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Apache is functioning normally

June 6, 2023 by Brett Tams

If you live or work in Delaware, it’s important to find the right bank for your unique goals. Fortunately, there are plenty of options at your disposal.

In addition to its beautiful beaches, affordable housing, and historical landmarks, the First State is home to many reputable banks that are member FDIC for your peace of mind and ideal for your personal or business finances.

Welcome to Delaware

13 Best Banks in Delaware

While some have local branches throughout the state, others are online only. To make your search for the ideal financial institution a bit easier, we’ve done the heavy lifting for you and listed the best banks in Delaware below.

1. The Bank of Delmarva

The Bank of Delmarva is a small community bank with branches in Ocean City, Salisbury, and Sussex County. Its lineup of personal banking accounts and services includes the best checking accounts, savings accounts, money market accounts, CDs, and IRAs.

If you’re a small business owner, rest assured that it offers business loans, commercial products, and merchant services. Compared to other banks in the state, it offers low fees and competitive interest rates. Plus, it’s earned stellar reviews for its customer service. We can’t forget the intuitive mobile app you can use to manage your banking while you’re out and about.

2. Chime

Chime is a digital bank redefining traditional banking norms. With no physical branches, Chime stands out by providing a simple yet intuitive suite of financial products, all managed from their highly rated mobile app. The bank offers a fee-free1 checking account, a savings account, and a secured credit card.

The checking account, with no minimum balance and no overdraft fees, is particularly impressive. Its standout feature, SpotMe5, allows qualifying users to overdraw by up to $200 without fees. Meanwhile, the savings account is made appealing with an automatic savings feature, making it simple to save without thinking.

Notably, Chime gives the benefit of receiving paychecks up to two days early2 with direct deposit setup, a major plus for budgeting and financial planning. Its secured credit card is also a boon, helping users build credit over time through responsible usage and consistent payments.

3. TD Bank

TD Bank is a solid pick for a national bank with a handful of locations in the First State. With TD Bank, you can expect a plethora of products and services, no fees on international transactions, and a highly rated mobile banking app.

From personal and business checking accounts and savings accounts to personal loans, IRAs, and mortgages, TD Bank truly offers it all. If you open an account, you might qualify for a generous bonus. Also, if you’re a student or young adult, you won’t have to worry about monthly maintenance fees or service fees. You might also be able to waive these fees if you maintain a high balance in your accounts.

4. M&T Bank

M&T Bank has many locations in Delaware in cities like Wilmington and New Castle. Even if you don’t live in an area with a physical M&T location, you can enjoy digital banking and conveniences like Zelle transfers and mobile deposits. When it comes to checking accounts, M&T Bank offers four options.

The EZ Choice Checking is your best bet for a basic, free checking account while MyWay Banking is a checkless account that doesn’t charge overdraft fees. MyChoice Plus is an interest-bearing account, just like MyChoice Premium, which offers competitive rates on loans and other products.

In addition to these noteworthy checking accounts, you’re sure to appreciate M&T’s large ATM network and no monthly fees.

5. Artisans’ Bank

Artisans’ Bank has served Delaware since 1861. Today, it has 12 branch locations in the First State as well as two commercial lending offices. Artisans’ list of personal banking products includes checking accounts, savings accounts, money market accounts, debit cards, and branded credit cards with cash back rewards.

The bank also serves small businesses in Delaware with small business banking products such as business bank accounts, business credit cards, and business loans. Even though Artisans’ is a local bank with a physical presence, it offers online banking services so you can manage your accounts online.

6. Capital One

Capital One is a large bank with a reputation for no minimum deposit requirements or monthly maintenance fees. While there are no Capital One branches in Delaware, the bank is worth considering if you prefer online banking. You can apply for and manage personal and business accounts online.

Speaking of accounts, its flagship account is the 360 Performance Savings that makes it a breeze to earn interest on your hard earned money. In addition to an impressive interest rate, there is no minimum balance required so you can open an account with any amount. Other perks there is a highly rated mobile app and free credit card monitoring.

7. Axos Bank

Axos Bank is a digital bank with competitive interest rates on checking and savings accounts, which are free of monthly fees and ATM fees. Even if you live in Delaware, you can perform your banking through Axos online or via the intuitive mobile app, which comes with mobile check deposits, fund transfers, and mobile bill pay.

The bank’s checking accounts offer rewards while the savings accounts stand out for their ATM cards. Speaking of ATMs, Axos Bank will reimburse you for ATM fees on many of its accounts. In addition to its personal banking products, Axos specializes in new mortgages, mortgage refinancing, HELOCs and home equity loans, car loans, personal loans, and managed investment portfolios.

8. Barclays Bank

Barclays Bank operates in Wilmington. It’s a global bank that serves all U.S. states with several banking products. Even though there is only one branch in Delaware, it offers an online portal and a highly rated mobile app so you can bank from anywhere.

As a customer, you’ll enjoy benefits like a high interest rate on high-yield savings accounts and CDs. If you do open a CD with Barclays, you’ll also reap the benefits of low withdrawal penalties. In addition, the bank’s customer service line is available seven days a week to answer any questions or concerns you might have.

9. Community Bank Delaware

Community Bank Delaware is exactly what it sounds like: a community bank based in Delaware. Since it’s locally owned and managed, it focuses on personalized customer service and community support.

At this bank, you’ll find checking accounts, personal savings accounts, time deposits, personal loans, personal credit cards, mortgages, and home equity loans. Community Bank also serves local small business owners with products to support their business operations, such as checking accounts, business savings accounts, business credit cards, and merchant services.

Additional banking solutions include online banking, wire transfers, cashiers checks, night depositary services, direct deposit, and safe deposit boxes.

10. PNC Bank

PNC Bank is a national bank with over 30 branches in cities such as Dover, Bear, Wilmington, and Newark. Its deposit accounts and other products are designed to meet all your banking needs. Virtual Wallet Spend is a combination checking and a long term savings account with a generous sign-up bonus and features like online bill pay, free mobile banking, and a debit card.

While there is a monthly maintenance fee, you can avoid this monthly fee if you maintain a direct deposit balance. PNC also offers loans, such as mortgages, home equity lines of credit, auto loans, personal loans, student loans, and refinancing products. With the PNC mobile app, you’ll be able to manage your accounts while you’re on the go.

11. Ally Bank

Ally Bank is an online bank with competitive rates on savings accounts, money market accounts, and CDs. Thanks to its low overhead costs, Ally doesn’t charge monthly maintenance fees or impose minimum balance requirements.

You can access your money and make cash transactions at more than 43,000 ATMs through the Allpoint network, which Ally has joined. If you have certain savings goals, you’ll love Ally’s “buckets” feature. With the buckets, you’ll be able to organize your funds and receive personalized recommendations that allow you to save.

12. Wells Fargo

Wells Fargo is one of the largest banks in the U.S. with no shortage of physical branches and ATMs throughout Delaware so you can easily deposit cash. Just like most large banks, Wells Fargo offers a full suite of banking products, such as checking accounts, savings accounts, credit cards, home loans, personal loans, and auto loans.

Investment and retirement accounts as well as wealth management services are available too. You can invest on your own or take advantage of a financial advisor that will help you come with a personalized financial plan. Whether you’re an individual or a small business owner, you’re bound to find what you’re looking for at Wells. If you open an account, you may be eligible for a cash sign on bonus.

13. WSFS Bank

WSFS Bank is a regional bank and a subsidiary of a financial services company called WSFS Financial Corporation. Based in Delaware and Greater Philadelphia, WSFS Bank is known as one of the oldest banks in the country.

It offers a wide range of personal banking services, like checking accounts, savings accounts, credit cards, loans, and wealth management. Its certificates of deposit (CDs) feature competitive interest rates you might not be able to find elsewhere and the WSFS Bank Philadelphia Union Visa® Debit Card comes with contactless pay and access to more than 670 ATMs in Delaware and Philadelphia.

At WSFS Bank, you can also take advantage of business banking services, like SVP management, cash management, and merchant services.

Delaware Banking Options

There are three main types of banks in Delaware, including national banks, community banks, and online banks. Here’s a brief overview of each one.

National Banks

National banks are large banks that can be seen throughout Delaware and other states. These banks typically offer a long list of products for individuals and business owners, such as checking accounts, savings accounts, retirement accounts, credit cards, and mortgages. Some examples include TD Bank, Wells Fargo, and PNC Bank.

Community Banks

Community banks are designed to serve local communities in Delaware. You’ll find that these banks prioritize personal customer service. Community Bank Delaware and the Bank of Delmarva are two community banks in the First State.

Online Banks

Online banks operate online and don’t have physical locations in Delaware. Since their overhead costs are lower than banks with brick-and-mortar branches, online banks usually provide lower fees and higher interest rates. Chime, Axos Bank, Ally, and UK-based Barclays Bank are great online banking options in Delaware.

Bottom Line

Delaware has plenty of banks and other financial institutions to help you meet your financial goals. Before you choose one, consider your priorities and weigh the pros and cons of all your options.

If you like an in-person banking experience, a community bank might make sense. On the flip side, if you prefer online and mobile banking, an online bank is likely the way to go. Good luck with your search for the best bank in Delaware.

Frequently Asked Questions

How do Delaware banks keep my money safe?

Most banks insure your deposits up to 250,000 with the FDIC or Federal Deposit Insurance Corporation. Other services like fraud protection can also give you some peace of mind for your linked accounts.

What are the most popular banks in Delaware?

The banks with the most branches in Delaware include PNC Bank, M&T Bank, and WSFS Bank. If in-person banking is important to you, these banks should definitely be on your radar.

Can I open a bank account in Delaware as a non-resident?

Yes. In most cases, you can open an interest earning account or business savings account even if you don’t live in Delaware. You’ll likely need an Individual Taxpayer Identification Number (ITIN).

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

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.

Source: crediful.com

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Apache is functioning normally

June 5, 2023 by Brett Tams

Connecticut is a great place to live and work. It’s in a prime location that makes it easy to get to large cities like New York and Boston. Plus, there are plenty of outdoor recreation opportunities thanks to all the mountains, lakes, and beaches as well as top-notch schools.

Whether you’re new to the Constitution State or have lived there for years, you might be in search of a bank to manage and store your hard-earned money. Fortunately, you’ve come to the right place as we’ve researched the various regional banks and national banks available.

Connecticut welcomes you

12 Best Banks in Connecticut

Below is our carefully curated list of the best banks in Connecticut. This list is compiled based on a variety of factors such as customer feedback, range of services, accessibility, and financial strength.

1. Liberty Bank

Based in Middletown, Liberty Bank has more than 50 branches in Connecticut. It’s been around for more than 200 years and provides a plethora of financial products and services. These include personal banking, business banking, mortgages, personal and business loans, insurance, and wealth management.

No matter which one of its four checking accounts you can choose, you can expect digital wallet access and online bill pay with no minimum balance requirement.

In addition, Liberty Bank offers three savings accounts with tiered interest rates. While you can visit a local branch, another option is to take advantage of online and mobile banking. With online and mobile banking, you’ll be able to pay bills, set up account alerts for if your account dips below a certain amount, and more.

2. Bank of America

Bank of America is one of the largest banks in the country. It has many branches with local people in more than 60 cities and towns throughout Connecticut, like Hartford, Bridgeport, New Haven, and Danbury.

With Bank of America, you can also manage your cash on the go with its highly rated mobile banking app. When it comes to checking accounts, you have three options, including the Advantage Plus Checking, which is the most popular option.

You can also save your money in the Advantage Savings account, which requires a $100 initial deposit and $8 monthly maintenance fee that you can avoid if you maintain a daily balance of  $500 or more or join the Preferred Rewards program.

As a Preferred Rewards member, you’ll lock in perks, such as higher interest rates, waived or discounted fees with a special promo code, and cash back rewards for qualifying transactions.

3. CIT Bank

CIT Bank is an online bank with a focus on savings. If you’d like a checking and savings account, you might consider the CIT Money Market account. You’ll be able to earn interest and access your funds at any time.

CIT also offers the Premium High Yield Savings and Savings Builder accounts. Even though there are no physical branches in Connecticut, you can bank online or via a mobile app. CIT Bank also offers CDs and home loans.

4. Webster Bank

Headquartered in Stamford, Webster Bank has hundreds of branches and ATMs throughout the state. Its checking accounts come with low minimum balance requirements and free online bill pay. If you sign up for the Webster Bank Visa and use it to make everyday purchases, you’ll earn one point for every dollar you spend and won’t have to pay an annual fee.

Webster Bank also offers a wide variety of other products and services, such as savings accounts, Certificates of Deposit (CDs), Health Savings Accounts (HSAs), loans, wealth management services, and commercial banking.

5. Citizens Bank

Citizens Bank is a national bank with more than 30 branches in Connecticut. Its One Deposit checking account is a solid choice because you won’t have to pay monthly maintenance fees as long as you make one deposit per month. Plus you can open the account without a minimum balance requirement. Other popular products include savings accounts, money market accounts, CDs, and IRAs.

With the Citizens Peace of Mind overdraft protection program, you’ll receive an alert if you overdraft your account. In addition, the bank will provide a grace period so you can avoid overdraft fees. Also, if you set up direct deposit with Citizens, you can get paid two days early during every statement cycle.

6. M&T Bank

M&T Bank’s branches and ATMs can be found in many Connecticut cities, such as Stratford, Fairfield, Westport, Monroe, and Trumbull. Its personal banking products include checking accounts, savings accounts, CDs, credit cards, loans, mortgages, and insurance.

If you download its mobile app, you’ll be able to send and receive money via Zelle, deposit checks on the go, and keep tabs on your spending habits. The bank also offers mortgage assistance programs to help you cover your mortgage costs as you deal with financial hardship.

In addition, its lineup of small business banking products for small businesses, like business checking accounts, business credit cards, and merchant services can help you meet your business goals.

7. Union Savings Bank

Union Savings Bank is a local bank in Connecticut with a focus on customer relationships and customizable banking solutions. It has branch locations in Bethel, Brookfield, Danbury, Canton, Goshen, Litchfield, and many other cities throughout the Constitution State.

Union’s lineup of personal banking products is vast and features checking accounts, savings accounts, credit cards, mortgages, and HELOCs. This hometown bank has robust digital services including digital wallets, Spending Insights, online banking, mobile banking, and Zelle. As a Union customer, you can work with a certified FutureTrack coach, design a customized plan, and meet your financial goals.

