Founded in 1863 as the First National Bank of Cincinnati, today, U.S. Bank is the fifth-largest commercial bank in the country. Based in Minnesota, it has 2,000 branch locations in 26 states. In addition to mortgages and refinances, U.S. Bank offers home equity lines of credit (HELOCs) and home equity loans.
Bankrate Score
3.8
Affordability
4/5
Availability
3.4/5
Borrower experience
4/5
Methodology
To create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.
Benefits
U.S. Bank covers all closing costs for borrowers of home equity loans or HELOCs, and you could be eligible for discounts if you set up auto-payment or are a banking customer.
You can convert all or any part of your HELOC to a fixed-rate loan and have up to three fixed-rate loans at any time.
Drawbacks
If you pay off your HELOC within 30 months, you’ll pay a fee equaling 1 percent of your original line amount (up to $500). You might also be charged a $90 annual fee after the first year.
With most HELOCs, you pay only interest during the draw period. With U.S. Bank, you might be required to pay 1 percent or 2 percent of the balance amount with each payment. (You might be able to pay only the interest if you have a qualifying credit score.)
Types of fees charged
There are no closing costs on U.S. Bank’s home equity products. However, there is an early termination fee of 1 percent (up to $500) on HELOCs if the account is closed within 30 months.
After the first year, there is an annual fee of $90 on all HELOCs, though you can waive this if you have a U.S. Bank Platinum Checking Package.
Home equity loan products offered
U.S. Bank offers two home equity products: a line of credit and a loan. The HELOC has a 10-year draw period and a variable rate, but the bank also offers a fixed-rate option so you can convert any or all of your line into a loan with fixed monthly payments. You can have up to three fixed-rate plans in place at any given time.
With a U.S. Bank HELOC, you’ll choose to pay a minimum of either 1 percent or 2 percent of the balance each month, applied to interest and principal, during the draw period. You might be able to make interest-only payments, but that will depend on your credit score.
If you’re looking to borrow one lump sum and want predictable monthly payments, you might want to consider U.S. Bank’s fixed-rate home equity loan instead. You can borrow between $15,000 and $750,000 (or up to $1 million in California) depending on your credit history, available equity and current DTI ratio. Loan terms can go up to 30 years.
How to qualify for a home equity loan with U.S. Bank
All loans are subject to approval, and your APR will depend on credit history, loan amount, property value and property location. U.S. Bank does not disclose credit score requirements, but in order to get the best rate, you’ll have to have a credit score of at least 730.
How to get started
You can apply for any of the U.S. Bank home equity products online, by phone or at a branch. You can also apply through the mobile app. After an initial review, a U.S. Bank branch officer will contact you for any additional documentation necessary to underwrite your loan.
Next, you will have your property appraised, and then your application will go through a final approval. Depending on the product, you might have to visit a branch to close. Funding will be available three days after closing.
For more information about U.S. Bank’s HELOC, visit the bank’s website or call 800-642-3547. You can also schedule a phone call or chat online with a personal banker.
U.S. Bank has launched a new business credit card called ‘U.S. Bank Business Altitude™ Power World Elite Mastercard’. The card is only available for sign up in branch currently, but there is an overview online found here. Details of the card are as follows:
$195 annual fee
Sign up bonus of 75,000 points after $10,000 in spend within the first 90 days
Card earns at the following rates:
2.5x points on all mobile wallet purchases (limited to first $5,000 each quarter)
2x points on all other purchases
Apparently the card was created due to the Union Bank acquisition in order to product change those cardholders over. Overall the card doesn’t seem interesting or useful apart from the sign up bonus.
In the first quarter of the year, California mortgage technology firm Blend Labs shrunk its financial losses amid efforts to cut costs, improve the mortgage business and grow the Blend Builder platform.
Blend reported a non-GAAP net loss of $35.6 million in the first quarter, compared to $49.2 million in the prior quarter and $45 million in the same period last year. The company’s GAAP net loss in Q1 was $66.2 million, down from $81.4 million the previous quarter, according to documents filed with the Securities and Exchange Commission (SEC) on Tuesday.
Nima Ghamsari, head of Blend, said the first-quarter earnings “came in ahead of our expectations,” with progress in the company’s three strategic priorities.
“Our lower cost structure is driving improvements in operating performance. Our focus on driving success for our mortgage customers in a very tough margin environment is resulting in market share gains and industry outperformance. And finally, we are making early strides in proving our Blend Builder platform, highlighted by one of the largest new customer wins in Blend’s history with Navy Federal [Credit Union],” Ghamsari said in a statement.
Blend’s white-label technology powers mortgage applications on the websites of major lenders such as Wells Fargo and U.S. Bank. Its software processed 23.2% of the mortgage market volume in the second half of 2022, compared to 14.5% in the same period of 2021, per the Mortgage Bankers Association (MBA) estimates.
The company notched $37.3 million in revenues in the first quarter, above the guidance provided by executives between $33 million and $35 million. Blend’s platform segment came in at $24.7 million in revenues and the Title365 segment revenue posted $12.6 million.
Amid a shrinking mortgage market, the mortgage banking suite revenue declined by 33% year over year to $17.8 million in Q1. Meanwhile, the consumer banking suite revenue reached $5.2 million in the first quarter, up 34% year over year. Professional services revenue was at $1.7 million in Q1, down 12% year over year.
On the expenses side, Ghamsari told analysts that Blend “came in well ahead of our expectations on operating expenses with a sequential improvement of $11 million and down $21 million from the same period last year.”
Non-GAAP operating costs for the first quarter totaled $47.1 million compared with $68.9 million in the previous year.
Despite the net loss, the firm has ample liquidity.
As of March 31, Blend had cash, cash equivalents, and marketable securities totaling $306.9 million, with total debt outstanding of $225 million in the form of Blend’s five-year term loan. Blend’s $25 million revolving line of credit remains undrawn.
Blend expects its second-quarter revenue to be between $39.5 million and $41 million — and platform revenue will post between $27 million and $28 million. Its title business revenue is expected to post between $12.5 million and $13 million. The guidance reflects an estimated 37% decline in volumes from Q2 2022 to Q2 2023, as projected by MBA.
Ghamsari told analysts he expects the company’s net loss “will continue to decline each quarter from here forward.”
The company estimates a non-GAAP net operating loss between $26.5 million and $25 million in the second quarter, compared to $30.7 million in the first quarter.
The best student credit cards are a lot like the best credit cards for nonstudents.
They generally have low fees, reasonable APRs, and perks that specifically appeal to college students. A few even have cash back programs that reward spending on gas, groceries, dining out, and other routine purchases.
So it should come as no surprise that finding them is pretty easy. Read on to learn our top picks.
Best Credit Cards for College Students of 2023
These are the best student credit cards on the market this year. Each one does at least one thing really well, whether that’s delivering outsize rewards on everyday spending or setting unusually high credit limits for the category.
Our top pick offers the best overall value of any card in the space, in our humble opinion.
