact that Chime comes with many benefits, it’s not right for everyone. After all, there are no physical branch locations and its customer service could be improved. Plus, you might be able to find higher APYs elsewhere.

18 Best Chime Alternatives

If you’re looking for alternatives to Chime, you’ve come to the right place. We’ve done the heavy lifting for you to create this comprehensive list of the best Chime alternatives.

1. GO2bank

GO2bank is the digital banking platform backed by Green Dot Corporation, a financial technology company known for its prepaid debit cards. GO2bank is designed to help people better manage their money through its user-friendly mobile app and competitive features.

The mobile banking app allows you to open an FDIC-insured account with no monthly maintenance fees if you have qualifying direct deposits. You also have access to a network of over 19,000 fee-free ATMs across the nation. With the ability to receive direct deposits up to four days early and a high-yield savings account that pays up to 4.50% APY on savings up to $5,000, GO2bank offers a complete banking solution.

GO2bank also provides a secured credit card that can help you build credit over time. With this card, you can establish or improve your credit score by making on-time payments and keeping your balance low. There are no annual fees, no credit checks, and no interest charges if you pay your balance in full every month.

In addition to these features, GO2bank offers various ways to deposit cash, including the option to deposit cash at participating retailers. You can also use the app to pay bills, send money to friends or family, and set up custom savings goals.

Read our full GO2bank review.

2. Current

Current is a neobank that partners with Choice Financial Group and Metropolitan Commercial Bank to offer banking services. It only offers one bank account that serves as an online checking and online savings account.

Current doesn’t charge monthly maintenance fees, monthly account fees, or overdraft fees. In addition, you can reap the benefits of automated savings pods and early direct deposit. Unlimited domestic ATM access is also free as Current is part of the Allpoint ATM network. You also get access to early direct deposits.

If you have kids, you can open a linked Teen Banking Account and help them build healthy financial habits. We can’t forget the Current Visa debit card, which lets you earn cash back on debit card purchases at more than 14,000 participating retailers.

Read our full Current review.

See also: Chime vs. Current: Which Is Better?

3. Axos Bank

Axos Bank is an online only bank that first opened in 2000. Its checking account options include the Essential checking account, Rewards checking account, and Cashback checking account. While Essential is a basic checking account with no fees or minimums, the Rewards checking account earns up to 1.00% interest if you meet certain requirements.

With the Cashback checking account, you can earn up to 1.00% cash back on qualifying debit card purchases. Rest assured there’s also a high yield savings account and money market account with a competitive APY. Like Chime, Axos also offers a highly rated mobile app.

Read our full Axos Bank review.

4. Quontic Bank

Headquartered in New York, Quontic Bank has been around since 2008. It has one brick-and-mortar branch in Astoria, New York but serves customers online in all 50 states.

Quontic’s lineup of products includes checking accounts, savings accounts, money market accounts, and certificate of deposit (CD) accounts. It also offers real estate products.

You can choose from three checking accounts: Cash Rewards Checking, High Interest Checking and Bitcoin Rewards Checking. There’s also a high-yield savings account, which pays an impressive APY.

No matter which accounts you decide on, you’ll be pleased to learn there are is no monthly service fee. Plus, you’ll benefit from an extensive ATM network and mobile app.

Check out our full review of Quontic Bank.

5. Cash App

Created by Square and based in San Francisco, Cash App is a peer-to-peer payment app. Cash App lets you send and receive money, do your banking, and open investment accounts, such as retirement accounts. The banking feature requires you to order a Cash App card and accept that FDIC coverage is not available.

Keep in mind that there is no way to build your credit or save money with Cash App. But you can use it to buy stock and Bitcoin for as little as $1. Plus, Cash App lets you prepare and file your federal and state taxes for free.

Learn more about how Cash App works.

6. Brigit

Brigit is a personal finance app that offers paycheck advances to help you out when you need fast cash. It might be a great option if you can’t wait until payday but want to avoid insufficient fund fees and overdraft fees. Brigit also allows you to keep track of your credit score and protect yourself from identity theft.

Additionally, you can use Brigit to find side gigs or borrow money with a credit builder loan. You will have to pay $9.99 per month to unlock all of these features. The good news, however, is you won’t be charged any interest or tips.

7. Dave

Launched in 2017, the Dave App can give you the chance to advance your paycheck to cover small emergencies. It also offers a spending account, which is essentially a checking account with no low balance or overdraft fees. To take advantage of the Dave app, you’ll be on the hook for a $1 monthly subscription fee as well as an optional express fee and tip.

There’s also a budget feature that tracks your income and spending so you can pay your bill. It will notify you any time you’re at risk of overdrafting. In addition, Dave can help you find a side hustle and earn extra income.

8. Revolut

When it initially launched in 2015, Revolut was a challenger bank with a travel card and cheap exchange rates. Now, it describes itself as a digital banking platform and uses Barclays and Lloyds to store your money. Just keep in mind that since it’s not a bank, it doesn’t offer any deposit protection.

Revolut’s long list of perks include surcharge-free ATMs, travel perks, and spending alerts. Plus you can earn cash back on Revolut card purchases and even open an investment account to invest in popular cryptocurrencies. If you travel abroad often and are looking for benefits you may not be able to find from most banks, Revolut should be on your radar.

Read our full Revolut review.

9. Varo

Varo is a digital bank with impressive technology as well as a lineup of checking and savings accounts with unique features like Chime. Since it prides itself on minimal fees, you won’t have to worry about monthly maintenance fees, transfer fees, or foreign transaction fees.

Furthermore, since it’s part of the Allpoint ATM network, you can enjoy free domestic ATM withdrawals at more than 55,000 ATMs. In addition to a competitive APY for its savings accounts, you can enjoy the Save Your Pay and Save Your Change features.

While Save Your Pay automatically transfers a percentage of your paycheck to your savings. Save Your Change rounds up online checking account transactions and lets you transfer money to your savings. These features are different from what you’d find with other online checking accounts.

Read our full Varo review.

10. Capital One

Capital One is one of the largest banks in the U.S. Its online checking and savings accounts come with no minimum balance fees.

Capital One’s 360 Performance Savings account offers an impressive APY on all account balances. This makes it worth considering regardless of what your savings goals entail. It lets you set savings goals and automatic savings plans so you can transfer funds from your Capital One 360 bank account.

With a Capital One bank account, you may access over 70,000 fee free ATMs. If you prefer in-person banking, you’re in luck because there are more than 300 branch locations in select states. You can also enjoy free overdraft protection and download the Capital One app to send and receive funds through Zelle.

Read our full Capital One review.

11. Discover Bank

When most people think of Discover Bank, credit cards come to mind first. But like Chime, Discover also offers checking accounts, savings accounts, money market accounts, CDs, and even personal loans.

It doesn’t impose minimum monthly balance requirements or charge any monthly fees or overdraft fees. Discover’s savings accounts and CDs are known for impressive APYs and its highly rated mobile app with a Quick View feature makes it a breeze to bank while you’re on the go.

Additionally, Discover offers more than 60,000 fee-free ATMs and you can earn 1% cash back on up to $3,000 in debit card purchases each month. If you need assistance, you can always reach out to its 24/7 U.S. customer service representatives.

12. Ally Bank

Headquartered in Utah and a division of Ally Financial, Inc. Ally is a full service online bank with an extensive product line up. Its deposit accounts, like checking accounts and savings accounts as well as CDs, come with competitive interest rates.

In addition to 24/7 customer service, Ally offers a robust mobile app you can use to check balances, transfer funds, deposit checks, pay bills, and send money via Zelle.

With Ally, there are no minimum balance requirements or fees for account maintenance, overdrafts, ACH payments, incoming wire transfers, or cashier’s checks. Aside from bank accounts, Ally also services customers with a wide range of mortgages, loans, and investing products. The main drawback is that you can’t deposit cash. Despite this, Ally is considered one of the best online banks.

Read our full Ally Bank review.

13. One Finance

One Finance is an online bank that lets you do all your banking from one bank account. With One, you can open one account that acts as a savings and interest checking account with no fees and the chances to earn a high APY. Your account will feature pockets that let you manage your money in numerous ways so you can budget and set savings goals.

