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Banking

Cool Debit Card Designs in 2019

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Each time you make a purchase or take money out of the ATM, you use your debit card. Rather than having a standard card, your debit card can be a statement of your personality. You can get a debit card that shows your support of your favorite collegiate or professional sports team or even put your own face on your card. There are tons of cool debit card design options out there to consider, and each card comes with its own perks. Check out these eight super cool debit card designs.

HSBC Debit Mastercard

Why the card’s design is cool: If you want to be in control of your money, holding a debit card that looks powerful might help you feel that way. From the profile of a regal red lion on one half of the debit card to the silver kaleidoscope effect on the other half, the HSBC Debit Mastercard has a fiercee appearance.

Features of the card: Being in control of your money starts with knowing exactly what your debit card is capable of doing for you. The HSBC Debit Mastercard comes with the chip feature, which provides extra encryption security when you’re making purchases so your personal information stays protected.

You can use your debit card at HSBC Bank ATMs both domestically and internationally, and there are no transaction fees when making domestic purchases. When you do make purchases, you can track them online.

Wells Fargo Debit Card

Why the card’s design is cool: The Wells Fargo Debit Card has its own Card Design Studio Service, where you can choose from a variety of images in the library. There are sports, landmarks, business and nature photos available, or you can upload one of your own. You could make your “furbaby” the star of your debit card, or maybe use a favorite photo of your kids or a photo of you skydiving.

Features of the card: The Wells Fargo Debit Card includes alerts when a purchase or an ATM withdrawal is made over a limit that you’ve previously set. If you register your card with Visa Checkout by Visa, you can use this digital payment service to pay for your purchases.

As an optional feature, Wells Fargo offers Debit Card Overdraft Protection if you spend more than what you have in your checking account.

Disney Visa Debit Card

Why the card’s design is cool: The Disney Visa Debit Card is available to customers with a Chase Bank account. The card comes with a variety of Disney perks, but first you need to choose what character(s) is going to appear on the face of your debit card. Your options include Elsa, Anna, Kristoff, Olaf and Sven from Frozen; Darth Vader or BB-8 from Star Wars; Mickey Mouse – or Mickey and his squad.

Features of the card: With the Disney Visa Debit Card, you are eligible to receive a 10% discount on purchases at the Disney store and on shopDisney.com. At the Disney resorts, there are cardmember-exclusive photo opportunities with Disney characters offered. You’ll also get discounts on purchases at the resorts, select dining locations and Disney excursions.

BB&T Debit Card

Why the card’s design is cool: With the BB&T Debit Card, you can pick a stock photo out of the bank’s library or upload one of of your own. Love the beach? Flowers? Your kids? Make that the face of your debit card. You can also choose whether you want the photo oriented in landscape or portrait mode.

Another option is to put a small picture of your face on your card, which is intended to make your card a bit more secure. Hopefully by identifying that this is your card, the cashier will be more hesitant to swipe if the person holding the card doesn’t match up with the photo.

Features of the card: Features of the debit card offered by BB&T include the ability to connect Apple Pay, Google Pay or Samsung Pay. There are more than 2,400 BB&T ATMs available where you can withdraw funds.

BB&T also offers a cashback program, called BB&T Deals. To earn cash back, you choose offers based on purchases you make with your debit card and then add the offers add to your card. Then, purchase something with your BB&T Debit Card at one of the participating retailers, such as Starbucks, Chili’s, Jamba Juice, PetSmart or Sears, and you’ll earn cash back.

Venmo Debit Card

Why the card’s design is cool: Venmo is an app that allows users to transfer money from one account to another in seconds. But what if you wanted to use your Venmo balance to pay for a new pair of jeans? Previously, you would have to send your balance to your own debit card, but no more. Venmo now has its own debit card.

The look of the vertical Venmo debit card is very simple, with a basic color palette to choose from, including white, yellow, pink, blue, green and black. Sometimes, simple is best and that’s what makes this card design cool.

Features of the card: One key feature of the Venmo debit card is a reload. You can use your Venmo balance to pay for those new jeans, but what if you want a blouse to go with it? Venmo will automatically pull money from another designated bank account to cover the costs, as long as there is a sufficient balance. If you want to limit your spending, you can tell Venmo not to withdraw more than a designated amount.

Another cool feature of the card is the don’t-panic button. Misplace your card? Go into the app and disable it for a short period of time. Once you find it, go re-enable it. With this feature, you don’t have shut down your card and worry about getting a new one until you’re sure it’s been lost or stolen.

With the Visa debit card, you can use any of the 32,000 MoneyPass ATMs to withdraw money for no fee.

Associated Bank debit cards

Why the card’s design is cool: If you’re a member of Associated Bank, most likely you live in one of the 120 communities that it serves throughout Wisconsin, Illinois and Minnesota. Associated Bank offers several debit cards and some of the coolest debit cards out there.

