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Banking Apps

2015’s Best & Worst Mobile Banking Apps: 100+ Banks & Credit Unions Ranked

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Overdraft_lg_mobile vs trad

Having a mobile banking app that works reliably is more important than ever as the number of consumers using mobile apps to deposit checks has grown over five times since 2011 according to a recent Pew study. Chase reported that last year more checks were deposited via phones and ATMs than in its branches, comprising 58% of deposits, including 45 million smartphone check deposits.

MagnifyMoney compiled the ratings of iOS and Android banking apps from over 100 of the biggest banks and credit unions, including the 50 largest banks and 50 largest credit unions along with a selection of top online direct banks.

The data, collected from iTunes and Google Play the week of November 30, was used to create a composite 1 to 5 rating factoring a weighted average of the ratings from both the iOS and Android platforms. This is the 2nd year MagnifyMoney has compiled the ratings, and this year’s results include comparisons to 2014 to see which banks and credit union apps have most improved and deteriorated.

The best and worst mobile banking apps include:

  • Best Large Bank App: Chase (4.2)
  • Best Credit Union App: Eastman Credit Union, ESL Credit Union, SEFCU, VyStar, Redstone Federal, (tie: 4.7)
  • Best Regional Bank App: East West Bank (4.4)
  • Best Online Direct Bank App: BankMobile (4.6)
  • Worst Large Bank App: Citibank (3.2)
  • Worst Credit Union App: American Airlines Federal Credit Union (2.5)
  • Worst App Overall: Umpqua Bank (2.2)
  • Most Improved App: Visions Federal Credit Union (4.3, +37% from 2014)
  • Most Deteriorated App: Umpqua Bank (2.2, -43% from 2014)

You can read more about the findings below these graphics…

10 Best and Worst across all banks and credit unions reviewed

MobileAppRatingsGraphic2015-SummaryAllSizes

Best and Worst among the 10 biggest banks and credit unions

MobileAppRatingsGraphic2015-LargestInstitutions

Credit unions top the ratings

8 of the 10 highest ranked apps were from credit unions. Five credit unions shared the very top average score of 4.7, including Eastman Credit Union, ESL, Redstone Credit Union, SEFCU, and VyStar Credit Union, a top ranking and rating they each shared in our 2014 study.

BankMobile and Simple were the only online direct banks in the top 10, while no traditional banks made the top 10 list.

Of the 10 highest ranked apps, 8 of them used an interface from an external app developer, Digital Insight. All 8 were credit unions who selected Digital Insight, and this is in contrast to internal development favored by larger banks and even some regional banks. The un-flashy Digital Insight interface (pictured below) was cited for simplicity and reliability by users.

DigitalInsightInterface

Customer feedback about top rated apps includes:

  • Eastman Credit Union: “Easy to use, quite effective, does everything you might need. The biometrics is a great addition.” – 11/29/15
  • ESL Credit Union: “Now that Touch ID support has been added, this app is perfect. Simple and easy to navigate, it does everything that I need without gimmicky stuff getting in the way.” – 12/1/15
  • SEFCU: “Does what it’s supposed to, simple interface.” – 11/27/15
  • Simple: “The app is excellent. A total banking solution within the app. You never need to login via a web browser to do something which is not possible within the app.” – 12/2/15

Bank apps have room for improvement

Across all institutions surveyed the average rating was 3.8 out of 5.0, with traditional banks averaging 3.7, online direct banks best at 3.9, and credit unions at 3.8.

But credit unions are not immune. 6 of the 10 worst rated apps were from credit unions, and all but one of those had a substantial decline in ratings during 2015.

Banks appear to be managing the middle, with few apps in the very top or very bottom of rankings.

Among online direct banks we surveyed, EverBank was the lowest rated, with an average 3.0 rating, down 5% from 2014.

Chase has the best app among big banks, while Citibank lags.

Among the 10 largest banks in the country, the average rating ranged from a high of 4.2 for Chase to a low of just 3.2 for Citibank. Chase improved its rating 9% from our 2014 study, unseating Capital One as the highest rated large bank app.

