APY GUY: Maximize Your Savings & Earnings

checking accounts

SoFi Checking and Savings – Up to 2.0% APY + Cash Bonus!


[📌 Update September 2022: SoFi has increased their cash sign-up bonus and APY (annual percentage yield) paid on balances. New customers that set up direct deposits can now receive up to $300 depending on the amount they deposit. Plus, both the checking and savings account now provide an APY of 2.00% on all balances in both accounts (1.00% APY if you don’t set up direct deposit). SoFi used to impose a cap of $50,000 in which they’d pay the top tier interest rate.]

The fintech company SoFi was launched back in 2011 by four Stanford graduates originally looking to provide more affordable options for students taking on debt to fund their education.

Today, SoFi is a publicly traded company on the Nasdaq providing an array of personal finance products including: lending, investing, cryptocurrency trading, banking, credit monitoring and insurance.

SoFi’s newest product, however, is the focus of this review. The SoFi Checking and Savings just launched at the end of March 2022 and is officially replacing their former cash management account called SoFi Money (more on that below).

SoFi Checking and Savings APY + Account Details

image credit: sofi.com

The SoFi Checking and Savings account is actually 2 accounts that are opened together. They do not provide standalone checking or savings accounts. Both accounts come with an APY (annual percentage yield) of either 2.00% or 1.00% depending on whether or not you set up a monthly direct deposit.

Set up Direct DepositAPY
Yes2.00%
No1.00%

The good news is there is no monthly direct deposit requirement to earn the 1.00% APY. However, many of the accounts features, top tiered rates and even cash bonuses are only unlocked when you set up direct deposit.

For example, if you would like to unlock free overdraft coverage you’ll need to maintain a monthly direct deposit of $1,000 or more.

To put the yields above into perspective, the current national average on a savings account and an interest checking account sit at just 0.17% and 0.04% APY, respectively, according to the most recent FDIC data. That said, a small handful of the top online accounts and nationally available credit unions are now paying above the 2.50% APY mark on some high yield savings accounts.

$300 Cash Bonus (limited time)

For a limited time, SoFi is giving new members a cash sign-up bonus of either $50, $100 or $300 depending on your qualifying direct deposit amount.

The bonus structure is as follows:

Direct DepositCash Bonus
$1k – $1,999$50
$2k – $4,999$100
$5k +$300

SoFi determines your cash bonus during a 30-day “Evaluation Period.” Within 14 calendar days following the evaluation period, SoFi will determine your cash bonus and deposit funds into your checking account.

Additional Features

These two accounts come with some additional noteworthy features. These are:

  • 2-Day Early Paycheck. You must set up a direct deposit (no $ requirement) to enable this feature.
  • No-Fee Overdraft coverage. You must set up a direct deposit of at least $1,000/mo to enable this feature.
  • Get up to 15% cash back at local businesses when you pay with your SoFi debit card. No direct deposit set-up required.
  • Automatic Savings Features. Set up savings goals, round-ups and save your change features. No direct deposit required.

Account Fees

There are no monthly maintenance fees associated with these accounts. There are also no fees on overdrafts (if criteria is met) or dormant accounts.

SoFi is a part of the Allpoint network, so there are no ATM fees at the 55,000+ Allpoint ATM locations worldwide.

FAQs

Still have more questions about the SoFi Checking and Savings accounts? Here are some of the most commonly asked questions and their answers.

Does SoFi Checking and Savings have FDIC insurance?

Yes, all deposits are swept daily into one or more banks – which are referred to as “The Program Banks” – where they are eligible for FDIC insurance through those partnered banks. It may take 2 business days for your funds to reach one or more of the Program Banks, but once they do they are fully FDIC-insured up to $1.5 million.

What happened to SoFi Money?

SoFi Money was the cash management account offered by SoFi before the launch of Checking and Savings. Since SoFi Checking and Savings has the best features of SoFi Money and more, SoFi is no longer offering this product to new customers.

