APY GUY: Maximize Your Savings & Earnings

Lauren Graves

WebBank Savings Account Review & CD Rates


image credit: webbank.com

WebBank is a small and relatively new industrial bank based out of Salt Lake City, Utah.

You’re probably unfamiliar with the name, but you may have indirectly conducted business with the bank without realizing it. WebBank works behind the scenes serving commercial partners such as Dell, Paypal and LendingClub with working capital, loans and/or branded credit cards.

On the consumer savings sider, WebBank offers a small suite of FDIC-insured deposit products – namely CDs and a savings accounts.

The savings account comes with a mediocre APY at the moment, but has been quite competitive in the past. Their CD rates are comfortably above the national average, but still less competitive than other offers found online.

In our review below we will take a look at the APY, features, and account details of WebBank’s savings products as well as general customer sentiment.

WebBank Savings Account Rate + Account Details

The WebBank savings account is the most competitive product in terms of APY in its suite of savings products. It requires a minimum balance of $1,000.

WebBank Savings Account APY

BalanceAPY
$1,000 +0.40%

To put this offer above in perspective, the national average for a savings account sits a just 0.07% APY currently. That said, there are several online-only banks with better rates.

Interest is compounded daily and credited monthly. You may choose to withdraw this and have it transferred to another account, or you can allow it to default back into this account to compound further.

The online savings account comes with no fees and also no in-person banking options. They have no mobile banking apps to conduct online banking activities and no debit cards or check writing capabilities. It is simply a place to stash cash and have it earn interest.

Web Bank Fee Schedule

TypeFee
Monthly Maintenance$0
Electronic Funds Transfer (ACH)Free
Outgoing Wire$25
Paper Statements$5

You can easily transfer money to or from this account via preauthorized/automatic transactions with an external account. This can be in the form of ACH, internal, or wire transfers and can be initiated through the online banking platform or by calling Customer Support.

WebBank CD Rates + Account Details

At the moment, WebBank’s certificate of deposit products are nothing special compared to competing offers out there, but they do beat the national average quite handily. To put the offers below in perspective the current national average for a 12 month CD sits at roughly 0.28% APY.

CD TermAPY
6 month0.10%
1 year0.25%
2 year0.25%
3 year0.25%
5 year0.25%

The minimum opening deposit for a WebBank CD is on the steep end at $2,500. Many of the other popular online banks set their minimum deposits on CD’s close to $1.

Interest is compounded daily and will be credited automatically back into the certificate account unless you elect to have it paid out instead, and this can be done whenever you choose—one-time, monthly, or periodic. It is all at your discretion.

Early withdrawal fees are charged as follows:

  • pay 3 months’ simple interest when you make an early withdrawal from an account of less than 1 year,
  • pay 6 months’ simple interest when you make an early withdrawal from an account of between 1 and 2 years,
  • pay 9 months’ simple interest when you make an early withdrawal from an account of 3 years, and
  • pay 1 year’s simple interest when you make an early withdrawal from an account of 5 years.

The maturity grace period is 10 days, so do your best to withdraw some or all of your money, change the terms, or renew your account within this time period when your account reaches its maturity date so that you’re not charged early withdrawal fees.

WebBank Banking Experience and Consumer Reviews

One major con of WebBank is its online platform. Your first impression of the WebBank site won’t be good and it likely won’t get better the more you explore. And not only is the website unattractive and dull, it also is not as comprehensive as it should be. There is very little information available on anything and the site is poorly organized. Even just finding the customer service phone number is a chore and, for some reason, account rates are listed in their own separate section rather than on the pages for their respective accounts.

Poorly done though as the website may be, it’s also your only option when you’re a WebBank customer. Don’t plan on managing your WebBank accounts from your phone—there are no WebBank mobile apps on the market. There is also, of course, no in-person banking as WebBank does not have in-person branches.

There are also no ATMs or ATM cards, so make sure you know what you’re signing up for if this will make things inconvenient for you. If technology-based banking feels more tedious to you than traditional banking, then WebBank—or any other fully digital bank—won’t be a good fit.

WebBank’s customer satisfaction is decent with an average user rating of over 3 stars. Out of 634 user reviews on WalletHub, WebBank scored a 3.6. Unfortunately, however, user ratings are often for WebBank’s Fingerhut credit accounts rather than for WebBank’s deposit products, making forming an accurate summary of reviews difficult. 

