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Reviews

Apple Pay Cash Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

With so many peer-to-peer money transfer options on the market, it can be difficult to figure out which is the most functional. If you’re an Apple user, you’ve probably been exposed to their proprietary product: Apple Pay Cash. Is it the best option for you, though, as far as fees and security are concerned?

Let’s dive in to find out.

Apple Pay at a glance

Fees: 3% fee if you use a credit card; free if you use a debit card or balance from Apple Pay Cash

How long it takes to receive funds: Funds are sent immediately to the recipient.

Fraud protection: If you feel you are a victim of fraud or a scam, Apple encourages you to contact the company immediately.

Compatible devices: iPhones (XR, XS, XS Max, X, 8, 8 Plus, 7, 7 Plus, 6, 6 Plus, 6s, 6s Plus, and SE models), iPads (iPad Pro 3rd generation, iPad 6th generation, iPad Pro, iPad 5th generation, iPad Air 2, iPad Mini 3 and iPad mini 4 models), Apple Watches (1st generation, Series 1, Series 2, Series 3 and Series 4 models), and Mac models introduced after 2012 with an Apple Pay-enabled iPhone or Apple Watch. Mac model must have Touch ID.

How Apple Pay Cash works

Before you can start sending money, you need to link a card or bank account to your Apple Pay account.
First you’ll have to identify if your financial institution participates. If they do, you can then add your account to your device in the ‘Wallet’ section. You will have to add each individual card to each individual device. Keep in mind that while sending money to friends and family is free with a debit card, you will incur a 3% transaction fee if you use a credit card to send those same funds.

Now that you have a funding source, you can send money to family and friends easily. On your iPhone or Apple Watch, you can simply ask Siri. Apple tells consumers you can say something along the lines of “Send $50 to Mom,” to use this functionality.

You can also do a completely manual transfer. On your iPhone or iPad, you’ll be doing it through messaging. Open up a conversation with your recipient and press the Apple Pay button.

It looks like this:

If you don’t see it, click the button that looks like this:

You’ll be prompted to enter a dollar amount.

 

apple pay apple pay

 

Then simply type in the amount you’d like to send, add a message for your recipient if you so desire, and press the button that looks like this:

Finally, to send the payment, you will need to verify your Face ID, Touch ID or passcode.

To do the same with your Apple Watch, you will also need to open a conversation in messages and press the Apple Pay button. Turn the digital crown to set your payment amount, then turn it again when you’re ready to submit. Press “Pay,” and then double click the side button.

When someone sends you money via Apple Pay Cash, it will be deposited into your Apple Pay account. The first time you receive money, you will have to formally accept the payment within seven days. From there on out, payments will be automatically accepted unless you change your account settings.

You can leave your money in your Apple Pay Cash account, or you can transfer it to your bank account. Bear in mind that when you send money, it will be drawn from your Apple Pay Cash account first. If you send more than you have in your Apple Pay Cash account or your do not have a balance, it will come from your first payment method. This will preferably be a debit card so you can avoid the 3% fee which is incurred when you use a credit card.

Apple Pay Cash vs. Venmo

Except in rare instances where there is a hiccup in the payment process, both Apple Pay Cash and Venmo transfer money from user to user automatically. It may take one to three days to transfer money into your bank account, but your funds will be available via your Apple Pay Cash or Venmo balance immediately.

These two services also have the same fees as noted in our in-depth comparison: 3% of all transactions paid via credit card.

The biggest difference between Venmo and Apple Cash Pay is that Venmo is available to those who don’t have an iPhone, iPad, Apple Watch or compatible Mac. If most of your friends and family use Apple products regularly, this accessibility issue could be a moot point. But if you or much of your social circle uses Android or products with other operating systems, Venmo may be the way to go.

Apple Pay Cash vs Zelle

If you don’t feel like waiting a few days to get your money into your bank account, Zelle is a good alternative. Offered by many banks, Zelle is very much like Apple Pay Cash and Venmo except that money is transferred directly from bank account to bank account. You won’t have a “Zelle” balance like you would have a Venmo or Apple Pay Cash balance. Transactions with Zelle are usually completed within minutes.