8. Bankwell Bank

Bankwell Bank was established in 2002 and serves individuals and small business owners in Fairfield and New Haven County. You can choose from its personal banking products, such as the Smart Checking, Smart Savings, Smart Money Market, and Smart IRA accounts.

The bank also offers a Switch Kit so you can easily transition to it. Additionally, you may opt for its treasury management services to manage your business finances. Treasury management services include business banking online, account analysis, account reconciliation, wire transfers, ACH origination, commercial credit cards, mobile check deposit, and zero balance accounts.

9. First County Bank

First County Bank is an independent bank in Fairfield. It strives to make money management easy through checking accounts, savings accounts, credit cards, loans, insurance, and online banking.

If you’re in the market for a home, you’ll appreciate First County’s mortgage center, which offers mortgages with attractive rates and terms, home equity products, and a plethora of mortgage resources.

Its wealth management services are specifically tailored to individuals and families, women, family businesses, and nonprofit organizations. In addition, the First County Foundation awards grants to support a variety of causes.

10. Dime Bank

Dime Bank serves southeastern Connecticut and Rhode Island. As a Dime customer, you can choose from five checking accounts that come with perks like free ATM withdrawals, a cell phone protection plan, digital banking tools, and roadside assistance.

If you’re in need of a savings account, you may opt for a traditional savings account, Club accounts for holidays and special trips, and a money market account with higher returns. Dime also offers a plethora of consumer loans, such as mortgages, home equity loans, home equity lines of credit, construction loans, vehicle loans, and personal loans.

11. Capital One

Capital One is a national bank with a variety of banking products like accounts for adults, children, and teens, credit cards, loans, and CDs. Even though there are no branches in Connecticut, we still believe it qualifies as a best bank in Connecticut because you can enjoy online banking via an online portal or banking app.

Additionally, you’ll have access to over a hundred fee-free ATMs in the state. The Capital One 360 Checking is a free checking account with no monthly service fee or minimum balance requirements. There’s also the 360 Performance Savings, which is a high-yield savings account with a competitive APY. Additionally, Capital One does not charge overdraft fees.

12. Chase Bank

Chase Bank has a large presence in the U.S. and over 50 branches in Connecticut to help you meet various banking needs. Its full suite of products includes checking accounts, credit cards, loans, and wealth management services. The bank also provides banking solutions for children, teens, and young adults.

The most popular account at Chase is the Total Checking account, which comes with perks like online bill pay, mobile check deposit, account alerts, free credit reports, and Zelle transfers.  If you open a new checking account, you may qualify for a generous sign-on bonus.

Bottom Line

Connecticut is home to a variety of banks. The best bank for you depends on the products you’re seeking, whether you prefer in-person or online banking, and your particular financial goals. Best of luck in your search for a bank in the Constitution State.

Frequently Asked Questions

What are the largest banks in Connecticut?

The largest banks in Connecticut are M&T Bank, Webster Bank, and Bank of America. While a large bank has many advantages, like a vast selection of banking products, it might not be the best choice if your goal is personalized banking service.

How do I open a bank account in Connecticut?

It’s easy to open a bank account in the Constitution State. All you need is a government-issued ID like a driver’s license or passport, your Social Security, and some money to fund the account. Some online banks will also require you to set up direct deposit.

Should I choose a bank or credit union in Connecticut?

A bank is typically a solid option if you’re looking for diverse products and services. However, credit unions might make more sense if you want to become a member in exchange for personal advice and service.

What is the oldest bank in Connecticut?

Liberty Bank is the oldest bank in Connecticut. It was founded in 1825 and offers a plethora of personal and business banking products.

What are some regional banks in Connecticut?

There are many regional banks in Connecticut. Several examples include Bankwell Bank, Dime Bank, Jewett City Savings Bank, Newtown Savings Bank, Eastern Connecticut Savings Bank, Northwest Community Bank, Ion Bank, Chelsea Groton Bank, and Milford Bank.

Are online banks safe?

Absolutely! Even though online banks use mobile apps and online portals, most of them are member FDIC, which means your money will be covered by the federal government if the bank shuts down for any reason. As an added bonus, online banks have lower fees than brick-and-mortar banks.

Source: crediful.com

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Apache is functioning normally

June 4, 2023 by Brett Tams

In today’s highly competitive financial climate, with thousands of banks and neobanks nationwide, rewards checking accounts are growing more common.

If you have to keep your money someplace, you may as well earn cash back rewards on debit card purchases or a high interest rate.

Best of all, most rewards checking accounts have no overdraft or monthly service fees. After all, if you have to pay any monthly fees or maintenance fees, it will reduce the overall amount you can earn in cash back.

Rewards checking accounts come in two forms: Those that offer cash back rewards and those that let you earn interest on your money, even if it’s in your checking rather than savings.

Regardless of what you’re looking for in a financial institution, you can find it in one of these rewards checking accounts.

11 Best Rewards Checking Accounts

We’ve read consumer reviews, evaluated bonus offers, and read all the fine print to find 11 of the best rewards checking accounts available online or at local branches today.

1. LendingClub Rewards Checking: Best for High Balances

LendingClub offers an online Rewards Checking account with a straightforward 1% cash back on all signature-based debit card purchases. Ranked on Newsweek’s America’s Best Banks list in 2022, the checking account has many desirable features.

First, earn an unlimited 1% cash back on all signature-based debit card purchases and on transactions processed online as a credit purchase once you meet requirements.

You also earn 0.10% interest on your checking account balance of $2,500 to $99,999.99 and 0.15% annual percentage yield APY on balances of $100,000 or more.

LendingClub provides account holders with access to fee-free ATMs within the MoneyPass or SUM networks and unlimited reimbursement for out-of-network ATMs fees. LendingClub says that account holders save more than $180 annually thanks to ATM fee reimbursement.  

Like many of the best rewards checking accounts on this list, LendingClub has no monthly fees, no overdraft fees, and no fees for incoming wire transfers.

You will need a $25 minimum deposit to open an account. There are no minimum balance requirements after that. However, to earn interest, you need to deposit cash to maintain at least $2,500 in your account.

To qualify for cash rewards, you must keep your account open for at least 30 days and receive at least $2,500 in recurring monthly direct deposits or maintain a $2,500 or more average monthly balance.

You may also receive direct deposits from your employer as soon as two days earlier than with many other banks.

2. Axos Bank Rewards Checking: Best for High APY and Cash Back Rewards

Axos Bank is a nationally chartered online bank in business since 2000. The bank offers three checking accounts, all with no monthly maintenance fees, unlimited ATM fee reimbursements domestically, and no overdraft fees.

Axos Bank Rewards Checking is the financial institution’s most popular checking account. It pays up to 3.30% APY when you meet certain requirements.

If you receive monthly direct deposits of $1,500 or more, you’ll earn 0.40% APY to start.

You can increase that interest rate with other activities, such as:

  • Using your Axos Bank debit card 10X a month or sign up for Axos Bank’s free Personal Finance Manager “Account Aggregation” in online banking
  • Maintaining minimum average daily balances of $2,500 or more in an Axos Invest Managed Portfolios account or an Axos Invest Self Directed Trading Account
  • Making Axos Bank loan payments (such as mortgage, auto loans, or personal loans)

Plus, you can earn a $100 cash bonus when you open your Axos Bank Rewards checking before June 30, 2023, and have qualifying direct deposits of at least $1,500 each month in the first three months of opening your account.

If you’re willing to sacrifice the $100 cash bonus – or you don’t meet the requirements to earn the maximum APY with an Axos Bank Rewards checking account– you might consider the Axos Bank Cashback Checking account.

This cash back account gives you a straight 1% cash back on all signature-based eligible debit card purchases up to $2,000 per month.

You’ll need to maintain a $1,500 average daily balance to earn this amount. Otherwise, you’ll earn 0.50% of the average daily balance for that month.

You will need a $50 minimum opening deposit to open your Axos Bank Rewards Checking or Axos Bank Cashback checking account.

3. Consumers Credit Union: Best High Interest Checking Account

Consumers Credit Union is one of two excellent credit unions on our list offering checking accounts with rewards or high yield interest rates.

Of the two, Consumers Credit Union is free for virtually anyone to join. As such, it also earned a place on our list of best free checking accounts.

New members will need to pay a one-time $5 membership fee to the Consumers Cooperative Association. But you’ll get that cash back when you fund your account.

The main attraction to a Consumers Credit Union checking account is the 5% annual percentage yield APY on balances up to $10,000 when you meet minimum deposit requirements and make a minimum number of debit card purchases.

To earn the maximum 5% APY, you must have qualifying direct deposits, mobile check deposits or ACH deposits of at least $500 monthly and make $1000 or more in purchases with your Consumers Credit Union Visa credit card each month.

In addition to the high annual percentage yield APY, CCU also offers early direct deposit up to two days before many other banks, and out-of-network ATM fee reimbursement with no limits each month.

CCU works with a network of 30,000 ATMs and more than 5,000 shared branches that are part of the CU Service Center Network co-op.

Convenient, affordable, and profitable with checking account interest rates ranging from 3% to 5% APY, Consumers Credit Union could be an excellent choice.

If you are considering banking with a credit union instead of a traditional or online bank, this may be the best rewards checking account for you.

4. Discover Cashback Checking Account: Best for No Fee Checking

Discover Bank has a cashback debit account with no monthly fees and a host of other benefits. The program is straightforward and there are no minimum deposit requirements or other qualification requirements to earn cash back.

Simply earn 1% cash back on up to $3,000 in debit card purchases each month for up to $360 in extra cash back each year.

Your Discover Cashback Debit account has no fees of any kind, except $30 for an outgoing wire transfer. You will receive free overdraft protection with automatic transfers from your linked Discover Savings. You will not pay a fee at any of 60,000+ ATMs in the network.

You don’t even have to pay fees for bank checks, check reorders, or expedited shipping of a replacement debit card if you lose yours. If you do lose your card, you can easily “lock” it in the app to prevent unauthorized charges.

Like many online checking accounts, Discover offers early direct deposit, mobile check deposit, and an intuitive and user-friendly mobile app.

5. Schwab Bank Investor Checking: Best for Investors

It’s not always easy to find a rewards checking account with no fees and a high yield on your checking account balance. The Schwab Bank Investor Checking account was rated highest in customer satisfaction from J.D. Power and Associates for four years running.

This account is ideal for those who already have a brokerage account with Charles Schwab or who are thinking of opening one. When you open your High Yield Investor Checking account, you will also receive a brokerage account if you don’t already have one.

You can access both accounts online or in the mobile app with a single log in, and transfer money between both accounts with no fees. There is also no monthly maintenance fee.

Schwab pays interest at the rate of 0.45% APY. You must have a minimum deposit of just one penny in your account to earn interest.

When you fund your account with an opening deposit of $100 within 7 to 10 business days, you will receive free checks, deposit slips, mailing labels, and pre-addressed, postage-paid envelopes for depositing checks through the mail into your Investor checking account. You can also use the app for mobile check deposits or deposit money at an ATM.

When you open your high yield checking account, you will receive a Schwab Bank Visa Platinum Debit Card. The debit card provides unlimited ATM fee reimbursements, even in foreign countries, and no fees when you use a Schwab Bank ATM.

There are also no foreign transaction fees when you use your debit card for purchases outside the U.S.

6. Quontic Bank: Best for Fee Free ATM Access

Quontic offers three choices of the best rewards checking accounts, all with no monthly maintenance fees:

  • High Interest checking with an interest rate of 1.10% APY
  • Cash Rewards checking
  • Bitcoin Rewards checking

Plus, you can earn a 4.25% APY with linked Quontic savings accounts. You won’t pay any ATM fees when you use your Quontic debit card at any of 90,000+ ATMs in the AllPoint, MoneyPass, SUM Program, or Citibank networks nationwide.

Quontic’s High Interest checking delivers up to 1.10% APY when you make at least 10 qualifying debit card purchases of $10 or more per statement cycle. Otherwise, you’ll earn 0.01% APY for that month.

The High Interest checking account has no monthly maintenance fees and no overdraft fees. You will need a $100 minimum deposit to open your account.

Quontic’s Cash Rewards Checking has the same features, including no monthly maintenance fees and no overdraft charges. It is a cash back checking account that delivers 1% on all debit card purchases.

Quontic’s Bitcoin Rewards checking offers 1.5% back in Bitcoin on all qualifying debit card purchases. Like the other Quontic rewards checking accounts, the Bitcoin Rewards checking account has no monthly service fees or maintenance fees and no overdraft fees.

You will need a minimum opening deposit of $500 to open your account. This account is not available to residents of North Carolina or Hawaii.

7. SoFi Plus: Best for Perks

SoFi is an online only bank offering cash management accounts providing you with easy access to your money and generous rewards.

One area where SoFi stands out is the additional perks and the variety of services it offers to account holders. It is also one of the few banks offering both cash back and high yield checking and savings.

Your basic SoFi bank account is a free account with no monthly fee, no minimum balance requirements, no ATMs fees when you bank through any of the 55,000+ ATMs in the Allpoint Network nationwide.

Through a partnership with SoFi Stadium in Los Angeles, California, members also get 25% cash back on stadium purchases with their SoFi debit card, express entry and VIP access to concerts, Rams, and Chargers games.

SoFi also gives members access to savings “Vaults,” where you can set aside money for specific purposes – from emergency savings to a family vacation.

Your deposit account is insured for up to $2 million through SoFi’s partner banks. Each bank offers FDIC coverage up to the $250,000 federal limit, but deposits may be split between financial institutions to increase coverage limits.

If you want to upgrade to SoFi Plus, you’ll unlock a host of other benefits. SoFi Plus is the online bank’s premium offering, but there’s no monthly fee when you establish direct deposit of any amount, with no other minimum balance requirement or deposit requirements.

Your SoFi Plus rewards checking account offers 15% cash back when you use your SoFi debit card at select local retailers. Plus, earn 1.20% on checking and 4.20% on savings and Vault balances.

You’ll also get a personal loan rate discount of 0.25%. SoFi Plus members also get 2X rewards points, which you can redeem for cash, special member events, and experiences within the SoFi mobile app.

SoFi has a referral program, allowing you to earn cash or Rewards points when friends and family sign up for SoFi cash management accounts using your link.

Plus, right now, new SoFi customers receive up to $250 in cash when they open an account and set up a qualifying direct deposit. If your direct deposit is $1000 to $4,999.99, you’ll get $50 in cash. If you deposit $5,000 or more, you’ll earn $250.

Few banks offer so many perks or financial services under one umbrella, which is why SoFi consistently earns “Best Online Bank” accolades from top personal finance sites.

