Lauren Graves

Pen Air FCU CD Rates – Now up to 5.02% APY!

Written by: Lauren Graves
Published December 20, 2022

Did you know Pen Air Federal Credit Union’s HQ is getting a makeover? Above is the new rendering.

Pen Air Federal Credit Union is a rather tiny credit union based out of Pensacola, Florida featuring some extraordinary CD rates. They’re just the 15th largest credit union in Florida by asset size and not even within the top 200 of US credit unions nationwide. They have 15 locations across Northwest Florida and Southeast Alabama, but membership and their suite of savings products can be opened online by nearly any US resident.

Pen Air Federal Credit Union was founded in 1936 in Pensacola, Florida to serve civil service employees and military families. They’ve since teamed up with the Friends of the Navy-Marine Corps Relief Society to offer membership to anyone in the country by joining this organization and making a $3 donation (minimum).

Pen Air has earned top ratings from financial rating agency Bauer Financial for more than 25 years. They are a nonprofit, member-owned institution, that supports the efforts of the Navy-Marine Corps Relief Society.

Pen Air Federal Credit Union CD Rates + Account Details

All of the products listed below are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000.

The minimum deposit requirement is $500 on every CD Pen Air sells except for their 3 month CD. This term, for whatever reason, currently requires a $1,500 minimum deposit to open currently.

CD Rates

CD Term	APY
3 month	1.00%
6 month	1.35%
12 month	2.45%
15 month (Add-On)	4.00%
18 month	5.02%
24 month	2.65%
36 month	2.70%
48 month	2.75%
60 month	2.85%
*28 month	4.00%
**54 month	4.00%

APY = Annual Percentage Yield

*The 28 month CD is available for a limited time and may be discontinued at any time. This product renews into a 24 month CD if nothing is done during the grace period.

**The 54 month CD is also a promotional deposit available for a limited time. This product renews into a 48 month CD if nothing is done during the grace period.

The 15 month “Add-On CD” allows you to add any additional deposit amounts you’d like to the account and earn the same APY on the entire sum throughout the duration of the product.

To put these offers in perspective the current national average for a 12 month and 60 month CD sit at just 1.07% and 1.09% APY, respectively, according to FDIC data.

Compounding and Crediting Interest

Interest on Pen Air CDs are both paid and compounded monthly.

Grace Period and Early Withdrawal Fees

Pen Air will send you a notification when your CD is close to maturity. Upon your CD’s maturity you will have a 7 calendar day grace period in which you are allowed to modify or close out your CD. If nothing is done during this 7 day period your CD will automatically renew with the same term and the going APY at that time.

If you need access to your funds prior to maturity, you’ll face an early withdrawal fee of 90 days interest for deposit terms less than 12 months and 180 days interest for terms greater than 12 months.

Money Market Rates & Account Details

You won’t earn the same APY as you do with CDs on Pen Air Federal Credit Union’s money market account but you will get more flexibility and easier access to your money.

Pen Air Federal Credit Union offers free checks, but with limited check writing capabilities. Currently just 3 checks are allowed per month with these accounts. Also, due to federal regulation D, customers are only allowed up to 6 withdrawals from your money market account per month. After that you’ll be paying $29 per additional withdrawal or the transaction could simply be denied by Pen Air.

There is also no ATM access available with these accounts.

Money Market Rates

Balance	APY
$0 – $2,499.00	0%
$2,500 – 24,999.99	0.35%
$25k – $74,999	1.00%
$75k – 199,999.99	1.25%
$200,000+	2.00%

APY = Annual Percentage Yield

Pen Air Credit Union’s money market rates still sit above the national average by quite a bit. To give these APYs some context, the current national average for a money market account hovers around 0.38% APY.

Other Savings Accounts Offered by Pen Air Federal Credit Union

Before you join Pen Air Federal Credit Union all new members must first buy a share of the credit union for $25. This $25 is then automatically placed in a Pen Air savings account. Therefore all Pen Air Federal Credit Union’s members have a savings account as soon as they join. Of course, this account can be added to. Below are the savings rates and tiers associated with the savings account.

Account Balance	APY
$25-$4,999.99	0.10%
$5,000-$24,999.99	0.10%
$25,000-$74,999.99	0.29%
$75,000 and over	0.29%

APY = Annual Percentage Yield

Dividends on your savings are compounded daily and paid out quarterly.

Lastly, they have a novel savings product designed to help savers get a boost during the holiday season called the Christmas Club savings account. While I suspect this account was more promising and lucrative in the past, today it comes with an APY of just 0.299%.

This account can be funded with a minimum deposit requirement of just $25. You can add funds at any time before November when the balance is then transferred into a savings account.

About Pen Air Federal Credit Union + Eligibility

Pen Air has 15 locations in the states of Florida and Alabama. Use this tool to find addresses and toggle for branches, surcharge-free ATMs, deposit-taking ATMs, or co-op shared branches to refine your search. Cities with Pen Air Fed locations in Florida include (but are not limited to) Pensacola, Pace, and Milton and cities with locations in Alabama include Foley, Robertsdale, and Spanish Fort.

Pen Air also participates in Shared Branching with other credit unions in their network. This gives members the option of visiting thousands of bank and ATM locations across the U.S. to carry out their Pen Air Fed banking at minimal or no cost to the member. Just search bank and ATM locations (using the tool cited above) and select “co-op shared branches” to find the location nearest to you.

As mentioned, to become a member and stay a member, you must purchase and keep a single Pen Air Federal Credit Union share for $25. You will be charged a $15 monthly inactive account fee if there is no monetary activity for 12 months on a share or share draft account. Joining or opening an account can be done online or at a Florida/Alabama branch.

Anyone is eligible to join Pen Air Federal Credit Union by simply donating to the Navy-Marine Corps Relief Society. With a one-time donation of just $3 to the Navy-Marine Corps Relief Society—a 501(c)3 organization that provides assistance to retired and active Sailors and Marines—any U.S. citizen with a valid Social Security number can become a member.

There are other ways to join as well without donating to the organization mentioned above.

Those that meet one or more of the following criteria qualify to become a member of the Pen Air Federal Credit Union:

active duty or retired military,
civil service employee,
member/employee of one of 1,200 partnering select employer groups,
or an immediate family or household member of someone that meets the previous three requirements.

Vio Bank CD Rates – Now up to 3.60% APY!

Written by: Lauren Graves
Published December 15, 2022

Back in the summer of 2018 when CDs and savings rates were starting to pick up steam, many of the big national banks hopped on a growing trend – creating online-only banking divisions that specialize in amazing high yield savings accounts and CDs.

This is exactly what happened when MidFirst Bank, one of the five largest privately held banks in the country, launched Vio Bank in August of 2018.

Vio Bank came out of the gates with a bang – offering one of the top APY (annual percentage yields) for an online savings account anywhere in the country.

Today in 2022, as the interest rate landscape heads back upward, Vio Bank still has some respectable yields for savers but are not among the rate leaders like the once were.

Vio Bank offers 10 certificates of deposit with terms ranging from 6 months to 5 years. These are fixed rate deposit accounts.

They also offer a money market account, called “Cornerstone Money Market Account,” and a high yield savings account. These are variable rate deposit accounts that can change at any time and without notice.

Vio Bank is member FDIC and all deposit accounts are federally insured up to the applicable limits.

To see if these products are right for you, continue reading our review below.

Vio Bank’s CD Rates + Account Details

Vio Bank’s CD rates have risen along with the savings rate environment in general in 2022. All of their CD rates beat the national average for each respective term by a significant margin.

That said, they still lag some of the top CD rates offered by other online, FDIC-insured banks and nationally available credit unions.

Vio Bank’s CDs come with standard terms ranging from 6 months to 10 years.

Like the online savings account, your interest is compounded daily and paid out monthly.