What if I Currently Have SoFi Money?

If you are an existing SoFi Money customer, SoFi has invited you to upgrade to SoFi Checking and Savings. This invitation can be found in your email or through the app. If searching your email the first invitation would have been sent in or around March 2022.

Does Sofi Checking and Savings have an app?

Yes. All of SoFi’s products can be accessed by downloading their IOS or Android apps. On Apple, they have a 4.8 out of 5 star rating based on over 147k reviews. On Google Play they have a 4.2 out of 5 star rating with just over 21k consumer reviews.

What if I just want the savings or checking account, but not both?

When you sign up for SoFi checking and savings, you will automatically receive both a checking and savings account. The 2.00% APY is paid on balances in both accounts when direct deposit is set up. The interest is also applied on all account balances (used to cap at $50,000).

PNC Bank High Yield Savings Account – Now 1.80% APY


[📌 Update September 2022 – PNC Bank has bumped up the APY (annual percentage yield) on their high yield savings account a number of times this summer, most recently bumping it up to 1.80% APY where it still stands. To put the increasing yield into perspective, the account provided an APY of just 0.75% in June of this year. See more account details below.]

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.

📍 Please note: These accounts do not have to be opened together, if you would just prefer to open one of them that is doable.

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.

To see if any of these accounts (or the package deal) are right for you, continue reading our review below.

PNC Bank High Yield Savings Rate + Account Details

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. There is a low minimum balance requirement of just $1.00.

High Yield Savings Rate

Min BalanceAPY
$11.80%

To give this yield some context, the current national average for a savings account sits at just 0.13% APY according to FDIC data. That said, top rates from online banks are now rising above the 2.00% APY mark in anticipation of another significant FED rate hike this September.

Opening the High Yield Savings Account

image credit: apply.pnc.com

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

If you’re not stopping into a local branch, then you’ll complete the application using a QR code to verify ID (see image above).

Be sure to have the following items handy:

  • 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

Checking and Savings Package

As mentioned, you do not need to open both of these accounts together, but if you do you’ll have increased functionality to set up savings goals. You can fund these goals by transferring funds freely between the checking product and the high yield savings where your funds can grow at 1.80% APY.

Huntington Bank Checking Bonuses: Up to $750!


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

Huntington is currently offering up to $300 to new personal checking account customers and $750 to new business checking account customers. Find out how to take advantage of these promotions and which accounts qualify here. There is still plenty of time.

How to Get up to $300 – Personal Checking

image credit: huntington.com

This promotion allows you to earn $200, or $300 when you open a qualifying personal checking account with Huntington bank.

Qualifying accounts include: the Perks Checking account, and the Platinum Perks Checking account. Each account has its own bonus and requirements:

  • Asterisk-Free Checking – no bonus at this time.
  • Perks Checking- must deposit at least $1,000 within 60 days of opening and maintain this balance for at least 90 days to earn a $200 bonus.
  • Platinum Perks Checking – must deposit at least $25,000 within 60 days of opening and maintain this balance for at least 90 days to earn a $300 bonus.

You will receive your bonus automatically within 14 days of meeting the requirements. 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.

📍 There are location restrictions. Only residents of Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, and Wisconsin can qualify. 

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

This offer is valid through October 7th, 2022. 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 Get up to $750 – Business Checking

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 November 7th, 2022. 

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.

Bank of America $100 Checking Account Bonuses [2022]


[📌 Update August 2022 – Originally set to expire in June of 2022, Bank of America has extended their $100 bonus for new checking account customers through the end of the year. See details below.]

Bank of America is known for throwing around cash bonuses to incentivize new account sign-ups. Today, they offer only one noteworthy promotion: $100 for new checking account customers.

In this review, we will go over which accounts are eligible for the $100 bonus and how to qualify for it as a new customer.

