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Aspiration Review: Up to 1.0% APY + Up To 10% Cash Back on Purchases


image credit: aspiration.com

Aspiration is not a bank but rather a financial services company that has come up with quite the aspirational product – a hybrid checking/savings account with the goal of making the world a better place.

Aspiration has taken the best features of checking and savings accounts (ie cash back on debit purchases, unlimited ATM reimbursements and a solid APY on idle cash) and combined that with a streamlined way of investing in ethical companies.

The Aspiration Spend & Save account was named one of the best cash management accounts on the market for 2020 by NerdWallet— “it lets you invest sustainably and save while you do it.”

Today, the Spend & Save account by Aspiration comes with two plans to choose from:

  • Aspiration – free – 3 to 5% cash back on conscious coalition purchases.
  • Aspiration Plus – $7/mo or $5.95/mo if you pay annually. Earn up to 1% APY on savings plus up to 10% cash back on conscious coalition purchases.

If you’re in the market for a cash management account that is as personally fulfilling as it is financially rewarding, continue reading our review of both plans below.

Aspiration Spend and Save at a Glance

The Aspiration Spend and Save account is a cash management account that is divided up into two plans – Aspiration and Aspiration Plus.

As mentioned, the regular Aspiration plan is free and has several noteworthy benefits. These include:

  • An Aspiration Debit Card issued by Coastal Community Bank, based in Washington State.
  • A guarantee your deposits won’t fund fossil fuel exploration or production
  • 55,000 free in-network ATMs using Allpoint locations (found in Walgreens, CVS and Target)
  • 3-5% cash back on Conscience Coalition purchases
  • Personal impact score to help you shop to match your values
  • Option to plant a tree with every purchase roundup
  • FDIC insurance up to $2.46 million using bank sweep programs which “sweep” your funds up into member FDIC banks to leverage their FDIC insurance
  • pay whatever monthly fee you think is fair (even if it’s zero)

The fact that the Aspiration Spend and Save account will never be used to pay for fossil fuel exploration or production is taking direct aim at America’s largest banks. The four leading banks in the U.S. — Chase, Wells Fargo, Citi, and Bank of America — are responsible for the most fossil fuel production by any banks in the world.

If you opt for the Aspiration Plus plan at $7/mo or $69/annually you have the ability to unlock more features and rewards. On top of all the bulleted items listed above, the Aspiration Plus plan will also include:

  • 10% cash back on Conscience Coalition purchases
  • Up to 1.00% APY on your savings up to $10,000
  • Planet Protection which purchases carbon offsets to balance out your gas consumption. Drive all you want with a clear conscience!

Both the 10% cash back on Conscience Coalition purchases and the Planet Protection program are novel benefits and unique differentiators for Aspiration.

All Aspiration Spend and Save customers will be able to see their spending impact in the form of an impact score which not only gives you spending bonuses but also shows you how the companies you’ve supported use their profits to do social and environmental good.

Conscience Coalition Partners

Aspiration has teamed up with companies “that do right.”

Aspiration has teamed up with corporations that put morals and ethics at the heart of their business.

Every Conscience Coalition partner that Aspiration has is an impact leader. These companies achieve high scores on the Aspiration Impact Measurement (AIM) tool. These companies are made up of pioneers in giving, sustainability, workplace equality, or transparency.

Remember, when purchasing form these companies your cash back will vary based on your Aspiration plan. If you’re on the regular, free plan you’ll earn between 3 and 5 percent cash back and if you’re on the Aspiration Plus plan you’ll earn 10% cash back.

Planet Protection

Drive your car without hurting the planet!

It’s no secret that driving our cars is one of the biggest contributors to climate change. With the Aspiration Planet Protection program; however, you’ll be able to drive your car as much as you want with a clean and clear conscience.

The Aspiration Planet Protection program purchases carbon offsets based on every gallon of gas you purchase with your debit card. This means that regardless of what kind of car you drive, you can rest assured that Aspiration will be neutralizing your carbon output.

This feature is only available with the Aspiration Plus plan.

Spend and Save Rate (APY) + Details

For the Aspiration Plus plan members, you have the chance to earn one of the highest APYs on the market at 1.00% on balances up to $10,000.