The minimum deposit requirement for a Vio Bank CD is $500.

CD Rates

CD Term	APY
6 month	2.00%
9 month	3.00%
12 month	3.50%
18 month	3.60%
24 month	3.50%
36 month	3.50%
48 month	2.75%
60 month	2.75%
84 month	2.75%
120 month	2.75%

To put the yields above in perspective, the current national average on a 12 month CD and a 60 month CD sit at 0.90% APY and 0.98% APY, respectively, according to FDIC data.

Early withdrawal penalties apply for all Vio Bank CDs.

Early Withdrawal Penalties

The penalties vary depending on the length of the deposit term. For 12 month CDs, the penalty is 1 percent of the amount withdrawn, plus a $25 fee.

For CDs with terms longer than 1 year the penalty is 3 percent of the amount withdrawn plus a $25 fee.

Cornerstone Money Market Account

The Vio Bank Cornerstone Money Market Account can be opened online with as little as $100. It also has no balance requirements moving forward once it is opened.

Cornerstone Money Market Rate

Minimum Deposit	APY
$100	4.01%

To give the Cornerstone Money Market yield some context, the national average sits at just 0.29% APY while the very best variable rate accounts (online savings, money market, etc.) are just now inching above the 4.00% mark – and there aren’t many.

Online Savings Account Rate + Details

The high yield online savings account by Vio Bank can be opened with just $100 and has no monthly balance requirements after opening.

Minimum Deposit	APY
$100	1.10%

To put this yield into perspective, the current national average sits at just 0.24% APY nationwide.

More account details:

Interest is compounded daily and paid out monthly
6 free withdrawals per monthly statement cycle. A $10 withdrawal fee applies after 6.
No monthly fees.

Please note – if you plan on making more than 6 withdrawals per statement cycle you may want to consider using a different account. Not only will a $10 fee be imposed on withdrawals after 6 in any monthly statement cycle but Vio Bank states they could shut down your account if withdrawals become too abundant.

ACH transfers initiated through the Vio Bank External Transfer Service may not exceed $25,000 (or 5 separate transfers) per day or $100,000 (999 separate transfers) per month. Incoming or outgoing transfers initiated by a third party transfer service are not limited though, which will allow you to get around these restrictions if needed.

Fee Schedule

Like many online savings accounts Vio Bank has no maintenance fees. That said, you still may have to pay for certain items and/or services. Here is their complete fee schedule:

Type	Fee
Monthly Maintenance	$0
Dormant Account (inactive for 12 consecutive months)	$5/month
Electronic Statements	$0
Withdrawals	6 free per month, then $10/each
Wire Transfers (domestic outgoing)	$18
Wire Transfers (domestic incoming)	$10
Wire Transfers (international outgoing)	not listed
Wire Transfers (international incoming)	$0
Stop Payment	$30
Returned Item	$7
Verification of Deposit	$15
Paper Statements	$5/month
Additional Statements	$2 each
Copies	$1 each
Research Requests	$40/hour

If you’re looking to lock in a rate and not worry about a future drop, then you may want to consider one of Vio Bank’s certificates of deposit.

Banking Experience + Consumer Sentiment

As an online-only bank, Vio Bank does not have any branches or ATM networks. In fact, you won’t even get an ATM card with any VIO bank accounts nor any check writing capabilities.

There are very few Vio Bank account features to write home about (if any). Customers have no access to any budgeting tools or peer to peer transfers.

Accessing money or moving it around will be difficult with Vio Bank unless you’re comfortable with ACH or wire transfers.

Vio Bank has apps for both IOS (Apple Store) and Android (Google Play) phones that have received mixed reviews. Their IOS app has a 4.4 star rating out of 5, while their Android app receives just a 3 star rating out of 5.

The apps allow Vio Bank account holders to do the following:

Check account balances anytime
Search recent transactions by date, amount or check number
Transfer cash between accounts
Deposit checks while on the go

Bank review websites and bloggers love Vio Bank, but reviews and experiences provided by users tell a different story. On DepositAccounts, Vio Bank has 2 stars. So though this bank looks good on paper (especially for its high-yield savings account), it does not meet expectations in the eyes of real people with accounts.

In a nutshell, here is what some of these people have to say:

Look out for contradictory information provided by Vio’s website and representatives as well as cumbersome application hurdles and poor service issues named by many users. Many individuals seem to doubt the bank’s trustworthiness based on support interactions and insufficient explanations. Even more have been turned away or had their accounts closed soon after opening for no apparent reason. Definitely don’t ignore these alarm bells but know that every person’s experience is going to look different and that Vio Bank might improve its customer care, policies, and practices over time.

User reviews for MidFirst Bank, the parent company of Vio Bank, are similarly poor with an overall rating of 2.5 stars on Yelp. There are also 20 complaints left against this company with the Better Business Bureau, but nothing in 2022.

Axos Bank First Checking Account Review – How it Compares

Written by: Lauren Graves
Published December 5, 2022

Axos Bank hit the scene in 2000 as an online-only institution before digital banks were as ubiquitous as their brick-and-mortar counterparts. Now, this financial services company has become one of the most well-known digital banks out there with a full suite of products ranging from investment to deposit accounts. Forbes went so far as to name Axos “One of America’s Best Banks” in 2020.

The Axos Bank First Checking account in particular has been getting a lot of buzz around the personal finance world as one of few kid-friendly deposit accounts that earn interest. Plus, this product ticks many boxes for parents who want to teach their kids money management skills. Let’s dig into the specifics so you can get a better idea of whether the Axos Bank Teen Checking account is a good fit for you.

Who’s It For

Target age: 13 – 17-year-olds (users up to 18 years old qualify in the state of Alabama).

Good candidate: Teens who want to earn interest.

This is a joint bank account shared by a parent or guardian and their child. Teen users are restricted in terms of what they can and can’t do with the account by Axos and by their parents. This product is ideal for teens who have a bit of money to save.

Features and Benefits

This bank account could be well-suited to both those new to money management and teens with a bit of experience managing their own finances.

For Kids

As account co-owners of an Axos First Checking account, teens can earn money for themselves and experience relative spending freedom. When a teen turns 18 and is no longer eligible to have a First Checking account, they can switch their account over to one of four other free checking accounts with Axos. These include Rewards Checking, Essential Checking, CashBack Checking, and Golden Checking.

Note that a minimum deposit of $50 is required to open an account but there are no minimum monthly balance requirements.

💰 Earn: Teens can earn money through interest payments (although the current APY sits at just 0.10%). The more they save, the more they earn.

This is not a chores-and-allowance-based platform, so teens can not earn more cash by doing chores and checking them off for their parents to review. They will not receive recurring transfers into their account either as this is a joint account shared by parent and child.

Teens earning paychecks can link direct deposits to transfer money into their account. Cash deposits are permitted once an account has been opened and the initial deposit of $50 has been processed and can be made at participating ATMs across the country. Cash deposits can also be made at Green Dot retailers including Walgreens, Walmart, and 7-Eleven. This may cost up to $4.95 per deposit, a fee charged by retailers and not by Axos, and funds may be available as soon as 10 minutes after a transaction has been made.

Teens are NOT eligible to make referrals to earn money, but parents are.

💸 Spend: Every Axos First Checking account comes with a free debit card. Teens can use their debit cards to make ATM withdrawals and are eligible to have up to $12 in third-party domestic fees reimbursed each month. The maximum amount of cash they can withdraw per day is $100. There are approximately 91,000 ATMs in Axos’ network. Teens can use this ATM locator to find in-network machines and, if they use out-of-network machines, will receive reimbursements monthly.

This debit card can be used almost anywhere Visa is accepted, including internationally (some merchants are restricted for minor safety). Point-of-sale transactions are limited to $500 per day.