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The Petal® 2 “Cash Back, No Fees” Visa® Credit Card is not your typical student credit card, not least because it’s not specifically marketed to students. But it has a slew of features that make it a fantastic choice for college students and recent graduates:
Petal has relaxed underwriting standards. If you have a FICO score, you can qualify with a score as low as 600.
You can apply for this card with no credit score. Petal evaluates applicants without FICO scores on non-credit factors, such as income.
Petal reports to all three major consumer credit bureaus, helping you build credit.
You can earn up to 10% cash back on purchases with select merchants.
Petal 2 has no annual or foreign transaction fees.
Credit limits start from $300 to $10,000, depending on your income and creditworthiness. You may qualify for a credit limit increase after six months of timely payments.
Petal credit cards are issued by WebBank, Member FDIC.
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Best for Value-Added Perks: Deserve EDU Student Credit Card
Our Rating
Qualify with no U.S. credit history, then earn 1% cash back on all eligible purchases. Plus, get a free year of Amazon Prime Student with qualifying early spending.
Rewards Rate
1% cash back
Annual Fee
Credit Needed
No credit history required
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The Deserve EDU Student Credit Card is a no-annual-fee student credit card that earns unlimited 1% cash back on all eligible purchases.
Its biggest value-added perk is a one-year complimentary subscription to Amazon Prime for new cardholders who spend at least $500 in purchases in the first three billing cycles. That’s a $69 value for free.
Deserve EDU also stands out for a relaxed underwriting process that doesn’t require any credit history at all. Instead, you qualify based on income, profession, and other noncredit factors. This makes Deserve EDU an excellent choice for international students.
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The Capital One SavorOne Student Cash Rewards Credit Card is the best cash-back credit card for students in our book. Eligible purchases earn up to 8% back, and a much wider array of purchases earn unlimited 3% back.
Despite its super-generous rewards program, SavorOne Student Cash Rewards costs nothing to keep in your wallet. It has no annual fee or foreign transaction fee, which is excellent if you’re an international student or planning to study abroad.
Plus, you could qualify for a credit limit increase after as few as six timely payments. The biggest downside: You need a FICO score to qualify.
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Like its stablemate, the SavorOne Student Cash Rewards Credit Card, Capital One Quicksilver Student Cash Rewards Credit Card can earn you a credit line increase in as little as six months with responsible use. However, you do need a FICO score (and thus some credit history) to qualify.
Along with this card’s flat, unlimited 1.5% cash-back rate on most purchases, that’s good enough to nab a spot on this list. Additional perks like no annual fee, no foreign transaction fee, and a complimentary UberOne membership (which includes free delivery on eligible UberEats purchases) further add to Quicksilver Student’s appeal.
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Bank of America® Travel Rewards Credit Card for Students
Our Rating
Earn unlimited 1.5x points on all eligible purchases — a 1.5% return when you redeem for statement credits against travel and dining purchases. Plus, get a category-leading sign-up bonus with qualifying early spending.
Rewards Rate
1.5x points (1.5% back)
Annual Fee
Credit Needed
Good or better
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With a sign-up bonus better than many adult credit cards and a very long 0% intro APR promotion on purchases and balance transfers, the Bank of America Travel Rewards Credit Card for Students is the most generous card on this list.
It’s not without its drawbacks though. You need good credit (and a lengthy credit history) to qualify, and there’s no way to earn above the 1.5x rewards baseline other than the one-time sign-up bonus.
On the bright side, you never pay an annual fee with this card. And if you travel or study abroad, you don’t have to worry about foreign transaction fees either.
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Chase Freedom® Student Credit Card
Our Rating
Earn unlimited 1% cash back on all eligible purchases. Plus, get a $20 good standing bonus every year your account is open (up to five years) and get a cash bonus after your first purchase.
Rewards Rate
1% cash back
Annual Fee
Credit Needed
Good or better
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The Chase Freedom Student Credit Card is a no-annual-fee card with a straightforward cash-back program and lots of value-added perks. One standout: a $20 good standing bonus each year for the first five years your account is open.
Freedom Student does have some downsides, including an unusually picky credit qualification requirement, a low baseline cash-back rate, and foreign transaction fees that may penalize students studying abroad. But if you can qualify and get past the drawbacks, it’s worth a closer look.
The information related to the Chase Freedom Student Credit Card has been collected by Money Crashers and has not been reviewed or provided by the issuer of this card.
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Methodology: How We Choose the Best Student Credit Cards
We use several key factors to assess student credit cards and build this list. Most relate in some way to these cards’ overall value — how well they reward cardholders while helping them build credit and make the leap to post-college life.
Eligibility and Qualification
Some student credit cards are very easy to qualify for. If you’re a student at a U.S. university and you have a U.S. bank account, you’re in.
Others are stricter. They’re more like traditional credit cards in the sense that you need a good credit score and decent income to pass underwriting.
And some fall in the middle. Most of the cards on this list fit that bill. But we do our best to uncover products that aren’t overly strict.
Spending Limits
Your credit card’s spending limit is a function of your income, your credit score, and your perceived ability to repay. Accordingly, most student credit cards have low spending limits — students just aren’t a wealthy, well-qualified bunch.
That said, some next-generation cards have impressively high spending limits, at least by the category’s standards. We prefer cards that let you charge up to $5,000 (or more) without going overlimit. Because let’s face it, school is expensive.
Rewards
Many student credit cards don’t have rewards programs. Those are for grown-up credit cards, they say.
But some do reward users for everyday purchases. Those are the ones we like — though not offering a return on spending is not necessarily a dealbreaker for us.
Secured Status
Most of the student credit cards on this list are unsecured, meaning they don’t require a security deposit as a condition of approval. That ensures student users don’t have to tie up cash for months or years at a time.
That said, we do include a couple of secured cards on this list because they excel in other ways and because they’re easier to qualify for than some pickier unsecured cards. We just urge students to understand what they’re getting into.
Fees
The fewer fees, the better. Most of the cards on this list don’t charge annual fees, which is good news for frugal students. Where possible, we look for cards that cut students breaks on other fees — particularly foreign transaction fees, which put students studying abroad at a disadvantage.
Student Credit Card FAQs
Choosing a student credit card isn’t as simple as it might seem. These are some of the most common questions that come up during the process.
How Do You Qualify for a Student Credit Card?
You’ve heard all the clichés about starving students. While you’re hopefully not actually going without regular meals as you work and study your way through school, you probably don’t have as much disposable income as you’d like.
But don’t worry — you don’t need much income to qualify for a student credit card. Many student credit cards don’t even require you to have a credit score. As long as you’re a U.S.-based student on track to earn your degree, you can probably find a card that’ll accept you.
And if not, consider asking a parent or older sibling to cosign your application. That way, the credit card issuer can fall back on their financial firepower if you stop making payments.
Why Do You Need a Student Credit Card?