You can think of a spend pocket as a checking account that doesn’t pay interest but helps you visualize the money you can spend each month. If you budget for various categories, like rent, groceries, and entertainment, it makes sense to have multiple spend pockets to keep track of your spending money. If you prefer, however, you can stick to one and have all your spending come from the same place.

14. Aspiration

Aspiration offers a Spend and Save account that offers checking and savings features. You can choose a basic account with a “pay what is fair” monthly fee, which can be $0 or an Aspiration Plus account, with a monthly fee but additional benefits like a higher APY on savings. If you pay annually, you can enjoy a lower fee.

Aspiration supports the environment through features like cash back if you spend at socially conscious businesses. You also have the chance to plant a tree every time you use your debit card. Additionally, your personal impact score tells you the environmental and social effects of your shopping habits. It also promises that your cash deposits won’t pay for the exploration or production of fossil fuels.

Read our full Aspiration review.

15. Bank5 Connect

Based in Massachusetts, BankFive has been around since 1855. With Bank5 Connect, the online division of BankFive, you can open a checking account, a savings account, or a CD with a low minimum balance requirements. Its accounts are available to everyone in the U.S., except those in Massachusetts and Rhode Island.

As a Bank5 Connect customer, you can enjoy access to thousands of surcharge free ATMs. You may get reimbursed up to $15 per statement cycle for any fees that are charged by out-of-network ATMs. There’s also a mobile app with features like mobile deposit, bill pay, money transfer, and an ATM locator.

16. MoneyLion

Founded in 2013, MoneyLion is a financial services company that works to help customers improve their finances. RoarMoney is its FDIC-insured checking account that comes with no account fees and several unique perks.

As long as you enroll in automatic monthly direct deposits, you can receive each paycheck up to two days early. Price Match will also refund you the difference if you find something you purchased at a lower price. Plus you may use RoarMoney to design a budget and track your spending. In addition to RoarMoney, MoneyLion offers Instcash in which you can get cash advances of up to $250 through the app.

17. Juno

Formerly OnJuno, Juno is an FDIC-backed online banking platform known for its high-yield checking account with zero monthly maintenance fees or minimum opening deposit. You can also earn cash back if you make crypto purchases or cash purchases at certain companies.

It’s ideal if you’re an immigrant or international professional because all you need to open an account is a passport and Social Security number. With Juno, you get free atm withdrawals at more than 85,000 Allpoint or MoneyPoint ATMs.

18. Wise

Headquartered in London, Wise is a financial technology company that prides itself on innovation. You can open a Wise personal account for free and won’t have to meet a minimum balance requirement or pay a monthly fee. Wise is unique in that you can hold 54 currencies and send international transfers to over 80 countries.

There are also international business accounts, which can be helpful if you send, spend, or withdraw money while you travel abroad for business purposes. While you can sign up for a Wise debit card, it does come with fees and may only be used in select countries.

What to Look for When Choosing a Bank

When you shop around Chime alternatives, you’ll notice there are no shortage of options. Here are some things to consider as you look for the ideal solution.

Fees

Fees can add up quickly. Ideally, you’d go with a bank that charges low fees or basically no fees. Fortunately, most online banks are known for their fee-free bank accounts.

With many of these checking accounts, you won’t be charged monthly maintenance fees, ATM fees, wire transfer fees, and early account closing fees. Just be on the lookout for hidden fees.

High Interest and Rewards

The higher the interest rate, the more money you’ll be able to save with minimal effort. Sometimes, you can even earn rewards like cash-back and travel points for making transactions on your debit cards.

Large ATM Network

If you’re an avid cash user, you don’t want to pay an arm and a leg every time you use an ATM. For this reason, it’s important to choose a bank with a fee-free ATM network or one that reimburses you when you use an out-of-network ATM.

Customer Service

You want to ensure that you can easily receive answers to your questions or address your concerns. For this reason, choose a bank or company that has positive customer service reviews.

Bottom Line

While Chime offers many perks, it’s not perfect. If you’re willing to do some research and compare your options, you can find several online banks like Chime. Before you make a decision, look at the banking services provided. Then, weigh the pros and cons. Don’t be afraid to test a Chime alternative for a few months or so to make sure it’s a good fit.

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.

7. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

8. A Chime Checking Account is required to be eligible for a Savings Account.

Source: crediful.com

Apache is functioning normally

June 2, 2023 by Brett Tams

Current is a digital banking app designed to simplify banking in the modern world. It also includes features for teens and young adults that can help them learn to manage money.

So, how does Current work and what does it cost? We’ll answer all of these questions and more in the Current review below.

What is Current?

Current is not a bank. It’s different from other financial institutions in that it’s a financial technology with a mission to help people make smart decisions about money.

It comes with several perks, like faster paycheck access, savings pods, spending insights, and cash back rewards. Best of all, there are no minimum balance requirements or overdraft fees.

Founded in June 2015 by Stuart Sopp, Current has raised over $400M and landed big name partners and investors, including Mr. Beast, the well-known YouTube star.

Its banking services are provided by Choice Financial Group and Metropolitan Commercial Bank, Members FDIC. In addition, the Current Visa Debit Card is issued by Choice Financial Group and Metropolitan Commercial Bank.

To date, there are about 4 million Current users. Current accounts are currently mobile only as there is no desktop account access or in-person branch network. You can download the Current app on your Android or iOS advice.

Current Features

Current offers several account features that you might find useful, including:

Faster Paycheck Access

Sometimes, you can’t wait until payday and need your hard earned money sooner. That’s where Current’s paycheck access comes in. It will deposit the funds from your paycheck up to two days faster than the typical direct deposit.

Current is unique in that it disregards the date your employer intends to release your paycheck funds. Instead, it works like a prepaid debit card and credits your account immediately after receiving it.

Gas Hold Feature

There’s no denying that the price of gas has skyrocketed. As a result, many gas stations have begun placing holds on the cards of customers. For example, a gas station might place a $100 hold on your card, even if you only purchase $50 worth of gas.

This will ensure you’ll have enough funds to cover the total cost. It can take anywhere from a few hours to a few days for the gas station to release the hold. Current will remove the hold right away so that the funds are readily available to you and you don’t have to wait.

Teen Banking

Current offers a teen account that enables parental supervision and strives to educate teens about proper money management. Its parental features include cashless convenience, instant transfers to teen cards, purchase notifications, and the ability to block specific merchants.

Parents can also use Current’s teen account to set spending limits and chores as well as automate allowance payments. In addition, multiple family members may add funds as they wish.

Savings Pods

With Current’s savings pods, you can meet various saving goals. Here’s how it works: You name a savings pod and deposit money into it from your account or qualifying direct deposit.

You can also add money through the round up feature where you round up to the nearest dollar from any debit card purchases you make.

At the time this article was written, Current offers 4% APY on $6,000. To take advantage of the interest feature, transfer money from your spending balance to your savings pods.

Note that the type of membership you have will determine how many savings pods you can open. If you’re a basic customer, you’re limited to one pod whereas premium customers get up to three pods.

Cash Back Rewards

Current members can reap the benefits of a generous rewards program. As a member, you can earn up to 15x points on purchases you make at over 14,000 retailers. These retailers include Rite Aid, Cold Stone Creamery, Rite Aid, Subway, Forever 21, Burger King, and others that are listed in the Points tab in the Current app.

You may redeem these points for cash back in your Current account. You’ll receive the points right after you make a qualifying purchase and can redeem 100 points per dollar.

According to Current, its members have the potential to earn $165 cash back per year by simply using their card at participating gas stations. Keep in mind that Premium customers have the potential to earn more points and cash back than Basic customers.

Instant Cash Deposit

Current lets you easily deposit cash into your account. You may instantly add cash at over 60,000 at convenient places like local grocery and convenience stores, including Walmart and CVS. This is a huge selling point.

To deposit cash with Current, find a nearby cash deposit location, tap “view barcode” from the map, show the barcode to a cashier, and give them the funds. You can add up to $500 per transaction or up to $1,000 per day and $10,000 per month. The money will show up in your Current bank account immediately.