Teen users cannot write checks but they can deposit checks from their mobile device through the app. They may also transfer money to other people via peer-to-peer transfers through the app. There is no cost associated with doing this.

Overdrafting an account is not permitted and there are no non-sufficient funds fees. Axos will automatically decline any transactions that would cause an account to have a negative balance at no cost to the user. Users do not need to opt into overdraft protection.

💰 Save: This is, of course, an interest-earning checking account, but the current APY is nothing to write home about. As it stands now, all accounts regardless of their balance earn 0.10% APY. Normally, higher balance tiers are more rewarding than lower ones, but Axos isn’t as competitive as it has been in the past.

There is no minimum balance required to earn interest—even accounts with a 0% balance qualify.

The Axos First Checking account does not include such savings features as parent-paid bonuses, parent- or bank-paid balance matching, or the ability to create savings goals. All money is kept in one place and cannot be moved to buckets designated for different spending or saving purposes. Whatever money a user has in their account can be spent with their debit card and is eligible to accrue interest.

For Parents

Parents can fund their main Axos account via ACH bank transfer, direct deposit transfer, or credit or debit card transaction. Cash deposits are not permitted when funding an account, but they can be made after an account is set up via ATMs and retailers in the Green Dot network.

To stay in the loop about when and where their kids are spending money, parents can enable account alerts to receive real-time push notifications, emails, or text messages whenever their child uses their card to make a purchase or transfers money from their account. Parents can also switch cards on and off as needed from their dashboard.

Transaction and withdrawal limits are automatically set by Axos Bank and cannot be toggled by a parent. Parents are also not permitted to restrict certain merchants or set additional spending limits.

Axos also offers a Bill Pay feature that parents can use to schedule payments from their main account. Many parents take this opportunity to hold their child responsible for expenses such as cell phone bills and new clothes.

Parents can earn money through referrals. For every friend they invite that qualifies to open an account of their own with Axos (and funds the account with at least $500 in direct deposit transfers), a user and their friend will each receive $20 into their account. Referrals can only be made to new users who have never had an Axos account before and friends must use a personal referral link for them to qualify for the bonus. There is no limit to how many referrals a user can make.

Cost and Fees

💸 Fees:

$0 for monthly maintenance,
$0 for overdraft,
$0 for non-sufficient funds,
$0 for low balance,
$0 for incoming wire transfers,
$0 for first debit card and replacements,
$5 for paper account statement,
$0 for domestic ATM withdrawals,
1% foreign currency conversion,
$0 for transfers

This is about as close to a free account as they come. As long as you don’t request paper statements (digital statements are free of charge) and you don’t make international purchases, you can avoid fees entirely.

Benefits of Axos Over Competitors

One of the things that Axos has over its competitors is that it is truly a free account. Most other deposit accounts and debit cards we’ve reviewed have fees that sneak up on you for things like transfers and non-sufficient funds, but this isn’t a problem with this product. Axos even reimburses customers for up to $12 in out-of-network ATM fees each month.

And of course, many of Axos’ competitors do not pay interest. Even when offering just 0.10% APY, that is an automatic point for the First Checking account.

Axos also offers 24/7 customer service, which not many institutions do.

Potential Drawbacks

Axos does not offer many educational resources to its First Checking account holders. It would be great if the app featured a library of free posts, at the very least. With some accounts going so far as to incentivize financial literacy quizzes, it’s disappointing to see that Axos isn’t doing much to help young users learn.

This account could also have more savings features. Users should be able to designate money for saving, create goals, and see their progress, as many platforms would allow them to do. The lack of such features, especially when this product seems to position itself as saving-friendly by paying interest, is definitely a letdown.

This account also enforces low spending and transfer limits on all users and these limits can’t be adjusted by parents. Users are only permitted to withdraw $100 cash per day, one of the lower daily withdrawal limits we’ve come across. Cash access could be a lot better.

Consumer Sentiment

Consumers who feel positively about their experience banking with Axos claim that the app and platform are intuitive and that customer service representatives are pleasant and knowledgeable.

Long wait times are a common theme in complaints from Axos customers. This applies to both waiting for customer service to respond to an inquiry or resolve a dispute and waiting for transfers and deposits to process. Some users have even had to wait several weeks just for account registration to finish pending.

App ratings are pretty solid. The Axos Bank app has a rating of 4.7 out of 5 stars in the App Store and 4.5 out of 5 stars on Google Play. Though this app is used by all Axos customers and not specifically designed for use by kids and teens, it is easy to navigate.

Call the Personal Banking line for help with your First Checking account at (844) 999-2967. Customer service is available 24/7 to take your calls. You can also send a secure message through the app.

Is It Safe

All deposit accounts through Axos Bank, including the checking account for teens, are federally insured by the FDIC up to $250,000 per depositor through member FDIC Axos Financial.

Axos customers have the option to enable biometric authentication including facial recognition, fingerprints, and voiceprints. Accounts are monitored regularly for potential fraud and user data is protected with SSL encryption and anti-virus software.

Several merchant codes are restricted automatically by Axos for safety reasons and these include 5813; 5921; 7273; 7297; 7995; 9223. Places with these codes include retailers that sell liquor and tobacco, nightclubs, and gambling establishments.

How to Sign Up

When you sign up for an Axos First Checking account, you will be asked whether you want to also open a First Savings account. This product currently offers an APY of 0.25% and has no minimum balance requirements or monthly fees, but users must be at least 18 years old to be eligible to open. If you don’t want to add this, you can move onto the next step where you will be prompted to provide your personal information and verify your identity. You can add your teen as a joint account owner after you have completed registration.

If your child already has a checking account or you want to dissolve one of your accounts and transfer the money into this one, Axos actually offers a “No-Hassle Switch Kit” to help make transitioning a bit smoother. You can use their forms to catalog transfers that need to be initiated, redirect automatic deposits, and provide dates for when you would like everything to take place.

Final Thoughts

The Axos First Checking account is a great free checking account for teens, but it’s not perfect. That it is interest-bearing is a definite plus. While it would be great for this rate to be quite a bit higher, it’s still good for helping your child learn about interest and motivate them to save. This account is best for teens who don’t need a lot of help learning to manage their own money as educational resources are limited.

Look elsewhere if you want a platform that will allow you to more closely manage your child’s spending and/or more robust savings capabilities.

VyStar Credit Union CD Rates – Up to 4.00% APY!

Written by: Lauren Graves
Published December 4, 2022

VyStar Credit Union is among the top 20 credit unions nationwide both by total assets and number of members.

They were founded in 1952 originally as Jax Navy Federal Credit Union at the Naval Air Station Jacksonville, Florida to create a safe place for military and civil service members to save and borrow money.

Today, they have over $9 billion in assets and just over 700,000 members all over the world.

Unfortunately for many, this credit union is only available to those who “live or work in the 49 contiguous counties of Central to North Florida, 10 Southern Georgia counties and past and present military members and their families all over the world.”

For those who are eligible to join VyStar Credit Union, they offer ten CDs (certificates of deposit) with terms ranging from 3 months to 5 years. The current interest rate and APYs (annual percentage yield) on these accounts beat the national average considerably but are still behind the top offers and rates from FDIC-insured, online banks and other nationally available credit unions.

To learn more, continue reading our review below.