Most college students have limited experience with credit cards and other forms of credit. Accordingly, their credit histories are often thin or nonexistent. Therefore, the single most important reason for students to apply for credit cards is to build a positive credit history.
If you’re keen on building credit quickly, you need to look for cards that report timely payments to one or more (ideally all three) consumer credit reporting bureaus. Then, you need to keep up your end of the bargain by making in-full, on-time payments.
What’s the Spending Limit on a Student Credit Card?
Credit card issuers know that, on average, college students have less money than older people with full-time jobs. Accordingly, they tend to tightly restrict how much their student customers can spend on their cards.
So don’t expect your first student credit card to come with an exceedingly high credit limit, particularly if your only source of income is a stipend or work-study job.The good news is that if you make regular payments, build a positive credit history, and look for ways to earn extra income on the side, your credit limit — and spending power — is likely to increase over time. Years from now, when you think back to your time as a student, you might just identify your first-ever student credit card approval as a decisive milestone on your personal finance journey.
Final Word: How to Select the Best Student Credit Card
To choose the best student credit card, you need to look inward.
Don’t laugh. Understanding which cards you’re likely to qualify for is an important first step in your credit journey — and helps protect your valuable time, which you have far too little of as a full-time student.
If you’ve never had a credit card before and don’t have any student loans in your name, you might not have sufficient credit history to qualify for a traditional student card. In that case, you’ll need to look for cards that use nontraditional factors in their underwriting process.
If you do have a credit score, you’ll have more choice. If your credit is good and you have some income, you’ll likely have your pick of any card on this list. If your credit isn’t so good, you may need to settle for a secured card, at least at first.
From there, look for cards that suit your spending habits. That might mean choosing a rewards program that offers higher returns on the types of spending you do most often, or finding a slate of perks that aligns with your lifestyle.
Chances are, you’ll find the card that works best for you. It just might take some time.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
Formal enforcement action was taken against eight large bank mortgage servicers and two third-party service providers today by the Office of the Comptroller of the Currency.
The banks, which include Bank of America, Citibank, HSBC, JPMorgan Chase, MetLife Bank, PNC, U.S. Bank, and Wells Fargo, along with Lender Processing Services and MERS, were found to be involved in “unsafe and unsound practices” related to loan servicing and foreclosure processing.
However, the OCC noted most of the homeowners who were foreclosed on were in seriously delinquent status, and that the banks/mortgage lenders held the notes and documents required to foreclose.
Still, these loan servicers will be required to clean up their act as a result of the investigation, which took place in the fourth quarter of 2010 after allegations of robosigning surfaced.
Each servicer must:
– Hire an independent firm to conduct a multi-faceted review of foreclosure actions between January 1, 2009 and December 31, 2010. – Ensure foreclosures are not pursued once a borrower has been approved for a loan modification. – Establish a single point of contact for borrowers throughout the loan modification/foreclosure process. – Establish “robust oversight and controls” of their third-party vendors, including outside legal counsel that provide default management or foreclosure services. – Establish a process for borrowers who believe they have been financially harmed by such deficiencies to make submissions to be considered for remediation. – Submit a plan to remediate all financial injury to borrowers caused by any errors, misrepresentations, or other deficiencies identified in the independent consultant’s findings.
Hopefully this will make a meaningful difference, though as the OCC noted, most affected borrowers seemed to be past the point of no return anyways…
The companies involved also face possible civil money penalties.
If you’re like most people, you enjoy eating out at (or ordering in from) restaurants. You shop for groceries weekly, if not more often. You stream your favorite shows and podcasts. You own or share a car.
The U.S. Bank Altitude® Go Visa Signature® Card rewards you for doing all of these things, and it doesn’t charge an annual fee for the privilege. But it’s not perfect. Before you race to apply, make sure you understand its limitations as well.
What Is the U.S. Bank Altitude Go Visa Signature Card?
The U.S. Bank Altitude Go Visa Signature Card is a rewards credit card with no annual fee.
Its rewards program is particularly generous on restaurant purchases, including takeout and delivery. It also pays above the 1-point-per-$1-spent baseline on purchases at gas stations, electric vehicle charging stations, grocery stores, and streaming service providers.
Altitude Go has some other notable features, including a 0% intro APR promotion on purchases and balance transfers (then 19.99% to 28.99% APR variable) and a one-time streaming credit after you make at least 11 monthly purchases with popular providers.
What Sets the U.S. Bank Altitude Go Visa Signature Card Apart?
The U.S. Bank Altitude Go Visa Signature Card isn’t exactly groundbreaking, but it does stand out from the competition (in a good way) for several reasons:
Very good return on restaurant purchases. With Altitude Go, you earn 4 points per $1 spent on restaurant purchases, which works out to a 4% return on spending. Few if any other no-annual-fee credit cards match that.
0% intro APR promotion on purchases and balance transfers. Altitude Go has a 0% intro APR for 12 months on purchases and balance transfers (then 19.99% to 28.99% APR variable). Balance transfer promotions aren’t as common today as a few years ago, so it’s notable that Altitude Go offers both.
Annual streaming credit. It won’t make you rich, but Altitude Go’s annual $15 streaming credit helps you claw back some of your streaming service spending. You do need to make at least 11 monthly streaming purchases on your card each year to qualify.
Bonus rewards on EV charging purchases. Some credit cards that offer bonus rewards on gas station purchases don’t yet extend the benefit to electric vehicle charging purchases. This will change as EV adoption grows, but for now, Altitude Go is among a select group of go-to credit cards for EV owners.
Key Features of the U.S. Bank Altitude Go Visa Signature Card
The U.S. Bank Altitude Go Visa Signature Card has an average to slightly above-average sign-up bonus, a generous rewards program, and an annual bonus for folks who consistently charge popular streaming service subscriptions on the card.
Sign-Up Bonus
Earn 20,000 bonus points after you spend $1,000 in eligible purchases in the first 90 days. That’s worth $200 redeemable toward gift cards, merchandise, travel, cash back, and more.
Earning Rewards
Altitude Go has a generous rewards program that reserves its best earn rate — 4 points per $1 spent — for restaurant purchases, including takeout and delivery.
Purchases in several additional categories earn 2 points per $1 spent:
Gas stations
EV charging stations
Grocery stores and online grocery delivery services
Streaming services
All other eligible purchases earn 1 point per $1 spent.
Redeeming Rewards
You can redeem points for merchandise, travel, gift cards, cash, and other items. Minimum redemption amounts vary by item type. For example, cash redemptions (statement credits or bank account deposits) require a 2,500-point minimum ($25 value).
You can redeem at any time — no need to wait until the end of the statement cycle.
Annual Streaming Bonus
After you make 11 months of streaming purchases on your Altitude Go card, you receive a credit of $15. Dozens of popular streaming services are eligible, including but not limited to:
Amazon Music
Amazon Prime Video
Apple Music
Apple TV+
Discovery+
Disney+
ESPN+
HBO Max
Hulu
Netflix
Pandora
Paramount+
Peacock
Showtime
SiriusXM
Sling TV
Spotify
Starz
Stitcher
YouTube Music
YouTube Premium
YouTube TV
You’re limited to one $15 credit per year, regardless of how much you spend on streaming services.