8. Connexus Credit Union: Best Credit Union

Connexus is one of two credit unions on our list of best rewards checking accounts. The Connexus Xtraordinary account offers a 1.75% APY when you meet certain requirements, which include signing up for e-statements and making 15 qualifying debit card purchases or spending $400 in debit card transactions monthly.

Connexus has a vast network of more than 67,000 fee free ATMs, partnered with co-op and MoneyPass networks.

You will also receive $25 in ATM fee rebates monthly. When you link your Connexus savings account to your Xtraordinary checking, you can also take advantage of free overdraft protection.

Connexus also has a similar rewards checking account for teens. With no direct deposit requirements or debit card purchase requirements, teens can earn 2% APY on the funds in their Connexus rewards checking account.

To qualify for membership in Connexus credit union, you must reside in certain cities in Illinois, Wisconsin, Ohio, or Minnesota.

You can also qualify if you work at one of dozens of Midwest companies, institutions, or organizations, or simply pay a $5 one-time donation to join the Connexus Association.

Connexus Teen and Connexus Xtraordinary checking accounts have no monthly service fees and no minimum account balances required to earn interest.

You must make a minimum opening deposit of $5 into your linked Connexus savings account to become a member.

9. TD Bank Beyond Checking: Best for Sign-up Bonus

If you are looking for the convenience of a traditional bank and the money-saving benefits of online banking, a TD Bank Beyond Checking account could be the best rewards checking account for you.

The TD Bank Beyond Checking account pays an interest rate of 0.01% APY on all balances. This is lower than the national average, but you’ll also get other perks with your account. First, let’s discuss the generous sign-on bonus of $300 and how you can earn it.

When you open your account and make $2,500 in qualifying direct deposits within 60 days, you’ll earn $300 cash back.

Keep in mind, there is a $25 monthly maintenance fee associated with the account, but it’s fairly easy to waive, especially if you have other TD deposit accounts.

You can waive the monthly maintenance fee by:

  • Receiving monthly direct deposits of $5,000 or more or
  • Maintaining a $2,500 minimum daily balance or
  • Having $25,000 or more in combined balances across eligible TD accounts, which includes deposit accounts, mortgages, home equity loans, and home equity lines of credit.

In addition to the sign-on bonus and interest on your checking balance, TD offers a free linked Simple Savings account, overdraft protection, easy mobile and online bill pay, and 24/7 fraud monitoring on your TD accounts.

The bank also reimburses numerous common fees, including fees for non-TD ATM transactions, outgoing wire transfer fees, rush bill payments, and up to two overdraft fees waived per year.

The TD Overdraft Relief service allows you more time to get your account out of the negative and also allows you to link your TD Savings account for overdraft protection through automatic transfers.

10. Aspiration Plus: Best for Helping the Planet

10. Aspiration Plus: Best for Helping the Planet
Crediful’s rating

Aspiration is a neobank with a straightforward cash management account called Aspiration Spend Save and a premium account called Aspiration Plus.

Aspiration Spend Save account holders can choose to pay monthly fees as low as zero. Each month, you can pay whatever amount you feel is fair for your bank account.

If you want to upgrade to Aspiration Plus, you will pay $7.99 per month. If you pay upfront, annually, you’ll save $2 each month for a total of $71.88 for the year.

Your Aspiration Spend Save account offers 3% to 5% in cash back rewards when you shop with a network of preferred, eco-friendly and socially conscious companies known as the Conscience Coalition.

Some of the retailers in the Conscience Coalition include Warby Parker, Blue Apron, Imperfect Foods, Toms, Brightly, Got Bag, and more.

Aspiration Plus members earn 10% back at Conscience Coalition retailers. Aspiration Plus members also receive one out-of-network ATM fee reimbursement each month and Purchase Assurance on items bought with their Aspiration debit card if they are lost or stolen within 90 days.  

Aspiration Plus members also help to fund carbon offsets with each fuel purchase. For every gallon of fuel purchased with your card, Aspiration buys carbon offsets equal to the CO2 emissions generated by that gasoline.

Your Aspiration Plus account also pays 3% interest on money in the Save portion of your account. Regular Aspiration members only earn 1% interest on savings. In both cases, you’ll need at least $500 worth of qualifying debit card purchases in a month to earn interest.

There is a $10 minimum deposit to open an account. There are no ATM fees with Aspiration when you use one of the 55,000+ ATMs in the AllPoint network, plus you get one ATM fee reimbursement each month.

In addition to unlimited cash-back and high yield savings, your Aspiration account also has many other perks and benefits.

When you use the “Plant the Change” program, you can round up your debit card transactions to be deposited into your Save account and Aspiration plants a tree each time you do.

You can read our full Aspiration review here.

11. Truist Bank: Best for Younger Savers

11. Truist Bank: Best for Younger Savers
Crediful’s rating

In May 2022, Truist Bank acquired Long Game, an award-winning gamification savings app. The partnership gives Truist bank account holders access to one of the most unique rewards programs in personal finance.

Long Game makes setting savings goals – and reaching them – fun by allowing you to play phone games similar to Fruit Ninja and Candy Crush based on cash deposits you make into your Truist Savings Account.

You can earn extra cash each time you play, as well as earning interest of 0.01% APY on your savings balance. You can also earn coins to play games by answering trivia questions.

Your Truist One checking account delivers rewards of its own when you open select Truist credit cards. Your bonus rewards, which can be 10% to 50% more cash back or miles than you’d normally receive, depend on your Truist One checking account monthly average balance.

Your Truist One checking account comes with a debit card, but you can upgrade to a Delta SkyMiles Debit Card if you pay the $95 annual fee. Truist One checking accounts also include linked Truist One savings accounts with no monthly maintenance fee and a $100 negative balance buffer.

To qualify for overdraft forgiveness, you’ll need to have your account open for at least 35 days with a positive balance, and have a qualifying direct deposit of at least $100 for two consecutive months. Truist Bank never charges overdraft fees, but without negative balance protection, transactions may be declined.

Your Truist One checking account has a $12 monthly service fee, but there are five easy ways to waive that monthly service fee.

To waive the monthly fee, you must meet one of the following requirements:

  • Make $500 or more in qualifying direct deposits monthly
  • Maintain a combined balance of at least $500 in Truist deposit accounts
  • Have a Truist credit card, mortgage or consumer loan
  • Have a linked Small Business checking account
  • Be a student under the age of 25

Methodology: How We Select the Best Rewards Checking Accounts

When we evaluated the best rewards checking accounts, we took many features, benefits, and costs into consideration. We also recognized that people’s needs vary. Some may want an online only bank, while others prefer a credit union or even a traditional, brick-and-mortar financial institution.

Rewards on Debit Card Purchases

When most people think of a rewards checking account, they imagine receiving cash back on debit card purchases. Banks that offer cash back on everyday purchases gained favor and a spot on our list.

Account Yield

Some rewards come in the form of a high interest rate on money held in a checking account. Several interest bearing checking accounts with an interest rate of 1% or higher made our list. It is even better if you don’t have to maintain a minimum account balance to receive the highest interest rate.

Fees

On our list of the best rewards checking accounts, we gave preference to accounts with no monthly fees. We also considered other fees, such as overdraft fees, transfer fees, and ATM fees. Banks that offer unlimited ATM fee rebates or even some ATM fee reimbursements each statement cycle were considered favorably.

Minimum Requirements

You should be rewarded by your bank whether you have a large balance or small. For that reason, we gave preference to banks with no minimum deposit requirements and no minimum balance requirements to earn rewards. In some cases, you may need to receive a direct deposit each statement cycle to earn rewards or to receive the highest annual percentage yield APY.

Account Opening Bonus

Some banks offer a generous account opening bonus or even referral rewards when you share your referral link with friends who open an account. It’s nice to start your new bank account with a cash back from a sign-up bonus.

Overdraft Protection

Bank accounts that offer overdraft protection, either through linked savings accounts or by providing a grace period to bring your account back into the positive, earned points on our list.

ATM Network

One way to avoid fees is to find a bank with a large ATM network. Many of the banks on this list use the Allpoint or MoneyPass ATM network with more than 60,000 machines nationwide. We also looked for banks that provide ATM fee reimbursements for using teller machines out of the bank’s ATM network.

Nationwide Availability

We made sure that consumers nationwide could open an account online or in person. We didn’t choose regional banks or credit unions with limited availability, although a small, local bank might meet your needs.

One credit union that made our list, Consumers Credit Union, is available to anyone over the age of 18 willing to pay a $5 membership fee to join the Consumers Cooperative Association. The other credit union we chose also has similarly broad membership requirements. Anyone can join if they make a $5 donation to the Connexus Association or meet certain membership requirements based on city of residence or occupation.

Customer Service

Whether you choose an online only bank or one of the traditional financial institutions on this list, you want to make sure you have access to the best customer service. We chose banks that generally received high marks for customer service on consumer review websites and offered multiple ways to reach customer service reps by phone, email, or online chat.

woman using phone

Tips for Finding the Best Rewards Checking Account

Before you open a rewards account, ask about minimum deposit requirements. Also find out if you need to maintain a minimum balance or set up direct deposits to avoid fees. Look for a bank with a large ATM network and ATM fee reimbursements for using machines outside the network.

Rewards Checking FAQs

Find out what people are asking about the best rewards checking accounts.

How does a rewards checking account work?

Rewards checking accounts pay you money for banking with them. In some cases, you will receive cash back on debit card purchases. Other rewards checking accounts pay interest on your balance. Some also offer additional perks, such as loan rate discounts, access to special events, ATM fee reimbursements and money management tools.

Should you apply for a rewards checking account?

If you are looking to put extra cash in your pocket, a rewards bank account is one way to do so. Most rewards checking accounts do not require a credit check or an application fee to apply. If you are opening a new bank account or considering switching banks, it’s worth considering how you can earn checking account rewards for things you do daily, such as using your debit card or depositing money.

How much does rewards checking cost?

Most of the top rewards checking accounts have no monthly fee, fee-free ATMs, and at least some ATM fee refunds each statement cycle.

Source: crediful.com

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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.

digital nomad in Bangkok, Thailand

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

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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

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Apache is functioning normally

June 2, 2023 by Brett Tams

Are you a Millennial or Gen-Xer that has contemplated investing but doesn’t know where to begin? Micro-investing apps are a way to get your feet wet and are designed to encourage the younger generation to start investing.

If you are new to or know little about micro-investing, this guide will give you the information you need to get started. It will cover the best micro-investing apps for Millennials and everything you should know about micro-investing including what it is, how it works, and how to choose an app. 

What’s Ahead:

Overview of the best micro-investing apps for Millennials

Acorns

Best Micro-Investing Apps For Millennials In 2021 - AcornsThis is one of the first and most popular micro-investing apps around. Account portfolios range from conservative to aggressive. This app will recommend portfolios based on your age, the risk you are willing to take, and what age you anticipate you will retire. Acorns takes the hassle out of investing by providing a micro-investing service. With one click, you can get started with any amount and automatically invest it according to your risk tolerance level–no more worrying about saving up money for each separate investment. 

And if that’s not enough, Acorns also rewards its customers while shopping at partner stores through their Found Money program; they offer cash back without all the work because you’ll have an extra boost in your portfolio every time you shop online or offline. Acorns makes it easy for anyone to start investing – even kids. You can open accounts on behalf of those under 18 years old and build them up as parents monitor progress from afar via their family plan option.

Acorns has some really fun and interactive educational resources for those who are new to micro-investing, too. No minimum deposit is needed, so you can start investing with just $5. You’ll also get a referral bonus when you refer someone else or find a job offer — Acorns will match your investments up to the first year in which they work there. In other words, it’s free money.

The fees for micro-investing with Acorns are based on the level of account that you sign up for. The monthly fees can be as low as $3 per month or as high as $5 per month. You can choose between Personal and Family account levels:

  • Personal – $3 per month gives you the benefits from personal services such as a checking account with a debit card and no account fees or ATM fees and the ability to earn up to 10% bonus investments.
  • Family – $5 a month, and the entire family can invest. You can add any number of kids with no extra fees and access exclusive offers, in addition to the benefits from the Personal account type.

You can sign up for this micro-investing app through their website or by downloading their app on a device that uses iOS or Android operating systems. As with other micro-investing apps, you provide information about yourself, create a username and password, pick the type of account you want to sign up for, fund your account, and begin investing. One drawback of Acorns is that fees can add up for a low-balance account (the relative expense ratio gets smaller as you invest more), and transferring to another provider will cost $50 per ETF.

Learn more about Acorns or read our full review.

Robinhood

RobinhoodBest Micro-Investing Apps For Millennials In 2021 - Robinhood is a micro-investing app that lets you buy and sell stocks, ETFs, options, and cryptocurrencies with zero trading fees. It’s the best place to start investing online because it’s the only free investment app on the market. 

Robinhood was created by a couple of engineers who wanted to make stock trading more accessible for everyone. They had no idea that their little side project would eventually become one of America’s most popular financial apps.

The app is available for iOS or Android devices as well as through a web browser. To sign up for an account, you must be 18, with a valid ID to pass the company’s Know Your Customer (KYC) process. Robinhood also provides $3 – $225 in free stock when you sign up through their mobile app on iOS or Android device or their website.

Robinhood does not offer multiple account types to choose from but doesn’t charge any commission fees. Hence, trades are always at a flat rate of $0 per trade, making it a viable option for newer investors. Note that if you decide to transfer out of Robinhood, you’ll pay $75 – otherwise, there are no fees.

Learn more about Robinhood or read our full review.

Betterment

Best Micro-Investing Apps For Millennials In 2021 - BettermentThis app is designed for hands-off Millennial investors. Betterment works similar to other apps, with multiple portfolio options and automatic rebalancing of your portfolio. Betterment is a low-cost, automated investing service that takes care of everything for you. You can invest with as little as $25 and get the help of a financial advisor when you want it. It’s a robo-advisor that offers many different types of investments including index funds and exchange traded funds (ETFs) so your money will be diversified across multiple asset classes to reduce risk. 

Betterment was founded in 2008 by Jon Stein who wanted to make investing easy and accessible for everyone. He created an automated system where users could set up their account, choose what type of portfolio they wanted, and then let Betterment take care of the rest – automatically rebalancing every day to keep things evened out.