VyStar Credit Union CD Rates + Account Details

Vystar Credit Union’s CDs have a minimum deposit requirement of just $500. However, the interest they pay is tiered based on deposit size. In general, higher deposit amounts get higher yields. The tiers are as follows:

$500 – $9,999
$10,000 – $24,999
$25,000 – $49,999
$50,000 – $99,999
$100,000+

CD Rates

Term	Deposit Size	APY
3 months	$500 – $49,999	1.15%
3 months	$50,000+	1.25%
6 months	$500 – $49,999	1.65%
6 months	$50,000+	1.75%
9 months	$500 – $49,999	1.75%
9 months	$50,000+	1.85%
12 months	$500 – $49,999	2.55%
12 months	$50,000+	2.65%
13 months	$500 – $49,999	3.40%
13 months	$50,000+	3.50%
18 months	$500 – $49,999	2.60%
18 months	$50,000+	2.70%
23 months	$500 – $49,999	3.90%
23 months	$50,000+	4.00%
24 months	$500 – $49,999	2.75%
24 months	$50,000+	2.85%
30 months	$500 – $49,999	2.95%
30 months	$50,000+	3.05%
36 months	$500 – $49,999	3.15%
36 months	$50,000+	3.25%
48 months	$500 – $49,999	3.25%
48 months	$50,000+	3.35%
60 months	$500 – $49,999	3.45%
60 months	$50,000+	3.55%

APY = Annual Percentage Yield

To put these yields into perspective, the national average for 12 month and 60 month CDs sits at just 0.90% and 0.98% APY, respectively, according to FDIC data.

That said, the top APYs from online banks and nationally available credit unions on 12 month and 60 month CDs are now inching above 4.25% APY and 4.50% APY, respectively.

Compounding and Crediting Interest

VyStar Credit Union’s certificates of deposit feature daily compounding interest. The interest is paid out monthly. Consumers can choose to have the interest go back into the CD for further compounding or paid out to an external bank account, free of charge.

Grace Period and Early Withdrawal Penalties

There is no specific grace period stated on VyStar Credit Union’s CD rate page or their CD FAQ section. Typically banks and credit unions will allow 10 calendar days upon your CD’s maturity to either add or withdraw any or all funds penalty-free before the CD automatically renews into a new CD with the same term.

VyStar’s certificate of deposit section states the following:

“VyStar will contact you 30 days before your CD term ends. If you want to reinvest in another CD, you don’t have to take any additional action — your CD will automatically renew at the same term for the current rate. If you want to withdraw your money or try another type of investment, then let us know before your CD term ends.”

We should also note that we have seen a 7 day grace period stated on 3rd party websites, but not by VyStar Credit Union themselves, so be sure to let them know your intentions with your CD funds prior to its maturity.

Membership and Eligibility

Unfortunately for most of us, VyStar Credit Union isn’t an option.

To join VyStar you must live or work in one of 49 eligible counties in central and north Florida. There are also 10 counties in southern Georgia which are also eligible.

See eligible counties below:

If you do not live in this zone, you will need to have either served in the military or have military members in your family.

You can read more about becoming a member here.

25+ Best Debit Cards for Kids & Teens [December, 2022]

Written by: Lauren Graves
Published December 2, 2022

Full disclosure: We may receive financial compensation when you click on links and are approved for products from our advertising partners. Opinions and product recommendations on APYGUY are those of our writers and have not been influenced, reviewed or approved by any advertiser. Learn more about how we make money.

Although most banks and credit unions won’t let kids or teens open an account until they’re at least 18 years old, parents can set up sub-accounts from their current checking account that should provide a free debit card for their child.

However, many parents are choosing a prepaid debit card for their kid(s) rather than a debit card linked to a checking account for a couple reasons:

A debit card with a checking account is generally only available to teens (13 – 17) while kids’ prepaid cards are available to children as young as 6 years old.
Today, there are a plethora of prepaid options on the market that offer rich feature sets via an app. Things like chore and allowance payment features, fun quizzes, educational tools, parental guardrails on spending that can be customized for certain retailers, unique card art and even investment services are all features that can be found with today’s top offers.

If you’re in the market for a debit card for your kid or teen and want a comprehensive look at all of your options, then continue reading our guide below.

GoHenry Debit Card

GoHenry, headquartered in the UK, with US operations and 2 million US customers, was one of the first to market with their debit cards for kids and teens when they launched in 2007.

Today, they remain one of the most popular and trusted brands on the market with a TrustPilot rating of 4.2/5 based on over 2,400 reviews as of December 2022. This is up from a 3.9/5 rating earlier in 2022.

You can learn more about the GoHenry debit card for kids on their website.

Quick Facts:

Target Age: 6 – 18
Cost: $3.99/month for each child.
For Parents: Set up automatic weekly allowance and/or set up chores with a bounty for each completed task. Set limits on how much they can spend in a given week. Lock savings goals, so your child has to reach the agreed upon amount before it is released for them to spend it. “Money Mission Quizzes” – launched in October of 2021 – also provide kids with a fun, interactive way to gain financial literacy. They also recently added “co-parent,” so multiple parents can manage chores/tasks and pay allowances.
For Kids: You can save, spend and even donate to the Boys & Girls Club of America with this card and app. Set up small or large savings goals. These cards can be used online and anywhere Mastercard is accepted.

Copper Debit Card

Quick Facts:

Target Age: 13 – 19
Cost: $0
For Parents: Free debit card for kids and teens with digital checking account. Monitor activity with real time notifications, set up recurring deposits, request and send funds between linked accounts.
For Kids: Fun financial literacy quizzes built into the app, receive interest on your savings (albeit just 0.001% APY currently).

Copper is our second overall pick, with its premium features for both parents and kids and the fact that it is 100% free (which makes it the #1 free option on the list!).

Copper is on a mission to create the first financially successful generation by giving them the tools and resources to take control of their financial futures.

Copper requires no minimum deposit to open and does not charge an annual fee, overdraft fees or maintenance fees which makes it the best fee-free offer out there.

Learn more or get started with Copper today.

[Update October 2022: Copper has seen incredible growth since their inception in 2020 and is closing in on 1 million members. They first announced that they had surpassed 550,000 members in February 2022 and then announced surpassing 800,000 in April of 2022.]

Copper also has a promotion running where you can send $3.00 to each of your friends (which copper will pay for) plus you’ll receive $3.00 when/if they sign up.

FamZoo Prepaid Debit Card

Quick Facts:

Target Age: 6 – 22
Cost: $5.99/month for up to 4 debit cards, $2 per card after that. You can also pay in advance for a year for $30. 1 month free trial available.
For Parents: Receive notifications for all purchases, set spending limits, move money between family members, IOU accounts to track how much you owe each kid, automated bookkeeping for allowance and chores, add loans to your kid(s).
For Kids: Financial literacy tools.

The FamZoo Family Pack of Prepaid Cards gives parents control over how and what their children spend and kids opportunities to learn how to manage their money. FamZoo accounts use private family banking systems to give children hands-on learning experiences that are parent-directed.

With FamZoo, parents are “bankers” and their children are account holders. They can establish a payroll for their kids, loan money, set up automatic deposits, and even pay interest on savings.

We go into further detail in our FamZoo review found here.

BusyKid Visa Prepaid Spend Card

Quick Facts:

Target Age: 12 – 18
Cost: $19.99/year for 1 card. $7.99/year for each additional card.
For Parents: Chore management app that comes pre-loaded with chores based on your child’s age (which can be customized), link checking account and release funds once chore(s) are completed, match savings in child’s saving account.
For Kids: receive funds in 3 buckets – save, spend, share. Parents can match the funds in your ‘save’ bucket, invest in actual stocks, and support charities from the ‘share’ bucket. With parental approval, kids can purchase fractional shares of real companies like Netflix and Amazon.

If you have kid(s) between the ages of 5 and 16, you may be interested in the BusyKid Visa Prepaid Spend Card.

BusyKid uses a chores-based system that allocates money based on chores completed.

You can set rates for different chores and your children can mark them complete and see when they will be paid. Parents who use BusyKid appreciate that this system instills a sense of responsibility and ownership over their finances.

You can read our review here if you’d like to learn more.

Akimbo Prepaid Mastercard

An Akimbo prepaid Mastercard offers a safe way for your older children to learn the nuances of banking in a low-risk environment. This card lets your kids have total control over their money but gives you the final say in what they can and can’t spend. Their account will be a sub account of your own, so you can decide how much money to put on it.