Cheeseheads, also known as Green Bay Packers fans, can salute their team with the Packers Debit Mastercard, which features either a photo of a group of players or of Lambeau Field. Associated Bank also offers card options for fans of the Milwaukee Brewers, Milwaukee Wild and Wisconsin “Let’s Go Red” Athletics. Those who prefer flicks over sports can choose the Milwaukee Film Debit Mastercard.

Features of the card: Each debit card offered by Associated Bank comes with its own special perks. For example, the Milwaukee Film Debit Mastercard provides discounts on a Milwaukee Film “Festival Fan” annual membership and gives users two complimentary film festival vouchers. In addition, five cents from every transaction is given back to the nonprofit Milwaukee Film.

The Wisconsin “Let’s Go Red” Debit Mastercard allows you to give back five cents to Wisconsin Athletics every time you make a purchase with your “Let’s Go Red” card. You also receive a 15% discount on purchases at Bucky’s Locker Room.

The Brewers Debit Mastercard perks include a 10% discount at the Brewers Team Store, two-for-one ticket discounts, exclusive entrance to Miller Park, presale access to designated concerts and non-baseball sporting events at Miller Park and more.

With the Packers Debit Mastercard, you can get 10% off of Packers Pro Shop purchases in-store and online. The Wild® Debit Mastercard offers a 15% discount at The Hockey Lodge, the team’s official retail store.

Huntington debit cards

Why the card’s design is cool: Huntington Bank serves the Midwest, and its residents can show their pride with the Huntington debit card, perfect for fans of the Ohio State Buckeyes, Ferris State University Bulldogs, Indianapolis Colts and the Michigan State University Spartans, but there are many more to choose from too. In addition to images of Midwest sports teams and colleges, you can also choose images of animals or landscapes.

When you pay for your purchases, your card design will look super cool with the Ferris State Bulldog peeking over the bottom or the cute puppies on the pet lover’s Columbus Humane Society card. Colts fans will enjoy seeing their team’s logo on their card, and Detroit Red Wings fans will love the striking red debit card behind their logo.

Features of the card: Depending on the type of checking account you have chosen, the Huntington Bank debit card can offer five free ATM transactions per cycle as well as an overdraft fee relief feature that comes free.

Citibank Debit Card

Why the card’s design is cool: The New York Mets play at Citi Field and this debit card offered by Citibank allows the most dedicated Mets fans to celebrate their team with this sleek-looking card. Admittedly, you won’t find the iconic blue and orange Mets’ colors on the Citibank debit card, or the team’s logo, but the card’s blue on the top, green on the bottom design recalls the colors of the sky and the grass, making it a nostalgic design for a baseball card.

Features of the card: Citibank Debit Card customers receive many Citi Cardmember Perks at Citi Field® all season long, including buy-one-get-one-free tickets for Mets home games on weekdays.

The bottom line

Granted, making your debit card look a little cooler is just a small, fun perk, but hey don’t you deserve that feel good moment? As you can see, there are a number of cool debit card designs to choose from. Combine a cool card with a bank that offers amazing perks for its members and you’ll feel even better using that card.

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.

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Lisa Iannucci |

Lisa Iannucci is a writer at MagnifyMoney. You can email Lisa here

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Banking

SIPC vs FDIC: What’s the Difference?

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

The Securities Investment Protection Corporation (SIPC) and the Federal Deposit Insurance Corporation (FDIC) each play a major role in consumer financial protection. The two agencies insure banks and other financial entities, so that if a bank were to fail, consumers and their money would remain protected.

The SIPC and FDIC serve different purposes, so you won’t necessarily be making a choice between the two. Rather, you should have an informed understanding of each entity, their similarities and differences and how these agencies can help you protect your money.

What’s the difference between FDIC and SIPC insurance?

While both the FDIC and SIPC insure banks and other financial institutions, they’re not interchangeable, and each serves a different purpose. In broad strokes, the FDIC is an independent federal agency that protects losses in deposit accounts, while the SIPC is a nonprofit membership corporation that protects clients of broker-dealers that are members of SIPC.

Here are a few key differences between the two entities.

 SIPCFDIC
What it is
  • Nonprofit membership corporation founded by federal statute
  • Independent federal agency formed to protect consumers against bank failures
What it covers
  • Stocks, bonds, CDs, Treasury securities, mutual funds and money market mutual funds
  • Deposit accounts (checking and savings accounts), CDs and money market accounts
What it does not cover
  • Declines in investment value
  • Commodity futures, investment contracts or fixed annuity contracts that aren’t SEC-registered

  • Stocks, bonds, annuities, mutual funds, money market funds, municipal securities or life insurance policies
How much it insures
  • Up to $500,000 per customer
  • Up to $250,000 per account holder for each deposit account type

SIPC vs. FDIC: What each one protects

The SIPC and FDIC offer financial protections for consumers. Both serve as essential entities to ensure financial safety for investors, whether large or small. The SIPC and FDIC, however, protect different types of accounts, which is why it’s important for consumer investors to understand what these entities do and do not insure.