Overdraft Protection

The app does more than eliminate overdraft fees. If you overdraft your account by accident, you’ll get a free pass. The Overdrive feature offers a fee-free overdraft of up to $200 on in-store and online purchases.

To qualify for it, you must be 18 years or older and receive $500 or more in eligible direct deposits each 30-day period. A qualifying deposit can be an ACH transfer from your employer, payroll company, or Social Security. Unfortunately, mobile check deposits and peer-to-peer transfers don’t count.

Cryptocurrency

With Current, you can buy and sell cryptocurrency from the same app. Fortunately, you don’t have to worry about any trading fees or wait days for your trade to settle. You can purchase 27 popular coins, like Bitcoin, Dogecoin, Ethereum, and Shiba Inu. Once you sell a coin, you’ll notice the cash in your Current account immediately.

Money Management

Current’s money management tools can come in handy if you’re looking for a way to take control of your personal finance and make the most out of your money. The Spending Insights feature, for example, is available on your home screen.

It lists your recent purchases and assigns them a spending category so you can easily see where your cash is going. You may also sign up for real-time notifications that will appear any time you make a debit card purchase.

While the Spending Insights feature is designed to help you track your spending, the Budgets tool if your goal is to prevent overspending. You can create budgets for various categories. As you approach your budget or spending limit on an account ownership category, you can receive updates and make changes accordingly.

Current Pay

Current Pay works a lot like Apple Pay, Venmo, Zelle, and PayPal. If you know others that use the app, you can pay and request money from them instantly. Best of all, the process is easy and doesn’t involve any fees.

Does Current Have Transaction Limits?

Despite all of Current’s handy features, the app does impose transaction limits you should be aware of. These include a $500 daily maximum in ATM withdrawals, $2,000 daily maximum in card purchases, and $5,000 maximum transaction amount for peer-to-peer payments through Current Pay.

Are There Any Fees?

Now it’s time to discuss Current review fees. You may be surprised to learn that Current doesn’t charge monthly maintenance fees or have any minimum balance requirement requirements.

Additionally, there are no overdraft fees, or money transfer fees for money transfers from an internal bank account or external bank account or ATM fees at 40,000+ Allpoint ATMs. This is great news if you’d like to try it out with no strings attached.

But keep in mind that you may face out-of-network or third-party fees. For example, if you use Current at an out-of-network ATM, you’ll get charged $2.50. International withdrawals cost $3 each.

In addition, if you’d like, you can upgrade from the Basic membership plan to the Premium account or membership plan. While this will come with an additional monthly fee of $4.99, you’ll get access to more features, like additional savings pods and the chance to earn more cash back.

Who is Current best for?

Current might be worth exploring if you don’t mind mobile banking. It can help you meet smaller savings goals with a high interest rate. It’s also ideal if you use your credit card frequently and hope to earn generous cashback rewards.

In addition, you may benefit from Current if you’re a parent or guardian that wants an account for your teen and wishes to instill healthy money habits. We also recommend Current if you’re unable to qualify for a traditional banking account and are looking for a viable, cost-effective alternative.

Current Pros and Cons

Just like any digital banking app or online bank, Current comes with several benefits and drawbacks, including:

Pros

No monthly fees: You can use Current without committing to monthly usage fees.
Generous APY: Current offers 4% APY on up to $6,000 in savings to help you expedite your savings goals.
Cash back: Unlike most debit cards, Current rewards you with cash back every time you make a purchase at 14,000+ participating retailers.
Early paycheck access: You may access the money from your paycheck up to two days sooner.
Instant gas hold removals: If a gas station places a hold on your account, Current will remove it immediately.
Teen features: Current comes with plenty of features you can use to help your teen become responsible with money.

Cons

No online or in-person banking: You can only use Current on your iOS or Android device as Current’s mobile app currently doesn’t support online or in-person banking at a local branch.
No checks: The Current app doesn’t offer checks so you’ll have to find an alternative payment solution.
Email-based support: If you have a question or concern, Current will only be able to help you via email support is not available.
Mobile check deposit feature is slow: It can take up to 5 business days for a check deposit to clear.

How to Use Current

If you’d like to sign up for Current, follow these easy steps.

Download the app on the Google Play Store or Apple App Store. You can also enter your phone number on Current’s website and receive a download link.
Share basic personal information including your name, phone number, email address, residential address, and Social Security number.
If you’d like, connect Current to a debit card or bank account to fund your account.

Once you sign up, you’ll receive a Current debit card by mail. It should arrive via USPS within 7 to 10 business days but you can use Current before then. Current will give you a virtual card you can add to your digital phone wallet while you wait for your physical card.

Current Reviews

Before you go ahead and sign up for the Current app, you might be wondering what other Current account holders have to say about it. Here’s an overview of the various reviews we found online.

TrustPilot

On TrustPilot, Current earned 3.8 out of 5 stars. Most reviewers praise the app but there are several complaints about Current customer support and challenges with disputes.

Apple App Store

Current users gave it a 4.7 out of 5 stars on the Apple App Store. There are over 84K reviews and any of the negative ones relate to customer service.

Google Play

When it comes to the Google Play Store, Current ranked well as well with 4.8 out of 5 stars from over 89K reviews. Again, the negative reviews are about customer service and resolving disputes.

It’s no surprise that customer service is Current’s most noteworthy downfall as it’s only available via email and in-app chat that sometimes doesn’t work. If you have an urgent question while using the app, you won’t be able to make a phone call and receive a quick response. Depending on when you send the email, you may have to wait a few business days or even longer to hear back.

Speaking of customer service, you might want to know how to go about it. You can use the in-app chat feature or fill out an email form and wait for an email response. As stated, there’s no way to call the Current team for faster support.

The good news is the app is fairly intuitive and you shouldn’t come across too many issues while using it, especially if you consider yourself tech savvy. Plus you can check out Current’s frequently asked questions on its website for answers to simple, less urgent questions.

Current Alternatives

While Current is a solid online banking app for many adults, teens, and young adults, it’s not for everyone. If you find that Current isn’t right for you or are wondering about alternative options, here are a few to consider.

Chime^®

Just like Current, Chime is a financial technology company or fintech company with modern features you may not find at a traditional bank, credit union, or brick-and-mortar financial services company. It offers early direct deposit², savings roundups, and no-fee overdrafts⁵.

Compared to Current, it’s more like a high yield savings account⁸ in that it lets you earn a better APY on your savings on your entire balance, rather than just up to $6,000.

In addition, there’s a Credit Builder⁷ account you can use to boost your credit without a credit check. Just keep in mind that Chime doesn’t offer a teen account like the Current teen account.

Read our in-depth Chime review here.

See also: Chime vs. Current: Which Is Better?

Greenlight

While Current is intended for teens and their parents, Greenlight’s online banking services are geared toward younger children in elementary school. Both apps come with parental controls and features such as spending limits, chore rewards, transaction monitoring, and the chance to blacklist set retailers. Greenlight also lets you invest in the stock market.

Bottom Line

Current offers a long list of features that make it a smart choice if you want a digital banking platform with no monthly fees or hidden fees. You can enjoy early paycheck deposit, no overdraft fees, teen savings accounts, cash back rewards, savings pods, and more.

As long as you’re okay with limited customer service and don’t mind using the app on your mobile device, it’s certainly worth exploring.

Current FAQs

Here are a few of the most common questions that many people ask about the Current digital banking app.

Is Current safe?

It’s a risk to use any type of mobile or online banking platform. But Current checking accounts and teen accounts are backed by FDIC insurance of $250,000 in the event of a bank failure. Plus just like many reputable online banks, the app uses bank-level data security measures and you can sign up to receive push notifications any time current detects account fraud.

Does Current have any physical branches?

At this time, Current does not have any physical branches. This means you won’t be able to receive in-person service. The good news, however, is it does offer fee-free cash withdrawals at over 40,000 Allpoint ATMs throughout the country.

Can you deposit cash into your Current account?

Yes, Current lets you deposit cash. However, cash deposits aren’t free and you will have to pay $3.50 for every cash deposit transaction.

What happens if you overdraft your Current account?

Thanks to the Overdrive feature, it’s no big deal if you overdraft your account. You can enjoy a fee-free overdrive of up to $200 on any purchase you make in-store and online.