In the last year the Chase Mobile app has added Touch ID iOS login and pre-login for easy previews of balances without a full login for its 20 million plus mobile users

chaseapp

Citibank’s app was cited for inconsistent mobile check deposit functionality and a low limit for mobile deposits of just $1,000 per day, both issues consumers cited last year as well. In comparison online direct bank Ally’s mobile deposit limit is  $50,000 per day.

Screen Shot 2014-12-08 at 3.20.44 PM

The average for all traditional banks surveyed was 3.7.

HSBC had the lowest rated iOS app among the 10 largest banks at 2.1, while PNC bank had the lowest rated Android app at 3.5.

Customer feedback about large bank apps includes:

Chase: “Easy to use, easier to understand, and has me contemplating changing all my banking to Chase. Shows my car loan and credit card activity all in one convenient app. Once I confirmed my app with my online profile I couldn’t believe the convenience. Well done Chase, well done.” – 10/11/15

Citibank: “Overall a good banking app, but the fact that you can’t access your statements is infuriating.” – 11/23/15

Wells Fargo: “I’ve been using this app for more than three years now with minimal problems. I deposit more than 15 checks per month using the app without any difficulty, occasionally some problems with handwritten illegible checks…Sure the UI is outdated, but I love how powerful Wells Fargo online banking is compared to PNC and all the dumbed-down, simplified and useless apps.” – 9/30/15

BankMobile leads online direct banks.

Among the online direct banks reviewed, BankMobile had the highest rating at 4.6, just ahead of Simple at 4.5, though with far fewer ratings in its pool at fewer than 200 versus 5,000+ for Simple.

For both apps, customer comments tended to be more about bank service and the lack of fees rather than the apps themselves. Launched in early 2015, BankMobile is a division of Customers Bank in Pennsylvania, but available nationally and designed to be the first fully mobile native bank. Simple is now a division of BBVA and its app rating of 4.5 is almost identical to last year’s.

EverBank had the lowest rating among online direct banks at 3.0. EverBank’s app received complaints for a lack of Touch ID, no external transfer functionality, and issues with operating system updates.

bankmobilescreen

Umpqua Bank takes the bottom.

The lowest rated app overall was from Umpqua Bank, with a 2.2 combined rating, down over 40% fro last year. Umpqua had challenges updating both its web and mobile banking systems earlier this year, including adding mobile deposit functionality and merging with Sterling Bank. More recently, users complain about an interface that doesn’t take advantage of more recent phones, and ongoing mobile deposit bugs.

umpquaapp

Customer feedback about the Umpqua app includes:

“As other reviewers have said the mobile deposit function will probably save you drive time but is by far the least useful mobile deposit feature I have used. The app decides when to take the picture and not the user.” – 12/2/15

“This app seems like someone’s first attempt to write an iOS app. The keyboard is the one from iOS 6. Nothing has been updated for the iPhone 5 let alone the iPhone 5s, 6, or 6s.” – 10/26/15
“App is extremely buggy and slow. Often freezes and does not seem to function with basic features like transfers or check depositing. Customer service in branch and over the phone has significantly degraded. I have had a much better experience with Chase. Sayonara Umpqua!” – 12/9/15

Android users are more satisfied

Across banks, credit unions, and online direct institutions, Android users were significantly more satisfied, with an average 3.9 rating versus 3.1 for iOS users. iOS users tend to have more complaints about apps not leveraging the latest hardware and operating system capabilities.

Visions, Wings Credit Union most improved

Visions Credit Union rolled out Touch ID support, person to person transfer, and a more modern interface to good reviews from its customers this year, increasing its rating 37% from 2014.

The Wings Credit Union app for the first time added mobile deposit, playing catch up with most large banks and credit unions, and increasing its average rating 21% from 2014.