Intro APR Promotion
Take advantage of 0% intro APR on purchases and balance transfers for the first 12 months after account opening. After that, variable regular APR applies, currently 19.99% to 28.99%.
You must make qualifying balance transfers within 60 days of account opening.
Important Fees
There’s no annual fee or foreign transaction fee. The balance transfer fee is the greater of $5 or 3% of the transfer amount.
Credit Required
This card requires good to excellent credit. Any significant credit blemishes could affect your approval odds.
Advantages
The U.S. Bank Altitude Go Visa Signature Card has a lot going for it. Notable benefits include its strong (but not amazing) sign-up bonus, its generous and varied rewards program, and an additional perk for anyone who regularly consumes streaming content.
No annual fee. Altitude Go has no annual fee. If you want to use it for occasional spending in the favored categories, that’s fine — no need to worry about earning enough rewards to offset a recurring fee.
Excellent return on restaurant purchases. Altitude Go earns 4 points per $1 spent on restaurant purchases. That’s better than premium dining credit cards like the Chase Sapphire Preferred and Chase Sapphire Reserve Cards.
Bonus rewards on gas and EV charging purchases. Altitude Go rewards gas station and EV charging station purchases equally. This is a key benefit for the growing number of EV owners looking to recapture some of their charging expenses.
$15 annual streaming credit. Altitude Go’s annual streaming credit is enough to offset a month or so of Netflix. It’s not life-changing, but every little bit helps.
0% intro APR promotion on purchases and balance transfers. Altitude Go has matching 0% intro APR promotions: 12 months on purchases and balance transfers, then 19.99% to 28.99% APR variable. Many rewards credit cards only have intro purchase APR promotions.
Above-average (but not amazing) sign-up bonus. Altitude Go’s sign-up bonus is above-average for a no-annual-fee credit card. It’s easy to attain as well.
Disadvantages
The U.S. Bank Altitude Go Visa Signature Card has some downsides to consider before you apply. The low baseline rewards rate and relative lack of value-added features both deserve mention.
Low baseline rewards rate (1 point per $1 spent). Altitude Go earns just 1 point per $1 spent on most purchases. The bonus categories are broad enough that it’s easy to earn at a higher rate overall, but it would be nice to see 1.5 or 2 points per $1 spent on other purchases.
Few value-added benefits. Other than the annual streaming credit, Altitude Go has few value-added perks of note.
Rewards program has become less valuable over time. When it first hit the market, Altitude Go earned 4 points per $1 spent on gas station and EV charging purchases. Now, it earns 2 points per $1 spent in those categories. It’s still better than the baseline, but the decline is notable.
How the U.S. Bank Altitude Go Visa Signature Card Stacks Up
Altitude Go shares the spotlight with a bunch of other dining, grocery, streaming, and fuel credit cards.
One competitor that’s particularly interesting to us is the Chase Sapphire Preferred Card, which is widely recognized as a top travel and dining card. Before you apply for either, see how they compare.
Altitude Go
Sapphire Preferred
Annual Fee
$0
$95
Sign-up Bonus
Yes
Yes
5x Rewards
None
Eligible travel
4x Rewards
Restaurants
None
3x Rewards
None
Restaurants Streaming Online groceries
2x Rewards
Gas stations EV charging Grocery stores Streaming
Other travel
1x Rewards
All other purchases
All other purchases
0% Intro APR
Yes
No
Credits
Streaming credit
Hotel credit
Final Word
The U.S. Bank Altitude® Go Visa Signature® Card is one of the best dining credit cards on the market. That Altitude Go has no annual fee makes this all the more impressive — most other top-tier dining credit cards do have annual fees.
Altitude Go has other perks too, including broad 2x rewards categories and an annual streaming bonus. Its sign-up bonus isn’t bad either. But it’s not perfect — no credit card is. If you’re looking for a card with higher baseline rewards on everyday spending or more value-added benefits, Altitude Go probably isn’t the best fit for you.
The Verdict
Our rating
U.S. Bank Altitude® Go Visa Signature® Card
Sign-Up Bonus: Yes
4x Rewards: Restaurant purchases, including takeout and delivery
2x Rewards: Gas stations, EV charging, streaming services, grocery stores
1x Rewards: All other purchases
0% Intro APR: 12 months on purchases and balance transfers, then 19.99% to 28.99% APR variable
Annual Fee: $0
Credit Needed: Good or better
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
The newest Orange County housewife, Peggy Tanous, is reportedly facing foreclosure on her and husband Micah’s Irvine, California home, according to the gossip website RadarOnline.
But she’s not giving up without a fight.
Tanous has launched a lawsuit against three mortgage lenders and loan servicing companies, including BAC Home Loans Servicing, U.S. Bank National and PNC Mortgage, for failure to honor a loan modification agreement.
The home in question was purchased for $1,379,000 back in February 2006 (height of the market), and refinanced about six months later into a negative amortization loan…along with a $312,540 second mortgage (home equity line of credit).
Timely mortgage payments were made for roughly two years, but after experiencing financial trouble, the family was unable to keep up with property taxes, leading the OC tax collector to file a Notice of Default.
She then struck a deal with the OC tax collector, only for BAC to pay the entire tax bill (and a future one) before requesting that she reimburse the company for all outstanding taxes.
Around the same time, BAC approved a loan modification that allowed for interest-only payments for 10 years, but it was supposedly never honored.
A foreclosure auction was initially set for March 17, and has now been postponed until May 17.
Of course, now that it’s in the spotlight, something will likely be worked out, at least for the time being.
Tanous is determined to keep her family’s home, and apparently does not want to lose the property to a foreclosure sale.
So it looks like when she’s not defending her husband’s knowledge of Lamborghinis, she’s fighting to keep her house.
California mortgage tech firm Blend Labs is at risk of getting delisted from the New York Stock Exchange (NYSE) as a consequence of the company’s stock price slumping below $1 for more than a month.
Blend announced on Thursday that it received notice on April 28 from the NYSE that it was not in compliance with the stock exchange’s bylaws, which state that a company could be de-listed if its common stock traded below $1.00 for more than 30 trading days.
Blend has a six-month cure period to comply with the minimum share price requirements. As of market close on Thursday, it was trading at $0.58 a share.
Blend has a chance of meeting compliance if the stock has a closing price of at least $1.00 on the last trading day of calendar month during the six-month cure period, and an average closing share price of at least $1 over the 30 trading-day period ending on the last trading day of that month.
A spokesperson for the company said they are working with the NYSE and are “confident” in their ability to comply with the requirements.
Blend plans to notify NYSE of its intent to cure the deficiency, which may include initiating a reverse stock split, subject to approval by the board of directors and stockholders of the company, according to its 8-K filings.