Can you earn rewards or bonuses with Current?

Absolutely! As long as you use the Current Visa debit card at participating retailers, you can earn cash back. Plus you can earn $1 every time you refer a friend who signs up for a Current account.

Is Current worth it?

If you’re looking for a free checking account with plenty of bells and whistles or a teen banking account, the Current mobile app should be on your radar. But if you prefer a more traditional banking experience, you might be better off with an account at a local bank or credit union.

2. Early access to direct deposit funds depends on the timing of the submission of the payment ﬁle from the payer. Chime generally make these funds available on the day the payment ﬁle is received, which may be up to 2 days earlier than the scheduled payment date.

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.

8. A Chime Checking Account is required to be eligible for a Savings Account.

Source: crediful.com

Apache is functioning normally

June 1, 2023 by Brett Tams

What is a bank holiday?

A bank holiday is when banks are closed on a business day in observance of a federal or local holiday. There are typically 11 federal bank holidays per year in the United States.

How do bank holidays work?

When a bank is closed for a holiday, branches and remote customer service options — such as customer service by phone or live online chat — are unavailable until the next business day. If the holiday falls on a Sunday, the bank will usually be closed on Monday. Online banking will typically still be available during the bank holiday, but it will be self-service.

List of bank holidays in the U.S. in 2023 and 2024

You may want to check your bank’s holiday closure schedule — especially if your bank operates internationally — but here are the typical bank holidays observed in the United States according to the Federal Reserve.

	2023 Dates	2024 Dates
New Year’s Day	Jan. 1 (observed Jan. 2).
Martin Luther King Jr. Day
Washington’s Birthday
Memorial Day
Juneteenth
Independence Day

Columbus Day
Veterans Day	Nov. 11 (observed Nov. 10).
Thanksgiving

Does money go out on a bank holiday?

If you have an electronic payment that might be delayed by a bank holiday — such as a direct deposit, online payment or money transfer — you may need to plan to pay for something early. For example, if your rent is due on a particular day of the month, look ahead to any bank holidays that might disrupt your payment and try to schedule your payment accordingly. Sometimes your employer or bank might also send your paycheck before a bank holiday.

How to access your money during a bank holiday

Even if your bank’s branches and customer service phone lines are closed during a bank holiday, you can still typically access your money online and through your bank’s ATM network. Most banks allow their customers to manage their money with a mobile app or by logging in to their accounts on a computer. You can send money through Zelle if your bank offers that service, transfer money to other accounts and make bill payments online, and you can use ATMs to withdraw and deposit cash.

Source: nerdwallet.com

Apache is functioning normally

May 31, 2023 by Brett Tams

Payment apps have revolutionized the way we manage our finances, making it easier than ever to send and receive money from the comfort of our smartphones. In the center of this digital revolution are two popular payment services: Zelle and Venmo.

Both offer convenient ways to transfer money, but which one offers the best experience for you? This depends on your specific needs and the features each app provides. In this guide, we’re going to dive into Zelle vs. Venmo, examining their services, fees, transfer limits, security, and more to help you make an informed decision.

Overview of Zelle

Zelle is a payment service backed by many of the biggest financial institutions in the U.S. Launched by Early Warning Services, a consortium of banks, it’s integrated into the regular online banking apps of participating banks, eliminating the need for a separate Zelle account. The service is designed to facilitate instant transfers between linked bank accounts, offering a seamless way to send money.

Overview of Venmo

Venmo, owned by PayPal, is a free-to-use payment app that allows peer-to-peer payments, making it easy to split bills, pay friends, or even pay for goods and services from authorized merchants.

With Venmo, users have a Venmo balance which they can use for transactions, or they can link their bank or credit union accounts or debit card for payments and receiving money. Venmo users also have the option to hold funds in their Venmo accounts or withdraw it back to their bank accounts.

Zelle vs. Venmo: A Detailed Comparison

Transaction Speed

When considering Zelle vs Venmo, transaction speed is one of the most critical aspects. Zelle transfers, due to its integration with regular online banking apps, tend to be instantaneous. The money moves directly from one bank account to another, usually within minutes, provided both sender and recipient’s bank accounts are among Zelle’s participating banks.

On the other hand, Venmo transactions are not instant. Money sent to a Venmo account needs to be manually transferred out to a bank account, which can take one to three business days if using a standard bank transfer. However, Venmo offers an Instant Transfer feature where for a small fee, you can transfer your Venmo balance to a linked bank account or eligible Mastercard or Visa debit card within 30 minutes.

Fees

When it comes to fees, Zelle stands out as a free service. There’s no cost to send or receive money, and since it’s tied to your bank account, there are no fees for transferring money to your bank.

Venmo, in contrast, is free for personal transactions when using a linked bank account, a Venmo balance, or a debit card from a major bank. However, if you use a credit card to send money or fund your Venmo account, there’s a 3% fee. Also, Venmo’s Instant Transfer feature comes with a 1.75% fee, with a minimum fee of $0.25 and a maximum fee of $10.

Transfer Limits

Zelle and Venmo have different transfer limits. For Zelle, if your bank or credit union is a partner, the bank decides the limits on how much money you can send. If your bank isn’t a partner, you can still use Zelle by signing up on its app, but you’ll be limited to sending $500 per week.

On the other hand, when you open a Venmo account, you’re initially limited to sending $999.99 per week. However, once you verify your identity, your limit increases to $19,999.99 per week for peer payments. There’s also a $5,000 per transfer limit. If you want to transfer more than that, you’ll need to initiate multiple transfers.

Security

Security is a top concern when dealing with money transfers. Both Zelle and Venmo use data encryption to protect users. Zelle, being directly embedded within your bank or credit union’s app, benefits from the same security measures your bank uses. Unauthorized transactions, if reported promptly, are usually covered by your bank’s protection policy.

Venmo also employs security measures like encryption and multi-factor authentication to protect user information. However, keep in mind that Venmo’s social nature (where transactions are shared on a social feed) could potentially expose more information than some users are comfortable with. Venmo users can adjust the privacy settings to limit who sees their Venmo activity.

Usability

Zelle’s major advantage is its integration into the existing banking app of many major banks, meaning there’s no separate app to download or account to set up. Money sent via Zelle goes directly into the recipient’s bank account, making it straightforward for users who simply want to transfer money.

Venmo, on the other hand, operates via a separate app, which is also part of its appeal. The Venmo app integrates a social aspect into the money sending process, allowing users to attach notes, emojis, and likes to their transactions. The Venmo app is a digital wallet that offers a more social and engaging experience.

Social Aspects

When comparing Zelle vs. Venmo on social aspects, Venmo clearly has an edge. Venmo transactions come with a social aspect, as each transaction can be shared on the Venmo feed. Venmo users can like and comment on these transactions, making the experience more interactive. This feature, while enjoyable for some, might not be everyone’s cup of tea, especially for those who prefer more privacy in their transactions.

Zelle, in contrast, doesn’t offer any such social features. The service is primarily designed for quick and easy money transfers and doesn’t share transaction details on a social feed.

Zelle vs. Venmo: Specific Use Cases

Best for Immediate Transfers

Zelle outperforms Venmo when it comes to transfer speed. Since Zelle transfers are typically instant among participating banks, it’s a better choice for urgent transfers.

Best for Small Businesses

Venmo could be a better choice for small businesses. The ability to accept payments via Venmo can be a convenience factor for customers. Moreover, Venmo transactions are public by default (though the amount is hidden), which might serve as a form of free advertising for businesses.

Best for Social Transactions

Venmo’s social features make it ideal for social transactions. It’s a popular choice among friends splitting bills or sharing expenses, as the transaction notes and social feed can make the payment process more engaging and transparent.

Best for Larger, Infrequent Transfers

Depending on the bank, Zelle might have higher transfer limits compared to Venmo, making it more suitable for larger, infrequent transfers like rent or high-ticket purchases.

User Reviews and Feedback

Reviews and feedback from Zelle and Venmo users generally align with the strengths of each app. Zelle users appreciate the speed and ease of transferring money directly between bank accounts, especially for those who prefer not to hold funds in another app. On the other hand, some users wish Zelle had more features and functionalities outside of simple peer-to-peer payments.