Customer feedback about the Visions and Wings apps includes:

Vision: “The new Visions FCU app is easy to use and makes banking convenient. Love the card controls feature and Touch ID. Keep up the great work, Visions!” – 11/17/15

Wings: “This app makes my life so easy since I don’t live in a state with a branch. I love that I can keep my favorite FCU and have most all of the same functions as branch, just without the actual branch. Every time you make upgrades the app gets better and better. Thanks for making it easy for those of us who no longer live near a branch.” – 11/20/15

Troubled upgrades lead to deterioration

The two most deteriorated app ratings were for Umpqua Bank and American Airlines Credit Union.

Umpqua’s 43% decline stemmed from a buggy upgrade and simultaneous conversion of both its web and mobile banking interfaces.

American Airlines Credit Union’s app rating saw a 38% decline from last year, on the back of an update this summer that led to many complaints about reliability. An update this fall seems to have addressed some of the issues, but negative feedback continues.

Methodology

App ratings were recorded the week of November 30, 2015 in iTunes and the Google Play store and include ratings for all app versions. Overall ratings are a weighted average of iOS and Android ratings based on the number of reviews for each platform. Institutions with no mobile apps were excluded from ranking summaries.

The 50 largest banks are defined as those with the largest deposits per FDIC data June 2015 were examined, with those not offering consumer checking accounts excluded.

Among credit unions, the 50 largest by assets according Bauer Financial were examined. For online direct banks, 10 of the largest Online Direct Banks were chosen by number of app ratings.

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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.

Brian Karimzad
Brian Karimzad |

Brian Karimzad is a writer at MagnifyMoney. You can email Brian at [email protected]

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These 8 Apps Can Help You Make It to Your Next Payday

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.

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Financial emergencies have a habit of cropping up at the worst possible time — when you’re stuck in-between paychecks. Perhaps you need $250 for an emergency car repair, but you just paid your rent and won’t have the funds until your next payday in two weeks. You might want to turn to a credit card or a payday loan, but those could rack up onerous fees.

What if you could get a portion of your next paycheck early without paying hefty fees or interest? Several financial services companies make this a reality by helping workers make ends meet without taking on debt. Others offer short-term, interest-free loans based on a flat membership fee, which may be easier to manage and budget for than using a credit card or paying financing fees to take out and repay a loan.

1. Earnin

  • Available if you are paid via direct deposits into a checking account from an Earnin-supported bank
  • Withdraw up to $100 early per pay period, or up to $500 after continued use of the app
  • No fees or interest — Earnin makes money from voluntary tips

Earnin is an app-based service available on Android and iPhone smartphones. Once you download the app and create an account, you can connect your bank account (if Earnin supports your bank) and verify your paycheck schedule. You must have direct deposit set up and linked to a checking account.

How it works: In order to use Earnin, you need to upload your timesheet, either manually, by connecting a time-tracking account to the app or by using the Earnin app’s GPS feature if you have a single workspace. Using this information, Earnin estimates your average take-home hourly rate after taxes and deductions.

Earnin keeps track of the money you earn while you work, and you can withdraw a portion of your unpaid wages before your next payday. At the start, you may only be able to withdraw up to $100 each pay period. But based on your account balances and use, the pay-period maximum could potentially increase up to $500. The payment will arrive in your checking account within one business day, or even a few seconds, depending on where you bank.

Earnin doesn’t connect to your employer’s payroll. It connects to whatever bank account you use to collect your pay. The next time your paycheck hits your bank account, Earnin will automatically withdraw what you owe. There aren’t any fees or interest charges for using the service; however, Earnin does ask for support in the form of tips.

2. Branch

  • Available if you are paid via direct deposits into a checking account
  • Withdraw up to $500 in earned wages per pay period
  • No fee for standard (three-day) withdrawals, but $3.99 per instant withdrawals

Branch gives you access to money that you’ve earned already, but wouldn’t otherwise receive until your next payday. The company also offers more features if multiple employees at the same company use the app, or if your employer signs up. For example, employees can check their shifts using the app and make a request to swap shifts, ask for coverage or quickly pick up someone else’s shift.

How it works: To use the early pay feature, you’ll need to connect a checking account and debit card, and receive direct deposits into the connected account. You can request an advance of up to $500 using the app — the money will be deposited into your account, and then paid back with an automatic withdrawal on your next payday.