The spokesperson said that Blend will share a formal update on how it plans to comply with the minimum share price requirements during its Q1 earnings call, which is scheduled for May 9.
“We are focused, we have a sense of urgency, and we are making meaningful progress as we execute against our strategy (…) We will share details about our business momentum and progress on our path to profitability then,” the spokesperson added.
The California mortgage tech firm — now at risk of getting delisted from the NYSE — was off to a promising start when it went public in July 2021.
Blend sold 20 million shares of Class A stock at $19 apiece, raising $360 million. With shares closing at $20.90, Blend had a valuation of around $4.6 billion.
Blend brought on hundreds of clients — including Wells Fargo, First Republic Bank, Mr. Cooper and U.S. Bank. — that ultimately powered about a quarter of mortgages originated during the pandemic years.
To survive the cyclical mortgage business, Blend has been striving to transform its mortgage business-dependent business model to a platform company.
Since 2019, the mortgage tech firm has been expanding into the consumer lending space, but with the Federal Reserve‘s unprecedented series of interest rate hikes, Blend wasn’t immune to financial losses.
In 2022, the firm posted a staggering loss of $796 million and operating expenses in 2022 jumped to $835.8 million from $313.2 million in 2021.
The rise of cryptocurrencies has led to a significant shift in the financial landscape. As crypto gains popularity, many financial institutions are adapting to this change by offering specialized banking services to accommodate crypto transactions.
This article explores the best crypto-friendly banks, explaining why they are considered top choices in the ever-evolving crypto space.
15 Best Crypto-Friendly Banks
Here are the top crypto-friendly banks and banking services providers, each offering a unique set of services tailored to the needs of cryptocurrency enthusiasts.
1. Cash App
Among its many features, Cash App allows users to buy Bitcoin and instantly withdraw funds to personal wallets.
Partnerships with banks such as Sutton Bank and Lincoln Savings Bank enable Cash App to provide banking services. This collaboration between Cash App and crypto-friendly banks ensures that customers have a convenient and secure way to manage their crypto transactions.
Sutton Bank also issues the Fold Visa® Prepaid Card, which allows you to earn Bitcoin on every purchase.
See also: How Does Cash App Work?
2. Revolut
Revolut is a UK-based fintech company that was founded in 2020. It has quickly become a major banking player in the UK, Europe, and the US, as well as a top crypto-friendly bank. Their user-friendly mobile app lets customers easily buy cryptocurrencies like Bitcoin and manage their digital assets. The app also features automatic buy orders that activate based on certain market conditions, making the crypto investment process even smoother.
What sets Revolut apart from competitors is the variety of crypto-related services they offer. Customers can stake select crypto assets, make off-chain transactions between users, and pay bills using crypto through automatic conversion to fiat currency.
With over 50 cryptocurrencies on the platform and plans to expand, Revolut is dedicated to staying ahead in the digital currency world. Although there are transaction fees for crypto payments, users can reduce these fees with account upgrades. Revolut’s upcoming launch of its native coin, RevCoin, highlights their commitment to providing a diverse and dynamic crypto banking experience for their growing customer base.
3. Quontic
Quontic is the first online bank to offer a rewards checking account that allows you to earn Bitcoin. With its innovative Bitcoin Rewards Checking account, users can easily integrate crypto into their everyday banking experience. Quontic only supports Bitcoin. However, its unique offering makes it a top choice for those looking to capitalize on the increasing prominence of digital currencies.
The Bitcoin Rewards Checking account offered by Quontic stands out due to its 1.50% rewards on all Point of Sale (POS) transactions made with the associated debit card. These rewards are paid out in Bitcoin, allowing users to accumulate the popular cryptocurrency as they make everyday purchases. Furthermore, the account acts as a secure wallet for users to store their Bitcoin, providing a seamless banking experience for crypto enthusiasts.
This FDIC-insured bank account requires a minimum opening deposit of $500 and is not available in Hawaii and North Carolina.
4. SoFi
SoFi is an innovative financial institution that has embraced the crypto revolution. Through its SoFi Invest platform, customers can trade crypto and access educational resources to learn about digital currencies.
With just a $10 minimum investment, users can start trading Bitcoin, Ethereum, Dogecoin, Cardano, and over 20 other coins on a platform available 24/7. Users can trade cryptocurrencies alongside stocks, fractional shares, and ETFs within the SoFi app, making it an all-in-one investment platform.
SoFi takes security seriously and offers a range of tools to protect your crypto holdings from theft. These include two-factor authentication, SSL encryption, partnering with trusted exchanges like Coinbase for transactions, and not sharing personal information with trading partners or custodians. This ensures that your investments are safe and secure on the platform.
The SoFi app also provides a wealth of educational resources, such as their Crypto Guide for Beginners, Crypto Glossary, and Guide to Crypto Staking, to help you make informed investment decisions. Keep in mind that due to its volatility, crypto carries a higher degree of risk compared to traditional investments.
Crypto trading on SoFi Invest is subject to a 1.25% markup on crypto transactions, which is added to the market price from the exchange. While there are no plans to allow transfers between SoFi Invest accounts and external wallets at this time, the platform’s focus on security and convenience makes it an attractive option for those interested in trading crypto.
5. Vast Bank
Vast Bank has made history as the first full-service national bank to provide customers with the ability to buy, sell, and hold cryptocurrencies. Through an intuitive mobile banking app, users can access both a checking account with a competitive 2.65% annual percentage yield (APY) and a dedicated crypto account.
As a nationally chartered and federally regulated U.S. bank, Vast Bank ensures a high level of security and reliability for its customers. By using the Vast Crypto Banking app, users can easily deposit USD into their checking account, purchase cryptocurrencies, and safely store their crypto alongside their fiat funds.
This crypto bank currently supports a wide range of popular cryptocurrencies. Among them are Bitcoin (BTC), Ethereum (ETH), Filecoin (FIL), Cosmos (ATOM), Chainlink (LINK), Cardano (ADA), Litecoin (LTC), Aave (AAVE), Bitcoin Cash (BCH), Orchid (OXT), Tezos (XTZ), and Algorand (ALGO).
Vast Bank offers the convenience and safety of traditional banking, such as FDIC insurance for checking accounts, a debit card with access to 56,000 free ATMs worldwide, account transfers, bill pay, and mobile deposits. However, it is important to note that digital assets held in the crypto account are not insured by any government entities, including FDIC or SIPC.
6. Wirex
Wirex is a standout in the world of crypto-friendly banks, offering users a seamless banking experience that supports both fiat currencies and cryptocurrencies. Available in 130 countries and boasting over 3.5 million users worldwide, Wirex provides a multi-currency account and a Visa card for convenient fiat payments.
One of the main attractions of Wirex is its generous savings interest rates, which reach up to 6% for cryptocurrencies such as BTC, ETH, and LTC. For those who prefer to save in fiat currencies like USD, AUD, HKD, or DAI, an impressive 12% interest rate is available. Additionally, users can earn an extra 4% interest when saving in WXT, Wirex’s native token.