Venmo user reviews often highlight the app’s user-friendly design and its social features. Users enjoy the ability to like and comment on transactions. However, some users express concern about the privacy of their transactions, even though they can be made private.

Final Verdict

When deciding between Zelle vs. Venmo, it ultimately comes down to your personal needs and preferences. Zelle’s strength lies in its speed and direct bank-to-bank transfers, making it an excellent choice for quick and simple transactions. On the other hand, Venmo’s social features and digital wallet functionality appeal to users who enjoy a more engaging and interactive payment experience.

If you prioritize speed, convenience, and prefer to avoid holding funds in a separate app, Zelle might be the better choice. However, if you appreciate the social aspect of transactions and don’t mind the occasional fee for instant transfers or credit card usage, Venmo could be the more suitable option.

Frequently Asked Questions

Can both apps be used internationally?

Zelle is limited to transactions within the U.S. between participating banks. Venmo, on the other hand, can be used for transactions between U.S. residents and also works with some international cards. However, both apps primarily cater to users based in the United States.

What happens if you send money to the wrong person?

With both Zelle and Venmo, it’s crucial to double-check the recipient’s details before sending money, as reversing transactions can be challenging. In some cases, transactions may not be reversible. If you accidentally send money to the wrong person, it’s best to contact the app’s customer support immediately for assistance.

How to handle disputes and refunds?

In case of disputes or refund requests, both Zelle and Venmo advise users to try to resolve the issue directly with the other party involved. If that doesn’t work, you can contact each app’s customer support for further assistance. Keep in mind that neither app guarantees a refund for unauthorized transactions or payment disputes, so it’s crucial to exercise caution when sending money.

Are Zelle and Venmo safe to use?

Yes, both Zelle and Venmo use data encryption and secure servers to protect users’ information and prevent unauthorized transactions. However, users should also take steps to protect their accounts, such as using strong, unique passwords and enabling multi-factor authentication if available.

Can I link multiple bank accounts to Zelle or Venmo?

Zelle allows you to link multiple bank accounts, but you can only have one active account at a time. On the other hand, Venmo allows you to link and transfer funds between multiple bank accounts.

Can I use Zelle and Venmo for business transactions?

Zelle is primarily designed for personal use between friends and family, and their terms of service prohibit using it for business transactions. Venmo, however, offers a business profile option that allows small businesses to accept payments via the app.

Can I cancel a payment once it’s sent?

In most cases, Zelle payments are instant and cannot be canceled once they’re sent. However, if the recipient has not yet enrolled with Zelle, the payment will remain pending and the sender may be able to cancel it. Venmo payments to existing users are also instant and can’t be canceled. If you paid a new user or an email address, you can cancel the payment on the Venmo app until they claim it.

How do I dispute a charge on Zelle or Venmo?

With both Zelle and Venmo, the first step is to contact the person you sent money to. If that doesn’t resolve the issue, you can file a dispute through your bank (for Zelle) or through Venmo’s support team.

How can I increase my sending limit on Zelle and Venmo?

Your sending limit on Zelle is determined by your bank, so you would need to contact them to discuss any possible adjustments. On Venmo, you can increase your sending limit by verifying your identity. This involves providing information like your zip code, last four digits of your SSN, and your birthdate.

How fast are transfers from Venmo to my bank account?

Transfers from your Venmo account to your bank account typically take 1 to 3 business days. However, for a 1% fee (minimum $0.25 fee, maximum $10 fee), you can opt for an Instant Transfer to an eligible linked debit card or bank account.

Do I need a specific type of bank account to use Zelle or Venmo?

You don’t need a specific type of bank account to use either service. As long as your bank account is based in the U.S., you should be able to use it. However, certain features may only be available with participating banks.

Can I use Zelle or Venmo to pay in stores?

Zelle is primarily designed for peer-to-peer payments and isn’t typically accepted as a payment method in stores. Venmo, however, can be used to pay at many retailers and other businesses that accept PayPal. Venmo also offers a Venmo MasterCard debit card that can be used anywhere MasterCard is accepted in the U.S.

Source: crediful.com

Apache is functioning normally

May 31, 2023 by Brett Tams

If you’re looking for a free checking account, you have multiple options in both traditional and online banks. With more than 4,100 banks in the U.S., according to the FDIC, the choices can be downright overwhelming.

It can help if you get clear on what you want in a checking account, narrow down your options, and then read reviews like the one below to find the best free checking account to meet all your needs.

12 Best Free Checking Accounts

When you’re ready to open a new checking account, consider the no fee checking accounts on this list. We’ve evaluated the fees, minimum deposit requirements, annual percentage yield APY on those that earn interest, and more.

Most of the best checking accounts offer features like overdraft protection, mobile banking and the ability to get paid up to two days early with your direct deposit. But financial institutions that let you earn interest on your checking balance or deliver cash back also gained our favor.

1. Chime Checking

Chime boasts truly fee-free checking and a host of advantages for those seeking an online-only banking solution. The bank has no monthly service fees, no overdraft fees, no transaction fees, and no minimum daily balance fees. If you lose your debit card, you don’t even have to pay to replace it!

2. Bank of America Advantage Plus Banking®

Bank of America offers three Advantage checking accounts:

SafeBalance
Advantage Plus
Advantage Relationship

3. Quontic High Interest Checking

While it doesn’t compare to Wealthfront’s 4.55% APY for a Cash Account, Quontic offers what qualifies as a high interest checking account with a 1.10% APY.

4. Wealthfront Cash Account

Like Chime, Wealthfront is not a bank. But some would argue that, with no monthly maintenance fee, FDIC insurance of up to $5 million through partner banks, and a high 4.55% annual percentage yield APY on the Wealthfront Cash Account, it’s even better.

5. Capital One 360

A Capital One 360 checking account combines the security and convenience of one of the nation’s largest banks with no monthly maintenance fees and no minimum opening deposits.

6. Consumers Credit Union

The only credit union on our list of the best free checking accounts, this checking account is open to virtually all U.S. residents over the age of 18.

7. Ally Bank Interest Checking

Ally is not just a robust fin-tech; it is a nationally chartered bank with $196 billion in assets and 11 million customers. The bank offers an interest earning checking account with no monthly fee and no overdraft fees, high-yield savings, money market account and CDs. Plus, it provides investment services, loans, and credit cards.

8. Axos Bank Rewards Checking

Axos Bank offers three different checking accounts with no monthly maintenance fee.

9. SoFi Checking and Savings

Another excellent option in online banking, SoFi offers a wide range of financial services, including investments and loans. The bank provides a combination Checking and Savings account with a high yield APY of 4.20% for balances in your savings or Vault, and 1.20% APY on checking balances.

10. Varo Bank

Varo Bank has the distinction of being the first financial technology company to become a nationally chartered, online only bank. While most of the banks on our list of best free checking accounts have important features in common, Varo has a few perks that are harder to find in a free account.

11. Discover Cashback Debit

In the world of finance, Discover is best known for offering a straightforward cashback rewards credit card. Discover’s free online checking account also offers cash back rewards of 1% for up to $3,000 worth of debit card purchases monthly.

12. Chase Total Checking®

JPMorgan Chase & Co. is not just one of the “big four” banks in the U.S. It is the biggest bank in the U.S. and the world’s largest financial institution based on market cap. For that reason, many people choose Chase Bank for its convenience and 4,700 branches nationwide.

Methodology: How We Select the Best Free Checking Accounts

We evaluated multiple factors to find the best free checking accounts for consumers across the U.S. Whether you have large monthly direct deposits or have been “unbanked” until now, you’ll find the best free checking accounts for any need or any budget here.

ATM network or generous ATM-fee reimbursement program

You shouldn’t have to pay extra money to access your money. After all, that’s the opposite of a “free checking account,” isn’t it? You want to find a bank with a large, fee-free ATM network to conveniently withdraw cash or make deposits. If the bank reimburses out of network ATM fees, that’s a bonus.