The biggest “catch” with earning the exceptional APY is that the plan requires you to also spend $1000 or more, monthly, with your Aspiration debit card. If this requirement is not met your balance will earn a more modest 0.25% APY.

A minimum deposit of just $10 is required to open to open the account, but you must enroll in Aspiration Plus to earn the APY.

Aspiration Plus APY

BalanceAPY
$10 – $10,0001.0%
$10,001 +0.25%

To put these yields in perspective, the current national average for a savings account and an interest checking account are just 0.06% APY and 0.04% APY, respectively.

Aspiration APY

BalanceAPY
$10 – $10,0000%
$10,000 +0%

The regular Aspiration plan does not provide any yield on your balance.

FDIC Insurance up to $2.46 Million

Aspiration deposits are insured up to $2.46 million per depositor by the FDIC. This is just shy of 10x what a typical bank provides. This is possible through the use of the FDIC Deposit Sweep Program, which “sweeps” your funds into FDIC-insured bank accounts at day’s end to protect them.

Operating as your custodian and agent, Aspiration will select these banks for you from a long list of at least 10 participating Program Banks. They will post a Priority List of these selections for your viewing. This list will tell you which banks your funds will be put into and what the priority will look like (i.e. which bank will get the first tranche, second tranche, third and so on until all your money is safely parked).

As mentioned, at the end of each business day your cash balance is “swept up,” and distributed amongst, one or more of Aspiration’s partner banks up to $246,500 per bank.

Here is a current list of Aspiration’s current Program Bank members. All are members of the FDIC:

  • Coastal Community Bank
  • EagleBank
  • Ion Bank
  • Bremer Bank, NA
  • ProgressBank
  • Bank of New Hampshire
  • Manufacturers Bank
  • C3Bank, NA
  • The Freedom Bank of Virginia
  • Bridgewater Bank
  • Nano Banc

If the $2.46m is exceeded, you will have an excess bank for this additional amount. Deposits in the Excess Bank will not be insured. Contact Aspiration at (800) 683-8529 if you are over this limit in one or more of the banks on this list or if you would like to alter your Priority List.

Though your money won’t be held at Aspiration, it can still be accessed as usual through Aspiration. A Spend and Save account is not technically a deposit account, so deposits into it need to be distributed into other deposit accounts in order to still receive insurance coverage.

Accessing Your Funds

Accessing your funds is simple and straightforward and on par with many online bank savings accounts and money market accounts. The following methods are allowed.

Depositing funds can be down via:

  1. ACH Transfer
  2. Wire transfer
  3. Mailed check
  4. Mobile-deposited check

Withdrawing funds can be down via:

  1. ACH transfer
  2. Wire transfer
  3. Request a mailed check
  4. ATM withdrawal
  5. Point-of-sale withdrawal

Account Fees

Aspiration’s “Pay What is Fair” fee is certainly an interesting approach to fees. They simply state that you choose their fee.

They’re confident in their ability to bring you best in class digital financial products and in return they hope you will be kind enough to pay them something for the value you received. But you certainly don’t have to and the ball is entirely in your court. The fee you pay can be $0 for as long as you’re with them if you so choose.

Aspiration Spend and Save Fee Schedule

TypeFee
Monthly MaintenancePay what is fair
Minimum to Open$10
ATM Withdrawal$0
OverdraftNA. The account won’t allow it.
Stop Payment$0
Insufficient Funds$0
Domestic Wires (In and Out)$0.82 each
International Wire In$2.50
International Wire Out$15
Return Item Charges$1.15 per item under $5,000
$5.33 per item over $5,000
Foreign Item Collection$30 plus the foreign bank’s fees
Canadian Item Collection$5
Expedited Debit Card$35
Account ResearchFree

You may write checks with an Aspiration Spend and Save, but you will need to order paper checks. Aspiration tries to be as environmentally friendly as possible, so you’ll have to go out of your way to get paper.

Aspiration Spend and Save Reviews + Customer Sentiment

Customer satisfaction with this financial firm is mixed and fairly average overall. This cash management product comes through for users with competitive rates, high FDIC-insurance and simplicity, but some users are frustrated with how often rewards, rates, and features change.

Customer service is said to be good and accessible and the online banking platform is generally thought to be more than sufficient—easy to use and complete.