There are two types of Betterment accounts:

  • Betterment Digital – 0.25% annually of assets managed featuring no minimum requirements, with the option to purchase a financial advisor package. You receive free automatic rebalancing of your portfolio when it drifts 3% or higher.
  • Betterment Premium – 0.40% annually of assets managed, and you must maintain a balance of $100,000. In addition to Betterment Digital features, you receive unlimited access to certified financial planners by phone or email.

You can purchase a consultation with financial advisors with packages ranging from $199 to $299 for individuals with a Betterment Premium account.

Betterment makes it easy to get started with your investing. Signing up is quick and accessible through the mobile app or web-based browser, you can link an account for deposits via bank transfer, wire transfers are also available but not recommended due to fees (for example $25 on top of any other charges). 

Once signed up Betterment will set up a portfolio that reflects your goals based on questions asked when signing in such as what level of risk do I want? Based on these responses they’ll design a personalized investment plan just for you.

Learn more about Betterment or read our full review.

Twine

Best Micro-Investing Apps For Millennials In 2021 - TwineThis micro-investing app allows you to invest and reach financial goals with a spouse, partner, or friend. Unlike other micro-investing apps, the focus is placed on low-cost ETFs instead of micro shares. Funding your account is done through recurring or one-time deposits, and you need $100 in your account to begin investing, though you can start an investment account with $5.

Twine was founded with the mission of making small, smart investments in people’s futures. They’re a micro-investing company that allows you to set up financial goals and an expected timeframe for these goals so they can reach them quicker than if it were on your own.

To do this, Twine has created three portfolio types: conservative, aggressive and moderate; which are designed specifically based on how much money is needed when investing as well as what time frame someone needs their goal met by. 

There are two ways to get started: one being merely setting up a user account online or through an iPhone app (iOS). You can also invite another person to invest alongside you via email invitation – meaning not only will both of your funds grow together but Twine will help you reach your goals faster.

Twine micro-investment accounts are charged either $0.25 per month for every $500 invested or 0.60% annually with no minimum.

The process of signing up is similar to other apps. You provide your information, set a financial goal, invite someone else to invest with you, and begin funding and investing while monitoring your progress along the way.

On the downside, the mobile app is only for iOS operating systems only. It is more costly than other micro-investing apps and lacks the features that most of these apps offer, such as funding options and the option of fractional shares.

Learn more about Twine or read our full review.

Stash

Stash makes it easy and affordable for anyone to utilize and open an account. With Stash, you have more freedom and flexibility than other micro-investing apps.

Stash lets you invest in as little or much as you want and pick the companies, organizations, or causes that you trust. As your holdings grow, so does your potential to invest in what you believe in. 

Stash eliminates any fees, commissions, or transaction charges–and they’re always working on adding more stocks to their portfolio for even more possibilities. With the new Stock-Back debit card featuring rewards in stocks opposed to store credit points (which can be converted into cash), it’s just a smarter way to use money every day.

There are two tiers of accounts with Stash:

  • Stash Growth – $3 a month gives you access to the benefits of Stash Beginner plus Smart portfolio and additional personal features. Smart Portfolio is a Stash feature that builds a custom portfolio for you based on research and risk level.
  • Stash+ – $9 a month allows you to enjoy the benefits of Stash Growth with bonuses. You can open accounts for your kids (max two kids), receive $10,000 in life insurance, and access additional and exclusive Stock-Back card bonuses.

There are three options you can choose from to add money to your Stash account.

  1. Set recurring deposits to your Stash account.
  2. Round-up purchases are made with your linked debit card, and the difference is invested.
  3. Smart-Stash is a feature where your spending and earnings are analyzed, and money is stashed based on this information. You can then set transfer amounts to $5, $10, or $25 max.

The signup process is easy and straight-forward. You answer a few questions, pick a plan, add money to your account, sign up for the banking services offered to receive the Stock-Back debit card, and begin investing. You have the option to create and track your goals using the Stash app.

One minor drawback is the fees, as with any micro-investing app, are the biggest drawback of Stash. The subscription fees per month can add up if you have a low balance. The annual average expense ratio is roughly .25%.

Learn more about Stash or read our full review.

Public

Best Micro-Investing Apps for Millennials in 2021 - PublicThis is a micro-investing app that incorporates the use of the social networking community with investing. It uses social networking as the basis for swapping strategies and learning from others.

Public is the easiest way to invest. You can invest in stocks, ETFs, and crypto-all in one place with any company and get their take on new money, wrapping up your earnings neatly at monthly intervals so that you don’t have to worry about throwing away all of your cash on material things. 

It’s like an investment buffet where all of your favorite individual stocks are united in one easy-to-manage account with no minimum balance requirements and commission fees. All you need is a slice of Public, some greasy fries (tip not included), and the best TV binge ever.

You only pay fees when purchasing shares. There are no membership levels, no account fees, and you can begin using your account when you sign up.

The signup process is easy and convenient. You can sign up through the mobile app available from the Apple Store or Google Play Store.

The biggest drawback of the app is the risk of following advice from strangers about strategy and investing.

Learn more about Public or read our full review.

SoFi Invest

Best Micro-Investing Apps For Millennials In 2021 - SoFiNo account minimum and you can start investing with $1? Sign me up! 

SoFi (social finance) is a financial planning company formed in 2011 and offers various products, including micro-investing. SoFi allows you to trade online through their app when you want and what you want. This micro-investing app is designed for Millennials looking for a lot of perks.

SoFi Invest is perfect for newbies who want to be hands off without sacrificing returns. You’ll still have plenty of options though – if you’re more adventurous and want control, go ahead and customize how your fund performs by adjusting frequency, risk tolerance, investment view, holdings duration, and cash flow strategy. 

With this money-saving feature the only thing that will cost you is an ACAT transfer fee when transferring outside funds into your share class account through an ACH bank-to-bank or wire payment method – seriously easy stuff for any price-sensitive investor out there.

There are no account or asset management fees, and you do not need a minimum account balance to get started.

There are two options for signing up with SoFi Investing:

  1. SoFi Active Investing – Allows you to control what you invest in based on your preferences, including the risk level you are comfortable with. You have access to a community of micro investors like yourself, certified financial planners, and other valuable resources at no cost.
  2. SoFi Automated Investing – This is a more hands-off approach allowing you to use an automated platform to build and manage your portfolio. You receive the same perks offered with SoFi Active without investing time in researching and managing your portfolio.

You can sign up for SoFi Investing using a desktop or their mobile app. You will be asked for basic information. The signup process, including creating your account and scheduling a deposit, takes about 2-5 minutes to complete. It takes 1-2 business days for funds from your deposit to post to your account after your account is approved.

On the downside, SoFi does not offer tax-loss harvesting, and it has a limited track record compared to other micro-investing providers.

Learn more about SoFi Invest or read our full review.

Stockpile

Best Micro-Investing Apps For Millennials In 2021 - StockpileThis is a micro-investing app designed for young beginner investors who need something simple to get started with investing. You can access this app through a web-based browser or a device using iOS or Android operating systems.

Stock options can be complicated, but Stockpile makes it easy. With their fractional shares, you’ll have an easier time growing your investment portfolio and don’t have to worry about commissions.

It’s a great option for kids who want to get started early with their own investing or do so on behalf of others as well. When you’re ready to buy the gift that every investor loves, they offer physical stocks in addition to gift cards plus support from their customer service team if you need any assistance along the way.

There are different ways to fund a Stockpile account, link your bank account, and redeem a gift card. You can connect your checking account to move money in and out of your Stockpile account free of charge or use your debit card for a 1.5% convenience fee. If you use your debit card to fund your account, it is done instantly. Using your checking account takes 3-5 business days.

Gift cards cost $2.99 for the first stock. Additional stocks are $.99 each. Purchasing gift cards with credit or debit have an additional fee of 3% of the gift card’s value. Physical plastic cards cost an additional fee ranging from $4.95 – $7.95, depending on the card’s value.

The cost to trade on Stockpile is $0.99 per buying/selling trade. There are no annual or account management fees associated with the account.

The process for opening a Stockpile micro-investing brokerage account is simple. You create an account by providing basic information, fund your account, and begin choosing from the available stocks and ETFs.

Despite the user-friendly interface and simplicity of this app, there are drawbacks. This includes limited account and investment options and minimal tools available to analyze and research stocks.

Learn more about Stockpile.

Summary of the best micro-investing apps for Millennials

App Minimum to start Unique features
Acorns $0 Family plan includes a checking account, retirement account, and custodial accounts for children
Robinhood $0 Invest in cryptocurrency
Betterment $0 Tax-loss harvesting
Twine $0 Shared savings and investment goals for couples
Stash $0 Get “stock-back” on debit card purchases
Public $0 Follow and engage with others a la social media, only with investments
SoFi Invest $0 Ability to connect with Certified Financial Planners
Stockpile $0 Buy stocks with any dollar amount

How we came up with our list of the best micro-investing apps for Millennials

When we were looking for apps to include on this list, there were a few things we wanted to focus on. Before you decide on an app, you need to compare different brokerages and what they have to offer. That said, we looked at apps that had strong reviews, were easy to navigate, and most of all, had little to no fees, including: 

  • Withdrawal fees.
  • Cancellation fees.
  • Transaction or investment fees.
  • Account opening fees.
  • Monthly or annual fees.
  • Expense ratio fees.

You want to make sure that you know the actual cost of micro-investing apps and how fees are charged. This includes a flat rate or percentage of transactions.

What is a micro-investing app?

Micro-investing is a way to invest without needing a lot of money to get started. These apps are designed to get the younger generation involved with investing and overcome barriers that prevent Millennials from investing. The funds placed in these accounts are used to invest in fractional shares or ETFs.

Depending on the micro-investing app you select, you can link your debit card and have purchases that you make with the card rounded up to the next dollar then deposited into your account. You can also have automatic transfers of a specific amount placed in the account. A few apps will monitor and analyze your spending and earnings and set money aside that can be transferred to your account to purchase micro shares of ETFs or fractional shares of stock.

Why should you use a micro-investing app?

Micro-investing is a new platform when it comes to investing. However, it is gaining popularity among Millennials that don’t have a lot of money to invest. The main feature of this type of platform can invest micro amounts of cash. Other features are considered bonuses.

Here are other benefits of micro-investing:

  • Automated process including rebalancing portfolio and transfers of funds to a portfolio account.
  • Minimal management fees.
  • No minimum requirements to begin investing.
  • Some providers have an option for purchasing fractional shares.
  • Most apps allow you to manage your account from an iOS or Android device.

Why shouldn’t you use a micro-investing app?

If you’re a more advanced investor and you want more control over the individual stocks you invest in, a micro-investing app may not be the right option for you. Micro-investing apps are designed to make investing easy and accessible to newer investors (or investors who don’t want to deal with the hassle). That often comes at the cost of lacking some features more advanced investors would enjoy – like stock charts and the ability to do intense analysis.

Most important features of a micro-investing app

When you’re looking for an excellent micro-investing app, there a few key features you need to be aware of:

Good reviews

The first thing you’ll notice when you download the app is the number of customer reviews and how well the app is rated. It helps to look through what other customers are saying about the app before you decide on one. For example, some apps get buggy with new versions or newer phones.

Clean interface

The last thing you want when you’re trying to simplify your investing experience is a cluttered interface that makes investing confusing. Look at the screenshots of the app. Download it to play around with it. Watch videos of it on YouTube. Get a sense as to whether it will be easy for you to use before deciding.

Little to no cost

Most micro-investing apps make their money in ways that aren’t hitting you. Meaning, they might not pay an interest rate on your balance (and instead take that for themselves), or they might collect interchange fees when you use your debit card. Either way, micro-investing apps shouldn’t cost you an arm and a leg, so be sure to understand the pricing structure before you sign up.

Source: moneyunder30.com

Posted in: Investing, Personal Finance, Saving And Spending Tagged: 2, 2023, About, Account management, ACH, Acorns, active, active investing, actual, Advanced, advice, advisor, affordable, age, All, analysis, android, app, apple, Apps, ARM, asset, assets, ATM, average, balance, Bank, bank account, Banking, basic, before, beginner, Benefits, best, betterment, bonus, bonuses, brokerage, brokerage account, brokerages, build, business, Buy, Buying, cash back, charts, Checking Account, Children, Clean, commission, commissions, companies, company, Convenience, cost, couple, couples, Credit, crypto, cryptocurrencies, cryptocurrency, custom, customer service, Debit Card, deposit, Deposits, design, Digital, earnings, ETFs, exchange traded funds, expense, Expense Ratio, experience, Family, Features, Fees, Finance, Financial Advisor, financial advisors, financial goal, Financial Goals, Financial Planning, Financial Wize, FinancialWize, fractional, Free, freedom, friendly, fun, fund, funds, futures, get started, gift, Gift Cards, goal, goals, good, Google, great, Grow, growth, guide, How To, id, in, index, index funds, Insurance, interest, interest rate, Invest, Investing, investing apps, investment, investment portfolio, investments, Investor, investors, iOS, iPhone, job, kids, LA, Learn, Life, life insurance, list, low, Main, Make, making, manage, market, Media, millennial, millennials, minimal, mobile, Mobile App, money, More, most popular, Move, needs, networking, new, offer, offers, or, Other, parents, password, Personal, personal finance, place, plan, Planning, play, points, Popular, portfolio, portfolios, premium, price, products, project, Purchase, questions, rate, reach, ready, rebalancing, referral bonus, Research, retirement, retirement account, returns, Review, Reviews, rewards, right, risk, robinhood, robo-advisor, Saving, savings, Sell, selling, shares, shopping, Side, simple, simplicity, smart, social, Social Media, sofi, Spending, spouse, stock, stock trading, stocks, Strategies, tax, time, tools, trading, Transaction, trust, tv, under, united, value, will, wire transfers, withdrawal, work, working, young, youtube

Apache is functioning normally

June 1, 2023 by Brett Tams

Austin-based rent reporting fintech Boom announced on Wednesday that it has raised $4.5 million in a seed round to improve user experience, expand its product offerings and market its app to customers. 

The seed round was led by Chicago-based venture capital fund Starting Line, followed by Clocktower Technology Ventures, Company Ventures, Gilgamesh Ventures, and Plaid co-founders William Hockey and Zachary Perret. This latest round of funding follows a $800,000 pre-seed round. 

“We’re gonna do three things with the resources: improve the core product of rent reporting; launch a couple of new products in the pipeline; and go to market, as we haven’t done any consumer and landlord marketing,” Rob Whiting, CEO and co-founder, said in an interview.  