Nationwide availability (Physical locations or mobile access)

If you’re looking for a traditional bank, you want to make sure it has branches near you. Otherwise, an online bank might be the best choice. For this list of free checking accounts, we eliminated credit unions that don’t serve customers nationwide or have strict membership requirements.

Credit unions are often a solid choice for banking, and often have low fees and high interest rates. For instance, Navy Federal Credit Union is a highly ranked financial institution backed by the National Credit Union Administration. But it’s only open to members of any branch of the U.S. Armed Forces, U.S. veterans, their families, and Department of Defense personnel.

We tailored this list around banks with national appeal, with means they serve customers nationwide, with no residency requirements or specific occupational requirements. The one outstanding credit union on the list, Consumers Credit Union, is open to virtually anyone in the U.S. over the age of 18.

No Monthly Maintenance Fee

When most people think of a free checking account, they think of one with no monthly maintenance fees. You’ll see a few banks with monthly maintenance fees on this list because the benefits outweigh the fees. But any monthly service fees are easy to waive by meeting direct deposit or minimum balance requirements.

Low Minimum Deposit and Balance Requirements

Truly free checking accounts should be accessible to most consumers. That means having low or no minimum deposit or minimum balance requirements.

No or Low Foreign Transaction Fees

If you travel abroad or make international transactions, you don’t want to pay fees. This may not be important to everyone, but foreign transaction fees may be a point to consider.

No Account Closure Fee

This was a deal-breaker for us. If you choose to close your account, you should be allowed to do so with no account closure fee. All the banks on this list make it as easy to close your checking account as it is to open it.

No Overdraft Fees

Likewise, if you accidentally spend more money than you have in your account, you shouldn’t be punished. Sometimes we forget that an automatic payment cleared or sometimes, you just need a helping hand to make it to your next paycheck. We gave preference to account with no overdraft fees, overdraft protection, or generous overdraft forgiveness.

Benefits such as high APY, cash-back rewards, or other additional perks

From cash back debit cards to interest bearing checking accounts, generous perks can make it easy to choose one fee-free checking account over another. Other nice-to-have features include:

The ability to pay bills online
Early direct deposit
Mobile check deposit

These account features make it easy to manage your money. We evaluated all these aspects when compiling our list of the best free checking accounts.

Customer Service

Whether you opt for a neobank or a traditional bank with brick-and-mortar branches, you want fast and responsive customer service. We took branch hours or phone hours into consideration, as well as a responsive chat or email for those who prefer automated service without speaking directly to a person.

Other Products and Services

Many people want to use the bank that holds their primary checking account as a one-stop shop for all their financial needs. They don’t want to download another mobile app, remember another password, or keep their money in different places.

For this reason, we considered the availability of high yield savings or money market accounts, CDs and other financial services when choosing the top free checking accounts. Chase, Capital One, and a few others got bonus points from us for the ability to link a child’s account to teach money management at a young age.

How to Choose the Best Free Checking Account

Before you choose a free account, decide what features are most important to you. Do you want a bank with brick-and-mortar branches or are you comfortable banking online only? If you choose an online financial institution, find out if there is a way to deposit cash, since some only allow mobile deposits and ACH transfers from other accounts.

Most of the checking accounts on this list offer similar features, including an easy to use mobile app, no monthly fees, direct deposit capabilities, and overdraft protection. Some have no minimum deposit to open the account, which is convenient since you can set up the account and then fund it within a few days or when you receive your next paycheck.

If you’re looking for interest bearing checking accounts, you’ll find a few on this list. Others provide debit rewards, which isn’t a common feature in a free deposit account. These benefits can help put extra cash in your pocket to help you reach your financial goals.

Determine if you want a linked savings. If so, do you want the capability to transfer funds into multiple savings buckets to help with budgeting?

All the banks on this list are FDIC insured for up to $250,000 per account holder for each type of deposit account. CCU is insured for the same amount by the National Credit Union Administration. That means your money is safe, which is important in today’s climate of economic uncertainty.

Ultimately, your checking account becomes a hub for your financial life. Whether you’re opening your first account or thinking about switching banks to get free checking and more perks, this list provides a good place to start your search.

Free Checking Account FAQs

See what people are asking about the best free checking accounts.

What are monthly maintenance fees?

Monthly maintenance fees are service charges imposed by a bank simply for holding an account. The free checking accounts on this list have fee free checking or it is easy to waive the monthly maintenance fee by having monthly direct deposits or meeting minimum balance requirements.

Do free checking accounts have any fees?

When people think of fee-free checking, they often think of an account with no monthly maintenance fees. However, some free checking accounts may have a monthly fee that can be easily waived with a monthly direct deposit or by meeting minimum balance requirements within a statement cycle.

So-called free checking accounts may have over fees besides the monthly fee. Read the fine print closely to find truly free checking accounts.

What fees do I need to watch out for?

Some banks who advertise free checking accounts may forego a monthly maintenance fee, but charge overdraft fees, ATM fees, withdrawal fees (typically only for savings or money market accounts), fees for paper checks, fees for paper statements, foreign transaction fees, and wire transfer fees. If you lose your debit card, you might have to pay a fee to have it replaced, as well as covering mailing costs.

Can I open a free checking account without a deposit?

Some banks allow you to open a checking account with no minimum deposit required. Of course, if there are any perks, benefits, or sign-up bonuses, you’ll want to fund the account to earn interest or take advantage of special offers.

How do banks make money on free checking accounts?

Banks might make some money from monthly maintenance fees and other customer service charges. But the bulk of their revenue comes from the interest rate they earn on your money when they invest it in other securities, as well as interest collected on loans they make.

Banks don’t necessarily keep the money you deposit in your account. They hold cash withdraws to allow customers to withdraw their money. But they also invest the money and earn revenue on those funds.

They may also earn money on loan services, financial advisory services, investment services with fees, and other services they provide to customers.

These other revenue streams allow banks to offer free checking accounts without losing money.

What’s the difference between a checking and a savings account?

A checking account is where you keep cash for everyday spending. Typically, you can make debit card purchases and withdraw funds from an ATM easily, without fees. Most checking accounts don’t pay interest on your deposits, but some do.

A savings account, on the other hand, holds money you are saving either for a specific events – such as vacation or large purchase – or for an emergency. Financial experts recommend keeping as much as three to six months of living expenses in an easy-to-access savings account.

Savings accounts pay interest ranging from .01% annual percentage yield APY up to 4% or 5% APY. Be aware that some savings accounts charge fees for monthly withdrawals exceeding a limit of six per month.

Source: crediful.com

Apache is functioning normally

May 28, 2023 by Brett Tams

About 6 months ago I discovered two cool new services that had recently launched, both of which were a part of the recent trend towards automated saving and investment account options.

The first one was an free online savings account from Digit, an account that helps take the busy work out of saving. It analyzes your checking account daily and at regular intervals it saves small amounts of money from your checking and puts it into your Digit savings account – without your intervention. It allows you to save money, a little bit at a time, without even realizing it.

The second account is a free automated investment adviser from the folks at Axos Invest. When you have an investment account from Axos Invest, their system will allow you to regularly invest in a taxable or tax-advantaged retirement account, and it will automatically invest your funds in a portfolio of low-cost ETF index funds. It’s a great new long term investing site, along the lines of Betterment or Wealthfront, but without any account management costs.

Digit and Axos Invest are both big on the idea of automating things in order to make them more efficient, more cost-effective and better for your bottom line. I liked the idea behind both sites, and after signing up I decided to take them on a trial run and to run an experiment.

Just how much could I save automatically for the year using Digit’s tools? How much would I be able to invest at no cost using Axos Invest? How much intervention would I need to have – and just how much could I save over time? First, let’s take a brief look at these two accounts.

Digit Savings Account

According to Ethan Bloch, the founder of Digit, the company was started to help people, “maximize their money, while at the same time driving the amount of time and effort it takes to do so as close to 0 minutes per year as possible”

So how does Digit work? You sign up for an account, and link your checking account. Digit will then analyze your income and expenses, find patterns and then find small amounts that it can set aside for you – without any pain for you.

So once you sign up and turn on auto-savings, every 2 or 3 days Digit will transfer some money from your checking to your savings, usually somewhere between $5-$50. Digit won’t overdraft your account, and they have a “no overdraft guarantee that states they’ll pay any overdraft fees if they accidentally overdraft your account.