For those that are confused, Fingerhut is a mail order corporation offering users the option of applying for credit via a Fingerhut Advantage Credit Account issued by WebBank. This online retailer sells just about any product you can think of at discounted prices on top of approving customers for credit that might not otherwise be approved for credit. They also offer a Fingerhut FreshStart Installment Loan. These accounts can help you build your credit and give you access to the shop’s wide range of products.

Simply put, it isn’t exactly clear what the general consensus is on the overall banking experience provided by WebBank. Because many people that have a Fingerhut credit account might have no experience with other WebBank deposit and savings products, it wouldn’t exactly be accurate to count a review for Fingerhut as a review for WebBank. 

But from what has been said about WebBank banking specifically, customers are happy enough with the rates/terms but unhappy with the customer service and accessibility. Many WebBank users are discontent with the customer service they’ve received with this bank and others have said they haven’t been able to receive help at all due to busy phone lines and unavailability of representatives. Users have called the bank “difficult to contact” and the service “very bad” when they are able to get through to a representative. Hopefully, should you bank with WebBank, your experience will be different. 

To contact customer service, you have a few options. One, you can fill out the inquiry form on their website and wait an unspecified amount of time for someone to get back to you. You can also call 1-(844)-994-2265, but this line is only available Monday through Friday from 8 AM to 5 PM Mountain Time. Finally, you can email customer support at customercare@webbank.com or send a letter in the mail to the address: WebBank Attn: Deposit Operations 215 South State Street, Suite 1000 Salt Lake City, Utah 84111.

Final Thoughts

WebBank is probably a lesser-known online-only bank for a reason. The products and service quality you’re going to get when you bank with WebBank is likely going to disappoint and the uncompetitive rates on their accounts just aren’t worth it currently. Sure, WebBank’s accounts come with minimal fees and rates that are technically above average (a common pro of online banks), but the bank doesn’t have an app and its online platform isn’t comprehensive or user-friendly, which pretty much negates the point of an online-only bank.

It would be one thing if WebBank’s savings or CD accounts were far away and the best in terms of rates and/or flexibility, but at the moment they are just not, so there’s almost no reason to choose them over one of countless “other guys” when WebBank is less accessible, their customer service worse, and their overall usability lower than most.

Fidelity Cash Management Review – A Checking/Savings Combo


image credit: fidelity.com

Fidelity Investments Inc. is a multinational investment management corporation offering a wide range of personal and professional investment products and advising options.

This financial services company was established in 1946 and is now the fifth largest asset management firm in the world controlling more than $2 trillion in assets.

Rated the #1 online broker of 2020 by both Barron’s and Investor’s Business Daily, Fidelity is also considered to be an overall sound choice for cash management accounts by review publications and customers alike.

If you’re not familiar, a cash management account is an all-in-one account that combines features of savings accounts, checking accounts and investment accounts in one place, with one institution.

Cash management accounts let you capitalize on convenience and security and this brokerage firm offers one with several notable perks. If you want a cash management account that can do more than the standard checking, savings, or investment account can, here’s what you’ll need to know about the cash management account offered through Fidelity.

What is the Fidelity Cash Management Account

Fidelity Cash Management accounts are brokerage accounts, not bank accounts. This makes managing your finances easier by allowing you to both save and invest under the same roof.

That said, you can also use this much like you would a checking account since it offers:

  1. ATM cash access,
  2. a debit card,
  3. the option for bill pay,
  4. and unlimited check writing capabilities. 

Your uninvested balance earns interest similar to an online savings account or you can choose to park your cash in other low-risk investment options like a money market account or CD.

Now let’s get under the hood and see how these accounts actually work.

Remember these are not deposit accounts nor bank accounts.

In fact, the cash you put in your Fidelity Cash Management account doesn’t actually stay with Fidelity at all (though it can be accessed through Fidelity).

Instead, Fidelity partners with other FDIC-insured banks, called Program Banks, and carries out what is known as “FDIC-Insured Deposit Sweep” or simply “Sweep” (a practice typical of cash management accounts).

Basically, Fidelity moves your money into different interest-bearing deposit accounts with other institutions so that it can leverage their FDIC insurance and maximize your coverage.

Your money will be swept into Program Banks chosen by Fidelity and you will be notified about which have been selected for you when you are presented with your Program Bank List. There are always going to be a minimum of five different banks available for Sweep, but exactly which ones are available to participate depends on demand and other factors. 