Boom’s app was launched in late 2021 to allow users to build credit using rent payments, which are typically their largest monthly expense. Boom reports the information to the three credit bureaus: Experian, Equifax and TransUnion. 

Subscribers pay $24 a year for the app services, and customers link the app to their bank accounts so that the rent payments will be verified every month. While Boom does not work with users that have “handshake” rent agreements, it can verify whether customers pay rent to a relative, friend or roommate by checking wire transfers and the lease agreement, for example.   

According to the company, users see an average increase of 28 points to their credit scores within two weeks of using the app when making their rent payments accordingly. The company says it’s offering its core product at a price 70% lower than its competitors. 

Boom says it has between 15,000 and 20,000 subscribers and has attracted partnerships with major industry players such as Progressive, Apartment List, and national property management companies.

On-time rent payments have become another piece of the mortgage underwriting process in the U.S. over the last two years. 

In September 2021, Fannie Mae incorporated customers’ rent payments into its underwriting system, known as Desktop Underwriter. Freddie Mac adopted the same initiative in June 2022. 

A study by the Urban Institute found that Black households have the most to gain by including rent payments in mortgage underwriting.

Source: housingwire.com

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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!

Chime has a few features that can help you manage cash flow. First, if you sign up for direct deposit you can receive your paycheck up to two days earlier than you might with a conventional bank.

Second, Chime’s SpotMe program covers overdrafts up to $200 (depending on your qualifications). To take advantage, you must have a monthly direct deposit of at least $200. If your debit card purchase exceeds your overdraft limit, it will be declined, so you won’t ever pay overdraft fees.

Your Chime debit card is linked to a nationwide network of 60,000+ fee-free ATMs. The only fee you might pay is if you withdraw money from an out-of-network ATM or use your debit card to withdraw funds from your account during an over-the-counter debit card purchase.

Chime is an online financial services company, not a bank. It provides $250,000 worth of FDIC insurance per account holder, per account, through Stride Bank and The Bancorp Bank, both members FDIC.

Unlike some neobanks, Chime offers multiple means to reach their customer service representatives. You can reach out on live chat through the app or website 24/7/365.

Best for: Free Overdraft Coverage

Minimum Deposit: None

Monthly Fee: None

2. Bank of America Advantage Plus Banking®

Bank of America offers three Advantage checking accounts:

  • SafeBalance
  • Advantage Plus
  • Advantage Relationship

All three allow you to waive the monthly maintenance fee in a few different ways. Preferred Rewards members, who hold at least $20,000 in a Bank of America account or Merrill investment account enjoy free checking from Bank of America.

Otherwise, to waive the fee for your Advantage Plus checking account, you’ll need a qualifying direct deposit of $250 or more per month, or maintain a $1,500 minimum daily balance.

If you don’t qualify to have fees waived, your Bank of America Advantage Plus account will cost a reasonable $12 per month.

As the “middle-of-the-road” account which would fit the needs of the average customer, we chose Advantage Plus as the best free checking account from the big bank. It is also the most popular of the three.

You’ll want to be aware that your BOA account may have additional fees, including an overdraft fee of $10 for each item paid. You can avoid this fee by linking another eligible Bank of America account to your Advantage Plus checking account to cover overdraft transactions with no transfer fees.

Other Bank of America fees include a $15 replacement fee for a lost debit card, an international transaction fee equal to 3% of the transaction in U.S. dollars, and ATM fees of $2.50 for using an out-of-network ATM. With roughly 16,000 ATMs, nationwide, however, it should be easy to avoid out-of-network ATM fees.

Bank of America offers some features you won’t find at other banks. For instance, you’ll gain access to “Erica,” Bank of America’s virtual financial assistant to easily manage your accounts.

You can also enroll in Bank of America’s Keep The Change program, which allows you to round up debit card purchases and have the extra money deposited into your BOA savings account or your child’s linked BOA account.

Keep the Change is an easy way to sneak some extra savings into your budget. Preferred Rewards members can earn more than 5% interest on money in their linked Bank of American Advantage Savings account.

Best for: Preferred Rewards members

Minimum Deposit to Open: $100

Monthly Fee: $0 or $12

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.

Be aware that to earn that rate, you’ll need to make at least 10 qualifying debit card purchases of $10 or more in each statement cycle. Otherwise, your money will earn just 0.01% APY.

Quontic’s free checking account with no monthly maintenance fees, no overdraft fees, and no minimum account balance is straightforward, FDIC insured, and socially responsible. The online bank is one of fewer than 3% of all banks designated as a Community Development Financial Institution.

That means Quontic uses your money with fiscal responsibility for social good, depositing it into accounts to help serve lower income families, under-served demographics and small business owners obtain affordable mortgages.

But opening an account with Quontic doesn’t just help others. Account holders enjoy a host of benefits. You’ll gain access to online bill pay and a “roundup program” to shuffle extra “change” from your debit card purchases into your linked high yield Quontic savings account with a 4.25% APY.

You’ll also get a Quontic Pay Ring, a wearable that replaces your debit card for point-of-sale purchases.

Enjoy access to 90,000+ fee free ATMs through the AllPoint, MoneyPass, or SUM program ATMs, as well as Citibank ATMs nationwide. You’ll find these ATMs at popular stores like Target, Speedway, Walgreens, CVS, Kroger, Safeway, Winn Dixie, and Circle K.

In addition to its High Interest Checking Account, Quontic offers a Bitcoin Rewards checking, which rewards you in cryptocurrency for debit card purchases, and a Cash Rewards checking account, which pays 1% cash back on all eligible debit card purchases.

Both accounts offer the same features as the High Interest checking account, except you’ll receive rewards instead of interest on your checking balance.

For a higher APY, you can open a Quontic Savings account with no monthly service fee and a high 4.25% APY.

Best for: Socially conscious banking

Minimum Balance to Open: $100

Monthly Fee: None

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.

Your Wealthfront Cash Account offers many of the same features as a traditional or an online bank. You’ll receive a free debit card and can withdraw cash with no ATM fees at a network of 19,000 ATMs nationwide.

Most consumers will choose the Individual Cash Account, with features such as early direct deposit, online bill pay, mobile check deposit through the app, and fraud protection. Wealthfront also offers a joint account, with up to $10 million FDIC insurance, and a Trust Cash account.

Best of all, Wealthfront charges no overdraft fees, no transfer fees from external accounts, and no fees if your account dips below a minimum balance. It requires just $1 to open an account.

If you are interested in retail investing, Wealthfront makes it easy with virtually instant transfers between your Wealthfront Cash Account and linked Wealthfront Investment accounts.

As you build your portfolio, you can take advantage of Wealthfront’s vast array of financial services, including automated investing, stock investments with zero commissions, and tax loss harvesting services.   

As your Wealthfront investment portfolio grows, you can borrow up to 30% of your portfolio’s value at an interest rate as low as 7.40% APR.

For consumers looking for a one-stop shop for investments, fee-free checking, and savings with a high annual percentage yield, Wealthfront represents a solid choice in online financial service companies or neobanks.

Best for: High Annual Percentage Yield APY

Minimum Deposit to Open: $1

Monthly Fee: None

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.

Account holders also earn 0.10% APY on all checking account balances in their Capital One 360 account.

You can open your account online or in a branch. If you want in-person assistance, you can visit a Capital One branch or Capital One Café for help.

Capital One 360 gives you access to your money through more than 70,000 fee free ATMs in the Allpoint, MoneyPass or Capital One networks.  

Capital One 360 has no overdraft fees, but you can decide how you want the bank to handle transactions that exceed your account balance.

You can set it up so that a transaction that would cause an overdraft is declined. Or you can transfer funds from a linked savings or money market account to cover an overdraft.

Alternatively, Capital One may accept certain transactions that put your account into overdraft. You’ll need to deposit money to cover the overdraft or additional transactions will be declined.

Capital One offers direct deposit up to two days sooner than many banks.

Capital One’s robust mobile app allows for bill payments online, mobile check deposits, and Zelle person-to-person transfers. If you want to add cash to your account, you can do it in person at a CVS store. If you have other Capital One accounts or credit cards, you can manage them all through one login.

Your Capital One 360 account has no foreign transaction fees, but keep in mind there may be fees for using out-of-network ATMs, cashier’s checks, outgoing wire transfers, or paper checkbooks.

Best for: Capital One Credit Card customers

Minimum Balance to Open: None

Monthly Fee: None

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.

You’ll just need to pay a one-time, $5 membership fee to the Consumers Cooperative Association. Consumers Credit Union even reimburses this fee after you open your free checking account. Children as young as age 12 can join as the second member on a joint account.

Your Consumers Credit Union Rewards checking account offers many of the same benefits as top rated online banks with no monthly fees and no fees of any kind.

You will even be reimbursed for fees incurred while using out-of-network ATMs. CCU has a network of 30,000+ ATMs nationwide.

Enjoy early direct deposit, mobile banking, and even the ability to write unlimited checks with no fees. Plus, you’ll earn up to 5% APY on your balance, depending on certain actions you take. Here’s how the tiered checking account interest works for balances up to $10,000:

  • Earn 3% APY if you make at least 12 debit card purchases a month and have direct deposits, mobile check deposits, or ACH credits of at least $500 each month
  • Earn 4% APY if you meet the above requirements plus spend $500 or more on your CCU Visa credit card each month
  • Earn 5% APY if you meet the requirements to earn 3% plus make $1,000 or more in purchases on your CCU Visa card monthly

Balances of $10,000.01 to $25,000 earn 0.20% APY and balances over $25,000 earn 0.10% APY.

If you don’t meet the requirements in a given month, you will still have free checking and free online bill payments and you will receive a 0.01% APY on all checking account balances. You also won’t qualify for ATM fee reimbursement.

You can reach Consumers Credit Union customer service online, by phone, or at CCU branches across Illinois. You can also bank at shared branches across the U.S. that are part of the CU Service Center Network, a co-op of credit unions.  

Best for: Those who prefer to bank at a credit union

Minimum Balance to Open: $5

Monthly Fees: None

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.

The Ally Bank free checking account lets you earn interest of 0.25% annual percentage yield APY on all balances.

You’ll pay no monthly service fees, no overdraft fees, and no ATM fees at more than 43,000 Allpoint ATMs nationwide. Ally also reimburses you up to $10 on out-of-network fees charged at other ATMs.

Your Ally checking account makes money management easy. You can put money in specific “spending” buckets allocated for different purchases. This can help you track your spending and stick to your budget. You can also get paid up to two days early with direct deposit.

Many of the best free checking accounts offer overdraft protection. Ally offers two choices to help you avoid overdraft fees. With the Overdraft Transfer Service, you can link your Ally Bank online savings or money market account to your Interest Checking account.

Ally will automatically transfer funds to your checking account to cover your purchase. If you make more than six withdrawals in a statement period, you may be charged “excessive transaction fees,” but Ally Bank reimburses those fees.

The CoverDraft service will cover purchases up to $100 as long as you have deposited at least $100 into your Interest checking account in the past 30 days. You can extend that coverage up to $250 if you receive a qualifying direct deposit of at least $250 for two months in a row.

You’ll need a direct deposit every 45 days to maintain your expanded coverage. You will have 14 days to bring your balance out of the negative.

Best for: Online only banking

Minimum Balance to Open: None

Monthly Fee: None

8. Axos Bank Rewards Checking

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

The Essential Checking online account has no overdraft fees, no monthly account fees, and unlimited reimbursement for out-of-network ATM use within the U.S.

The Rewards Checking has all the benefits of the Essential checking account and adds up to 3.30% APY in interest on qualifying balances.

Now until June 30, 2023, you can earn a sign-up bonus of $100 when you open an Axos Bank Rewards checking account and receive direct deposits totaling $1,500 or more each month for the first three months your account is open.

The Axos Bank Rewards checking account has complicated requirements to qualify for the highest annual percentage yield. Here’s how it works:

Direct deposits of $1,500 per month or more earn 0.40% APY

Once you fulfill that requirement, you’ll need 10 point-of-sale signature transactions with your debit card (minimum $3 purchase) or enrollment in account aggregation/personal finance manager account to earn an additional 0.30% APY.

  • Maintain an average daily balance of $2,500 in an Axos self-directed trading invest account to earn 1%
  • Maintain an average daily balance of $2500 in an Axos Managed Portfolio Invest account to earn another 1%
  • Make a monthly payment to an open Axos Bank consumer loan from your Rewards checking account to earn up to 0.60%

Together, this results in a 3.30% APY.

 A Cashback Checking account offers the same benefits as the other checking accounts, except instead of earning interest you will receive 1% cash back on eligible debit card purchases.

Keep in mind that to earn the full 1% cash back, you’ll need to maintain an average daily balance of $1,500 in your checking account. If the balance falls below $1,500, you’ll earn .50% for that month.

Best for: Sign-up bonus

Minimum opening balance: $50

Monthly fee: None

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.

You will need to set up direct deposit to qualify for the high interest rates and other benefits, such as 2-Day Early Paycheck and no-fee overdraft coverage. But there is no minimum balance required.

Right now, the bank is offering new customers who open a free account up to $250 in cash. To receive your bonus, simply open your account and set up direct deposit. Deposits of $1,000 to $4,999.99 qualify for $50 cash back, while a deposit greater than $5,000 will net you $250.  

There are no account fees when you bank with SoFi. Account holders with qualifying direct deposits receive fee-free overdraft protection for up to $50 per purchase.

You can even keep the money in your SoFi online savings to collect the high annual percentage yield APY of 4.20% and the bank will automatically transfer funds to checking to cover certain purchases. It will not, however, transfer money from Vaults, which are designed to help you reach specific savings goals.

Your SoFi debit card gives you access to your money for free at more than 55,000 ATMs in the AllPoint network. Plus, when you use your debit card for point-of-sale transactions at many local businesses, you can earn 15% cash back.

SoFi is a nationally chartered back with FDIC coverage. Thanks to a partnership with other banks, SoFi’s FDIC insurance exceeds the $250,000 maximum.

Your deposits are insured up to $2 million per account holder, per account, with SoFi. That makes SoFi an excellent choice in online banking for those with high savings, money market, or CD balances.

Best for: Money management and saving

Minimum Opening Balance: None

Monthly Service Fees: None

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.

First, your Varo debit card offers up to 6% cash back at select online retailers and brick-and-mortar stores. Each time your cashback balance reaches $5, you’ll see the funds deposited directly into your Varo bank account.

When you open a Varo checking account, it pays to open Varo savings at the same time. You’ll gain access to features like “Save Your Change,” which allows you to round up debit card purchases and put the difference in savings.