Open Your Digit Savings Account

Axos Invest Investing Account

Axos Invest launched with the goal of being the world’s first completely free financial advisor. Their founders had a mission “to ensure everyone can achieve their financial goals, which starts with investing as early as possible. This is why there is no minimum to start and we do not charge fees.”

Axos Invest’s founders understood that one of the drags on the typical person’s portfolios is the fees that they’re paying to invest, as well as the friction point of having to invest thousands of dollars to start. They changed that with no minimums to invest, and no fees charged for investing. Axos Invest will be releasing some premium add-on products for their users, which they will charge for, but a basic investing account will not cost anything beyond the mutual fund expense ratios associated with your investments.

What do you invest in with Axos Invest? Axos Invest will invest your funds based on Modern Portfolio Theory (MPT). Your investments will be diversified, low cost and recognize the value of long term passive investing by investing in ETF index funds.

Open Your Axos Invest Investing Account

The Digit + Axos Invest Experiment (D+AI Experiment)

So for my Digit and Axos Invest experiment, the goal was not only to try out these two free products, but also to show just how easy (and low cost) it can be to invest.

When I started in early February my goal was to allow Digit to automatically save money from my checking account and put it into my Digit savings. Whenever the amount in my Digit savings reached $75 I would transfer that money over to my Axos Invest account and invest it in their highly diversified set of ETF index funds.

Why was I doing it this way? I did it this way because Axos Invest has no minimums and you can buy fractional shares, so why not? I can transfer money in small chunks, and engage in a bit of dollar-cost averaging while I’m at it.

So how are things going now that we’re more than half the way through the year?

The Experiment In Progress

Once I had setup my Digit and Axos Invest accounts I put the plan in action and allowed my Digit account to start saving on my behalf. After a few days Digit had started saving small amounts in my account. There was $7.50 here, $15 there – as well as $5 deposits for referrals of friends and readers. Multiple transfers and deposits ended up adding up to larger amounts over a couple weeks time. The first time that I invested with Axos Invest I deposited $186 that had accrued in my Digit account.

From then on every time the amount reached around $75 or more, I would transfer the money to Axos Invest.

Amounts Withdrawn And Invested So Far

I’m now just over 5 1/2 months into my little experiment, and so far I’ve withdrawn my Digit savings balance and invested it in my Axos Invest Roth IRA 14 times. The amounts were:

$74.36
$79.76
$121.75
$82.03
$95.67
$81.27
$93.28
$109.47
$76.20
$99.08
$99.32
$90.88
$74.72
$186.00

Here’s a screenshot from my Digit account showing my latest withdrawal for the purpose of investing.

After withdrawing the money I then transfer it from my checking account over to Axos Invest. Here’s a screenshot of one of my latest deposits with Axos Invest. In the screenshot you can also see how deposits are then used to purchase fractional shares of the ETF index funds used in the account.

Once my latest deposit of $74.36 goes through I’ll have $1380.70 invested at Axos Invest.

Here’s my portfolio’s asset allocation in my Axos Invest account. It is a bit more aggressive than in my other retirement accounts.

The funds that Axos Invest currently uses, and their expenses, are shown below (and are subject to change)

Vanguard Total Stock Market ETF (VTI): 0.05%
Vanguard FTSE Developed Markets ETF (VEA): 0.09%
Vanguard FTSE Emerging Markets ETF (VWO): 0.15%
Vanguard Intmdte Tm Govt Bd ETF (VGIT): 0.12%
Vanguard Short-Term Government Bond Index ETF (VGSH): 0.12%
iShares Investment Grade Corporate Bond ETF (LQD): 0.15%
State Street Global Advisors Barclays Short Term High Yield Bond Index ETF (SJNK): 0.40%
iShares Barclays TIPS Bond Fund (ETF) (TIP): 0.20%
Vanguard REIT Index Fund (VNQ): 0.10%

We’ll see what kind of returns my account sees over the coming months/years, but I’m sure it will about match what the market does. Since I’m not paying any account management fees as well, I’ll be coming out ahead as compared to some other robo-adviser competitors.

How’s It Going So Far?

So how is the experiment going so far? I think it’s been pretty successful. I’ve saved $1380.70 over the 5 1/2 month period. If we round that up to 6 months it means an average saved of about $230.12/month.

Multiply the $230.12 by 12 months and it means that if I continue this experiment for an entire year, I could expect to see somewhere in the neighborhood of $2761.40 saved for the year.

While $2761.40 isn’t going to profoundly change someone’s life, it isn’t a small amount of money either.

If you look at that $2761.40 amount, it’s just over half of the annual $5500 contribution limit for a Roth IRA. So essentially, over half of my year’s worth of Roth IRA contributions are happening without any pain for me.

The money is coming out in small chunks, so small I don’t even notice. Over time those small chunks are adding up to larger dollar amounts that do make a difference to my long term strategy. All in all I think it’s a pretty powerful idea, making savings and investment happen automatically in the background, with only a small amount of intervention needed from you. The fact that both of these tools are also free is just icing on the cake.

Join In The Digit & Axos Invest Experiment

Interested in joining the “Digit and Axos Invest Experiment”? I invite you to join in! The only risk you’ll have by joining is that your retirement accounts will grow over time and that you’ll likely be paying fewer costs than your current retirement account provider.

Open accounts with both services, set Digit to save automatically, and get started. You’ll be glad you did. Let’s see how much you can invest – with minimal effort or intervention!

Source: biblemoneymatters.com

Apache is functioning normally

May 27, 2023 by Brett Tams

In October I published my most recent update in what I call “The Digit + Axos Invest Experiment”.

Since February has come and gone I thought this might be a good time to do my review of the experiment after 1 year – to see just how much I was able to save, and invest, over that time.

The Experiment

The series of posts was designed to show just how easy it can be to save and invest using today’s free and automated saving and investing solutions.

To facilitate the experiment I opened two new accounts, both with free automated services that I discovered just over a year ago

The first account was an free online savings account from Digit, an account that helps take the busy work out of saving. It analyzes your checking account daily and at regular intervals it saves small amounts of money from your checking and puts it into your Digit savings account – without your intervention. It allows you to save money, a little bit at a time, without even realizing it.

Digit and Axos Invest are both big on the idea of automating things in order to make them more efficient, more cost-effective and better for your bottom line. I liked the idea behind both sites, and after signing up, a year ago I decided to take both services on a trial run, and to run an experiment.

Digit Savings Account

Open Your Digit Savings Account

Axos Invest Investing Account

Open Your Axos Invest Investing Account and Get A $20 Bonus!

The Digit + Axos Invest Experiment (D+AI Experiment)

So for my Digit + Axos Invest Experiment, the goal was not only to take these two free products for a spin, but also to show just how easy (and low cost) it can be to invest. There really should be no excuse to not get started.

When I started in February 2015 my goal was to allow Digit to automatically pull money from my checking account and put it into my Digit savings. Whenever the amount in my Digit savings reached $75 or more I would transfer that money over to my Axos Invest account and invest it in their highly diversified set of ETF index funds.

So how are things going now that I’ve been doing the experiment for an entire year? Let’s take a look.

The Experiment 1 Year In Progress

After setting up my Digit and Axos Invest accounts I put the plan in action and allowed my Digit account to start saving on my behalf.

Digit started saving small amounts in my account when I first began. $5 here, $15 there. Over time multiple transfers and deposits ended up adding up to larger amounts in my Digit account. My first transfer to my investment account was about $186.

From then on every time the amount reached around $75-$100 or more, I transfered the money to Axos Invest.

Amounts Saved And Invested In One Year

I’m now just over 1 year into my little experiment, and I’ve withdrawn my Digit savings balance and invested it in my Axos Invest Roth IRA 25 times.