You’ll also need to upload images of your work schedule. However, if your employer has also signed up for Branch and you manage your shifts using the app, your schedule may automatically be in the system.

The early payments can take several days, although you may be eligible for same-day payments based on your direct deposit history and whether you generally have money leftover after your paydays or receiving an advance.

A standard withdrawal into your bank account is free and could take up to three days. There is a $3.99 fee if you want to request an instant payment.

3. Dave

  • Available if you’re employed, paid via direct deposit and have a checking account
  • Borrow up to $75 with an interest-free, short-term loan
  • $1 monthly membership fee and a small fee for expedited delivery. Dave also accepts tips

Dave is a membership service that connects to your bank account and will text you if you’re in danger of overdrafting. The service costs $1 per month. Qualified members can borrow up to $75 with an interest-free loan that helps them cover expenses until their next payday.

How it works: Once you’re a member, you’ll need to get approved before you can request an advance. To do this, you’ll need to connect a checking account where your paychecks are directly deposited and have an account history with several consistent paychecks. Your approval may also depend on whether Dave determines whether you’ll have enough money to repay the loan — so if you generally get paid and spend all your money the next day, you might not get approved.

Once you’re able to request a loan, you may be able to borrow up to $75 without paying any interest or fees. The loan can take up to three business days to reach your account. There is also an express funding option which will get the money deposited within eight hours for a “small fee” (though Dave doesn’t specify how much that is in the FAQ). You can also choose to give a tip when you take out an advance, but tipping is optional.

The due date may be your next payday, but some smaller advances will have a due date on the next Friday even if that’s before your next payday. You can repay the loan automatically from your connected checking account, or repay part or all of the advance early if you want.

4. MoneyLion

  • A personal finance platform
  • Borrow up to $250 with an interest-free, short-term loan
  • Free membership option. $29 monthly fee for extra features, but the fee can be offset

MoneyLion is an personal finance platform. Members receive a checking account, investment account and access to free cash advances. You can use the cash advance to help cover expenses until your next payday.

How it works: The basic MoneyLion membership is free, but there’s also a Plus membership available for a $29 monthly fee. However, you can earn $1 cash back by logging into the app each day and swiping through the daily cards, which have advice, tips and alerts. As a result, you can get the Plus membership essentially for free if you’re a daily user.

The free membership allows you to request up to $250 with a 0% APR cash advance. The money will appear in your MoneyLion account in seconds and will be repaid on your next payday.

To qualify for the cash advance, you’ll need to have your paychecks of at least $250 directly deposited into your MoneyLion account. Your cash advance limit will be 10 percent of your direct deposit amount. For example, you’ll need to have at least $2,500 directly deposited each pay period to qualify for the full $250 cash advance.

Plus members have another funding option, a personal loan for up to $500 that’s repaid over 12 months. However, the loan has a 5.99% APR.

5. Brigit

  • Available if you have direct deposit with average amounts over $400
  • Borrow $80 to $250 with an interest-free, short-term loan
  • $9.99 monthly membership fee, which includes free instant transfers

Brigit is another service that connects to your bank account and allows you to take out interest-free loans between paychecks. The amount you can borrow is based on your bank account activity rather than your work schedule.

How it works: You’ll need to connect a checking account that’s been active for at least 60 days, has a positive balance and has at least three recurring direct deposits from the same employer. Brigit says it looks for direct deposits of more than $400 per paycheck and $1,500 per month on average. You’ll also need to have a history of maintaining a positive balance the day of (and day after) your payday.

Once you’re set up, you can request an advance on your next paycheck. The amount will depend on your checking account’s history and can vary from $80 to $250. You can receive one advance at a time, which will automatically be repaid from your bank account on your next payday. However, you are also able to repay the advance early.

There’s a $9.99 monthly membership fee for Brigit, which includes access to the loan along with other features. For example, you can allow Brigit to monitor your account and automatically transfer a loan to help you avoid overdrafting or paying a late fee. Brigit also offers free extensions if you have trouble repaying the loan, and doesn’t charge late fees, instant transfer fees or ask for tips.