To reach a customer support representative, call (800) 683-8529 during business hours of 6 AM – 6PM Pacific Time Monday through Friday and 8 AM – 4 PM Saturday and Sunday. You can also follow the corporation on Twitter, Facebook, and YouTube.

The mobile app for this firm is well-liked. The Aspiration app for Apple devices has a 4.8 star rating on the App Store and for Android devices has a 4.5 star rating on Google Play.

Final Thoughts

This account is a clear winner for anyone that wants to use their money to better the world.

The Spend and Save account (along with membership to Aspiration Plus) has everything a good cash management account should. They feature good rates of return, great perks, and the convenience of spending, saving, and investing all under the same umbrella.

Varo Review: A Checking / Savings Combo


image credit: Varomoney.com

Varo Money is a trendy digital bank based out of San Francisco that was founded in 2015 and offers all its products from its mobile apps on IOS and Android.

Varo Money’s two primary accounts are an online checking account that comes with a Varo Debit card, and an optional online savings account.

The checking account is about as hassle-free as they come. It comes with a highly attractive fee schedule (or lack thereof) that features:

  • no monthly maintenance fees of any kind,
  • no transfer fees or debit card replacement fees and
  • no foreign transaction fees.

There is also no minimum balance requirement to keep the account open and you can activate it with a minimum deposit of just $0.01.

With the optional savings account that can be opened along with the online checking account, you’ll earn one of the top APY (annual percentage yields) on the market at 0.81% APY.

Like the checking account, Varo Money’s savings account has no fees or minimum deposit requirements and you can start earning the exceptional APY once you place your first deposit into the account.

To learn more about Varo Money and their popular online checking and savings accounts, read our full review below.

Varo Money Online Checking Details

Getting your Varo Money online checking account set-up is a fairly quick and straightforward process that can be done online in minutes.

To get started, navigate to the Varo checking account page and either submit your email, or click on the black “Get Started” button in the upper right. If you choose to submit your email, they will email you a link to navigate to the same sign-up page, but your email field will be filled out already.

When filling out your basic information you will want to have the following pieces of information handy:

  • email address (if you haven’t submitted it already)
  • full name
  • date of birth
  • address
  • social security number

After you complete the application process, you will be directed to download the app from the Apple or Google Play store to begin funding and managing your account(s). Remember, the entirety of this digital bank’s products and services are accessed and managed solely through their native apps.

Once you’ve downloaded the app and opened the checking account, you’ll be ready for your first deposit. If you have any questions or get stuck during this process you can email – help@varomoney.com – and you should receive a prompt response.

Varo Money Checking Account Features

Three noteworthy features of Varo’s online checking account.

The Varo Money checking account has several noteworthy features and very little drawbacks.

For starters, the nature of Varo Bank and its digital product suite allow for Varo to save on costs and pass these savings along to consumers in the form of no-fee accounts and above average interest rates. Without an expensive branch network, staff, rent and utilities, Varo is Money able to simplify its product offerings and make them extremely low cost.

Second, Varo Checking account consumers are provided a debit card that can be used for free at 55,000+ AllPoint ATMs around the country. These ATMs are generally found in places like Walgreens, CVS, and target. If you have cash to deposit into the account, you can do this at any of the 90,000+ retail locations using Green Dot Reload.

On top of this, you can easily transfer money freely between Varo accounts and even connect a popular payment app like Apple Pay™, Google Pay™, PayPal, Cash App, or Venmo to pay for everyday purchases.

No credit checks of any kind will be run by Varo to open their checking account. In some instances they may request identity documentation, but your credit report, history, or FICO score will not be checked.

If you set up direct deposits with Varo checking, you’ll also be provided access to your funds up to two days in advance.

If you choose to open the savings account along with the checking account, Varo has some great tools available that allow for automatic transfer from your checking to savings to allow idle cash to grow with a lucrative APY.

ACH Transfers

As mentioned, Varo Money stands out from the pack with its lack of fees – especially when it comes to moving money around.

The average domestic wire charge in the US sits at a hefty $25. With Varo Money, you have the ability to move money around via ACH transfers for free.