Here are the amounts that I have withdrawn and invested, with the most recent investment first:

$541.21
$230.47
$296.95
$350.92
$306.40
$445.21
$173.84
$419.66
$112.68
$155.20
$142.02
$74.36
$79.76
$121.75
$82.03
$95.67
$81.27*
$93.28
$109.47
$76.20
$99.08
$99.32
$90.88
$74.72
$186.00

A total of $4538.55 was saved by my Digit account over the 12 months I did this experiment. I invested $3347.68 of that in my Roth IRA. (the last couple of months in the experiment a large tax bill came due and some of the Digit savings went to that instead of my Roth IRA)

Here’s a screenshot from my Digit account showing my latest $541.21 withdrawal for the purpose of investing.

After withdrawing the money I then transfer it from my checking account over to Axos Invest. Deposits can be used to purchase fractional shares of the ETF index funds used in the account.

I currently have $3298.83 invested at Axos Invest, from the $3347.68 I have deposited. The investments (and the markets) have gone down about 1.5% since I started, so that accounts for the losses.

Here’s my portfolio’s asset allocation in my Axos Invest account. It is a bit more aggressive than in my other retirement accounts.

The funds that Axos Invest currently uses, and their expenses, are shown below (but are subject to change)

Vanguard Total Stock Market ETF (VTI): 0.05%
Vanguard FTSE Developed Markets ETF (VEA): 0.09%
Vanguard FTSE Emerging Markets ETF (VWO): 0.15%
Vanguard Intmdte Tm Govt Bd ETF (VGIT): 0.12%
Vanguard Short-Term Government Bond Index ETF (VGSH): 0.12%
iShares Investment Grade Corporate Bond ETF (LQD): 0.15%
State Street Global Advisors Barclays Short Term High Yield Bond Index ETF (SJNK): 0.40%
iShares Barclays TIPS Bond Fund (ETF) (TIP): 0.20%
Vanguard REIT Index Fund (VNQ): 0.10%

We’ll see what kind of returns my account sees over the coming months/years, but I’m sure it will be close to what the market does. Since I’m not paying any account management fees to invest, I’ll be coming out ahead as compared to some other automated investment advisers.

A Recap Of My Progress After 1 Year

So how has the experiment gone now that I’ve made it an entire year? In my book it’s been a rousing success. I’ve saved $4538.55 over the 12 month period via Digit. If we divide that over 12 months, it means an average saved of about $378.21/month.

If you look at that $4538 amount, it’s about 83% of the annual $5500 contribution limit for a Roth IRA. So essentially, almost all of my year’s Roth IRA contributions are happening without me having to actually think about it.

The money is slowly coming out of my accounts – usually in amounts that don’t even really register. The savings amounts tend to be in the $10-50 range, although a few have been $100+. It’s amazing how fast those small amounts really add up!

The Power Of Investing Over Time

Let’s say you were in your 20s and you were to do something similar to what I’m doing with this experiment. You could end up with a pretty nice start to your nest egg over time.

Just setup automated savings and investments, and in my case that $4538 contribution for the year when extrapolated out over 30 years at an average 8% interest, will end up as just over $567,300 over 30 years.

To me that’s the power of long term investing. You can take small savings and investment amounts like this, and make it grow. In the end those small amounts end up adding up to a large lump sum in retirement. That’s pretty powerful. Why not get started now?

Join In The Digit & Axos Invest Experiment

Interested in joining the “Digit and Axos Invest Experiment” for year 2? I invite you to join in!

Open your accounts here:

After your accounts are open, sit back and wait for the savings to pile up – then invest! Piece of cake! Give it a shot and let us know how it goes!

Source: biblemoneymatters.com

Apache is functioning normally

May 27, 2023 by Brett Tams

Back in March I published the first post in what I call “The Digit + Axos Invest Experiment“.

The series of posts was designed to show just how easy it can be to save and invest using today’s automated saving and investing solutions.

To facilitate the experiment I opened two new accounts, both with free automated services that I discovered earlier this year.

The second account is a free automated investment adviser from the folks at Axos Invest. When you have an investment account from Axos Invest, their system will allow you to regularly invest in a taxable or tax advantaged retirement account, and it will automatically invest your funds in a portfolio of low cost ETF index funds. It’s a great new long term investing site, along the lines of Betterment or Wealthfront, but without any account management costs.

Digit Savings Account

Open Your Digit Savings Account

Axos Invest Investing Account

Open Your Axos Invest Investing Account And Get A $20 Bonus

The Digit + Axos Invest Experiment (D+AI Experiment)

When I started in early February my goal was to allow Digit to automatically pull money from my checking account and put it into my Digit savings. Whenever the amount in my Digit savings reached $75 I would transfer that money over to my Axos Invest account and invest it in their highly diversified set of ETF index funds.

So how are things going now that we’re in the 4th quarter?

The Experiment In Progress

After setting up my Digit and Axos Invest accounts I put the plan in action and allowed my Digit account to start saving on my behalf.

From then on every time the amount reached around $75-$100 or more, I transferred the money to Axos Invest.

Amounts Withdrawn And Invested So Far

I’m now around 8 months into my little experiment, and I’ve withdrawn my Digit savings balance and invested it in my Axos Invest Roth IRA 20 times.

Here are the amounts that I have withdrawn and invested, with the most recent investment first:

$445.41
$173.84
$419.66
$112.68
$155.20
$142.02
$74.36
$79.76
$121.75
$82.03
$95.67
$81.27*
$93.28
$109.47
$76.20
$99.08
$99.32
$90.88
$74.72
$186.00

A total of $2812.60 has been invested in my Roth IRA over these months.

Here’s a screenshot from my Digit account showing my latest $445.41 withdrawal for the purpose of investing.

After withdrawing the money I then transfer it from my checking account over to Axos Invest. Here’s a screenshot from my latest deposit with Axos Invest. The screenshot shows how deposits can be used to purchase fractional shares of the ETF index funds used in the account.

Now that the latest deposit of $445.41 has gone through, I have $2,750.06 invested at Axos Invest, slightly less than the amount deposited since the investments (and the markets) have gone down almost 2.5% since I started.

Here’s my portfolio’s asset allocation in my Axos Invest account. It is a bit more aggressive than in my other retirement accounts.

The funds that Axos Invest currently uses, and their expenses, are shown below (but are subject to change)

Vanguard Total Stock Market ETF (VTI): 0.05%
Vanguard FTSE Developed Markets ETF (VEA): 0.09%
Vanguard FTSE Emerging Markets ETF (VWO): 0.15%
Vanguard Intmdte Tm Govt Bd ETF (VGIT): 0.12%
Vanguard Short-Term Government Bond Index ETF (VGSH): 0.12%
iShares Investment Grade Corporate Bond ETF (LQD): 0.15%
State Street Global Advisors Barclays Short Term High Yield Bond Index ETF (SJNK): 0.40%
iShares Barclays TIPS Bond Fund (ETF) (TIP): 0.20%
Vanguard REIT Index Fund (VNQ): 0.10%

A Recap Of My Progress So Far

So how is the experiment going 3/4 of the way through the year? In my book it’s been a rousing success. I’ve saved $2812.60 over the 8 month period. If we divide that over 8 months, it means an average saved of about $351.58/month.

Multiply the $351.58 by 12 months and it means that if I continue this experiment for an entire year, I could expect to see somewhere in the neighborhood of $4218 saved for the year.

If you look at that $4218 amount, it’s about three quarters of the annual $5500 contribution limit for a Roth IRA. So essentially, 3/4 of my year’s Roth IRA contributions are happening without me having to actually think about it.

The Power Of Investing Over Time

Let’s say you were in your 20s and you were to do something similar to what I’m doing with this experiment. You could end up with a pretty nice start to your nest egg over time.

Just setup automated savings and investments, and in my case that $4218 contribution for the year when extrapolated out over 30 years at an average 8% interest, will end up as just over $516,000 over 30 years.

Join In The Digit & Axos Invest Experiment

I’ll be maxing out the Roth IRA this year when taking into account my small regular auto-investments with Betterment in addition to the Roth IRA from this experiment. Not too shabby for setting things on auto-pilot, and not even noticing the saving is happening!

Interested in joining the “Digit and Axos Invest Experiment”? I invite you to join in!

Open your accounts here:

After your accounts are open, sit back and wait for the savings to pile up – then invest! Piece of cake! Give it a shot and let us know how it goes!

Source: biblemoneymatters.com