6. DailyPay

  • Employer must sign up and offer DailyPay as a benefit
  • Get paid early for the work you’ve done
  • Pay $1.25 or $2.99 per transfer, but employers can choose to cover the expense

DailyPay connects with employers’ payroll systems to give employees early access to money they’ve already earned. Your employer will need to sign up with DailyPay before you can use the service. It’s free for employers and works as an add-on to ADP payroll systems.

How it works: Once your employer signs up, you can create your DailyPay account. As you work, you’ll accrue an “available balance” each workday based on the hours you’ve worked. You can then transfer money that you’ve earned to your bank account, prepaid debit card or a payroll card.

DailyPay charges a fee of $1.25 for every transfer that you make, with the funds being delivered the next business day. If you need your money before tomorrow, you can do an instant transfer that has a fee of $2.99. Employers can choose to pay for part or all of the fee.

7. PayActiv

  • Employer must sign up and offer PayActiv as a benefit
  • You can withdraw the greater of $500 or up to 50% of your earned wages
  • Fees range from $0 to $5 per withdrawal based on your employer

PayActiv is an employer-sponsored program that allows employees to withdraw a portion of their earned wages before payday. While you can’t sign up on your own, you can ask PayActiv to contact your employer about offering the service. There’s no setup or operating costs for employers.

How it works: Once your employer offers PayActiv, you sign up for an account online, with the app, via text or by calling the company. After creating your account, you can start withdrawing money as soon as you earn it rather than waiting for your payday.

You can withdraw up to 50% of your earned income (up to $500 max) during each pay period via an electronic transfer or withdrawal from select ATMs. The amount you withdraw will be deducted from your next paycheck.

The early payment comes from PayActiv, but it isn’t a loan and you won’t need to pay interest. Instead, your employer will automatically send PayActiv an equivalent amount of money from your next paycheck. PayActiv charges a $5 fee for each withdrawal, but some employers choose to cover part or all of the expenses.

PayActiv also offers a prepaid card where you can have earned wages deposited each day. It’s free to get the card and there’s no fee if you don’t use it. However, there’s a flat weekly $3 fee (if you’re paid weekly) or bi-weekly $5 fee (if you’re paid bi-weekly) during any period when you do use your card.

8. FlexWage

  • Employer must sign up and offer FlexWage as a benefit
  • You’ll receive a reloadable card tied where you can add earned pay to your account before payday
  • Fees vary depending on your employer

FlexWage is another employer-sponsored program that can give employees early access to money they’ve earned. As you work, your earned income accrues and you can then transfer money to a prepaid card.

How it works: With FlexWage, the employer determines how often you can make early withdrawals and the maximum amount you can withdraw. The money will be transferred to a prepaid card and then deducted from your next paycheck. You may have to pay a fee, but it will depend on your employer; FlexWage does not list a potential fee range on its website.

FlexWage also has a special program for restaurants that allows a restaurant to give employees access to their tips, bonuses or commissions at the end of each day. The money can either be added to a prepaid card or transferred to a bank account.

Need more money? You may consider a personal loan

While a cash advance or getting early access to your wages can help when you are in a small pinch, they often cannot cover a larger emergency expense. If you need more money, you might want to take out a personal loan.

Personal loans are often unsecured loans, meaning you’ll qualify based on your creditworthiness. You’ll receive the money, which can sometimes be deposited directly into your bank account the same day that you apply, and then repay the loan over a predetermined period of time. Many personal loans have a fixed interest rate, and you can know exactly how much your monthly payments will be and how much you’ll pay overall before accepting a loan offer.

The downside is that you may wind up paying fees to take out the loan and a lot of interest, especially if you take out a large loan and then spend several years repaying it.

However, if you have poor or no credit, watch out for online lenders that offer high-rate installment loans. These can seem like good options when the monthly payments are affordable, but the fees and interest can result in repaying several times as much as you borrow. You can explore bad credit loan options here.

Company
APR
Terms
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36 or 60

months

620

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The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early.