This practice of sweeping makes it possible for Fidelity Cash Management accounts to be FDIC insured up to $1.25 million. Most deposit products are only insured up to $250,000, but because your money will be distributed across multiple institutions and insured separately by the FDIC, coverage can extend well beyond this typical maximum. However, the coverage limit per bank is still $250,000, which is why you may have up to five different Program Banks. 

Fidelity will automatically sweep the first $245,000 of your cash management account balance into the first bank on your Program Bank List, reserving $5,000 for accrued interest, then the next $245,000 into your second bank, and so on. Just know that it is your responsibility to make sure that your cash is always within coverage limits at each Program Bank. If you do find that you’ve, for some reason, exceeded FDIC coverage limits or you wish to change one or more of your banks, call Fidelity at 800-931-9987 to update your Program Bank list as needed. 

Remember that you are not a customer with Program Banks but with Fidelity. If you are already a customer with a Program Bank beforehand, keep in mind that your aggregate balance will be used to assess coverage.

You will also need a Fidelity investment account in order to open a Cash Management account.

Fidelity Cash Management Account Rate + Features

Fidelity Cash Management Accounts do not earn much in the way of interest currently, but they have been competitive in the past.

Savings rates in general are shrinking across the board as the FED remains committed to zero rates through 2022.

Fidelity Cash Management Account Rates

BalanceAPY
$0 – $99,999.990.01%
$100,000 +0.01%

To put these offers in perspective, the current national average for a savings account is 0.06% APY and just 0.04% APY for interest-bearing checking accounts.

Interest compounds daily and credits monthly.

You can use this account to invest in Fidelity CDs, mutual funds, fixed-income instruments, or MMAs as well, but the current rates won’t be too enticing.

According to Fidelity, the Fidelity Cash Management account is meant to supplement, not replace, your Fidelity brokerage account, which does not allow for spending but has many more investment options to choose from.

The Fidelity Debit Card, issued by PNC Bank, can be used at any Fidelity ATM or out-of-network ATM worldwide and all ATM charges made from your cash management account will be fully reimbursed. It can also be linked to Apple Pay.

You can use your Cash Management account to enroll in Fidelity BillPay, write as many checks as you want, deposit checks, and make transfers between this and external accounts, and more—all at no cost to you.

Unlike many cash management and money market accounts, the Fidelity Cash Management account does not have monthly maintenance or low balance fees.

Reviews and Customer Sentiment

Overall customer satisfaction is at 4.4 out of 5 stars on the Fidelity site. Customers appreciate how comprehensive Fidelity’s product lineup and website are and the general consensus is that the online banking platform is easy-to-use and does the job.

In terms of the cash management account, the disadvantages are that the product isn’t as competitive as it could be in terms of rates and APY and Fidelity doesn’t have many branches. In addition, there have been reports of transactions into and out of cash management accounts taking longer to go through than what is typical. Some customers have also expressed frustration in getting support from Fidelity.

The Fidelity Cash Management was given a rating of 4.5 stars out of 5 on NerdWallet because it has good ATM coverage, ATM reimbursements, and no monthly fees, but the account is dinged for not earning a better rate of return.

There are less than 200 Fidelity Investor Centers or branches across the country. This limited in-person branch access might not be what you want from a bank, but Fidelity makes up for this in other ways. For one, customer support can be reached 24/7 and the Fidelity app is very highly rated on the App Store—4.8 stars—and Google Play—4.5 stars. Call (800) 343-3548 to reach a representative at any time or day of the week or reach out via the site’s convenient live chat feature. 

Final Thoughts

As far as cash management accounts go, this one is solid but there are better options available elsewhere.

The best parts of this account lean towards the checking account features rather than the savings account features as current rates are grim. Therefore this account isn’t going to grow idle cash to the extent that a strong online savings account could, but it’s great for keeping large sums of money ready to deploy and invest.

Bank of America Checking Account Bonuses $100, $400, $500


Bank of America’s prominent checking account options ^ currently provide cash bonuses for signing up!

Bank of America is known for throwing around cash bonuses to incentivize new account sign-ups. Today, they offer two very noteworthy promotions:

  1. $100 for new checking account customers.
  2. $400, or $500 for existing Bank of America customers who DO NOT currently have a checking account with them. The cash bonus varies from $400 – $500 depending on the amount you set up for a monthly direct deposit. The range is $4,000 (for the $400 bonus) to $10,000 (for the $500 bonus).