Zelle itself doesn’t charge consumers any fees to use its service, but your bank or credit union might. The only fee to worry about with Apple Pay Cash is the 3% fee when you use a credit card as your payment method.

Risks of mobile payment apps

Apple Pay Cash is secured on various levels. First, you will have to enter a passcode, Face ID or Touch ID to send any money. This is required each and every time you make a transaction. Secondly, your actual card numbers aren’t stored directly on your mobile device or Apple’s servers, which helps keep you safer from potential hacks.

Because these security measures are already in place, the remaining bulk of staying safe with Apple Pay Cash is placed on your shoulders. Make sure you don’t accept payments from people you don’t know. In fact, Apple encourages you to report these payments as “junk.”

Even with people you do know, you should be careful of imposters. You may get a payment from a “friend” with a dummy phone number or email address and/or Apple Pay Cash account. If you’re not expecting a payment from someone, verify that they sent you money by getting in touch with them before accepting the payment.

If you want to have to opportunity to reject payments, you will have to change your settings. While you will have to formally accept your first payment, after that the default is to accept all payments automatically. Go into your settings to change payment approval to “manual” in order to dodge any shady incoming payments.

Finally, Apple cautions users to be wary if a company requests an Apple Pay Cash payment via messaging. Apple will never ask you to pay your bill this way, and it’s not the safest way to pay your other bills either as you can’t be 100% sure it’s really the entity you owe money to rather than an imposter.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Reviews

Green Dot MoneyPak Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

secured credit cards
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Green Dot is a financial services company that primarily offers consumers access to banking services through its prepaid cards. But unlike many of Green Dot’s other products, MoneyPak is not a prepaid card. Rather, it is a way for those without access to traditional banking services to send money to friends or family. Think of it as an expensive and more labor-intensive version of Venmo or Zelle.

How to send money with Green Dot MoneyPak

You first need to find a retailer that sells MoneyPaks to pick one up in person. It’s available at of drugstores primarily (7-Eleven, CVS, Rite Aid, Walgreens) and also Dollar General locations. Find a location here.

In store, you purchase a Green Dot MoneyPak in a specified amount ($20 to $500) and pay a $5.95 flat fee (ouch!).

Then, you’ll give the recipient the Green Dot MoneyPak number. As long as their prepaid card or bank debit card qualifies for MoneyPak, they will be able to add the money from the MoneyPak directly to their prepaid card or bank account. If they have a prepaid card, it must have their name printed on it — no “Valued Customer” or other like cards will be accepted. You can check to see if your card is eligible to use MoneyPak here.

How to receive money with Green Dot MoneyPak

It can take up to 30 minutes for funds on your MoneyPak funds to become available.

If you’re receiving funds, you will need to use the site via mobile or desktop in order to load the Green Dot MoneyPak funds onto your debit card or prepaid card.

The first time you use a MoneyPak, you will go to the website and enter the MoneyPak number. From there, you’ll be prompted to create a profile, which includes sharing your debit or prepaid card information. Once your profile is complete, you will be able to load your funds onto your card.

You do not need to make a new profile every time you receive a new MoneyPak. You will simply log in to your profile and add the new MoneyPak’s 14-digit code to load its funds onto your debit card or prepaid card.

Green Dot MoneyPak fees and fine print

MoneyPaks can be loaded with anywhere from $20 to $500 for a $5.95 fee. That means you could pay anywhere from a 1% to 29% fee for sending funds, depending on the amount you choose. Keep in mind, there are plenty of free ways to send money to friends and family if you have a traditional bank account or prepaid card, but if you don’t, then this is a fairly decent option.

Another piece of fine print to look out for is the time requirement. For every 31 days the Green Dot MoneyPak isn’t redeemed, there will be another $5.95 charge.

Green Dot MoneyPak Fees
Activation fee$5.95
Reload feeN/A
Check deposit feeN/A
ATM feesN/A
Card replacement feeCard cannot be replaced
Maintenance Fee$5.95 every 31 days you hold money within the MoneyPak

Can I get scammed with the Green Dot MoneyPak card?

Because all you need to use a MoneyPak is the 14-digit access code, it has been the center of various scams used to fraud consumers out of their money. The fraudster may pose as a lender or bill collector, asking you to pay a debt or down payment via a Green Dot MoneyPak. After you give them the 14-digit code, your money’s gone and irretrievable.