Akimbo doesn’t have all of the bells and whistles of some of the kids cards and apps talked about in this list, but it does have the essentials. You’ll be notified when they spend their money and, as the account manager, what they spend it on.

Each Akimbo account may have up to four cards. There is no monthly fee. However, reloading your card costs up to $5 each time and ATM withdrawals are around $2 each.

Capital One MONEY Teen Checking

A MONEY teen checking account with Capital One is a great choice for kids that have already learned the basics of money management and are ready for more independence with their cash. Kids eight years old or older qualify for this account.

The Capital One MONEY app lets your child track their earning and spending as well as set savings goals in different categories. If you choose to, you can reward them for reaching these goals with bonuses. And in cases of emergency, you can lock their card instantly.

There are no monthly fees or account minimums with this account. You also do not need to have a Capital One account to enroll your child in MONEY. This account earns an APY of 0.10% on any balance.

American Express Serve Prepaid Debit Cards

The American Express Serve FREE Reloads prepaid debit card, while not marketed as a teen product, is great for teaching them financial literacy.

It requires no minimum monthly balance and is free to use/reload at over 45,000 ATM and store locations. By giving your teen a certain amount of money and allowing them to decide when and how to spend it, this card encourages independence and offers all of the perks and protections of a true debit card.

This account charges a monthly fee of $6.95, which cannot be waived. As far as teen debit cards go, this is a bit steep. Also, a card is free to order online but may cost up to $3.95 if you go to a physical retail location. These can be used online or anywhere American Express is accepted. To avoid transfer fees, your teen will need their own American Express bank account which you can link to your own.

Alliant Credit Union Free Teen Checking

You might want to look into getting an Alliant Credit Union free teen checking account if you’re a fan of the popular credit union, fee-free banking, or easy-to-use platforms. Teenagers between the ages of 13 and 17 are eligible to open an account.

This checking account is one of the best options out there for giving your teen a comprehensive banking experience that is safe and helpful. They can set their own budget and even earn interest up to 0.25% APY when they save (you will need to enroll in eStatements and make one deposit per month into their account to access this feature); and parents can set ATM and spending limits for their kids and transfer money between accounts at no cost. On top of that, the Alliant mobile app is consistently rated at five stars.

If you’re looking for even more interest, they also have a kids savings account that features an APY of 0.55%. To put this in perspective, the current national average sits at just 0.07% APY.

There is no minimum monthly balance requirement or monthly fee with this account. Just a few of the perks offered include access to over 80,000 free ATMs, up to $20/month in ATM rebates, and the ability to make contactless Visa purchases.

Step Banking for Teens

Step is an app and card that is backed by founders with experience at Google and Square. Step has the standard functions of allowing parents to monitor spending and send kids money on the go.

Unlike some of the other offers on this list, Step also adds one of the best features of a kids’ credit card ie: the ability to start building credit early. The best part of this feature is that Step prevents your kids from spending more than they have while letting them establish a positive credit history.

Step’s banking services are provided by their partner-bank, Evolve Bank & Trust, which also allows Step to leverage their FDIC coverage.

Step accounts are protected by bank-grade encryption and authentication and because the debit card is a Visa it benefits from fraud protection and zero-liability guarantee. You can read our full review to learn more.

Fidelity Youth Account

The Fidelity Youth Account was launched back in May of 2021 by the reputable financial services firm. Make no mistake, it is a brokerage account first, but also comes with a free debit card that has no minimum deposit or balance requirements and no fees. On top of that, for a limited time, your teen will get a $50 reward just for opening the account.

Here’s how it works: In order for your teen to receive the $50 reward offer, you (parent/guardian) must initiate the opening of a new Fidelity Youth Account and your teen (aged 13–17) must download the Fidelity Mobile App and activate the new account.

On the brokerage account side, teens can start their investing journey. Fidelity allows for this account to trade most US stocks, ETFs and Fidelity Mutual Funds. Parents won’t have the option to pre-approve trades their child makes, but they can set up alerts and monitor all activity online – both on the debit card and brokerage side.

Family Money by Verizon

On June 15, 2021 Verizon announced the launch of Family Money, an app for kids to learn about personal finance. Verizon worked with fintech firm Galileo to develop the family-centric financial product and it comes with a “spending account,” a “savings vault” and a prepaid debit card for kids issued by Metropolitan Commercial Bank. Parents can monitor their spending activity from the app, set limits and stop or freeze the card if it gets lost or stolen.

Families that are not Verizon customers are still eligible for this product. It can be downloaded from the Google Play and Apple App Store. You’ll just need to create a Verizon Family Money account and link a verified bank account after you download it. Once you’ve done that, you’ll get a 30 day trial period.

At the end of the 30-day trial period, the service auto-renews for $5.99 per month (so be sure to set a reminder if you don’t plan on paying for it!).

The $5.99 fee, which includes up to 5 kids, will be debited from the parent’s Wallet in the app, not charged to your Verizon account (if currently a customer). You must be 18 years or older to create a parent profile in the app and Verizon states that kids accounts are designed for children ages 8-17.

Current Debit Card for Teens

Quick Facts:

Target Age: 13 – 22
Cost: ~~$36.00/year per teen. Current premium accounts cost an extra $4.99/month.~~ Now with no annual fee.
For Parents: Receive notifications for all purchases, set spending limits, set chores, block specific merchants.
For Kids: No overdraft fees up to $100 with Current premium, receive paychecks up to 2 days early with Current premium, earn up to 15x points at over 14k locations across the US which are redeemable for cash in your Current account.

You and your child will both like the Current debit card for teens. There are no minimum monthly balance fees, overdraft fees, or transfer fees. This card can be used online or anywhere Visa is accepted.

[Update December 2022 Current is still offering an FDIC-insured savings account to go along with their debit card. This account pays 4.0% APY on balances up to $2,000. To put this in perspective, the current national average for a savings account sits at just 0.24% APY according to recent FDIC data, although with the FED’s series of historic rate hikes this year, the best online savings rates are now inching above the 3.50% APY mark. Current launched the 4.0% APY savings feature when top online savings account rates were still well under the 1.00% APY mark and hasn’t given it a raise since.]

In July 2022, Current eliminated the fee associated with the premium account. All new customers get all the premium account features for free.

This is a variable rate that can change at any time without notice.

Current is a financial technology company, not a bank. The banking services they offer – both the debit card and FDIC-insured savings account – are provided by Choice Financial Group and Metropolitan Commercial Bank, member FDIC.

Purewrist Wearable Contactless Payment

The FinTech company Purewrist has partnered with Sutton Bank, member FDIC, to offer quite the unique product – a bracelet that can make contactless payments.

The bracelet costs just $25 and can be used to pay for items by simply tapping it on the point of sale terminal.

Teens can shop online as well. A secure pin protected page within their profile allows them to see their full card number for any online purchases they wish to make.

For parents, they can make one time payments or set up automated payments to their kids.

Mango Prepaid Debit Card

A Mango prepaid debit card is a stand-out option because it offers the opportunity to link a high-interest savings account to your card.

This account has a lot going for it, including the fact that it can be opened even if your teen doesn’t have a checking account of their own. They can open a linked Mango savings account with a deposit of just $25 and earn up to 6% APY (to qualify for this rate, they would need to make signature purchases totaling $1,500 after opening the account and maintain a minimum monthly balance of $25 after).

You can add funds to your teen’s card from your own checking account or load money onto it from a participating retailer like Walmart or Walgreens.

There is no activation fee, but there is a monthly charge of $5 and a $3 ATM withdrawal fee. This card can be used online or anywhere Mastercard is accepted. Mango can also be used virtually from your phone when you enable this from the app.