In this review, we will first go over the $100 – $500 in bonuses and how to obtain them, then discuss the different types of checking accounts that Bank of America offers.

How to get the $100 Bank Of America checking account bonus

image credit: bankofamerica.com

Valid through June 30, 2020, you don’t want to sleep on this bonus if you’re already planning on joining Bank of America and opening a checking account. 

Here’s what you need to do:

  1. Use this link.
  2. Open one of three Bank of America Advantage checking accounts options (the SafeBalance, Plus, or Relationship),
  3. Set up 2 recurring direct deposits of at least $250 each within 90 days of opening, and
  4. Use offer code PSR100CIS at enrollment.

The three checking accounts have different opening deposit requirements as well as qualifying actions required to waive fees, so please read the terms and conditions on each account to make sure you open the correct account for your situation.

The three Bank of America checking accounts you will be choosing from are as follows:

  1. Bank of America Advantage SafeBalance Banking®
  2. Bank of America Advantage Plus Banking®
  3. Bank of America Advantage Relationship Banking®

We will dive into these three accounts further in this post.

How to get the $400 and $500 Bank Of America checking account bonus

First, as a reminder, this offer is only to Bank of America customers who do not already have a checking account with them.

Second, you will have to receive this offer via direct communication with Bank of America – either via email or digital add.

If you have a credit card, mortgage or auto loan with Bank of America, but conduct checking elsewhere and you’re looking to consolidate accounts under one roof, then you should reach out to them for a link to this offer.

image credit: bankofamerica.com

Here is how to obtain the $400 cash bonus:

  1. Open a Bank of America Advantage Banking account (three options to choose from) by August 31, 2020, and
  2. Set up a qualifying direct deposit totaling $4,000 or more within the first 90 days of opening your account to get the $400 bonus.

The terms will be similar though the dollar amounts may vary based on what they’ve decided to offer you. The latest offer we’ve seen has been for $400 (screenshot provided above), but we know others are only getting a $300 bounty for this.

Can you commit to a larger monthly direct deposit than $4,000? If so, perhaps a $500 cash bonus is in store for you.

image credit: bankofamerica.com

Here is how to obtain the $500 cash bonus:

  1. Open a Bank of America Advantage Banking account (three options to choose from) by August 31, 2020, and
  2. Set up a qualifying direct deposit totaling $10,000 or more within the first 90 days of opening your account to get the $500 bonus.
  3. OR – Make qualifying deposits of $50,000 or more in new money within 30 days of opening your new account and maintain that balance for 90 days.

Keep in mind that all three of these checking accounts eligible for cash bonuses come with monthly maintenance fees ranging from $4.50 up to $25 per month. Don’t worry, these can be waived with qualifying actions, just be sure you can meet these requirements prior to opening an account.

The bonus money and all others will be reported as income as a 1099-MISC.

Bank of America Advantage SafeBalance Banking

The Bank of America Advantage SafeBalance checking account, advertised as the “check-less banking account that helps you stay within your balance,” is good for those that may need help saving and want the accountability of overdraft prevention. A minimum deposit of $25 is required to open this account.

The primary feature here, is that rather than charging you a fee when you overdraw your account, transactions will simply be declined or returned unpaid if you do not have the money available. Because this account doesn’t permit overdrawing, it also doesn’t charge an overdraft fee.

A monthly maintenance fee of $4.95 will be assessed if you do not meet the single criterion for having it waived, which is simply to enroll in the Preferred Rewards program. This is an elite eligibility program offering additional benefits such as interest boosts and fee reductions to clients with an eligible checking account and a 3 month combined average balance of $20,000 or more across all BofA banking and investment accounts.

This fee will also be waived for students enrolled in high school, college, a university, or vocational school that are younger than 24 years old. 

Other fees include to look out for are a $5 paper statement fee, a $15 fee for incoming wire transfers and a $30 fee for outgoing, and a $12 fee for each returned domestic deposit. See the clarity statement for this account for a complete list of fees.

With a SafeBalance Checking account, you will be able to make payments via a debit card, online or mobile transfer (Zelle), or through online/mobile bill payment.

Remember, this basic checking account does not have check-writing capabilities (and if you do try to write a check, it’ll be returned unpaid). There is no fee when you make transactions through a Bank of America ATM, but you will be charged a $2.50 fee for using out-of-network ATMs in the U.S. and $5 for using out-of-network ATMs outside of the U.S.