The FDIC is primarily concerned with insuring various types of deposit accounts. It covers the following:

The SIPC covers clients of broker-dealers for investments, such as stocks, bonds, and CDs. More specifically, the SIPC covers the following:

  • Notes
  • Stocks
  • Bonds
  • Treasury stocks
  • Evidence of indebtedness
  • Debentures
  • Voting trust certificates
  • Collateral trust certificates, preorganization subscriptions or certificates
  • Puts, straddles, calls or privileges made on a national securities exchange in regard to foreign currency
  • Puts, straddles, calls, options or privileges on a security or collection of index securities. This includes interest made or based on its value
  • Investment contracts, certificates of interest or participation in profit-sharing agreements. These include in oil, gas or mineral royalties or leases
  • Security futures as defined in section 78c(a)(55)(A) of the Securities Investor Protection Act

It’s important to understand that SIPC insurance makes you whole if the firm managing your investments goes out of business. What it does not cover are losses from either bad investing strategy or market downturns. SIPC insurance won’t make you whole if the person managing your money makes terrible investment decisions, or if the account underperforms.

Additionally, the SIPC does not insure commodity futures, investment contracts or fixed annuity contracts that are not SEC-registered.

SIPC vs. FDIC: Coverage amount

Both the FDIC and SIPC also adhere to coverage limits, with coverage amounts differing under the two agencies. The SIPC covers up to $500,000 per customer, while the FDIC protects up to $250,000.

If a financial institution fails, the FDIC will replace consumers’ funds to the dollar up to $250,000, plus interest, up to the date the bank or other institution failed. That $250,000 coverage applies per individual per account account type. This means that if a customer has both a checking account and a savings account at one financial institution, they will be insured up to $250,000 per account, for a total of $500,000 in coverage. For those with a joint account, each individual will be covered for up to $250,000 each, for a total of $500,000 in coverage.

The FDIC provides a tool, called the Electronic Deposit Insurance Estimator (EDIE), that consumers can use to determine what will be insured, what won’t be and which limits and rules apply to an account.

The SIPC, meanwhile covers up to $500,000 per customer, with a $250,000 limit for cash. The SIPC offers limited protections for consumers, only offering protection when a broker-dealer fails. In other words, SIPC will not protect consumers from the decline in value in any securities, bad advice from a broker or inappropriate investment recommendations. Rather, the SIPC will insure investors’ money up to $500,000 per customer, replacing lost securities and stocks if a broker-dealer agency fails.

SIPC vs. FDIC: Which is better?

The SIPC and FDIC operate differently while still serving the same overall purpose of protecting consumer investments. If you hold a diverse portfolio that includes both deposit accounts and securities investments with a broker, you’ll likely need to find institutions that offer both SIPC and FDIC coverage.

Keep coverage limits in mind when making large investments, as that is a risk of this insurance. Remember that the SIPC, for example, will cover up to $500,000 in investments, but will only protect $250,000 in cash. The FDIC, meanwhile, will protect up to $250,000 per deposit account per customer, which means you can potentially protect $1 million across several types of accounts at one bank.

If you’re investing in securities, you’ll need SIPC insurance. When deciding on how to best invest your money, you may want to consider insurance coverage. You can also keep your investments spread across multiple financial institutions, further maximizing FDIC and SIPC coverage.

Neither the SIPC or FDIC directly charge for insurance. As such, consumers won’t pay anything or have to enroll in these programs. The coverage will be applied automatically to their accounts when working with an insured financial institution. However, these costs can be passed on to customers through charges and fees from a financial institution, which customers will not be able to control.

SIPC vs. FDIC: How to know if your account is insured

Not all banks or brokerages are insured. Before you invest or store your money with any institution, make sure it’s FDIC and/or SIPC protected, depending on the type of investment you’re making. Simply put, you can never escape the risk that a bank or brokerage will fail, so you shouldn’t go without FDIC or SIPC insurance.

Use the FDIC website to make sure your bank is backed by the FDIC. Once you’ve confirmed a given financial institution is covered by the FDIC, use the agency’s Electronic Deposit Insurance Estimator to learn the specifics of the kind of coverage you’ll receive. You can then keep that information on record so you can always have the information at hand.

The same applies if you hold securities investments with a brokerage. Check with your individual brokerage firm to make sure they’re insured by the SIPC. If you’re working with a firm that is currently or recently was insured by the SIPC but no longer is, the SIPC will protect your investments for up to 180 days after the brokerage firm ends their SIPC membership. If this happens, you may want to consider switching your investments to another brokerage firm that is insured by the SIPC.