You can also use Save Your Pay, which deposits a portion of every paycheck you receive via ACH transfer directly into savings. You can set up these features in the mobile app.

Varo also offers a cash advance feature called “Varo Advance,” which allows you to borrow up to $250 and pay it back within 30 days.

You’ll pay nothing for advances less than $20, but there are fees up to $15 associated with borrowing larger amounts. As with many other banks, Varo also lets you get paid via direct deposit up to two days early.

Varo makes it easy to deposit cash into your account by purchasing a Green Dot MoneyPak at stores like Walmart, CVS, Rite Aid, Walgreens, 7-11, Dollar General, and others. You can also deposit cash at the register in any of these stores. You might pay a fee of up to $4.95 for this service.

Varo has no minimum balance requirements, no overdraft fee, no monthly fee, no foreign transaction fees, and fee-free access to 55,000+ ATMs in the Allpoint network.

If you use an out-of-network ATM, you will be charged a $3 fee by Varo, plus any charges incurred from the other bank. If you withdraw money using your Varo debit card at the point-of-sale in a store, you’ll pay $2.50 for the convenience.

You can reach Varo customer support via chat on the app every day from 8 AM to 4:30 PM, Mountain Time, except on Thanksgiving, Christmas, and New Year’s Day.

Varo phone support is also available Monday through Friday during the same hours for help logging into your account, filing a dispute if you suspect fraudulent charges, or to receive help adding your Varo card to a digital wallet.

 Best for: Cashback debit

Minimum Opening Balance: None

Monthly Fee: None

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.

That could equal up to $30 in free money every month. You can even choose to have that Cashback Bonus deposited directly into your Discover Online savings account, where it can earn up to 3.90% APY.

Discover has no fees for anything. This includes overdraft protection through your linked Discover savings, no insufficient funds fee, no fee for official bank checks, no fee to receive expedited delivery of a new debit card, and no fees for paper checks. The only service that incurs a fee is an outgoing wire transfer. That will cost $30.

You can use your Discover debit with no fees at any of 60,000+ ATMs nationwide. Like many other financial institutions on this list, Discover allows you to receive ACH deposits from your employer up to two days early through the Discover “Early Pay” program.

Unlike many other online only banks, Discover offers 24/7 U.S.-based customer service by phone at 800-347-7000. If you prefer the convenience and cost savings of an online only bank account but want access to 24/7 phone service, Discover Bank could be the best choice for you.

 Best for: 24/7 customer service by phone

Minimum Opening Balance: None

Monthly Fee: None

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.

Chase Total Checking is the bank’s most popular checking account, requiring no minimum opening deposit, and a low monthly fee of $12 that’s fairly easy to waive. To waive the fee, you’ll need to do one of the following each month:

  • Have at least $500 in direct deposits
  • Maintain a beginning daily balance of $1,500 or more
  • Maintain an average beginning day balance of $5,000 or more in any combination of your Chase checking account plus other qualifying accounts  

Chase offers overdraft protection in the form of its Overdraft Assist program. You won’t pay an overdraft fee if you’re overdrawn by $50 or less at the end of the business day.

If you are overdrawn by more than $50 but bring the account current or bring your overdraft to $50 or less by the next business day, you also won’t pay any fees.

Chase offers access to Zelle for person-to-person payments and has an intuitive and user-friendly app for online and mobile banking.

You can also take advantage of Chase Autosave features to automatically have a portion of deposits transferred into your Chase savings account, or set up automatic transfers on a schedule, such as weekly or monthly.

Set savings goals and have money deposited into specific buckets or transfer funds into your general savings account to build your emergency savings. You can even pause automatic savings if your checking account drops below an amount you set.

Chase Premier Plus Checking offers even more benefits, including free money orders and cashier’s checks, ATM fee reimbursement for out-of-network ATMs four times per statement cycle, and free checks.

Your Chase Premier Plus Checking account earns a 0.01% APY on all account balances, which is the same as a Chase Savings account.

You can avoid the fees on your Chase Premier Plus Checking account if you have an average beginning day balance of $15,000 in any combination of Chase checking, savings, and other deposit accounts.

Another option is if you have a linked qualifying Chase mortgage enrolled in automatic payments, or if you are a member of the U.S. military or a veteran.

When you are a Chase checking customer, you can refer friends to open a Chase account and receive a $50 bonus, up to $500 per year. Like most financial institutions on this list, Chase has a robust and easy to use mobile app.

Best for: 4,700 branches nationwide

Minimum Opening Balance: None

Monthly Fee: $12.95 (for Chase Total Checking) or free if you meet requirements

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.

woman using phone

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

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Apache is functioning normally

May 26, 2023 by Brett Tams

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.


When you are trying to tighten down the hatches on your spending, you are doing everything possible to stick to your budget.

You are determined to stick to your budget this time around. But, you always hear that budgeting can be hard.

Well, here are some quick budgeting tips that will make sure to stick to your budget.

As most new budgeters learn, they struggle to stick to a budget for their monthly expenses. It is a natural process everyone goes through.

Budget, if you are looking for an easy button, then learn which payment type is best if you are trying to stick to a budget.

Especially if you spend a lot of time on social media, studies have shown you are more likely to overspend. So, you must learn which payment type will have you stick to a budget.

Then, you may be wondering and wanting help deciding which payment type is best for you.

Which payment types is best if you are trying to stick to a budget? Do you want to stick to a budget but find it difficult in choosing which of the many options available including budget debit cards? This guide will help you decide among the different types of payments on the market.

The Optimal Solution Payment Type Solution

The most efficient payment type is something that is instantaneous and there are no fees associated with the transaction.

  • Cash is the most efficient payment type: Cash payments are usually the most efficient and convenient way to pay for goods or services.
  • Credit cards can be a less favorable option: Credit cards tend to have high-interest rates and can lead to financial disaster if used irresponsibly.
  • Debit cards are a great way to keep your spending within your budget: Debit cards should be considered a top priority for budgeting because they keep you within your spending limits.
  • Developing a budget will help you avoid financial disaster: A budget helps you stay organized and make informed decisions about which payment method works best for you.

Today, there are so many options on which payment type to use in today’s online world.

1. Cash

Cash is a payment type that can be used to reduce debt spending. It is versatile and can be used for a variety of expenses, such as groceries, medical bills, and gym memberships.

Cash is an excellent choice for people just starting to budget and save.

It is more restrained than credit or debit cards. The envelope method of cash budgeting can be used to train your brain to reduce spending. Cash is the most traditional payment method and has the fewest drawbacks. However, you need a safe place to store your cash, and some stores may not accept it.

Benefits of Cash:

  • Cash is an excellent payment type when your financial goals are to reduce debt spending.
  • Cash is a finite payment method that prevents you from overspending.
  • You have a set amount of money to spend each month, so there’s no chance of overspending.
  • Easy to track with the envelope method: Utilizing the envelope method ensures that you are tracking your spending (i.e groceries, gas, medical bills) and making sure that you aren’t overspending.
  • Cash is a quick and easy way to pay for goods and services.
  • No Fees. No maintenance fees or interest rates as credit cards. Cash is just plain cash – printed paper of currency.
  • You can avoid high fees associated with card transactions: There are no associated fees when paying with cash, making it the cheapest option overall.
  • Cash discounts may be available. Since you are paying with cash many small businesses offer a cash discount of 2-5%.
  • You can use cash at any store: No need to carry around extra cards or checks.
  • It’s easy to get cash: You can easily get cash and make extra cash.
  • There’s no need for bank account details: No need for bank account details means you’re free from identity theft risks and other inconveniences that come with having a bank account.
  • Cash allows you to skirt some financial regulations: Because cash payments don’t fall under the purview of many financial regulations, businesses can take advantage of loopholes in the law that allow them to charge higher interest rates on loans or engage in shady business practices. (highly recommended to stay above book)

Cons of Cash:

  • Possibility of losing or stolen cash: Keep your cash in a safe place!
  • You need a safe place to store your money: Another disadvantage of using cash is that you may need a safe place in which to keep it – some stores don’t accept it as a payment method.

Why Choose Cash?

  • Total control over your money, so there’s little chance of unexpectedly running out of funds.
  • Cash is a great way to stay on budget, as you can easily track your spending and see where you need to cut back.
  • Unpleasant to spend money with cash, which can help train your brain to reduce spending.
  • Cash is a quick and easy way to pay: Using cash eliminates the need for banks, credit cards, or other forms of payment.

Verdict: Paying with cash is the best method for budgeting and saving.

Overall, cash is a great payment type when it comes to budgeting. You can immediately see how much money you’ve spent and what needs to be cut back.

You can’t make impulsive buying decisions with debit cards or credit cards.

With a finite amount you can spend, cash is an excellent choice to prevent overspending. According to research, paying with cash can feel unpleasant, which can train your brain to reduce spending as much as possible.

2. Credit cards

Credit cards offer a number of benefits, including convenience, cash back, and the ability to make large purchases or pay bills in case of emergency. However, credit cards also come with credit card debt and can lead to overspending and financial problems if not used carefully.

For many, credit cards are the easiest way to blow your budget because you don’t have control over how much money you spend.

It is possible to overspend with credit cards if you are not mindful of what you charge.

On the flip side, this is a preferred method as many credit cards also offer rewards programs that give you cash back or points for purchases. If you make the conscious decision to use credit cards, you must make payments on time to avoid penalties.

Benefits of Credit Cards

  • Credit cards are convenient: Convenient to use and don’t have to worry about losing cash.
  • Use a credit card if you are disciplined and have strict spending habits: If you are disciplined and have strict spending habits, then using a credit card can work well for budgeting purposes.
  • Flexibility on larger purchases: Some benefits that come with having a credit card include more cash flow as well as being able to make larger purchases.
  • Credit cards provide support in times of crisis: Many credit cards offer extended services that can help like 24-hour fraud protection, lost wallet services, traveler’s insurance, and many other benefits – check each issuer for details.
  • $0 Liability on Unauthorized charges: Your credit card company will not be held responsible for any charges that were not authorized by you. This means that if you did not authorize a charge in person, online, or otherwise, you will not be responsible for it.
  • Fraud protection: Check your credit card issuer, but many offer fraud protection.
  • New card introductory APR is helpful to pay down debt: The introductory APR for the new card may not last long.
  • Payments on balance transfer should be manageable: Make sure that the payments on your balance transfer are manageable.
  • Points: You can accrue points along with your spending which can be a great perk.
  • Credit card interest rates are significantly lower than payday loans: Interest rates on credit cards are usually much lower than payday loans.
  • Due Date is After your statement closes. Since your bill cycle is at least another 21 days between the closing date for your statement and the due date, it gives you flexibility. Personally, I still account for the credit card bill in the same month that it was accrued.

Cons of Credit Cards

  • Potential for credit card debt: When using a credit card, be aware of your credit limit and the interest rate that you will have to pay on your debt. Also one of the categories of debt.
  • Credit limit often leads people to spend money: The credit limit often leads people to spend money by giving them a false sense of security, when they should stick to a budget and pay attention to their credit card statement and the billing cycle.
  • Credit card overspending can lead to debt: Consider the purchase if it is essential or delay it if possible.
  • Ability to easily purchase something you cannot afford. Buying something that you don’t have the money saved up for will cost you interest fees associated and maybe even with a credit card balance transfer.
  • There are a number of fees associated with a balance transfer: Transfer fee, interest on new purchases charged to the card.
  • Your introductory APR may not be valid if you make too many payments late: If you fall more than 60 days behind on payments your introductory APR might be canceled and you may face higher interest rates.
  • Credit score can suffer from debt: When you carry a credit card balance or don’t pay your monthly bills on time, you will lower your credit score.
  • Avoid carrying a balance: Pay your statement in full each month to avoid paying interest and maximize your grace period.

Key Takeaways on Credit Cards

  • Make sure to pay attention to the dates: Don’t spend more than you can afford, and make sure you’re making your minimum monthly payments on time so that your debt doesn’t increase over time.
  • A credit card can be used for budgeting only if you’re very disciplined: If you know that overspending is NOT an issue and you pay the credit card’s monthly balance in full, then using a credit card is fine.
  • Credit card transactions usually take several days to register in the feedback system: Something to look out for!
  • You can step back into debit cards or cash if needed: If credit cards are not for you, there are other options available such as debit cards or cash

3. Debit cards

Debit cards are a good option if you want to stick to a budget because the predetermined amount of funds can help you stay within your means. Additionally, debit cards are more convenient than cash and just as accepted as credit cards in most places.

A debit card works more similarly to cash than to credit cards.

They provide an easier way to track your spending and avoid having to carry a lot of cash.

Pros of Debit Cards:

  • No Need to Carry Cash: A debit card is better than cash because you don’t have to carry a lot of paper money and change around, and they’re also safer.
  • Debit cards are faster and easier to use: Debit cards work just like credit cards – withdrawing cash, making purchases, and paying bills – but they are linked directly to your bank account, so there is no need to carry around a separate cash envelope wallet or purse for them.
  • A debit card is a good option if you want to stick to a budget: Debit cards come with a predetermined amount of funds that you can spend from your bank account just like cash.
  • Tracking payments is easy with debit cards: Your debit payments will appear on your issuer’s dashboard, which you can monitor anytime from any location.
  • Convenience: Debit cards are more convenient to use and faster than needing to write a check or carry around cash. Plus they don’t add to your debt.
  • Shopping online is easy. You can use your debit card to make online purchases with your bank account, and digital banking tools make tracking your spending easy.
  • Points: Some debit cardholders can earn points for spending on their cards, which can be redeemable for rewards such as cash back or gift cards. This is new to compete with credit cards.
  • Fraud protection is typically offered for free with most debit cards—meaning if your card is stolen or used without your permission, you can get your money back.
  • No impact on your credit report. When you use a debit card, the funds are actually withdrawn from checking or savings accounts so there is no credit reporting occurring.

Cons of Debit Cards:

  • An overdraft on a debit card can happen when a purchase exceeds the amount of money in the checking account, leading to overdraft fees.
  • Funds on hold with fraudulent charges. If your account gets hacked, your losses will be limited since most banks protect their users against fraudulent charges and online purchases with their accounts. However, those funds will be held while they investigate and you may be liable for $50.
  • No chance to improve your credit score. Since you are not borrowing money, you are unable to improve your credit score.

Debit cards are a great way to keep your spending within your budget and avoid overspending which can lead to many detrimental issues.

Regardless of the overdraft fee, debit cards are still better than cash because they’re safer and easier to carry around.