Keep in mind that though Bank of America won’t charge you for attempting to overdraw this account (because it doesn’t allow overdrafts), third parties might. Set up email or mobile alerts with BofA when your account balance gets low if you’re worried about this.

With this and each checking account to follow, you’ll be able to enroll in fraud protection, make mobile check deposits, and bank digitally online or through the Bank of America mobile app.

Bank of America Advantage Plus Banking

A Bank of America Advantage Plus Banking account is more of a standard checking account option than the SafeBalance account and requires a $100 opening deposit.

It comes with a $12 monthly maintenance fee, but this can be waived in one of three ways:

  1. By linking qualifying direct deposits,
  2. Maintaining the minimum average daily balance requirement of $1,500, or
  3. Enrolling in Preferred Rewards (see above section for details about this program).

If you choose to set up direct deposits into this account, they must be for $250 or more (each).

This account also waives the fee for students under the age of 24.

Unlike the SafeBalance account, you may write checks with the Advantage Plus. Please see the Advantage Plus account clarity statement for more information about check writing.

This checking account does allow overdrafts, unlike the previous option, and you will be charged $35 for each overdraft item. ATM withdrawals will not be permitted when you have an insufficient balance at the time of a transaction.

Overdraft Protection

If you enroll in an Overdraft Protection plan, you can avoid the possibility of withdrawing outside of your means and being charged for it. The 3 Overdraft Protection plan options allow you to withdraw funds from another deposit account, from your credit card, or from your line of credit to prevent you from overdrawing your checking account.

Overdraft Protection from another deposit account will enable BofA to automatically transfer available funds from one of your other accounts when an overdraft is attempted.

Overdraft Protection from your credit card will automatically advance available funds from the linked credit card as long as it is in good standing.

The final option, Overdraft Protection from Your Line of Credit, will automatically advance funds from your linked line of credit as long as this does not cause you to exceed your available credit. Please note that Overdraft Protection transfers incur a fee of $12 each.

Bank of America Advantage Relationship Banking

Finally, there is the Bank of America Advantage Relationship checking account. This option is generally best for higher net worth individuals. This is an interest-bearing checking account that may qualify you for fee waivers on other BofA services, but you’ll need to maintain a high balance of $10,000 to avoid the monthly fee and qualify for the $500 bonus.

Right now, this checking account is currently earning an APY of 0.01% on balances less than $50,000 and 0.02% on balances of $50,000 or more. This rate is not fixed or guaranteed and the minimal interest you earn is credited and compounded monthly.

There is a $25 monthly maintenance fee tied to this account that can be waived by:

  1. Maintaining a combined balance of at least $10,000 or more in eligible linked BofA accounts. Combined balances include average daily balance in BofA checking and savings accounts AND current balances in CDs, IRAs, AND current balances in Merrill investment accounts.
  2. Enrolling in Preferred Rewards (see above section for details about this program).

ATM withdrawals from insufficient funds will not be permitted. The overdraft item fee is $35 as it is with the other two accounts.

You may also choose between a “standard” and “decline all” overdraft setting. The standard setting permits negative balances and charges accordingly and the “decline all” setting declines or returns transactions when you don’t have enough money in your account to pay for them.

This is not the same as Overdraft Protection.

Final Thoughts

Bonus offer aside, these checking accounts are decent and suitable for large segments of the population.

They’re about as flexible overall (with the SafeBalance being the most rigid) as your average checking account from any big bank. Like Chase and Wells Fargo they require average daily balances and will charge monthly maintenance fees if these aren’t met.

That said, if you choose the checking account that makes the most sense for you based on your income, you should be able to avoid these fairly easily.

If you’re still not sold on a checking account with Bank of America, you may want to check out the cash promotions going on at Wells Fargo and Chase Bank to see how they compare.

Chase Checking Account Bonuses: $100 – $600!


image source: chase.com

If you’re a new Chase customer opening a College, Total, or Premier Plus checking account, you qualify for a welcome bonus offer of $100, $200, or even $300, respectively. Yes, up to $300. This offer is valid until July 20, 2020.

While we are going to focus on the Chase Bank checking account bonuses for this article, please note that it is also possible to lock in up to $600 from Chase Bank by doing the following:

  1. Open a new Chase Total Checking account + set up direct deposit
  2. Open a Chase Savings account with $15,000 in new money within 20 days + maintain this avg balance for 90 days.