SIPC vs. FDIC: The final word

It’s essential to protect your money, whether it’s stored in a checking account, savings account, a CD or any type of security. The FDIC and SIPC were established to do just that — protect consumer finances.

Every investment is worth protecting, both large and small, short-term or long-term, low-risk or high-risk. Before you commit to an investment or a financial institution, do your research to make sure that if trouble comes down the line, you and your financial future will remain safe.

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.

Anne Bouleanu
Anne Bouleanu |

Anne Bouleanu is a writer at MagnifyMoney. You can email Anne here

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Banking

Review of Betterment Everyday Savings Account

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Robo-advisor Betterment has become the latest online brokerage to offer customers a savings account — and the company is also preparing to launch a checking account soon. Betterment Everyday Savings is an online savings account which earns a promotional rate of 2.39% APY for customers who also sign up for a waitlist for Betterment Everyday Checking, which the company plans to launch by the end of 2019. If you sign up for the savings account only, you receive an APY of 0.25%.

What is the Betterment Everyday Savings Account?

Similar to competitor Wealthfront’s Cash Account, the Betterment Everyday Savings account divides the customer’s money between FDIC-insured accounts at several program banks, which allows Betterment to claim the account protects up to $1 million in FDIC insurance. Currently the program banks are:

  • Barclays Bank Delaware
  • Citibank
  • Georgia Banking Company
  • Seaside National Bank & Trust
  • Valley National Bank

If you don’t want your funds deposited at a particular program bank, you can inform Betterment who will shift those funds to an account at another program bank. However since each account can only insure up to $250,000 according to FDIC limits, any account with a program bank that exceeds that amount will not be protected.

Betterment Everyday Savings fees and minimums

Opening the account requires a minimum $10 deposit, but you don’t have to maintain a minimum balance after opening the account. There are no monthly fees associated with Betterment’s Everyday Savings Account.

After signing up and opening the account, you can transfer money in and out of the account via ACH. The minimum amount you can transfer is $10, while the largest amount you can transfer in one day is $300,000. How quickly your money will move to and from the account depends on the time of the transfer and whether it is a withdrawal or a deposit.

  • Deposits: If you initiate a deposit before 10 pm ET then your money should appear in the account in one business day. Deposits initiated after 10 pm ET will take two business days.
  • Withdrawals: If you initiate the withdrawal before 2pm ET, then the money should show up in your linked checking account in one business day. Any withdrawals initiated after 2 pm ET will take two business days to show up in your linked account.

One feature that sets the Everyday Savings Account apart from most traditional savings account is its lack of withdrawal limits. You can make six, seven or 700 withdrawals a month if you wish without paying any penalties or having Betterment shut down your account.

You can also transfer funds between the Everyday Savings Account and your investment accounts with Betterment. The process takes an estimated two business days.

Currently, the account is only for single, personal account holders — you can’t sign up for a joint account or as a business or trust.

Betterment Everyday Savings two-way sweep

One unique asset of this account worth calling out is its two-way sweep. When you open an Everyday Savings Account and link it to a checking account, you can take advantage of Betterment’s cash analysis algorithm to allow the company to automatically transfer money between accounts based on the balance of each account.

Betterment will analyze the activity of your linked checking account to estimate your aggregate cash needs for both 21 days and 35 days. If Betterment sees you have less money than you need to cover your expenses for 21 days, it will initiate a transfer from your Everyday Savings Account to the checking account. Likewise, if your linked checking account contains enough money to cover more than 35 days worth of expenses, it will transfer the “extra” money to the Everyday Savings Account, where it can potentially earn more interest than it would in the checking account.

Please note this feature is entirely optional and can be turned off in your account settings. If you’re uncomfortable with the idea of an algorithm shuffling your money between accounts, you may want to turn this feature off.

How the Betterment Everyday Savings Account compares

Account name

Bank/credit union/fintech

Interest rate

Savings AccountFitnessBank3.00% APY (with 12,500+ steps)
Everyday SavingsBetterment2.39% APY
Cash AccountWealthfront2.32% APY
Ultimate SavingsNorthpointe Bank2.05% APY
High Yield Online Savings AccountVio Bank2.52% APY

The promotional 2.39% APY offered by this account blows almost every other nationally available savings account out of the water. The only account that bests this rate is newcomer FitnessBank Fitness Savings Account. Provided you can keep up a daily average of 12,500 steps, FitnessBank will pay an APY of 3.00%. However more sedentary savers may gravitate toward the Betterment account, which offers an APY rate that should still get hearts pumping despite the lack of forced exercise.

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.

James Ellis
James Ellis |

James Ellis is a writer at MagnifyMoney. You can email James here