There are two kinds of ACH transfers, both of which can be set up by Varo Money. These are:

  1. ACH debit transactions “pull” the money from your account, like for an automatic bill payment.
  2. ACH credit transactions “push” money into your account, like a direct deposit of your paycheck or tax refund.

To set up either of these kinds of ACH transfers, you will need your Varo Bank account number and the routing number of the other party’s financial institution.

The time frame in which the money is received is generally between 1 – 4 days. Here a more specific breakdown:

  • If you initiate the ACH transfer in your Varo app to or from an external bank account you own, it will take 2–4 business days.
  • If you initiate the ACH transfer from an external bank account to Varo, it will generally take 1–2 business days.

Varo Money Online Savings Account Rate + Details

Like other online banks, Varo Money is a member of the FDIC and all consumer deposits are federally insured up to $250,000 per depositor or $500,000 on joint accounts.

Although Varo used to offer a promotional APY on top of its already exceptional standard APY of 0.81%, we don’t see this promotion currently active. This promotion featured an APY of 2.80% on balances above $10,000 if certain direct deposit requirements were met. If/when this promotion is reactivated we will update this post.

Varo Money Online Savings Account Rate

Min BalanceAPY
$00.81%

To give this offer above some context, the current national average for a savings account sits at just 0.07% APY. That said, there are still a handful of online banks paying 0.70% – 1.00% APY on all balances.

Outside of the exceptional yield, Varo’s savings account has some helpful tools that allow you to automate your savings. Plus, package your savings and checking account together for better insights into your spending habits and how much you’re able to save each month.

Final Thoughts

The powerful checking/savings combo by Varo Money is hard to beat. On the checking side the lack of any and all fees make this product stand out from its peers.

On the savings side, Varo boasts one of the top APYs of any FDIC-insured institution, and also features no minimums or monthly fees of any kind.

That said, make sure you are perfectly comfortable going 100% digital as Varo Money provides no access to in-person banking or branches.

PNC Bank High Yield Savings + Virtual Wallet Checking Bonuses – $50, $200 and $300!


$50, $200 and $300 bonuses available by region through October 31, 2020!

PNC Bank is the 7th largest bank in the United States by assets with nearly $381 billion in total and the 5th largest bank in the US by branch network with 2,459 branches across 21 states and the District of Columbia.

They offer a full suite of banking services for personal, small business, corporate and institutional clients that cover everything from loans and borrowing to savings and wealth management.

For the purpose of this review we will focus on the personal High Yields Savings account and the Virtual Wallet Checking Pro with Spend account. These are PNC Bank’s online savings account and online checking account, respectively.

The Virtual Wallet Pro with Spend account, which functions as the online checking account, can also come packaged with the High Yield Savings, so that your reserve funds can grow with a solid APY. PNC Bank calls this packaged product the Virtual Wallet Pro with Spend, Reserve and Growth (a bit of a mouthful, we know).

If you open any of the Virtual Wallet accounts you can currently earn a bonus of $50, $200 or $300 depending on where you live and which account you open.

We ran several scenarios and detailed them below, but in general, the western states and cities are only eligible for the $200 bonus with the Virtual Wallet Pro with Spend account and the Midwest and Eastern states have that same $200 offer plus the option of either a $50 or $300 bonuses based on the type of account set up and the associated qualifying actions.

PNC Bank High Yield Savings Overview – 0.80% APY

PNC Bank is member FDIC and all deposits held at the institution are federally insured up to $250,000 per depositor or $500,000 on joint accounts.

PNC Bank High Yield Savings

AccountMin BalanceAPY
High Yield Savings$10.80%

To give this yield some context, the current national average for a savings account sits at just 0.07% APY and the top rates online are just touching 0.90% APY. That said, there are still a handful of specialty savings accounts like Sallie Mae’s SmartyPig or the Fitness Bank savings account that feature APYs at or above 1.00%.

Setting up, funding and managing your High Yield Saving account is fairly simple and straightforward.

To get started you will need the following:

  • Driver’s License or State ID
  • Social Security Number

On top of this, they will also request several pieces of information about yourself such as your full legal name, residing address, telephone number, e-mail address, etc.

Funding the account can be done in three ways:

  • Wire transfer from existing external bank account
  • Check deposit via the PNC mobile app. This can only be done after you’ve enrolled in PNC online banking or mobile banking.
  • A PNC checking account

The easiest and fastest way to get going is via a wire transfer. For this you will need the routing number and account number of your existing bank and bank account.