The savings account only pays an APY of 0.02% and comes with some steep deposit requirements to capture this bonus.

To read more about this opportunity click here.

Now back to the checking account bonuses…

The checking account bonuses that pay up to $300 are far more attainable and don’t require you to lock up funds in a low paying savings account.

There are pros and cons to each of these accounts, so you’ll want to learn more about the options before you decide.

Read more about these offers, account terms, potential fees and how to avoid them.

Chase College Checking account + $100 Sign-Up Bonus

A Chase College Checking account is perfect for students ages 17 to 24 years old.

They’re fairly basic and don’t come with many bells and whistles. They do, however, offer a safe place to stash cash while in school and with great accessibility.

This account does not require a minimum opening deposit to open and a $6 monthly maintenance fee can be waived quite easily.

To open one of these, you’ll need to prove that you’re a student at a college or university with a transcript or acceptance letter. You’ll also need to have a Social Security number (if you don’t, visit a branch to discuss your options). This account can be opened online or in person.

How to waive the $6 monthly fee?

The $6 monthly maintenance fee associated with this account can be waived by doing just one of the following:

  1. prove that you are a college student (for up to 5 years),
  2. set up a direct deposit into this account, or
  3. maintain an average daily balance of at least $5,000.

This account (and all other Chase checking accounts) offer Overdraft Protection through standard overdraft practice.

If you choose to opt into this, you must link your checking account to your Chase savings account. Then Chase will make payments for you from the savings account when you overdraw your checking account. Note that this is done at their discretion and there is no guarantee it will happen every time.

In the event of an overdraft, you will incur a $34 fee. You will also incur a $34 fee every time a check or automatic payment is returned due to insufficient funds.

Chase also offers Debit Card Coverage, which, when activated, will decline transactions—without charging a fee—that would cause your account balance to go negative. Sign up for account alerts when your balance gets low and opt into this Debit Card Coverage if you’d like to avoid declined payments or overdrafts and the fees that come with them.

Other fees associated with this account include:

  • $15 per incoming wire transfer,
  • $25 per outgoing domestic wire transfer,
  • $12 returned check fee,
  • $6 paper statement fee (see this ​deposit account agreement​ for a complete list of fees for all accounts).
  • $2 for each page of printed personal checks. 3 per page.
  • $2.50 charge for out-of-network ATM usage.

How to qualify for the $100 bonus:

$100 for new College Checking Accounts!

To qualify for the $100 bonus, make sure you make 10 qualifying transactions—such as purchases with your debit card, QuickDeposits, online bill payments, etc.—within 60 days of opening the account. Use this link to access the offer.

Chase Total Checking account + $200 Sign-Up Bonus

The Chase Total Checking account is one of the bank’s more popular deposit products. And from now until July 20, 2020 this account features a $200 sign-up bonus for new customers.

How to qualify for the $200 bonus:

$200 for new Chase Total Checking Accounts!

Anyone can open this account with a minimum deposit of just $25. To earn the $200 bonus you will need to set up a direct deposit to this account within 90 days of opening it. This direct deposit must come from an employer, government agency in the form of benefits (social security) or pensions. Person to person payments are not considered direct deposits.

The direct deposit requirement to earn the cash bonus is often the largest ‘catch’ for offers like these. Early this week we covered the $400 Wells Fargo checking account bonus which had similar requirements.

Use this link to access the Chase Total Checking bonus offer.

Fees and how to avoid them:

This account has a $12 monthly service fee that you can avoid by meeting one of the following criteria:

  1. setting up direct deposits totaling $500 or more,
  2. maintaining an average daily balance of at least $1,500 in just this account, or
  3. maintaining an average daily balance of at least $5,000 across all linked deposit and investment accounts.

The insufficient funds and returned item overdraft fees of $34 each apply to all Chase checking accounts, and so does Debit Card Coverage, if you choose to use it. Overdraft protection options are also the same on all accounts.

This is a standard checking account, which doesn’t earn interest.

Chase Premier Plus Checking Account + $300 Bonus

The Chase checking account that will give you the highest signup bonus—$300—is the Premier Plus checking account, which requires a minimum opening deposit of just $25 and comes with many features that the others do not.

How to qualify for the $300 bonus:

$300 for new Chase Premier Plus Checking accounts!

The same direct deposit requirements to earn the bonus on the Chase Total Checking account (mentioned above) also apply to the Chase Premier Checking account.