In the past, fraudsters have posed as:

  • Utility companies
  • Tax collectors
  • Lenders
  • Potential employers
  • State lotteries
  • Government authorities
  • Kidnappers
  • E-commerce platforms
  • Someone who wrote you a check
  • Potential lovers on dating apps or websites

Green Dot warns consumers that fraudsters will often try to intimidate you, using fear to obscure your regular tendency towards scrutiny. It cautions not to reply to any emails asking for payment via a MoneyPak or give your MoneyPak information to anyone you have never met face-to-face. If you’re worried you may actually owe a business or agency money, call the business directly rather than relying on them to contact you. Even if you do owe money, legitimate businesses are not likely to accept MoneyPak as a form of payment.

If you are a victim of fraud, Green Dot tells you to contact local authorities. You’re also supposed to reach out to Green Dot’s fraud department. It is unlikely that the company will be able to help you recover any of your funds, especially if they have already been transferred. Regardless, you’ll need your original receipt to file a fraud claim.

Using the Green Dot MoneyPak Website

If you’re sending money via a MoneyPak, you will not need to use the MoneyPak website.

Opening a Green Dot MoneyPak Account

To create a MoneyPak profile, you will need a working mobile phone for verification purposes, a working email address and potentially a photo ID. Green Dot will also ask for information to verify that you are at least 18 years old, and that you are a US citizen or legal alien living in one of the 50 states or Puerto Rico. Green Dot will not run a credit check for this product, nor will it qualify you through Chexsystems.

You can create this profile via desktop or phone, but because you may be asked for ID, setting it up on your phone is likely to be easier. You’ll just have to snap a photo of your ID and upload it to the website rather than going through the rigamarole of scanning it and uploading or emailing the photo to yourself.

Setting up your account can be easy and quick, but those who are asked to provide a photo ID could potentially end up waiting two business days for their account to be functional. For this reason, if you think you will be using a MoneyPak for the first time in the near future, it’s a good idea to set your account up ahead of time.

Overall review of Green Dot MoneyPak

Green Dot’s MoneyPak is one solution for those who do not have a bank account to deposit money. The $5.95 fee is steep, but that’s the name of the game when you’re bank-less.

However, if you do have a bank account and are using MoneyPak to send money to a family member or friend who also has a bank account, using tools like Venmo, Zelle or PayPal can be much more affordable and convenient.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Earning Interest

Top 10 Jumbo Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Jumbo money market accounts
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What is a jumbo money market account?

When you’re saving money, you want to make sure you’re stashing it in the right place. Ideally, that will be in an account with a high rate of return. While savings accounts tend to offer a higher return than checking accounts, money market accounts  — which are FDIC-insured up to $250,000, unlike money market funds — may yield an even higher rate of return.

That’s if you know where to find the best rates.

The money market accounts that offer the highest returns are known as jumbo money market accounts. In the past, these high-yielding accounts could have minimum initial deposits as much as $100,000, but today, you can get these higher rates with a much lower initial investment and sometimes there’s no minimum at all.

In this roundup, we’ll explore the top rates.

UFB Direct, 2.45% APY, $25,000 Minimum Deposit

UFB Premium Money Market - New Money from UFB DirectUFB Direct is an online bank and a division of Axos Bank. While you may not readily recognize either of these brands, the overall company has acquired over $9 billion in assets. UFB Direct, specifically, has strived to offer its customers competitive rates and this is evident with its new Premium Money Market Account. While you only need a minimum deposit of $5,000 to open the account, you’ll need to have a minimum balance of $25,000 to earn the 2.45% APY. If your balance is less than $25,000, you’ll end up earning an APY of 0.50%. This account does come with a $10 monthly fee, but if you have an average daily balance of $5,000 or more in the account, UFB Direct will waive the fee. Checks and Visa® Debit Card are available upon request. There is also a mobile banking app that will allow you to manage your account on-the-go conveniently. All deposits held with UFB Direct are FDIC-insured.