Jelli

Even though you have to be 18 to open a Jelli account and get their debit card, we added it to the list because it’s an interesting product with some unique budgeting tools.

It uses what’s called envelope style budgeting where you can distribute your paycheck into “JelliJARS.” You can create JelliJARS for budgeting, saving, sharing etc.

These envelopes can also be shared. Let’s say for example the snowboarding trip mentioned above includes lift tickets and a cabin rental for you and 4 friends (and, of course, a higher cost than $120). You can set up and then share the envelope with your friends so they can contribute their share of the funds for the trip.

Jelli has partnered with Metropolitan Commercial Bank for FDIC insurance. Your funds will be held here if you sign up and use the Jelli account and debit card.

Visa Buxx Card

The Visa Buxx Card is a fairly basic debit card for kids and teens offered through Navy Federal Credit Union or TD Bank. For NFCU, you must first be a member of the credit union to open the Visa Buxx Card, but membership is available nationwide. Both offer parents the ability to reload the card from their phone as well as monitor spending. The Navy Federal Credit Union Buxx Card also has a few different designs to choose from whereas the TD Bank Buxx card does not.

Chase First Banking

Chase First Banking is also one of the newer offers on the list and is only available to current Chase customers. This product launched in 2020 in collaboration with Greenlight and is intended for kids between the ages of 6 and 17.

And although kids are eligible up to the age of 17, the product does not allow for direct deposit, so if your high school kid(s) are earning their own income, Chase First Banking won’t be a great fit.

That said, the product has a number of helpful parental controls and functions (most or all of which are powered by Greenlight). You can read more about them in our Chase First Banking review.

Kachinga Prepaid Debit Card + Chore App

Much like the other offers on this list, the Kachinga prepaid debit card comes with a chore app where parents can track chore progress, set alerts and spending limits as well as teach kids general financial literacy.

The app + debit card costs $36 per year per child which is a little bit pricier than other options on this list with a larger feature set.

New: Now with 1 month free trial.

Mazoola Virtual Debit Card

The Mazoola Virtual Mastercard debit card for kids is managed by parents and comes with a flat subscription fee of $9.99/month for the whole family. They also have a 1% purchase fee and charge $0.11 as a loading fee which can make it a more costly product to use than the other options. You can read more about their fees in our full review.

As a parent you can activate a virtual and secure debit card for each child and create flexible and individual spending controls. You can also assign & track chores and the rewards for completing them and set up automatic allowance payments. You can also provide them with financial literacy resources, but you can not require them to read them before unlocking allowance payments. Wouldn’t that be neat. For kids, you can use Apple Pay, set savings goals, manage chores and shop online (with restrictions). You can also make p2p payments to friends and family.

Wingocard Prepaid Visa Card

The Wingocard launched in May of 2021 and is gaining traction quickly with over 75,000 users on the platform so far.

They only have a mobile app on IOS at the moment however, but are looking to launch the android version soon.

We should also note that Wingocard has the largest network of free ATMs out of all the debit cards for kids on the market – with roughly 87,000 nationwide.

Read more about this up-and-comer in our full review.

Till Financial

Till Financial is another new one on the list. This collaborative family banking platform is a savings and budgeting product first, but does come with a debit card that is attached to the child’s “Spend Balance” which is why we included it in our list.

Till was named the Best App for Teaching Teens to Budget in 2021 by U.S. News & World Report.

You can learn more about Till in our full review.

Goalsetter: Family Banking

Goalsetter and the Cashola debit card is an education based banking solution for the family. It comes with a savings account and different card art for kids to choose from. It also has some fun quizzes that can be tied to cash rewards and are mapped to financial literacy standards. “Learn before you burn” allows your tween to take quizzes before they get to use their debit card.

USAA Youth Spending Account

This one may not have all the bells and whistles like chore apps, financial literacy tools and quizzes, or the like, but it is a simple and free card that gets the job done if you’re just looking for basics.

It’s geared towards kids and teens ages 13 – 18, comes with a Visa debit card and has absolutely no maintenance fees or monthly fees of any kind. You’ll also get free ATM usage both in network and out of network, although 3rd party ATMs may charge you up to $2 per withdrawal. You can learn more about the USAA Youth Spending Account in our review.

Axos Bank First Checking Account + Debit Card

Like the USAA Youth Spending account, the Axos Bank First Checking account is a free checking account and debit card that keeps things simple and leaves most of the bells and whistles behind.

There are no chore apps, allowance distribution features, financial literacy tools and even limited parental controls.

That said, parents can still receive notifications of all purchases and can turn the card on and off from the dashboard. But you can not toggle with withdrawal limits as these are set by Axos bank, nor can you restrict certain merchants. For more information read our full review.

Movo Digital Cash Card

Although this is more of a general prepaid debit card than one specifically geared towards kids and teens, we put it on the list because of a unique feature for those who hold cryptocurrency and would like to convert it to cash.

MOVO Chain is a proprietary technology that allows you to convert your cryptocurrency to cash which can then be loaded onto your Movo prepaid digital cash card.

You must be at least 18 years old to get the card and use the crypto-to-cash feature, but kids and teens can be added as authorized users to a parent’s card. Learn more in our full review here.

Revolut Junior Prepaid Card

Revolut, based out of London, UK, and their debit card for kids is another option for families. Just note that this is one of the most expensive options on the market and doesn’t offer any features that most of the competitors do not.

Families with 2 kids or more can easily pay more than $100/year for these cards PLUS at least one of the parents or guardians has to already have an account with Revolut. On the off chance you fall in this category you’re likely better off with another option above. You can learn more about the Revolut card here.

Bluebird Prepaid Debit Card

The Bluebird American Express prepaid debit card has partnered with Walmart to bring consumers this family-focused debit card. It allows parents to create up to 4 sub accounts for their kids or teens.

As the primary account holder you can limit ATM access or withdrawal amounts. You can also limit spending and even have store level controls (ie. you can control how much your child spends at specific stores).

There is no fee associated with this card and the sub accounts.

Bluebird also offers a bank account with a Visa debit card. This card is more widely accepted than the American Express offer. You can read more and compare the two options here.

Revolut for <18s

Revolut is another option for families. This UK based company offers their product and services to US customers. Kids that are 13+ can download the app on IOS or Google Play and then have their parents approve and activate the account from their Revolut account. It comes with a contactless debit card that connects to the app which kids can design and customize by drawing, adding text or emojis, etc.

Parents must have a Revolut account to activate an account and get a free debit card for their kid(s). Kids under 12 years old will need to have the parent create the account.

Learn more here.

Apple Cash Family

Another cashless option for the entire family is Apple Cash Family. If you and your family have an Apple account and associated hardware you can set up Apple Cash Family for all children 13 years old and over.

It has less features than some of the top debit card + app options on this list, but allows for most of the basics.

The “Family Organizer” ie. the parent(s) can:

set limits on who their child can send money to,
set up notifications on any/all transactions and
lock account(s).

Kids and teens on the account can:

spend money at participating stores, apps and websites,
send and receive money from people they know (and approved by parents)

This is a free feature by Apple and can be managed through your Apple Wallet. Once set up, you can make payments from your iPhone, iPad, or Apple Watch. Learn how to get started here.

Can You Get a Debit Card for Kids Under 13 Years Old?

Debit cards for kids under 13 are perfectly legal for banks and companies to issue, and ultimately up to the parents to decide.

It doesn’t matter whether a kid is getting money from an allowance, saving money they’ve received for birthdays or holidays, or earning an income from a job. It is common for kids to start earning money at around 10 or 12 years old, so this may be a good time to start thinking about kid-friendly debit cards.

Some financial products geared toward kids, such as the BusyKids Visa Prepaid Spend Card, permit users as young as 5 to join. More common, however, is a minimum age of 8 years old. There are also several cards designed specifically for teens that do not permit users under the age of 13 to create an account.