One your account is all set up, you can manage it from a mobile phone, tablet or desktop computer using PNC online banking or one of their native apps. You can download their IOS app or Android app using the links provided.

PNC Virtual Wallet Checking Pro with Spend

The Virtual Wallet Checking Pro with Spend account is an online checking account in your virtual wallet. Like the high yield saving account, this account has no minimum deposit requirements and no fees.

It comes with a debit card and access to over 18,000 ATMs nationwide (locate them here). It also comes with ATM reimbursements of up to $20 per statement cycle. This is a generous out of network ATM reimbursement amount per statement cycle – especially given the coverage of PNC Bank and its own ATM network.

Virtual Wallet Checking Pro with Spend Features

ItemFeature
Minimum deposit$0
Minimum balance$0
Monthly service fees$0
Debit CardFree
ChecksUnlimited
ATMs18,000 in network
ATM reimbursement$20 per statement cycle
Sign Up Bonus$200 – with qualifying direct deposit(s)

$50, $200 and $300 Bonus Details

As mentioned only the Midwest and Eastern states have the option for the $50 and $300 bonus. They also have the $200 bonus option that all the Western states have with the Virtual Wallet Checking Pro with Spend account mentioned above.

We ran this scenario in six major cities across the country:

  • Seattle 98109
  • San Francisco 94016
  • Dallas 75001
  • Chicago 60007
  • New York City 10001
  • Miami 33101

In Seattle, San Francisco and Dallas we found that only the $200 bonus offer was available.

In Chicago, New York, and Miami we found that same $200 offer available plus a $50 offer and a $300 offer. Details on each offer are listed below.

$50 Bonus for Virtual Wallet

Perhaps the easiest bonus to nab for those in eligible regions is PNC Bank’s $50 bonus is by opening the virtual wallet and establishing $500 in qualifying direct deposit(s) to the Spend account.

To qualify for this offer you must open the account between 10/1/20 to 10/29/20, and a qualifying Direct Deposit(s) must be received within the first 60 days. Your checking account must remain open in order for you to receive the reward, which will be credited to the eligible account within 60-90 days after all conditions have been met and will be identified as “Cash Trans Promo Reward” on your monthly statement.

$200 Bonus Offer

For the $200 bonus that is available everywhere. You will need to set up the Virtual Wallet Checking Pro with Spend account AND set up qualifying direct deposit(s) of $2,000 or more.

To qualify for this offer you must open the account between 10/1/20 to 10/29/20, and a qualifying Direct Deposit(s) must be received within the first 60 days. Your checking account must remain open in order for you to receive the reward, which will be credited to the eligible account within 60-90 days after all conditions have been met and will be identified as “Cash Trans Promo Reward” on your monthly statement.

$300 Bonus Offer

The $300 bonus that is available in Midwestern and Eastern States can be received by opening the Virtual Wallet with Performance Select account and

  1. setting up $5,000 or more in qualifying direct deposits OR
  2. $5,000 in average monthly balance in Spend and Reserve OR
  3. $25,000 in combined average monthly balance in PNC consumer deposits or investments.

To qualify for this offer you must open the account between 10/1/20 to 10/29/20, and a qualifying Direct Deposit(s) must be received within the first 60 days.

Final Thoughts

These are extremely noteworthy accounts and generous bonuses offered by PNC Bank.

The high yield savings account comes with an APY that is only beat by a handful of institutions and the Virtual Wallet with Spend account comes with a lucrative signing bonus of $200 plus the same ability to earn 0.80% APY on reserve cash.

For Midwestern and Eastern states only, we love the ability to earn $50 and $300 bonuses for the Virtual Wallet accounts, but the $300 bonus comes with much steeper direct deposit and/or average monthly balance requirements.

How to Replace your Chase Debit Card – Lost or Damaged


Replacement debit cards generally arrive within 3-5 business days.

We’ve all had it happen to us – you lose your wallet or purse during a night out with friends, or maybe you leave your Chase debit card at a store, bar or restaurant.

Not striking a chord? What about the continued wearing of your favorite debit card’s magnetic strip or chip reader?