You’ll need to set up a direct deposit from your employer or government agency (social security benefits, pension payments, etc) within 90 days of opening the account to qualify. Peer to peer payments of any kind do not apply.

Once this direct deposit requirement is met, the $300 bonus will be directly deposited into your account within business 10 days.

Use this link to access the offer.

Fees and how to avoid them:

This account’s high $25 monthly maintenance fee can be avoided by:

  1. either maintaining a combined average daily balance of $15,000 across all linked Chase accounts or
  2. by having a linked qualifying Chase first mortgage that you are paying in automatic installments.
  3. These qualifications must be met every statement period. 

Although this account is technically interest-bearing, the payoffs you’ll get from this feature are next to nothing. Right now, these checking accounts are earning just 0.01% APY across all balance tiers, in every state, so the interest-bearing part doesn’t count for much.

However, the perks on this account go beyond a meager interest rate. If you are the owner of a Chase Premier Plus checking account, you’ll have:

  1. monthly service fees automatically waived on up to 2 other Chase Premier Plus checking accounts,
  2. you’ll get checks and money orders for free,
  3. you can have out-of-network ATMs fees waived up to 4 times per period,
  4. your service fees will be waived on any and all linked Chase savings accounts, and more.

Though not quite the most elite account Chase has to offer (that title belongs to the Sapphire checking account), this one will reward you much more than your average checking account.

About Chase Bank Checking Accounts + Customer Sentiment

The Chase checking account options range from the very basic but less rewarding College checking account, to a benefits-packed Premier Plus account. All three options have their advantages. The majority of customers opt for a Total checking account, but Chase has an account that’ll work for nearly anyone.

Please note that there are even more Chase checking accounts to choose from, but these are the most popular accounts and the ones that most frequently offer signup bonuses.

This bank is very good at meeting its clients’ needs according to review agencies.

According to a study conducted by J.D. Power in 2019, Chase scored 846 on a 1,000 point scale in customer satisfaction and was tied for 2nd in a ranking of banks with the highest overall satisfaction score (the national average is 838).

Per this press release:

“Customers of Chase recognize the bank for providing innovative technology, having the lowest incidence of problems, and high satisfaction associated with credit cards and ATMs.”

As one of the largest and highest-asset banks in the U.S., it should come as no surprise that Chase has thousands of ATM and branch locations across the country. As of June 2020, there are over 16,000 ATMs and almost 4,900 Chase branches.

It’s also worth noting that the Chase mobile banking app is superb. It is easy to navigate and allows you to do anything you may need to do, from account management to getting help with a question. Across the millions of Apple and Android customers that use this app the vast majority are happy with it – scoring a 5 star and 4.5 star rating, respectively. This cannot be overstated, as many banking apps receive lower ratings.

Final Thoughts

Chase Bank offers far-reaching access through their branches and ATM networks, comprehensive online banking and mobile app features, and cold hard cash for new accounts.

Just remember, these three bonus offers are not available to existing Chase customers. But if you are new to Chase and in need of a checking account, you likely find a home with one of these accounts.

Wells Fargo Checking Account Bonus – Now $400 [Nationwide]


image credit: bonusoffer.wf.com/promo400

Yes, you read that right—a $400 checking account bonus available to new customers nationwide!

​Wells Fargo​ routinely proves how much they want your business with excellent welcome offers such as this one. From now until the end of July 2020, Wells Fargo will provide all new checking account customers with $400 after jumping through a few hoops.

We know this is a lucrative checking account bonus and we’re excited to see Wells Fargo offer it. Just be sure this checking account would be right for you even without the bonus before signing up.

How To Get The $400 Checking Bonus From Wells Fargo

The ​Wells Fargo Everyday Checking account​ is Wells Fargo’s most popular account and from now until the end of June you can snag $400 for opening it!

image credit: bonusoffer.wf.com/promo400

Here’s how to earn the $400 bonus (Online and In-Branch):

  1. Open an Everyday checking account using this link OR bring a printed out copy of the bonus code to your nearest branch. You can use the link (above) and click the “open in-branch” tab to have your code emailed to you.
  2. Deposit at least $25 into your new checking account to fund it.
  3. The kicker: You must receive a total of $4,000 or more in qualifying direct deposits to the new checking account within 90 days from account opening (the qualification period).
  4. $400 will then be deposited into your account within 30 days of meeting the above requirements.