4. Checks

Checks… do people still write checks? Why yes they do!

Checks offer a few benefits as a payment method, even though they are slowly being replaced by more modern options.

This can help you keep track of your spending and make sure you do not overspend. Additionally, if you ever need to dispute a charge, having a check can be helpful in proving what you paid for.

What is a check?

A check is a written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer from the check writer’s account. The date is usually written in month/day/year format. The signature of the check writer is usually on the line below “Pay to the order of.”

There are three main types of checks:

  • A cashier’s check is a check guaranteed by a bank, drawn on the bank’s own funds, and signed by a cashier.
  • A certified check is a personal check for which the bank has verified that there are sufficient funds to cover the payment.
  • A personal check is one that you write yourself and that is not guaranteed by the bank.

Pros of Checks

  • Checks are still a payment option: Checks are one of the traditional payment methods, but it is slowly dying out because of modernization.
  • Physical written record. It can be helpful to have physical copies of checks in addition to digital records through the bank.
  • You need to make both digital and physical copies of the check: Save check stubs but also transfer the information to a budgeting system.

Cons of Checks

  • Saving check stubs is helpful, but you still need to transfer the information to a budgeting system: Useful for tracking spending, but you’ll likely want more detailed records than just check stubs.
  • Not as convenient as credit or debit cards.

5. Apple Pay or Apple Cash

Apple Pay is easy to use and convenient since you only need to connect your smartphone to your cards and bank accounts via the app.

It is easy to use since you just hold your phone up to the reader and wait for the payment screen to appear.

You can even get cash back with apple pay.

Pros of Apple Pay:

  • Apple Pay is easy to use and convenient: You only need to connect your iPhone to your cards and bank accounts via the app.
  • You don’t need to carry any extra cards or cash: No need for additional cards or cash when you’re out and about
  • You can use Apple Pay on different devices: You can use Apple Pay on your iPhone, iPad, and Mac.
  • Transactions are secure: Your transactions are secured with Touch ID or a passcode.
  • Set up Spending Limits for each user. This way you can make sure you (or others with authorized access) are not spending more than you intended. Learn how.
  • Protection of Data during transactions. Your actual credit card number is changed to a different digital number, which allows limits your card number’s exposure.

Cons of Apple Pay:

  • Not widely accepted (yet). This method of payment is 100 percent guaranteed. While many stores offer apple pay, not all do quite yet.
  • The same rules apply if you load apple pay with a debit or credit card drawbacks include late fees, interest rates, and overspending: Keep that in mind when choosing Apple Pay as your payment method.

6. Mobile wallets like Google Pay, Samsung Pay, Venmo, or Zelle

Mobile wallets are digital payment systems that allow you to pay for items with your smartphone. Many people find mobile wallets are very convenient and becoming a traditional method of payment (such as credit cards).

With mobile wallets, you are making digital payments without having to carry around cash or cards using just your smartphone.

Mobile wallets are easy to use and provide instant payment convenience, making them perfect for shopping online.

Pros of Mobile Wallets:

  • Mobile wallets use credit cards and debit cards: Connect your smartphone to your bank accounts and use it for digital payments.
  • Mobile wallets are easy to use and convenient: Instant payment convenience makes them perfect for shopping online as well.
  • No need for cash or cards: No need for cash or cards.
  • Strong secuirity features provide privacy and security features that ensure your personal information is safe from data breaches and unwanted charges.
  • You can make purchases without having to show your identification: You can make purchases without having to show your identification.
  • Additional Layer of Security. Additionally, mobile wallet data is protected with verification, such as fingerprints.

Cons of Mobile Wallets:

  • With Zelle and Venmo, it is easy to send money to the wrong person or add an extra zero and send more money from planned. More often than not, it is difficult to recover your money.
  • You need to be disciplined when using a mobile wallet: Pay attention to late fees and interest rates, as well as the amount you spend in a month.

7. Prepaid Cards or Gift Cards

A prepaid card or a gift card could be right for you. The advantage of these is the mere fact that you reached the limit is enough to deter overspending.

It can make you think twice about whether you need to purchase an item or not.

Pros of Prepaid Cards and Gift Cards

  • Easy to use: Prepaid and gift cards are easy to use and manage your finances with.
  • The mere fact that you reached the limit is enough to deter overspending: It can make you think twice about whether you need to purchase an item or not.
  • No strings attached: No need to worry about any fees associated with the prepaid card once activated.
  • Privacy: The prepaid card does not track your spending or use any personally identifiable information.
  • Credit Score Doesn’t Matter: Your credit score does not matter when obtaining a prepaid card.

Cons of Prepaid Cards or Gift Cards

  • Losing a prepaid card is not a fun experience. Contact the prepaid card issuer right away to protect the funds on the prepaid card.
  • Fraud protection: Consider whether your prepaid card issuer offers any theft or fraud protection, as not all providers offer this feature.
  • Prepaid cards have limits on how much money you can load onto them, which can be frustrating if you need to make a large purchase.

8. PayPal

PayPal is a very convenient way to pay for items online or in person. It is widely accepted and used by many people.

PayPal is a digital payment service that offers convenience and ease of use. You can use them to send money to people or pay for online purchases.

However, because these services can only be used online, they should not be relied on as your sole method of budgeting and tracking expenses. Instead, consider Paypal in combination with another budgeting tool, like a spreadsheet or app, to get a fuller picture of your spending.

Pros of PayPal:

  • PayPal is one of the most popular online payment methods: Widely accepted and used by many people.
  • You can use them to send money to people or pay for online purchases: Help you review your spending prior to purchase.

Cons of Paypal:

  • Easy Target for phishing scams. A phishing scam is when someone tries to trick you into giving them your personal information, like your password or credit card number. They might do this by sending you an email that looks like it’s from PayPal, but it’s not. Or they might create a fake website that looks like PayPal. If you enter your information on these sites, the scammers can then use your account to make purchases or send money to themselves.
  • Reputation for poor customer service. This is evident in their customer service ratings, which are some of the lowest in the industry. The majority of complaints against PayPal revolve around poor service received when asking for assistance with fund freezes and account holds.

9. Cryptocurrency (ie: Bitcoin)

Cryptocurrencies offer a new and innovative way of handling payments. They’re not yet widely accepted, so there’s potential for businesses to get in on the ground floor with this new technology.

However, because cryptocurrencies are so new, it’s uncertain if they will be regulated or not. This could pose a challenge for businesses down the road.

Pros of Crypto

  • Not subject to the same regulations as traditional currency, which makes them appealing to those who want to avoid government intervention.
  • The valuation of Crypto changes rapidly. If you are smart with crtyple this is a great way to spend your crypto coins.

Cons of Crypto

  • Cryptocurrencies are not accepted everywhere: Cryptocurrencies are not accepted by most organizations yet, which it makes it difficult to use them in day-to-day life.
  • It’s unclear if cryptocurrencies will be regulated: It’s uncertain if cryptocurrencies will be strictly regulated or not. This poses a challenge for those who want to use them as a payment method.
  • Bitcoin and other cryptocurrencies are still in their infancy: Bitcoin and other cryptocurrencies have only been around for a few years, so they may still face challenges in the future.

Here are the most popular budget apps today:

Other Payment Methods:

ACH payments

ACH Payments is an excellent way to pay bills and other financial obligations: You can easily set up a billing cycle for recurring payments, making it safe and convenient.

Fewer people are aware of your transactions when using ACH payments, reducing the chances of fraud or theft.

Key Facts:

  • Fewer people know about your transactions when using ACH payments, reducing the chances of fraud or theft.
  • Your checking account information is not shared or accessed by the system in any way.
  • You can quickly pay bills and other expenses with ACH payment: Financial institutions offer this as part of their deals.
  • When setting up recurring bills with ACH payment, you are aying your bills on time is important for maintaining a good credit score.
  • Pay attention to your check account balances: Make sure you have enough funds in your check account to avoid paying overdraft fees.

Money orders

A money order is a document that orders the payment of a specified amount of money. Money orders are convenient because they can be bought at many locations, including post offices, banks, and convenience stores.

To get a money order, you will need to fill out a form with the payee’s name, the amount of the payment, and your contact information. You will then need to purchase the money order with cash or a debit card.

To cash a money order, you will need to take it to a bank or post office. You will need to show identification and sign the back of the money order. The teller will then give you the cash for the payment.

  • More secure than cash: Money orders are more secure than cash because they don’t require a bank to make the transaction.
  • Less convenient: money orders are less convenient because you must purchase them in person.
  • Able to trace. They are also more secure than cash because they can be traced if lost or stolen.

Wire Transfers

Wire transfers are a more secure way to transfer money than traditional methods like checks and cash. These are sent through the banking system and are usually processed within two business days.

Typically, wire transfers are used when sending and receiving large sums of money (over $10000).

  • More secure than cash: Wire transfers are more secure than cash as the bank verifies there is enough money to make the wire transfer.
  • Fees involved with using a wire transfer. Most institutions charge for handling a wire transfer.

What method of payment is best?

Cash is the most widely accepted form of payment, but debit and credit cards are very popular.

The payment method that is best for you depends on which one helps you to stick to your budget and spend less money. The goal is to be financially stable.

What method is best for sticking to a budget?

Picture of a lady determining what method is best for sticking to a budget

There are several different types of budgeting methods that people use in order to manage their finances. Many people focus on using the 50/30/20 method, in which each percent corresponds to a different category of expenses.

There are plenty of budgeting tools available today to make sure you stick to your budget.

You need to find what works best for you. At the end of the month, you want to spend less than you make. That is the winning combo!

1. Budgeting App

There are many budgeting tools available online, which can be helpful as it can be easier to track your progress and budget over time.

You can use various popular budgeting apps like Quicken, Qube Money, or Simplifi.

These apps can help you track your spending, set goals, and stay on track with your budget.

2. Paper and Pen or Simple Spreadsheet

Some people find that they prefer using a simple spreadsheet or paper budget. This may be due to personal preference or because they find it easier to understand and use.

Additionally, using a paper budget may help you stay more organized as you can physically see where your money is going.

Options to get you started include our own budgeting spreadsheets or using an automated system like Tiller.

3. Envelope budgeting method

The cash envelope system is a good way to stick to a budget because it is rigid and based on envelopes and cash. You can’t get more money until your cash payday. So, this system helps you track your spending and budget better.

However, using only cash can have drawbacks as having large amounts of cash on hand can be risky.

The envelope method gives you a sense of control over your spending and makes it more tedious to write down your transactions. If you find writing down your transactions tedious, the envelope method may be too much for you.

4. Know Your Budget Categories and Track expenses

Tracking expenses is essential to move ahead financially: Knowing what you have spent in each category will help you make better financial decisions.

Be specific with your budgeting categories. Don’t make it too complicated. Always remember to include household items, clothing, and groceries when tracking expenses.

5. Prioritize your Budget Plan

A budget can provide a realistic picture of your finances, help reduce stress related to money matters, and guide you toward achieving your goals.

Creating a budget can help ensure that you are able to meet your financial obligations and still have money left over for savings and other goals. A budget can also help you track your spending so that you can make adjustments if necessary.

  • Make a budget plan: This will help you stay on track and make sure that you are spending your money wisely.
  • You decide where to spend money: A budget helps you set future goals and achieve your financial goals.
  • Creating a budget can help reduce stress: If you tend to get stressed about money matters, creating a budget can give you peace of mind.
  • A budget has other benefits beyond financial ones: If you want to achieve something in life, creating a budget can help guide you in the right direction.
  • See where to cut back spending. You can also look at your past spending habits to see where you can cut back. Sometimes it may be necessary to save more in order to achieve long-term goals, like buying a house or having a wedding. Always be mindful of your budget when making payments and spending money.
  • It’s a three-step process that involves basic math: Making a budget is simple and requires only basic math skills.
  • Stay on track: Making a budget plan will help you stay organized and keep track of your expenses.

A budget plan will help you stay on track and make sure that you are using the best payment type for your budget.

Making a budget is an easy way to save money. By following a few simple steps, you can keep track of your expenses and make sure that you are spending your money wisely.

Which type of payment is best for sticking to a budget?

Picture of a calculator and graphs for which type of payment is best for sticking to a budget?

One of the main pros of using cash as a method of payment is that it is the most efficient way to keep track of your finances. This is because it is very easy to budget when you are only dealing with cash.

However, many people prefer debit or credit cards are the best type of payment. They are more convenient than cash and can help you keep track of your spending. However, if you have a bad credit history or a low credit score, credit cards may not be the best option for you.

  • Cash payments are the most efficient: Most convenient and easiest to keep track with cash envelopes.
  • Credit cards allow you to accrue points along with your spending: These are a great benefit and one that can be a perk if handled well as part of your budgeting process. As long as pay them off in full each month to avoid credit card debt, high-interest rates, and other negative consequences.
  • Debit cards are also a good option for sticking to a budget. They can be used like credit cards but with less risk of debt.
  • Cash-based payments are a newer option and are more reliable: May not have as many negative consequences as other payment methods such as credit cards or loans.

What Not to Use when you are Trying to Stick to a Budget

You need to steer clear of these types of payments if you want to be financially stable person.

Personal loans

Personal loans are a risky way to budget. However, if you need the money for an emergency or unexpected expense, a personal loan can be a lifesaver.

There are many risks to consider and other ways to lower your spending before resorting to a personal loan.

  • Loans can cause budgeting problems: Loans can mess up your budget and make it difficult to stick to spending plans.
  • Taking out a personal loan just for the sake of having money can disrupt your budgeting: Consumers often borrow money in order to pretend they’re doing better financially than they really are.
  • Borrowing money is usually not a good idea: When you borrow money, you may find that you cannot handle seeing low checking account balance, which can lead to deeper debt problems.

Payday Loans

Payday loans are a bad option for someone looking for a long-term solution. They are expensive, and there is a high chance that the person will not be able to pay back the loan.

The interest that is charged is also high, and it can add up quickly.

Write bullet points about what happens with a payday loan

  • Payday loans can trap people in a cycle of debt, as they are often unable to pay back the loan in full on the due date.
  • When someone takes out a payday loan, they are borrowing money from a lender in a short amount of time, usually two or three days.
  • Payday loans are often expensive, with interest rates that can be above 300%.

Debt Consolidation Loans

Debt consolidation can be a good way to manage your debt because it can result in a lower monthly payment and extended payments may impact your financial plan. You can use a debt consolidation calculator to estimate how much debt you can afford before taking out a consolidation loan.