Whatever the reason may be for needing to replace your Chase debit card, we’ve put together an easy step-by-step guide to get you a new one ASAP!

Request a Chase Debit Card Replacement Online

There are just six simple steps to follow to get a Chase debit card replacement online. To request a new Chase debit card online do the following:

  1. Login to your Chase.com account.
  2. Once logged in, click on the “account tile” associated with your lost card.
  3. Once on this account page, select the “Things you can do” drop down box.
  4. In the drop down you will see “Replace a lost or damaged card”
  5. From here you will select the card that needs to be replaced.
  6. You will receive a response within 1 business day.

Please allow 3-5 business days for your debit card to arrive.

Request a Chase Debit Card Replacement Over the Phone

Would you rather chat with a representative to have your debit card replaced?

No problem.

You can easily have your Chase debit card replaced over the phone as well. Chase Customer Service is available 24/7 to assist you with any needs you may have including replacement cards.

Here are the steps to getting your Chase debit card replaced over the phone:

  1. Call 1-800-432-3117.
  2. Once connected with a representative you will need to provide a brief summary of what you believe happened to your card.
  3. After this, you will need to confirm both your identity and your mailing address.

Again, please allow for 3-5 business days for your new card to arrive.

Other Options

You may alternatively go into a local Chase branch and request a new debit card, however Chase Bank does not print debit cards on the spot like some banks and credit unions do.

You will be asked the same line of questioning as you would over the phone and you can still expect the 3-5 business day arrival.

Please note that you can expedite delivery for $5, but this will only move things up to 2-3 business days.

While you wait for your Chase debit card to arrive you may need to pay for stuff. This can be done a few different ways.

The Chase Mobile App has many options that should cover you on money transfers using Chase QuickPay. QuickPay with Zelle allows you to transfer money to almost any US bank account within minutes. Many of the country’s largest banks are partnered with Zelle including Wells Fargo, Citibank, Bank of America, Capital One, and more. Even if the recipient isn’t banking with a Zelle partner the transfer will still function as like a standard ACH transfer and arrive within 2 business days.

You could also write checks to pay bills and make payments or use Chase Pay for simpler, everyday purchases. Chase Pay functions more or less like Google or Apple pay but isn’t accepted everywhere.

Final Thoughts

There are multiple avenues to take when looking to replace your Chase debit card, just remember all boil down to a 3-5 business day wait. So be sure to make appropriate plans to cover all your payments in the meantime.

Chase Bank Fees: What to Expect For Each Chase Account


image credit: chase.com

Chase Bank is one of the most recognizable names in banking. Their presence – both branch and ATM – is as vast as their customer base with 16,000 ATMs and 4,900 branches nationwide. On top of this tremendous reach, they also sit on roughly $2.69 trillion (yes, with a T) in assets.

While a bank of this size has much to offer in terms of accessibility, it is no secret that the institution’s most popular bank accounts and products typically come with fees.

These fees generally include:

  • overdraft charges,
  • monthly maintenance fees,
  • checking account fees,
  • wire transfer fees and
  • ATM fees for using a non-Chase machine (not to mention what that ATM owner charges)

While the monthly maintenance fees can be waived on most accounts, some of the other fees may be inevitable.

Below is a complete breakdown of all the fees you can expect to pay with Chase Bank’s most popular accounts as well as how to waive them (if possible).

Chase Total Checking Account Fees & How to Avoid Them

The Chase Total Checking account is the most basic checking account option. It comes with a minimum deposit requirement of $25 and a hefty monthly fee of $12 that can be waived by doing any of following:

  • Direct deposit totaling $500 or more made to this account
  • OR a balance at the beginning of each day of $1,500 or more in this account
  • OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying deposits or investments.

Below is a complete list of fees to look out for if opening a Chase Total Checking account.