Built on both Ethereum and Stellar blockchains, WXT offers exceptional performance and versatility within the decentralized finance (DeFi) sector. Wirex rewards its users with up to 4% WXT cashback each time they use their card for in-store or online purchases. The multicurrency card allows for hassle-free payments when traveling abroad, automatically converting to the local currency with no exchange fees, and offering savings of up to 3% on international transactions.
Beyond being a Bitcoin-friendly bank, Wirex offers a wallet app that supports over 100 coins and includes DeFi and NFT capabilities. This combination of features makes Wirex an excellent choice for those seeking a comprehensive and crypto-friendly banking experience.
7. Ally Bank
Ally Bank is an online bank that has embraced the crypto revolution, offering an array of services to support digital assets. Some notable features from Ally’s website include:
Crypto trusts: Ally offers private trusts that invest in and track the price of specific cryptocurrencies, allowing customers to indirectly trade them as they would a stock.
Bitcoin futures: Ally provides access to exchange-traded funds (ETFs) that invest in the purchase of bitcoin futures contracts. This allows customers to gain exposure by speculating on the future price of Bitcoin without directly owning it.
Crypto stocks: Ally enables customers to invest in publicly traded companies that buy and hold cryptocurrency. Buying shares of these stocks provide indirect exposure to crypto.
Ally Bank’s crypto trading services on the Ally Invest platform, integration with popular cryptocurrency exchanges, and digital asset storage and management make it a top choice for crypto enthusiasts seeking a crypto-friendly bank.
8. BankProv
BankProv is a forward-thinking US financial institution that provides a range of services, including business banking, cash management, personal banking, and cryptocurrency offerings. Embracing modern technologies, this crypto bank utilizes API banking, the ProvXchange network, and specializes in lending.
Its support for various digital assets ensures that customers can access a diverse range of investment options, making it a strong contender among crypto banks. Customers can enjoy real-time transactions through the ProvXchange network, while the API integration allows for seamless interaction with various platforms and software solutions.
BankProv provides crypto-backed loans and credit lines for organizations secured by Bitcoin or Ether, as well as equipment and infrastructure loans for crypto mining operations. Additionally, Bitcoin ATM operators can take advantage of secure cash vault services, expedited money transfers, and other perks tailored to businesses operating within the crypto sector.
9. Juno
Established in 2019, Juno is a fintech company offering a digital banking platform with hybrid accounts for managing both cash and cryptocurrencies. Despite not being a traditional bank, Juno’s exceptional services make it a top contender for cryptocurrency investments.
Juno enables users to purchase a range of popular cryptocurrencies without fees, and provides two types of checking accounts: Basic and Metal. The Basic account is free with a $5,000 daily funding limit, while the Metal account, free with monthly qualifying deposits of $250 or more, offers a $25,000 daily limit and up to six times higher savings.
Bonus rewards are a highlight of Juno’s offerings, with users earning up to 5% on cash deposits and yearly cashback for payments with cash or crypto. The JCOIN Loyalty Program allows customers to earn tokens and redeem them for exclusive discounts and cashback boosts. New users can benefit from a welcome offer, which includes bonuses for initial deposits, trades, and referrals.
Free cash withdrawals are available at Allpoint and MoneyPass® ATMs, with additional out-of-network withdrawals for both account types. Juno’s mobile banking app is compatible with iOS and Android, supporting Apple Pay, Google Pay, Samsung Pay, and debit cards. The platform also offers the unique feature of converting paychecks into crypto through partnerships with over 500 payroll providers, allowing users to automate their investments seamlessly.
10. Monzo
Monzo is an innovative online-only bank that has gained popularity in the UK for its modern approach to banking. More recently, Monzo has expanded its services to accept applications from US customers, broadening its reach in the financial market.
With a Monzo account, customers can manage all their bank accounts, including non-Monzo accounts, on a single dashboard through the Monzo app. While the bank itself does not support crypto trading, users can still invest their Monzo account funds into cryptocurrencies through crypto exchanges like Coinbase and Crypto.com. This feature provides Monzo users with indirect exposure to cryptocurrency while still enjoying the convenience and security of a modern bank.
11. Axos Bank
Axos Bank, a crypto-friendly institution, started providing its commercial banking clients with TassatPay access in May 2022. TassatPay is a private, permissioned blockchain-based digital payments platform that enables 24/7 real-time payment capabilities and has processed over $400 billion in transactions. This platform is endorsed by a primary bank regulator.
Axos also offers exposure to various crypto-related exchange-traded funds (ETFs). These include the Bitwise 10 Crypto Index Fund (BITW), Bitwise Crypto Industry Innovation ETF (BITQ), ProShares Bitcoin Strategy ETF (BITO), and ProShares Short Bitcoin Strategy ETF (BITI), among others.
12. Standard Chartered Bank
Standard Chartered Bank has demonstrated a strong interest in cryptocurrencies and blockchain technology, regularly conducting research and sharing insights on digital currencies. Recognizing the growing demand in the market, Standard Chartered is launching a crypto exchange and brokerage service to provide its customers with access to digital assets.
The bank’s direct crypto trading and investment services are still in development. However, their commitment to staying informed about the latest trends in the digital currency market and taking steps to launch new services indicates their growing involvement in the crypto space.
13. USAA
USAA, a financial institution dedicated to serving current and former military personnel and their families, provides a range of tailored financial products and services. Among these offerings is an integration with Coinbase, a leading cryptocurrency exchange.
Through this partnership, USAA customers can conveniently link their Coinbase accounts to their USAA portal, enabling them to easily monitor their digital asset balances and track transactions. This feature streamlines the process of staying informed about one’s cryptocurrency holdings and activity, offering an added layer of convenience for USAA members.
14. Fidor
Fidor is a pioneering online bank headquartered in Munich, Germany. It offers innovative banking services designed to support digital assets. Its integration with popular cryptocurrency exchanges and crypto wallet services makes it an ideal choice for those looking for a crypto-friendly bank. Additionally, Fidor provides support for ICO and token sales, giving customers access to new and emerging cryptocurrencies.
15. PayPal
Although PayPal is not a bank, it offers various banking services and has expanded its support for cryptocurrency in recent years. PayPal enables users to buy, sell, and hold cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
By partnering with Paxos Trust Company, a regulated provider of cryptocurrency products and services, PayPal ensures a secure and compliant experience for its customers. While it does not offer the full range of services that traditional banks do, PayPal’s support for crypto makes it an appealing choice for those who want to manage their cryptocurrencies alongside other financial transactions.
Bottom Line
The increasing popularity of cryptocurrency has led to a growing number of crypto-friendly banks, offering a range of services to accommodate the unique needs of digital asset users. These banks provide an array of services, from crypto trading and custody to debit cards and loans backed by crypto.