Which Bank of America checking accounts are eligible for a $100 Bonus

Right now, three different Bank of America checking accounts are offering a $100 signup bonus to new customers. These are:

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

The three eligible checking accounts offer different features and have different requirements for waiving monthly fees. We’ll dig into these after covering how to get the bonus for all three.

How to Get the $100 Bonus

The requirements for getting the $100 sign-up bonus are the same for each of the three accounts.

Valid through December 31, 2022, you don’t want to sleep on this bonus if you’re already planning on joining Bank of America and opening a checking account. Remember that you can’t qualify as an existing customer no matter what kind of account you have with Bank of America.

Here’s what you need to do: 

  1. Use this link to access the offer.
  2. Open one of the three Bank of America Advantage Checking accounts (SafeBalance, Plus, or Relationship).
  3. Use the offer code DNL100CIS when opening.
  4. Set up and receive qualifying direct deposits totaling at least $1,000 within 90 days of enrolling.

Bank of America Advantage SafeBalance Banking Account

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

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

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

This fee will also be waived for students enrolled in high school, college, a university, or vocational school that are younger than 25 years old. 

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

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

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

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

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

Bank of America Advantage Plus Banking Account

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

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

  1. By linking a direct deposit of at least $250,
  2. Maintaining the minimum average daily balance requirement of $1,500, or
  3. Enrolling in Preferred Rewards (see above section for details about this program).

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

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

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

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

Overdraft Protection

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

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

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

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

You can use overdraft protection for up to five accounts.

Bank of America Advantage Relationship Banking Account

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

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

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

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

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

You may also choose to enable Balance Connect overdraft protection to connect up to five accounts to help cover transactions that would overdraw available funds for this account. Linking your own checking and savings accounts to cover your overdrafts can help you avoid overdraft fees.

Final Thoughts

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

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

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

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

Chase Checking Account Bonuses: $100 – $300


If you’re a new Chase customer opening a College, Total, or Business Complete Banking checking account, you qualify for a welcome bonus offer of $100, $200, or even $300, respectively. Yes, up to $300.

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

Read more about these bonuses and how to get them, plus review the checking account terms, potential fees and how to avoid them in our guide below.

Chase College Checking Account + $100 Sign-Up Bonus

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

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

This account does not require a minimum opening deposit to open and a $6 monthly maintenance fee can be waived. See section below for details.

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

How to waive the $6 monthly fee?

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

  1. prove that you are a college student by providing your student ID, college name, and expected date of graduation (waive the fee for up to 5 years),
  2. set up an electronic deposit into this account (such as ACH transfer or direct deposit), or
  3. maintain an average daily balance of at least $5,000.

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

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

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

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

Other fees associated with this account include:

  • $15 per incoming wire transfer,
  • $35 per outgoing domestic wire transfer,
  • $12 returned check fee,
  • $2 for each page of printed personal checks. 3 per page.
  • $2.50 charge for out-of-network ATM usage.

See this ​deposit account agreement​ for a complete list of fees for all accounts

How to qualify for the bonus:

To qualify for the $100 bonus, make sure you make 10 qualifying transactions—such as purchases with your debit card, QuickDeposits, online bill payments, etc.—within 60 days of opening the account and using the welcome coupon from this link to access the offer. You must open your new account using this coupon by October 19, 2022, to qualify for the bonus.

Chase Total Checking Account + $200 Sign-Up Bonus

The Chase Total Checking account is one of the bank’s more popular deposit products. And from now until October 19, 2022, this account features a $200 sign-up bonus for new customers.

How to qualify for the bonus:

Get $200 when you open a new Chase Total Checking account and set up direct deposit within 90 days of coupon enrollment (using the coupon code you receive through this link to register for an account).

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

The direct deposit requirement to earn the cash bonus is often the largest ‘catch’ for offers like these. Many other banks have similar terms for their bonuses.