Chase Total Checking Fees

TypeFee
Monthly Maintenance$12 (can be waived)
Minimum Deposit$25
Overdraft$35
Card Replacement$5
Foreign Transaction3%
ATM (out of network, domestic)$2.50 (plus whatever the ATM owner charges)
ATM (out of network, international)$5
Wire (incoming, domestic)$15
Wire (outgoing, domestic)$25
Wire (incoming, international)$15
Wire (outgoing, international)$5 if sent in foreign currency,
$40 if sent in USD
Stop Payment$30
Online or Automated Phone Stop Payment$25
Returned Item or Check$12
Money Order$5
Cashier’s Check$8

Of course, you’ll also have to pay for things like paper checks or paper statements ($6 per statement copy) should you wish to obtain them, but Chase Bank has a robust online banking platform and native apps on IOS and Android that will give you plenty of access to all your account information free of charge.

Chase Secure Banking Checking Account Fees & How to Avoid Them

The Chase Secure Banking account is considered the middle tier in terms of Chase checking account options. The big difference with this account is that it has a flat $4.95/month service fee that can not be waived. In exchange for this, the account comes with no overdraft fees. If you overdraft your account, they will simply decline or return the transaction.

Chase Secure Banking Fees

TypeFee
Monthly Maintenance$4.95 (can not be waived)
Minimum Deposit$25
OverdraftNone
Card Replacement$5
Foreign Transaction3%
ATM (out of network, domestic)$2.50 (plus whatever the ATM owner charges)
ATM (out of network, international)$5
Wire (incoming, domestic)$15
Wire (outgoing, domestic)$25
Wire (incoming, international)$15
Wire (outgoing, international)$5 if sent in foreign currency,
$40 if sent in USD
Stop Payment$30
Online or Automated Phone Stop Payment$25
Returned Item or Check$12
Money Order$5
Cashier’s Check$8

Chase Premier Plus Checking Account Fees & How to Avoid Them

The Chase Premier Plus Checking account is the top tier in terms of Chase checking account options. It comes with an interest rate (although the standard rate sits at just 0.01% APY at the moment) and they waive fees for counter checks, money orders and cashier’s checks.

It comes with an even heftier monthly maintenance fee of $25 that can be waived by doing any of following:

  • An average beginning day balance of $15,000 or more in any combination of this account and linked qualifying deposits or investments
  • OR have a linked qualifying Chase first mortgage enrolled in automatic payments from your Chase account

If you cannot meet the two qualifications above, Chase will also let you waive the $25 monthly fee by linking:

  • Up to two additional personal Chase checking accounts (excluding Chase Sapphire, Checking and Chase Private Client Checking)
  • Chase personal savings account(s), excluding Chase Private Client Savings
  • Chase Liquid Card(s)

Below is a complete list of fees to look out for if opening a Chase Premier Plus Checking account.

Chase Premier Plus Checking Fees

TypeFee
Monthly Maintenance$25 (can be waived)
Beginning Day Balance$15,000 to avoid $25 fee
Overdraft$35
Card Replacement$5
Foreign Transaction3%
ATM (out of network, domestic)$2.50 (plus whatever the ATM owner charges)
ATM (out of network, international)$5
Wire (incoming, domestic)$15
Wire (outgoing, domestic)$25
Wire (incoming, international)$15
Wire (outgoing, international)$5 if sent in foreign currency,
$40 if sent in USD
Stop Payment$30
Online or Automated Phone Stop Payment$25
Returned Item or Check$12
Money Orderfree
Cashier’s Checkfree

Chase Bank Savings Account Fees and Rates

Chase Bank currently offers two different savings accounts – The Chase Savings and the Chase Premier Savings. Both of these accounts come with monthly fees that can be waived.

The Chase Savings account comes with a $5 monthly maintenance fee unless one of the following conditions apply:

  • you’re under the age of 18
  • you maintain at least a $300 minimum daily balance
  • you set up at least one recurring automatic transfer of $25 from a Chase checking account
  • you link your savings to a Chase Premier Plus Checking, Chase Premier Platinum Checking, or Chase Private Client Checking account

The Chase Premier Savings account comes with a $25 monthly maintenance fee unless one of the following conditions apply:

  • maintain a minimum daily balance of $15,000
  • link up a Chase Premier Plus Checking or Chase Sapphire Checking account

All of the additional miscellaneous fees from the table(s) above apply to both of the chase savings accounts.

You won’t earn much in the way of interest on either savings account offered by Chase Bank currently. Current rates vary between just 0.01% and 0.05% APY depending on your relationship standing with the bank (ie how many accounts you hold with them) and your balance amount(s).

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.