The toughest criteria for receiving this cash bonus is likely going to be receiving at least $4,000 in direct deposits. Just remember this can be in the form of salary, ACH transfers from an employer, social security, income from a rental property, side-hustle or small business, etc.

Finally, you must have a positive balance for this entire period in the account (and it goes without saying, but the account must not be closed for any reason).

If you do not meet these offer requirements within 90 days of opening your account, you will not receive the bonus. But if you ​do​ follow these steps, the bonus will be automatically deposited into your checking account within 30 days. Please keep in mind that this bonus will be considered taxable income.

Certain groups of people will not be eligible for this offer, including current owners of Wells Fargo consumer checking accounts, Wells Fargo employees, and any individuals that have received a Wells Fargo bonus offer on a new consumer checking account within the past year. So you don’t technically have to be a new Wells Fargo customer, but you can’t already have a checking account with them.

Locations That Qualify For The $400 Checking Account Bonus

When Wells Fargo first rolled out this lucrative promotion in the beginning of 2020 it was exclusively available to residents of Orlando, Florida and Phoenix, Arizona.

Now, it’s available nationwide. Simply apply online or visit the Wells Fargo branch location nearest to you and open an account with the printed out code.

How to Avoid Fees with the Wells Fargo Everyday Checking Account

As with many checking accounts offered by large, national banks, you will have to meet a few requirements to avoid a monthly maintenance fee.

The Wells Fargo Everyday checking account will charge you a monthly service fee of $10, but this can be avoided in a few different ways.

  1. First, if you are between the ages of 17 and 24, this maintenance fee will be automatically waived for you.
  2. If you are older than this, you can avoid the monthly fee by maintaining an average daily balance of at least $1,500.
  3. You may also avoid the fee by setting up direct deposits totaling $500 or more into this account.
  4. Lastly, you can avoid the fee by making 10 or more transactions with a linked debit card per statement period (not including ATM transactions or ACH transactions via account and routing number).

Some other account fees cannot be avoided, but you should still know about them.

You’ll be charged $12.50 per overdraft transfer (when you’re enrolled in overdraft protection), $35 per overdraft or returned item, $2.50 per transaction using an out-of-network ATM in the U.S., and $5 per transaction using an out-of-network ATM outside of the U.S. Withdrawals from Wells Fargo ATMs are, of course, free.

Wells Fargo Checking Account Features & Perks

By and large, this checking account is basically your standard checking account. However, it does boast a few features and perks that help to make it more attractive.

One of the most advertised features is the Debit Card On or Off feature. This is unique to Wells Fargo and is a good safety measure that could save your account balance in the event of card theft or loss.

Simply turn off a card temporarily that you’ve had stolen or misplaced without canceling it, and your balance will be protected until you turn it back on.

With an Everyday Checking account, you’ll have access to the usual—but still nice—features available through this bank such as:

  1. Online and mobile bill pay and transfers.
  2. 24/7 customer service.
  3. Over 13,000 Wells Fargo ATMs.
  4. Debit Card Overdraft Services (customer must opt-in). Details below.
  5. Overdraft Rewind. Details below.
  6. Card-free ATM access. Allows you a one-time ATM code for use at a Wells Fargo ATM right from the bank’s mobile app.
  7. Text banking. Access your account balance, transactions, due dates, and more via text message.

If you add Debit Card Overdraft services to your account, your debit card transactions could be approved and put into overdraft (at the discretion of Wells Fargo), rather than just having them automatically declined when you can’t pay for them based on your balance.

You will incur a fee of $35 for every overdraft applied, but this will be waived if you can get the money to pay for the transaction into your account on the same business day.

Overdraft Rewind, a much less common practice, is a free account feature that will allow you to dodge an overdraft fee if your account receives a direct deposit covering the full amount of the transaction that went into overdraft by the next day. You might not take advantage of this all the time, but it could come in handy once in a while.

Final Thoughts

This is a very solid checking account bonus by Wells Fargo.

The Everyday checking account that the bonus is applied to is quite versatile and can be beneficial to a wide array of customers.

The $400 bounty for becoming a new checking account customer is also on the high end for bonuses of these types, that generally stay in the $100 – $200 range.

Just keep in mind, the $4k in direct deposits you’ll need to set-up to qualify for the bonus isn’t an easy ask for everyone.

Also, in the longer run, if you see yourself having trouble avoiding the monthly fees this could eat away at the cash bonus over time, so be sure you can meet these requirements comfortably.