As the crypto industry continues to evolve, it’s crucial to stay informed and choose the best crypto-friendly bank to suit your needs. With so many crypto-friendly banks available, you can now manage your crypto alongside traditional banking services, providing a seamless and efficient way to navigate the world of cryptocurrencies.
Frequently Asked Questions
What makes a bank crypto-friendly?
A crypto-friendly bank is one that supports and facilitates cryptocurrency transactions, storage, and trading. These banks typically offer a range of services tailored to the needs of digital asset users, such as integration with popular crypto platforms, crypto-backed loans, and the ability to spend crypto using a debit card.
Can I store my cryptocurrencies in a traditional bank account?
While some banks offer crypto-friendly services, cryptocurrencies are typically stored in digital wallets rather than traditional bank accounts. However, many crypto-friendly banks provide integration with popular crypto wallets and exchanges, allowing you to manage your crypto alongside your fiat currency.
Are crypto-friendly banks safe and secure?
Many crypto-friendly banks are FDIC-insured and follow strict regulatory requirements to ensure the security of your assets. It’s essential to research each bank’s security measures, such as two-factor authentication, encryption, and secure storage of crypto before choosing a crypto-friendly bank.
How do I choose the best crypto-friendly bank for my needs?
To choose the best crypto-friendly bank for your needs, consider the range of services offered, the bank’s reputation, and any fees associated with their services. You may also want to look for banks that provide educational resources, customer support, and a user-friendly platform for managing your crypto.
Can I use a debit card to spend my cryptocurrencies?
Some crypto-friendly banks and financial service providers offer debit cards that allow you to spend your crypto just like traditional fiat currency. These cards typically convert your cryptocurrencies to the local currency at the point of sale, making it convenient to use crypto for everyday transactions.
Do crypto-friendly banks offer loans and credit products?
Some crypto-friendly banks offer crypto-backed loans and lines of credit. These products allow you to leverage your crypto without selling it, providing greater financial flexibility for crypto users.
Kansas is growing, particularly in metropolitan areas like Kansas City and Topeka. Whether you’re a longtime resident or you’re new to the state, there are plenty of banks in Kansas to meet your financial needs, from checking accounts with no minimum deposit to savings account options with competitive interest rates. This list of top Kansas banks can help you find the right fit for you.
12 Best Banks in Kansas
Kansas residents have plenty of options when it comes to banking services. Whether it’s a small bank like Capitol Federal Savings Bank or a local branch of a big bank like Bank of America, you can find the bank that works for you. Here are some of the top banks in Kansas to help you with your search.
1. U.S. Bank
Although it’s headquartered in Minneapolis, U.S. Bank is a national bank with branches and ATMs across Kansas. The U.S. Bank Smartly checking account currently offers a sign-up bonus of $300 for new customers.
You also get 0.05% APY on your balance, as well as fee-free banking if you keep a balance of at least $1,500. You can also avoid the fee by having at least $1,000 in direct deposit activity each statement cycle.
Fees:
$6.95 monthly service fee (waived with direct deposits or balance minimums)
$36 overdraft fee
Balance requirements:
$25 opening deposit
$1,500 minimum daily balance or $1,000 in direct deposits to waive service fee
ATMs:
Fee-free at U.S. Bank, MoneyPass, and Cardtronics locations nationwide
$2.50 charge per transaction at out-of-network ATMs
Interest on balance:
Up to 0.05% APY on checking accounts
Up to 0.75% APY on money market accounts
Up to 4.70% APY on CDs
Additional perks:
Extensive mobile banking features
Money management tools available
2. Commerce Bank
If you rarely travel, or you don’t need access to cash when you do, Commerce Bank might be worth considering. This small bank’s account offerings are comparable to national banks, but you’ll have plenty of physical branches nearby, especially if you live in North or Central Kansas.
Fees:
No monthly service fee
$36 overdraft fee
Balance requirements:
$125 opening deposit
No minimum daily balance required
ATMs:
Fee-free at Commerce Bank locations
$2.95 charge per transaction at out-of-network ATMs
Interest on balance:
0.01% APY on savings
Up to 0.20% APY on money market accounts
Additional perks:
$50 gift card for each new customer referral
Extra business day to remedy overdrafts
3. GO2bank
Go2bank is an online banking solution that offers a free checking account with no minimum deposit. You’ll need to have at least one directly deposited check each month to qualify to have the $5 service fee waived, though.
Go2bank also offers a savings account with competitive rates and a credit-building secured VISA with no credit check required.
Fees:
$5 monthly service fee (waived with direct deposit)
$15 overdraft fee
Balance requirements:
No opening deposit
No minimum daily balance
ATMs:
Fee-free at AllPoint ATMs nationwide
$3 fee for out-of-network ATMs
Interest on balance:
Up to 4.50% APY on savings
4. Security Bank of Kansas City
Kansas City-area residents should look into Security Bank, which is one of the best banks in Kansas for its customer service and great rates on checking accounts. There are multiple checking account tiers, but the basic account is a simple checking account with no maintenance fees as long as you maintain a $100 balance. Although ATM withdrawals are only free at Security Bank ATMs, you’ll be refunded up to $15 in out-of-network transactions each month.
Fees:
$7 monthly service fee (waived with minimum balance)
No overdraft fees
Balance requirements:
$25 opening deposit
$100 minimum daily balance required to waive service fee
ATMs:
Fee-free at Security Bank branches
$15 in ATM fees refunded monthly
Interest on balance:
Up to 0.15% APY on savings
Up to 1.76% APY on money market accounts
Up to 3.29% APY on CDs
Additional perks:
Instant debit card available at Kansas City branches
Competitive rates on personal loans and lines of credit
5. Capitol Federal Savings Bank
Serving Central and Southeast Kansas, as well as Kansas City, Missouri, Capitol Federal Savings Bank offers competitive rates on savings accounts and personal loans. The downside is that you’ll only have fee-free ATM access at Capitol Federal Savings Bank locations, which are limited to Kansas and Northwest Missouri.
If you travel, you’ll have to pay a $2 transaction fee on the Capitol Federal Savings Bank side, in addition to the fees charged by the third-party ATM.
Fees:
No monthly service fee
$32 overdraft fee
Balance requirements:
$100 opening deposit
No minimum daily balance required
ATMs:
Fee-free at 200+ Capitol Federal Savings Bank locations
$2 charge per transaction at non-Capitol Federal Savings Bank ATMs
Interest on balance:
Up to 0.05% APY on savings accounts
Up to 2.50% APY on money markets
Up to 4.00% APY on CDs
Additional perks:
Smart ATMs allow cash deposits
Competitive loan rates
6. Bank of America
If you prefer the convenience of a big bank, Bank of America has branches throughout Kansas. You’ll get a full suite of online banking options as well as in-person customer service at local branches. When you’re traveling, you’ll typically have no trouble finding an in-network ATM, but out-of-network fees are only $5 per transaction.