LEARN MORE Secured

on UFB Direct’s secure website

Member FDIC

earn.bank, 2.41% APY, $100 Minimum Deposit

Money Market Account from earn.bankearn.bank, a division of Silvergate Bank, was created around the idea of offering premium rates on bank accounts. Taking a look at the rate the bank is offering on its money market account makes it hard to argue with this idea. For a small minimum deposit of $100, you can receive an APY of 2.41%. While the rate is outstanding and you can earn it with a small deposit amount, you may have to pay a $10 monthly maintenance fee if you have an average daily balance below $10,000. Another downside to this account is that it doesn’t come with check-writing capabilities or even a debit card to withdraw money. If you’re okay with having your money in a complete online bank account, then you may not mind the lack of these two features. You are able to transfer money via ACH online. earn.bank also has a mobile app that allows you to manage this account on the go.

LEARN MORE Secured

on earn.bank’s secure website

Member FDIC

Capital One 360, 2.00% APY, $10,000 Minimum Deposit

Capital One
Capital One offers savings accounts, checking accounts, certificates of deposit (CDs), individual retirement accounts (IRAs) and, of course, money market accounts.

If you open a 360 Money Market Account and deposit at least $10,000, your money will earn 2.00% APY. While there is technically no minimum amount required to open one of these accounts, if you have less than $10,000, you will only earn 0.85% APY. You can find higher paying basic savings accounts elsewhere or another good option to consider would be their 360 Savings Account which earns 1.00% APY regardless of balance, until you are able to hit the $10,000 threshold.

While 360 Money Market Account does not come with any fees, it also does not come with any checks. It does come with a debit card, which you can get after the account has been opened. You may withdraw money through an ATM. Just keep in mind that you’ll be restricted to six certain transfers and withdrawals per month due to federal law. You can easily access your account through Capital One’s online portal, mobile app, or you can call to speak to one of their representatives.

LEARN MORE Secured

on Capital One’s secure website

Member FDIC

VirtualBank, 2.36% APY, $100 Minimum Deposit to Open

eMoneyMarket from Virtual BankVirtualBank is based in Louisiana but mainly offers access to its deposit products online nationwide.

To open a high-yielding money market account at VirtualBank, you must have a minimum opening deposit of at least $100. From there, your account will earn 2.36% APY for the first year. Then, the APY will drop to 0.80%. If your daily balance drops below $100, you will be charged a $5 fee per month.

To take money out of your account, you can conduct an online transfer. As with all of the accounts on our list, you will only be able to make six withdrawals/transfers per month. If you make more than six withdrawals in a monthly statement cycle, VirtualBank will charge you a $15 fee each time you take out more money.

LEARN MORE Secured

on Virtual Bank’s secure website

Member FDIC

Bay State Savings Bank, 2.35% APY, $5,000 Minimum Deposit to Open

Smile Worcester County Consumer Money Market from Bay State Savings BankBay State Savings Bank is based in Massachusetts but it available to all U.S. citizens and residents via its online platform. This bank was funded by the community of Worcester in 1895 with a comittment to serve its local community. In 2003, the bank marked this comittment by establishing a foundation that is meant to support non-profit organizations and programs within the community. Since this organization is fully funded by the bank, it has creatively come up with ways to give back. One example is the creation of the Smile Worcester County Consumer Money Market account.
This account was created to support the economic growth of areas in Worcester County that are in need. If you open this account and deposit a minimum of $5,000, you will be helping this effort. In turn, you’ll receive an APY of 2.35%. While you don’t need to maintain a specific balance to continue earning the APY, you will want to maintain the $5,000 to avoid being charge the $7 monthly service fee.
A couple other items to take into consideration is that outgoing ACH transfers are limited to $10,000 per transaction and, as with all other savings accounts, you’re limited to making six certain transactions per statement cycle. This account does offer check writing and the bank has a mobile banking app.