It may also be a good idea to wait until your child has had some experience handling cash to give them a debit card. This way, they will feel more comfortable keeping track of it and spending money in the real world – since they’ve had a warm up with cash.

Additional Features You May Want to Consider

You’ll want to have a conversation with your kid(s) about the responsibilities (and liabilities) that come with having a debit card and ultimately what you’re trying to achieve beyond just access to money.

If you’re looking for some statistics to help you decide on the necessary features for your kid or teen, you may want to take a look at the GoHenry Youth Economy Report. This report breaks down how kids are earning money and what’s important to them.

Some of the high level take-aways are:

Kids earned $26 billion in 2021 (including allowances, paid tasks completed, gifts)
Average weekly earnings were $11.17. Up 16% from the previous year.
78% of kids say it is important to earn their own money.

In addition to part-time jobs, paid tasks, allowances, and babysitting, kids made money in these ways:

Pet-sitting and dog walking (41%)
Online gaming (35%)
Selling things online (34%)
Social media influencer (29%)
Investing / trading stocks (28%)
Content creator (28%)
Investing in cryptocurrency (27%)

Below are additional features to consider.

Savings Account

Many debit cards for kids allow users to save and spend their money all under one account. They may do this by allowing users to choose how much of their money to put into savings and how much of their money to load to their card.

In such cases, the saved money does not go into a separate savings account and remains accessible at any time, but it can’t be immediately spent with the card.

This is the most basic way that a product may create savings opportunities, but there are a number of other additional features out there. For example, some debit card platforms give users the option of creating distinct savings goals and show them their progress.

Some products even let parents or account holders award bonuses when a user contributes to a goal they created or pay interest on balances. And if you want your child earning interest but would prefer not to pay it yourself, you may want to think about an interest-bearing product like the Mango Prepaid Debit Card (albeit savings rates are abysmally low at the moment).

On the opposite side of the spectrum, some products do not make room for this feature. With such platforms, if a child wants to save, they have to do so by refraining from spending. This may be much more challenging for them, especially if they are inexperienced with money management.

If encouraging your kids to hold onto their money and save it for larger purchases and goals is a priority, then a debit card and platform that encourages this in a variety of ways is probably best.

Allowance and Budgeting

How important is it to you to be able to pay your child an allowance and pay them for chores all in one place?

Chores are the focal point of many kids’ money management apps. Parents can assign chores for their kids to encourage them to take charge of their finances and kids can earn money for themselves and start to understand the importance of budgeting and restraint.

All this to say that financial products for kids, especially for young users between the ages of 6 and 13, commonly feature chores management capabilities. These vary in complexity. Here are some questions to consider as you review the choices:

Do you want to be able to require your kids to complete certain chores or give them a list of options to choose from?
Do you want to set fixed prices for every chore or create recurring chores that cost the same every time?
Do you want to approve chores as your child completes them or arrange for them to be paid instantly when they mark a chore as complete?

You may also pay your kids a fixed allowance each week instead of or in addition to paying them for individual chores. This ability is not guaranteed with all apps, so choose wisely.

And if you don’t want your child spending all the money they’ve earned in one place, you probably want a product with budgeting features. You may feel that setting spending limits for them is the best way to set them up for success in the real world. After all, no one knows better than you what is best for your child, and a lot of kids’ financial platforms agree.

Parental Controls and Safety

Have a conversation with your kid(s) and let them know minors are prime targets for identity theft. Most cards will only require the parent’s social security number but some may require the child’s as well. Be on the lookout for credit card applications that come for your child or unsolicited phone calls. Learn more at the FTC on how to protect your family against identity theft.

If monitoring your child’s activity and creating custom controls for their spending is important to you, be sure to look for a product that lets you easily do this.

You should also think about how involved you’d like to be. Start with the following questions:

Do you want to approve your child’s purchases and transfers or would you rather trust them to make good decisions?
Do you want to allow them to set their own budgets or create spending limits for them?
Do you want the ability to automate payments into your child’s account or do you want to initiate transfers each time?
Do you want to receive real-time push notifications of their activity?

Beyond just parental controls to help your kids grow into prepared and knowledgeable spenders, consider parental responsibilities too.

Most financial products for kids require parents or guardians to fund the account. Often, this means funding their own account, the main account, and transferring money into their children’s accounts from there.

This means you should also think about what funding options are most convenient for you. Read the fine print on every product. If you’re looking for a particular funding option, be sure that it is actually available (you may be surprised by how many accounts don’t allow cash reloads or direct deposit transfers). Some products are extremely limiting when it comes to funding and may only permit ACH transfers or card transactions.

Also look into how many account managers a product allows. If you and your co-parent want equal access to your child’s account, it is important to find a product that can give you this. Some have strict one-parent policies but others are more generous when it comes to adding more adult users and may even allow for the inclusion of other members of the family.

Data Collection

Be sure to read through the debit card company’s privacy policy to understand how they intend to collect and use data from your child’s activity. There are consumer protection laws in place that govern some ways in which these companies can gather and share (sell) data to third parties, but the laws do not cover everything. These companies also reserve the right to change the ways in which they collect and use the data on an ongoing basis, so keeping up with their terms of service is necessary to make sure you’re comfortable with what’s going on behind the scenes.

Introduction to Stocks and Investments

There aren’t a lot of financial products for kids that allow them to invest their money in real companies, but looking for only those that do can help you filter through the ever-growing list of options.

The Fidelity Youth Account and the BusyKid Visa Prepaid Spend Card made this list for a lot of reasons, but one of these was the ability to invest. Giving kids the opportunity to make investments can show them that there is more to money management than spending and budgeting. You can help them choose their investments or let them make their own investing decisions.

Charitable Giving

You may also like the idea of your child donating their money to charity. Apps that allow kids to donate typically do so by pre-selecting a number of reputable organizations and giving users the option of giving charitably to these. Users may then donate a percentage of their entire balance or make donations of fixed amounts.

Parents can decide to take it one step further by awarding account bonuses if their kid makes the decision to donate to charity for themselves. Some apps even let kids set up donation goals just as they would savings goals.

Huntington Bank Checking Account Bonus – Up to $750!

Written by: Lauren Graves
Published November 29, 2022

Are you hunting (pun intended) for the best checking account bonus? Check out Huntington Bank.

Huntington Bank is currently offering new customers either a $200 or $300 cash bonus for a personal checking account and up to $750 for a new business checking account.

The $200 bonus comes with the personal Perks Checking account and the $300 bonus comes with the Platinum Perks Checking account.

If you’re looking for a business checking account you can earn either $100 for the Business Checking 100 account, $400 for the Unlimited Business Checking account and $750 for the Unlimited Plus Business Checking account.

Find out how to take advantage of these promotions below. There is still plenty of time!

How to Qualify for Each Personal Checking Bonus

Huntington Bank offers 3 personal checking accounts at this time. These are:

Asterisk-Free Checking – No Bonus.
Perks Checking – $200 Bonus.
Platinum Perks Checking – $300 Bonus.

How to Get the $200 Bonus with a new Perks Checking account at Huntington Bank:

deposit at least $1,000 within 60 days of opening and maintain this balance for at least 90 days to earn the $200 bonus.
The cash bonus will be deposited into your account within 14 days of completing the above.

How to Get the $300 Bonus with a new Perks Checking account at Huntington Bank:

deposit at least $25,000 within 60 days of opening and maintain this balance for at least 90 days to earn a $300 bonus.
The cash bonus will be deposited into your account within 14 days of completing the above.

You must fund your account with money that is new to Huntington Bank with the only exception being funds that you’re moving from a matured CD.

Use this link and select “Apply Now” to receive your bonus code and be sure to apply this when opening your new account.