Fees:
$12 monthly service fee (waived with qualifications)
$10 overdraft fee
Balance requirements:
$100 opening deposit
$1,200 minimum daily balance to waive service fee
ATMs:
Fee-free at Bank of America ATMs nationwide
$5 charge per transaction at non-Bank of America ATMs
Interest on balance:
Up to 0.04% APY on savings accounts
Up to 4.00% APY on CDs
Additional perks:
Advanced fraud alert features in app
Virtual banking assistant provides personal customer service
7. Chime
Another online banking option worth considering is Chime, with checking accounts that come with no minimum deposit, minimum balance, or fees. If you have at least $200 monthly in deposits directly going into your checking account, you’ll qualify for perks like Spot Me, which covers up to $200 in overdrafts.
Chime also has a 2.00% APY savings account with autosave features that help you set money aside.
Fees:
No monthly service fee
No overdraft fees
Balance requirements:
No minimum opening deposit
No minimum daily balance
ATMs:
Fee-free at MoneyPass, AllPoint, and Visa Plus Alliance ATMs nationwide
$2.50 fee for out-of-network ATMs
Interest on balance:
Up to 2.00% APY on savings
Additional perks:
Automatic savings rounds up debit purchases and puts the money in savings
Spot Me covers up to $200 in overdraft (direct deposit required)
8. InTrust Bank
Serving Kansas, Oklahoma, and Arkansas, InTrust Bank is considered one of the best banks in Kansas for its variety of banking services, including great mobile banking options. The bank’s checking accounts come with access to fee-free ATM transactions at 55,000 AllPoint ATMs nationwide.
Fees:
No monthly service fee
$25 overdraft fee
Balance requirements:
No opening deposit
No minimum daily balance required
ATMs:
Fee-free at 55,000+ AllPoint ATMs nationwide
$2.50 charge per transaction at out-of-network ATMs
Interest on balance:
Up to 0.60% APY on savings
Up to 1.75% APY on money market accounts
Up to 5.00% APY on CDs
Additional perks:
Great small business banking options
Money management tools available
Additional perks:
9. Emprise Bank
Another option for those who like local banks is Emprise Bank, a family-owned bank with locations across Kansas. Like many community banks, you’ll have a limited number of branches, but Emprise offers fee-free ATM access at AllPoint ATMs nationwide.
The best thing about Emprise, though, is its cash-back checking account. It has no monthly maintenance fees and 2% back on debit card purchases as long as you have one or more direct deposit checks per month, make at least 12 monthly debit card purchases, or enroll in e-statements.
Fees:
No monthly service fee
$32 overdraft fee (forgiveness for up to $5)
Balance requirements:
$100 opening deposit
No minimum daily balance
ATMs:
Fee-free at 55,000+ AllPoint ATMs nationwide
Up to $25 in refunds of out-of-network ATM fees each month (minimum account activity required)
Interest on balance:
Up to 2.00% APY on savings accounts
Up to 4.00% APY on CDs
Up to 2.00% APY on money markets
Additional perks:
2% cash back on debit card purchases (minimum account activity required)
$50 account bonus for each new customer referral
10. North American Savings Bank
Kansas City-area residents looking at local banks should consider North American Savings Bank, which combines community banking with mobile banking tools and nationwide ATM access. NASB’s Thrive and Prosper checking accounts come with interesting perks, including up to $800 in cell phone breakage protection and access to roadside assistance.
Fees:
$6 monthly service fee
$32 overdraft fee
Balance requirements:
$100 opening deposit
No minimum daily balance
ATMs:
Fee-free at NASB and MoneyPass ATMs nationwide
Interest on balance:
Up to 3.87% APY on savings accounts
Up to 4.50% APY on CDs
Additional perks:
Up to $800 per year in cell phone loss and breakage protection
Exclusive retailer discounts available through mobile banking app
11. BMO Harris
BMO Harris is a regional bank with branches in Kansas, Illinois, Indiana, Arizona, Missouri, Minnesota, Florida, and Wisconsin. You’ll get fee-free ATM access at 1,400 BMO Harris locations, as well as nationwide access to ATMs within the AllPoint network.
But what makes BMO Harris stand out is its robust online and mobile banking offerings, as well as its SmartAdvantage checking account that comes with no monthly fees or minimum balance requirements.
Fees:
No monthly service fee
$15 overdraft fee
Balance requirements:
$25 minimum deposit to open
No minimum daily balance
ATMs:
Fee-free at 1,400 BMO Harris ATMs
Fee-free at AllPoint ATMs nationwide
$3 fee for out-of-network ATMs
Interest on balance:
Up to 2.50% APY on savings
Up to 4.50% APY on CDs
Up to 2.25% APY on money markets
Additional perks:
Dashboard lets you manage all your finances, including those with non-BMO Harris accounts
Spending habit analysis helps with money management
12. Small Business Bank
Small business owners should take a look at the simply named Small Business Bank, located in Lenexa. Designed for online banking only, Small Business Bank offers checking accounts for small business owners with no monthly service fees. As a small business owner, you’ll get fee-free cash access at any SHAZAM ATM nationwide.
Fees:
No monthly service fee
$25 overdraft fee
Balance requirements:
$5 minimum opening deposit
No minimum daily balance
ATMs:
Fee-free at SHAZAM ATMs
Interest on balance:
Up to 4.48% APY on savings
Additional perks:
Debit card makes it easy to manage cash flow
Customized small business banking options for microbusinesses, sole proprietors, and small business owners
Our Methodology
When creating the above list, we took a look at a variety of features. We tried to include a little of everything to help you find the right account for your needs. Here are some features we considered when looking at the best banks in Kansas.
Big Bank vs. Small Banks
Mobile apps and online banking have made it easier to get everything you need from the comfort of your home. But there are benefits of both large and small bank options, and those benefits are worth considering.
For a small bank, it’s usually important to focus on physical branch locations. But even if you live down the street from the best small bank in Kansas, that won’t help while you’re traveling. You’ll also need to look for a bank that provides ATM access when you leave the state.
Large banks, on the other hand, can offer the most branches and ATMs. They may also provide online banking options that you won’t get with a small bank. However, you could find you lose the personalized customer service and flexible lending requirements that you see with a community-based bank.
Big Bank vs. Online Banks
In recent years, online and mobile banking options have changed the landscape of banking. Often the interest rate you get with a savings account or loan could be much better with an online bank. You may also find perks you wouldn’t get with other banks, like automatic savings features.
But when going with an online banking option, you’ll miss out on some of the benefits you get with both the smallest and largest banks. Before signing on with an online bank, make sure check writing is an option since some accounts don’t include that. Also, make sure you can get customer service if you need it and that you’ll have access to ATMs for making cash deposits and withdrawals.
Bank accounts come in a variety of formats and sizes. But in most cases, the benefits that come with checking accounts, as well as the APY on savings, are likely the most important features. Whether you go with online-only banks or you choose a bank with plenty of physical locations, the key is to make sure you’ll have access to the features you need with minimal fees.