6.95%-35.89%

36 or 60

months

600

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3.99%-16.99%

24 to 144

months

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Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

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Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
SoFi

5.99%-16.34%

24 to 84

months

680

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Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.75% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.75% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

The information in this article is accurate as of the date of publishing.

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.

Louis DeNicola
Louis DeNicola |

Louis DeNicola is a writer at MagnifyMoney. You can email Louis at [email protected]

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Banking Apps

Stash Debit Card Launches with Stock Rewards

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.

You’ve heard of earning cash back on your credit card purchases. What about getting shares of stock instead? Investing startup Stash is introducing a unique take on rewards by offering its customers shares of stock for using its new debit card.

The stock-as-rewards feature is the most eye-catching part of Stash’s new mobile banking product, which was first announced a year ago and is launching now. With Stash Stock-Back™ Rewards, instead of cash you can earn shares of stock as rewards when you open a Stash Debit account and make purchases at over 11 million retail outlets.

Stash’s debit account and debit card — powered by Green Dot — comprise a pretty conventional banking option. There are no overdraft or monthly maintenance fees (though the account is far from fee-free), plus free access to over 19,000 Allpoint ATMs nationwide. You’ll also need to opt into the Stock-Back Rewards program in order to start earning shares.

How Stash Stock-Back works

With Stash’s new Stock-Back program, you earn 0.125% of each qualifying purchase you make with your Stash debit card as a stock reward. Some merchants may even offer bonuses where you can earn up to 5% of each purchase as Stock-Back rewards.

The stock rewards can be in shares of the vendor where you made the purchase, and if the vendor’s stock is listed on the Stash Platform, your reward is in the shares of that company. For example, every time you get Taco Bell and pay with your Stash debit card, you earn a small percentage of YUM! Brands stock. If a vendor’s stock isn’t available on Stash, you’ll earn your Stock-Back reward as shares in Vanguard Total World Stock ETF.

Stash invests in fractional shares

Stash’s investment platform facilitates investing small amounts of money in stock by offering users fractional shares. It’s important to understand that with Stock-Back rewards, customers aren’t really getting full shares — or at least not until they’ve done a lot of spending. Instead, they are accumulating fractional shares.

In this category of stock investing, brokerages split shares of stock into smaller parts in order to help small investors diversify their holdings or get access to shares with relatively high per-share prices.

The Stock-Back rewards you earn on qualifying debit purchases using your Stash debit card will be added to your Stash Invest account.

Stash Debit account fees

Stash boasts zero hidden fees on its Debit account, although there are fees on a few transaction types. You won’t face a fee for monthly maintenance, overdraft/insufficient funds, ACH bank transfers, direct deposits and replacement debit cards.

Most significantly, however, you will get dinged for using out-of-network ATMs. Since Stash operates entirely online, it also charges a fee for using a bank teller to withdraw cash. Stash also charges for making cash deposits, which means the account may not work well on its own. Instead, consider pairing it with another checking account that does accept free cash deposits.

Note that Stash Invest accounts do charge a $1 monthly fee on balances under $5,000. The fee structure switches to 0.25% of your assets once you reach $5,000 and higher.

Stash Debit account fees
Out-of-network ATM fee$2.50
Out-of-network ATM balance inquiry fee$0.50
Teller cash withdrawal fee$2.50
Cash deposit feeUp to $4.95, varies by retailer
Foreign transaction fee3% of total transaction amount

What is Stash?

Stash began as a way to simplify, automate and personalize investing. To start with Stash Invest, you’ll need at least $5. Then you can tailor your portfolio based on your risk tolerance and potential passion projects — that allows you to invest in causes you care about from environmentally friendly companies to the newest tech innovators. You can also take advantage of Auto-Stash recurring deposits to keep your investments growing.

Stash Investments is an SEC registered investment advisor. Stash Debit Account Services are powered by Green Dot Bank, Member FDIC insured on your debit account funds.

*Fees and rates mentioned in this article are accurate as of the date of publishing.

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Lauren Perez
Lauren Perez |

Lauren Perez is a writer at MagnifyMoney. You can email Lauren here

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