📌 Please Note – There are location restrictions. Only residents of the following states are eligible:

Colorado
Illinois
Indiana
Kentucky
Michigan
Minnesota
Ohio
Pennsylvania
South Dakota
West Virginia
Wisconsin

You will not be eligible for this promotion if you currently have or have had a checking account with Huntington Bank in the last 6 months (even if you have since closed the account). This includes being listed on an account as a joint owner or beneficiary.

This offer is valid through February 7, 2023. Open an account by then to be eligible. Let’s take a look at each of these personal checking accounts before going into the details of the business checking offers.

Huntington Bank Asterisk-Free Checking Account

There is no monthly maintenance fee for this account. There are also no minimum opening deposit or balance requirements to avoid penalties.

The Asterisk-Free checking account doesn’t have much to it. It does not earn interest or come with many perks, but it does include basic benefits like overdraft protection and free deposits and internal transfers.

There is no fee for in-network ATM transactions but you will pay $3 for every out-of-network ATM transaction. This transaction fee is not reimbursed for this account. There is no fee for using bill pay services, a $0.50 fee per incoming or outgoing Zelle transaction, a $15 fee for each domestic incoming wire transfer and $25 fee for each domestic outgoing wire transfer, and a 3% foreign transaction fee.

You will incur an overdraft fee of $36 when you withdraw beyond the balance of your account, but Huntington offers a 24-hour grace period to all customers to help you avoid this. If you overdraw and get charged the fee, you will have by midnight the next business day to fund your account to cover the full overdraft as well as any pending transactions that will further increase your negative balance in that time. But if you overdraw by less than $50, the fee is waived automatically.

These account fees and overdraft terms apply to all of the following checking accounts.

Perks Checking Account

This account has a monthly maintenance fee of $10 that can be waived by either maintaining a balance of $5,000 or more in checking and savings accounts with Huntington Bank or by setting up monthly direct deposits of $1,000 or more into the Perks Checking account.

This account currently earns interest at a rate of 0.02% for all balance tiers. Up to five out-of-network ATM fees are waived per statement period and you may be eligible for fee reimbursement if you incur charges at non-Huntington ATMs on these transactions.

Credit Score monitoring is included with this account at no added cost. This includes a quarterly copy of your Experian credit report, a monthly VantageScore alert, access to a credit simulator to understand how different factors affect your credit, and more.

Platinum Perks Checking Account

This account has a monthly maintenance fee of $25 that is waived when you maintain a combined balance of at least $25,000 across your Huntington accounts.

This account currently earns interest at a rate of 0.03% for all balance tiers. You can make an unlimited number of out-of-network ATM withdrawals at no added cost. In addition to waiving your non-Huntington ATM fee, Huntington will reimburse you for third-party withdrawal fees you may incur but will not cover processing or transfer fees.

Credit Score monitoring is also included with this account for free in addition to Identity Monitoring services. When you enroll in Identity Monitoring, Huntington will monitor your Experian report and internet presence for suspicious activity and report on theft attempts.

How to Qualify for Each Business Checking account Bonus

This promotion allows you to earn either $100, $400, or $750 when you open a qualifying business checking account.

Open one of the following accounts: Business Checking 100, Unlimited Business Checking, or Unlimited Plus Business Checking.

See the deposit requirements and bonuses for each account below:

Business Checking 100 – must deposit at least $2,000 within 60 days of opening and maintain this balance for at least 90 days to earn a $100 bonus
Unlimited Business Checking – must deposit at least $5,000 within 60 days of opening and maintain this balance for at least 90 days to a $400 bonus
Unlimited Plus business Checking – must deposit at least $20,000 within 60 days of opening and maintain this balance for at least 90 days to earn a $750 bonus

After meeting these requirements, your bonus will be deposited into your account automatically within 14 days of qualifying. You must deposit new money and cannot transfer the funds from another Huntington personal or business account.

Make sure you apply using this link to get your bonus code. You can also open your new account in person by selecting “Open at a Branch” below the offer to request a coupon to be sent to your email and presenting this.

You cannot qualify for this offer if you already have a business checking account with Huntington or have had an account, open or closed, within the past six months.

Note that there are location restrictions for this promotion as well. You are only eligible for a bonus if you live in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, and Wisconsin.

The deadline to open your new account is February 5th, 2023.

Note that if you close your account within 180 days of opening, you will not forfeit your bonus but will be charged an Early Account Closing Fee.

Huntington Bank Business Checking 100 Checking Account

This account does not have a monthly maintenance fee and there is no minimum balance required to open or keep your account (except for the $2,000 required to earn the $100 bonus).

The Huntington Business Checking 100 account allows for up to 100 business transactions at no charge per statement period. This includes checks you write or deposit, incoming ACH transfers, purchases made with your debit card, bill payments, and other business-related spending. If you exceed this limit, you will pay $0.50 for each transaction after.

You are permitted to make up to $5,000 in cash or currency deposits per month without incurring any fees. After that, you’ll pay a fee of $0.30 for every $100 you deposit.

This account does not earn interest. It includes 120 days of a Reverse Positive Pay bonus service at no added cost. This is a fraud protection tool that detects suspicious activity and reports this to you for approval so you can decide if a payment should be returned. After this trial period, this service costs $5 per month if you decide to continue.

Because this account has a lower transaction limit, it’s going to be best for small businesses, entrepreneurs, and startups. But if you see yourself making more than 100 transactions in a month or depositing more than $5,000, check out the next two accounts instead.

Huntington Bank Unlimited and Unlimited Plus Business Checking Account

The following two business checking accounts options are very similar, so we’ll just point out what makes them different.

Huntington Bank Unlimited Business Checking Account

The Huntington Unlimited Business Checking account has a $20 monthly maintenance fee that is waived when you maintain a combined balance of at least $10,000 across your Huntington deposit accounts. This can include all of your checking accounts, savings accounts, MMAs, and CDs with Huntington. This is the only way to waive the fee.

The Huntington Unlimited Business Checking account allows for unlimited business transactions at no charge and up to $10,000 in cash or other deposits per statement period. This option also includes one Bonus Service for free for the entire time the account is open and in good standing. Choose from the following:

Reverse Positive Pay – an early fraud detection tool
Huntington Deposit Scan – up to 50 free mobile check deposits per month
Payroll – 10% off payroll services through Paychex
Wires – two free incoming domestic wire transfers per month (otherwise $18 each)
Returned Deposited Items – up to 25 free returned items per month (otherwise $13 each)

You choose your Bonus Service when opening your account.

The same overdraft services and terms outlined above apply for this account as well as the Huntington Unlimited Plus Business Checking account.

This is not an interest-bearing checking account.

Huntington Bank Unlimited Plus Business Checking Account

This account has a $40 monthly maintenance fee that is waived when you maintain a combined balance of at least $50,000 across your Huntington deposit accounts.

The Huntington Unlimited Plus Business Checking account allows for unlimited monthly business transactions and up to $25,000 in cash or currency deposits per statement period.

This account earns interest by balance, but you’ll need to talk with a representative to find out what rate you qualify for. Rates are not publicly disclosed.

Two Bonus Services are included with this account at no added cost. Choose from Fraud Tool, Huntington Deposit Scan, Payroll, Wires, and Returned Deposited Items when setting up your account.

We recommend this account for you if you have a larger business and will be able to take advantage of the transaction and deposit limits and suite of available perks.

Final Thoughts

These are decent checking accounts overall when you can qualify for the bonus offers. If you plan to keep a high balance and can avoid the monthly fees, then the Perks or Platinum Perks Checking are rewarding offers.

Just be sure you’ll be able to meet the requirements to avoid the monthly fee. If you’re looking for a free option, check back periodically because their “Asterisk-free Checking” account has provided a bonus in the past.

Lastly, the rates on the accounts that do earn interest are not competitive at all while APYs (annual percentage yields) are rising across the board right now.