Debt consolidation loans also provide convenience because they have lower interest rates than payday loans. However, be careful when consolidating your debt because it is possible to overspend and lose your introductory APR.

  • You may be able to pay off your debt with one monthly payment: A consolidation loan often results in a much lower monthly payment than all of your previous monthly payments combined.
  • Extended payments may impact your financial plan: Take a look at how these extended payments will impact your financial planning.
  • You can estimate how much debt you can comfortably afford: use this tool – Tally .
  • It is possible to overspend with debt consolidation: If you spend more money than you planned on your day-to-day expenses, this could increase your debt. Consider if the purchase is necessary or if it can be delayed.
  • You may lose your introductory APR: If you fall more than 60 days behind on payments, you will likely lose your introductory APR and may even trigger a penalty interest rate.
  • You need to be careful when transferring a balance: Transferring a balance can also forfeit your grace period and you’ll need to pay interest on new purchases charged to the new card.

What type of payment method is best for sticking to a budget?

Picture of a budget worksheet for what type of payment method is best for sticking to a budget.

There are a variety of payment methods available, and each has its own benefits and drawbacks. It’s important to choose the payment method that’s best suited for your business and budget.

A payment method that allows you to stick to a budget is the best option.

FAQs

There are three main types of payment methods: cash, debit cards, credit cards, and cash-based payments.

The envelope budgeting method is a simple way to create a budget. You will need envelopes and divide your money up into the different categories that you spend money on. You will then put the corresponding amount of money into each envelope. This method can be helpful if you have a hard time sticking to a budget.

The zero-based budgeting method is a more methodical way to create a budget. With this method, you track every penny that you earn and spend. This can help you to see where your money is going and make adjustments accordingly.

A debit card is a plastic card that is linked to a checking account. Customers can spend money by drawing on funds they have already deposited. An overdraft on a debit card can lead to overdraft fees, which have high-interest rates.

A credit card is a plastic card that allows customers to borrow money up to a certain limit in order to purchase items or withdraw cash. Using a credit card can help build credit or improve your credit score.

There are a few different ways to use a credit card. You can use it to check your balance and review your spending history, which can be helpful in staying accountable.

Credit cards also offer online tools which make the analysis of your spending easier which can be helpful in tracking your budget.

Finally, you can use a credit card to rebuild your credit score by using it responsibly and paying off the balance in full each month.

Which payment type can help you stick to a budget?

When it comes to choosing a payment type that will help you stick to a budget, there is no one-size-fits-all solution.

The best payment method for you will depend on your specific needs and preferences.

When you are creating a budget, it is important to consider which payment type will help you stay on budget. Different payment types work better for different people, so it is important to experiment and find the one that works best for you.

As I stated for me, I have learned how to use credit cards to maximize cash back. But, I learned how to budget with cash when first starting.

Please pay attention to your budget and how it changes over time, as different payment types may work better at different stages of your life.

Consequently, I hope that this guide has given you a better understanding of the different payment types available and helped you narrow down your options. There are a variety of payment types that can help you stick to a budget, so it’s important to research each one carefully.

I highly recommend using an app to track your expenses and know where you spend your money. By developing a budget and choosing the right payment type, you can stick to your financial goals.

Know someone else that needs this, too? Then, please share!!

Source: moneybliss.org

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Apache is functioning normally

May 25, 2023 by Brett Tams

If you’re shopping for an online bank with a variety of products, no monthly service fees, and interest earning checking accounts, Quontic Bank delivers. Our Quontic review evaluates the variety of checking and savings accounts.

Plus, we will explore the bank’s history, from a brick-and-mortar bank with New York City branch offices to an online only bank serving consumers in all 50 states. Which Quontic products are right for you?

Quontic Bank

Quontic Bank Overview

Quontic originated in 2009 as a local bank in New York City, with a mission to serve underbanked and unbanked populations. In 2015, the U.S. Treasury deemed Quontic a Community Development Financial Institution, an honor held by only 3% of all U.S. banks.

As the only all-digital CDFI bank in the U.S., Quontic provides a variety of mortgage products to members in under-served communities across the country.

Quontic differs from many other fintechs or neobanks in several ways.

  • Originated as a community bank
  • Dedicated to serving under- and unbanked groups as a CDFI member
  • Offers a Bitcoin rewards account
  • Has a virtual location in the metaverse
  • Provides a wearable payment device for digital transactions

If these features pique your attention, continue reading our Quontic Review for all the details. Quontic also receives high marks from across the Web. It was placed on the Forbes Advisor list of Best Online Banks for 2023, and earned a rating of 4.5 stars or higher from top personal finance websites.

Get started with Quontic

on Quontic’s secure website

Quontic Locations and Rewards

Quontic no longer has real-world branch locations. However, it’s one of few banks with a virtual branch in the Decentraland outpost of the metaverse. Users can access the virtual branch without a VR headset, interact with Quontic employees, earn NFTs, explore products, and more – all as an exclusive, custom avatar.

In addition to its virtual presence, Quontic is accessible online or through the mobile app. It no longer has a New York City branch.

Quontic offers its customers rewards on its checking account and Bitcoin rewards checking account. The online bank also offers a high interest checking account of up to 1.1% APY and high interest savings products, as well.

Quontic Bank Savings Overview

Quontic offers three different savings products:

  • High yield savings
  • Money market account
  • Certificates of Deposit

Interest rates are higher than the national average for all savings products, with no monthly fees. All accounts are FDIC insured up to $250,000 per account holder, per account ownership category.

Which of the savings accounts are best for you? Let’s compare.

Quontic Bank Savings Account Review

The Quontic High Yield Savings account currently offers 4.25% APY on all balance tiers. Interest is compounded daily, so your money can grow faster.

You’ll pay no monthly maintenance fees and no overdraft fees should your savings account go into the negative. However, if you make more than 6 transactions per month, you’ll pay a $10 excess transaction fee for each transfer, check, draft, debit, or similar transaction.

The high yield savings account requires a $100 minimum deposit to open the account. You can fund the account from an existing Quontic account, or via ACH from another bank.

Earnings from a Quontic High Yield Savings vs. a Traditional Savings Accounts

A Quontic savings account offers a hefty 4.25% annual percentage yield to customers right now. The average U.S. savings account right now offers just 0.39%. This national average includes rates from high yield savings accounts like Quontic. Traditional banks typically offer much lower interest rates.

For instance, right now, Chase Bank offers just 0.01% APY, with interest compounded monthly. Interest earned on your Quontic account is compounded daily, which means your money can grow even faster.

APY vs. APR

It’s easy to see that 4.25% is a much larger number than 0.01%. But when there’s less of a gap in the interest rate, you’ll want to compare the APY (Annual Percentage Yield) instead of the APR (Annual Percentage Rate).

Two banks with the same APR will have a different Annual Percentage Yield if one compounds interest daily and the other compounds interest monthly.

Quontic Bank CD Accounts

Quontic Bank offers certificates of deposit in a variety of terms, with yields as high as 4.75% APY. As with other Quontic deposit accounts, money held in CDs is FDIC insured.

CD account rates and terms are as follows:

  • 6 months: 3.75% APY
  • 24 months: 4.4% APY
  • 3 years or 5 years: 4.3% APY

CDs require a minimum deposit of $500 to open, which is half of what many other online banks with similar CD interest rates require. Quontic indicates that withdrawals before the CD matures may be subject to penalties.

Compare CD Rates

Let’s compare CD rates between Quontic and other top-rated online banks with certificates of deposit for similar terms.

Capital One 360, the online and mobile banking option from Capital One, offers CDs with terms ranging from 6 months to 60 months, or five years. The 60-month CD has an APY of 4.1%, putting it slightly behind Quontic’s offerings. However, the two banks have comparable 36-month CDs, both with APYs of 4.3%.

CIT Bank, a renowned online bank, caters to a wide range of customers with competitive savings products and a focus on long-term financial growth.

CIT Bank requires a minimum deposit of only $1,000 for CDs, comparable to Quontic. It offers terms from 6 months to 5 years. However, the APY is notably higher than Quontic’s, reaching up to 5.00% for select terms.

Quontic Money Market Account

If you want high interest rates combined with the flexibility to withdraw your money without fees or penalties, consider a Quontic Bank money market account.

This account compares favorably to other money market accounts when it comes to interest rates, offering a higher APY than top-ranked TIAA, Ally Bank, and Discover Bank, all rated as the best money market accounts by Crediful. The Quontic money market account also has a low minimum deposit of just $100. Once you’ve opened the account, there’s no minimum balance requirement.

This account delivers competitive rates with an APY of 4.75%, with no monthly maintenance fees.

The drawback? You are only allowed six transfers or withdrawals per statement cycle. This may feel limiting, but it can help you remain disciplined in your saving and also save you money on excess transaction fees you might experience with a regular Quontic high yield savings account.

Compare Savings Accounts

If you’re looking to earn the highest interest rate at Quontic, have at least $500 to invest, and don’t mind keeping your money tied up for six months or more, consider parking your cash in a Quontic CD.

Otherwise, you can choose between a high APY of 4.25% with a high yield savings account, or 4.75% with a money market account. If you feel you can be disciplined enough to avoid excess transaction fees, a high yield savings account is the clear winner for competitive rates.

Both the money market account and savings account have no monthly fees and a $100 minimum deposit. Both accounts also come with a Quontic debit card that you can use for purchases online and in stores, or to withdraw money at any of 90,000+ surcharge free ATMs across the U.S.

Quontic Bank Checking Accounts Overview

As a digital bank that focuses on underserved communities, Quontic Bank offers checking accounts that require no credit check to open, no monthly fees, and a low minimum opening deposit. If you’re looking for high interest checking accounts or rewards checking accounts, Quontic Bank has three checking accounts to choose from.

  • High interest checking account
  • Bitcoin Rewards checking account
  • Cash Rewards checking account

Which option is best for you? It depends on how often you plan to use your Quontic debit card for purchases and the types of rewards you prefer. We lay out all the details below.

Quontic Bank Cash Rewards Checking Account

Not many banks offer cash rewards checking accounts, especially with no monthly fee. Quontic’s Cash Rewards checking delivers 1% cash back on all qualifying debit card transactions, which include point-of-sale purchases in stores and online.

Earn 1% cash back on all qualifying debit card transactions, paid at the start of your statement cycle. You’ll need just $100 for minimum deposit to open a cash back account.

Quontic Bank High Interest Checking Account

Quontic checking account customers might prefer high interest checking in lieu of cash back rewards. If that sounds like you, look into opening a high interest checking account with no monthly service fee, no overdraft fees, and no insufficient funds fees, either.

You’ll need to make at least 10 qualifying debit card purchases of at least $10 per statement cycle to cash in on the 1.1% Annual Percentage Yield.

While there is no minimum balance requirement, you’ll need at least $100 to open your account.

Quontic Bank Bitcoin Rewards Checking Account

No other banks offer a rewards checking account that pays you back in Bitcoin. For those looking to invest in crypto, the Bitcoin rewards checking account is a solid choice. It pays 1.5% back in Bitcoin on all eligible debit card purchases.

Quontic Bank lists eligible debit card purchases as:

  • Point-of-sale transactions in stores
  • Online purchases

Several types of transactions do not qualify. These include:

  • ATM withdrawals
  • Online bill payments
  • ACH payments
  • Wire transfers
  • Transfers from one account to another

You can sell the Bitcoin you’ve accrued at any time for a 2% fee. Cash will be transferred to your Bitcoin checking account. Like other Quontic Bank checking accounts, your Bitcoin Rewards account has no monthly fees, no overdraft fees, and no fees for insufficient funds notices.

Get started with Quontic

on Quontic’s secure website

Compare Checking Accounts

All three Quontic bank accounts come with a debit card and a Quontic Pay Ring, an innovative way to make contactless payments at the point-of-sale. Your debit card gives you free access to more than 90,000 ATMs across the U.S.

You can set up direct deposit to any of your Quontic bank accounts. But the bank doesn’t seem to offer any capabilities to get paid up to two days early, a feature offered by many other top online banks.

However, if you’re looking for bank accounts with competitive rates, robust online banking capabilities, and no monthly service fees, any of these three accounts can work for you. Keep in mind that the Bitcoin account is not available in Hawaii or North Carolina.

More Banking Products from Quontic

In addition to a wide array of checking and savings products with competitive rates, Quontic Bank offers a variety of mortgages. Quontic loan offices specialize in helping those typically under-served in the mortgage industry, including self-employed home buyers, non-US citizens, first-time buyers, and real estate investors.

Quontic Customer Service

Quontic Bank offers customers three easy ways to get in touch with a customer service representative. There is an integrated chat box in the app and on the website. You can enter your phone number and receive a call from a Quontic representative. Or you can speak with someone directly through your computer.

Bank Experience

Those looking for an exclusively online banking experience won’t be disappointed in Quontic. The website and app are both robust and easy to use. You can open an account online in under three minutes.

The app is available in the Google Play store or Apple’s App store. Quontic’s mobile banking experience gives you a few added capabilities over the desktop experience, enabling you to turn your debit card on or off for security, remote check deposit, and connections to a digital wallet.

How to Open a Quontic Account

You can open a Quontic account online or in the app. Visit the Quontic.com home page and click “Open an account.” You’ll be prompted to choose what kind of bank account you’d like.

You’ll need to fund your account through an ACH transfer from an external account or from an existing Quontic account. Take note of the minimum deposits required for the various account types.

None of the Quontic accounts have a monthly service fee, which can save you money compared to traditional banks.

How to Withdraw Money from an Account with Quontic

You can withdraw money from Quontic checking, savings, and Quontic bank money market accounts with no fees using your debit card at any one of the 90,000+ ATMs in Quontic’s network. That includes ATMs at Citi branch locations. You can also request cash back during debit card purchases at stores that allow it.

Finally, you can use Zelle to send money to another checking or savings account, or you can initiate an external transfer to another bank.

Get started with Quontic

on Quontic’s secure website

FAQs

See what people are asking after reading our Quontic bank review.

Is Quontic Bank FDIC insured?

Yes, Quontic Bank is FDIC insured, protecting account holders for up to $250,000 per account holder for each category of deposit accounts.

Does Quontic Bank have any branches?

As a digital bank only, Quontic no longer has local branches. However, its banking services are available in all 50 states and easily accessible online or through the mobile app.

What do I need to open an account at Quontic Bank?

To open an account at Quontic bank, you’ll need your name, address, email, social security number, and an external bank account or existing Quontic account to fund your new account.

Source: crediful.com

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