LEARN MORE Secured

on Bay State Savings Bank’s secure website

Member FDIC

Northpointe Bank, 2.30% APY, $25,000 Minimum Balance

Liquid Money Market from Northpointe BankNorthpointe Bank is based out of Grand Rapids, MI, but services customers nationwide. The founder of the Northpointe Bank envisioned that the bank would focus on customer service first and foremost, and would offer real value to its customers. Running on these values, Northpointe Bank tries to offer competitive rates to new and existing customers. Currently, the bank is offering a 2.30% APY on its money market account with a minimum balance amount of $25,000. You only need $1,000 to open the account, but you won’t earn the high rate unless you meet the balance requirement. If you decide to work your way up to the balance requirement here’s what you’ll get with each tier:

  • Up to $2,500: 0.20% APY
  • $2,500 – $24,999.99: 0.25% APY
  • $25,000 – $1m: 2.30% APY
  • $1m+: 2.30% APY

If you’re able to earn the high rate, you’ll be guaranteed this rate for 24 months. This account comes with checks and a debit card upon request. Northpointe Bank supports online banking and has a mobile banking app.

LEARN MORE Secured

on Northpointe Bank’s secure website

Member FDIC

Pacific National Bank, 2.25% APY, $5,000 Minimum Deposit

MMDA Online Special (New Money Only) from Pacific National BankPacific National Bank, headquartered in Miami, FL, provides banking services to customers nationwide through its online banking platform. Currently, the bank is offering a money market account with a high rate of 2.25%. You’ll need to deposit a minimum of $5,000 to earn that rate and waive the monthly maintenance fee of $25. This account does have checking writing capabilities and a mobile banking app is available to download.

LEARN MORE Secured

on Pacific National Bank’s secure website

Member FDIC

BankPurely, 2.25% APY, $25,000 Minimum Deposit

BankPurely
BankPurely is a division of Flushing Bank. Built to attract conscious consumers focused on an ethical lifestyle, this division attempts to build the “community” aspect of a community bank online rather than in person. One of their social initiatives is planting one tree for every new account opened.

To open a PurelyMoneyMarket account with BankPurely, you must have an initial deposit of $25,000. You will be required to keep your account balance at or above $25,000 to earn the account’s 2.25% APY. You will be able to withdraw money using online services and a debit card, but remember to keep it below the six withdrawal per month limit.

LEARN MORE Secured

on BankPurely’s secure website

Member FDIC

KeyBank, 2.25% APY, $25,000 Minimum Deposit

KeyBank
KeyBank offers one of the highest APY money market accounts — at least during the initial twelve-month promo period. During the first year, money market accounts with balances between $25,000 and $2,000,000 earn an APY of 2.25%. Unfortunately, this rate may not be available in all markets, so make sure you enter your zip code to get the rate that pertains to your location. Also, you must open a checking account with KeyBank to qualify for this promotion.

After the promotional period is over, your rates will drop to 0.12% APY for balances over $25,000 as long as you have an average of at least one deposit and eight withdrawals from your KeyBank checking account during the past three statement periods. At this point, amounts under $25,000 will earn 0.10% APY.

Whether you’re in the promotional period or not, you will be charged an $18 monthly maintenance fee. You will also be charged a $15 fee every time you make more than six withdrawals from your money market account in any given statement period.

LEARN MORE Secured

on KeyBank’s secure website

Member FDIC

Sallie Mae, 2.20% APY, No Minimum Deposit

Sallie Mae Bank
Sallie Mae is probably best known for underwriting mortgages and student loans. However, they also offer deposit accounts direct to consumers.

For example, their high-yield money market account pulls in 2.20% APY with no monthly maintenance fees and no minimum upfront deposit. You can write checks from this account, but keep in mind that you’ll have to stay below six withdrawals per month. If you don’t you’ll be charged a $10 excessive transaction fee. This fee will be applied for each withdrawal after six in a statement period, up to $70 per period. If you make more than seven excessive transactions, the additional $10 fees will be applied to the following month’s statement.

LEARN MORE Secured

on Sallie Mae Bank’s secure website

Member FDIC

How these jumbo money market accounts’ rates compare with regular money market rates

Jumbo money market accounts are typically called jumbo because they require a significant deposit to earn the top rate. You may have noticed that many of these accounts do not necessarily have the label “jumbo” attached to them. This is because with the advent of online banking, more and more financial institutions are passing along the savings they incur from not having to maintain brick-and-mortar locations on to their customers via higher returns on products like money market accounts.

For that reason, you’ll notice that many of the highest-yielding accounts on this list can also be found on our Best Money Market Rates & Accounts lineup.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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