Fees and how to avoid them:

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

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

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

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

Chase Business Complete Banking + $300 Sign-Up Bonus

The Chase checking account that will give you the highest signup bonus—$300—is the Business Complete Banking checking account, which offers business features such as Chase QuickDeposit and QuickAccept. QuickAccept allows you to accept and manage payments for purchases. You can also:

  • Issue refunds
  • Track disputes
  • Accept contactless or manual payments through the Chase app
  • Receive same-day deposits

Fees for this service are 2.6% + $0.10 for transactions that are tapped, dipped, or swiped and 3.5% + $0.10 for transactions that you enter manually from the Chase app.

How to qualify for the bonus: 

Because this is a business account, the requirements for receiving the bonus are a bit different than the other two accounts we’ve featured so far. 

To qualify, you must deposit at least $2,000 in new money into this account within 30 days of opening and maintain this balance for at least 60 days. You must also make at least five qualifying transactions (which include debit card purchases, QuickAccept deposits, ACH transfers, wires, and bill pay.

Once these requirements are met, the $300 bonus will be directly deposited into your account within 15 business days.

This bonus offer is valid now through October 19, 2022. You must use this link to get your sign-up coupon code and receive the bonus after reaching the requirements.

Fees and how to avoid them: 

This account’s $15 monthly maintenance fee can be avoided by:

  1. Maintaining an average daily balance of at least $2,000
  2. Making at least $2,000 in transactions using your Chase Ink Business credit card
  3. Receiving at least $2,000 in deposits from QuickAccept transactions or payments from a third party platform
  4. These qualifications must be met every statement period.

You can also avoid this fee if you are an active-duty U.S. service member (must provide identification as proof) or Chase Private Client.

If you are the owner of a Chase Business Complete Banking checking account, you’ll have:

  1. Unlimited electronic deposits, ACH transfers, and Chase QuickDeposit transactions,
  2. Free check monitoring services,
  3. Account activity alerts.

About Chase Bank Checking Accounts + Customer Sentiment

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

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

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

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

Per this press release:

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

As one of the largest and highest-asset banks in the U.S., it should come as no surprise that Chase has thousands of ATM and branch locations across the country. As of March 2022, there are over 17,000 ATMs with 5,100 Chase branches.

It’s also worth noting that the Chase mobile banking app is superb. It is easy to navigate and allows you to do anything you may need to do, from account management to getting help with a question. Across the millions of Apple and Android customers that use this app the vast majority are happy with it – scoring a 4.8 star and 4.4 star rating, respectively. This cannot be overstated, as many much less popular banking apps receive lower ratings.

Final Thoughts

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

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

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 with cash management accounts, they are all-in-one accounts that combine features of savings accounts, checking accounts and investment accounts all 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.

About 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 + Details

The Fidelity Cash Management Account does not earn much interest currently, but has been competitive in the past.

Rates

BalanceAPY
$0 – $99,999.990.25%
$100,000 +0.25%

To put these offers in perspective, the current national average for a savings account is 0.07% APY and just 0.04% APY for interest-bearing checking accounts, according to FDIC data.

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.

How Does it Compare

There’s quite a few cash management accounts on the market to choose from and their feature sets and interest rates vary widely.

Below is our rundown of the most popular cash management accounts of 2021 benchmarked with Fidelity on top features and yield.

Institution/AccountFDIC insuranceDebit CardAPY
SoFi Money$1.5 millionYes1.25%
Wealthfront Cash Account$1 millionNo0.85%
Betterment Everyday Cash Reserve$1 million+Yes0.75%
Aspiration Spend & Save$2 millionYes5.00%
Affirm Savings$250kNo0.65%
Fidelity Cash Management$1.25 millionYes0.25%

Many of the cash management accounts that come with a debit card also feature ATM fee reimbursements worldwide. The Fidelity Cash management account offers an unlimited amount of these but every institution and account is different. You’ll have to check with the institution’s account details page for more information.

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 account 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 — 4.2 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.

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