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An In-Depth Review of Ally Bank’s Rates

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.

Ally Bank Savings Account Rates

There are virtually no fees with an Ally savings account, no minimum balance requirements, and high interest rates.

Ally Bank Savings Account

APY

Minimum Amount to Open

Monthly Fee

1.90% APY

No minimum

none

  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

With Ally Bank’s savings account, you can access funds online or via their app by making an ACH transfer (wire transfers are subject to a fee) or by requesting a check. You can make deposits either with an ACH transfer or via Ally eCheck DepositSM.

However, you do not get a debit card with a savings account, meaning you cannot deposit or withdraw cash from your account. You’re also limited to six withdrawals per statement cycle, although you can make unlimited deposits. If you make more than six, you’ll be charged $10 per transaction. Other fees include overdraft fees, cross border transactions, expedited delivery and returned checks.

While we consider Ally Bank to be one of the best online savings accounts, other online savings accounts have higher APYs as high as 1.60% APY with no minimums and monthly fees. However, not all banks offer a mobile banking option.

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Member FDIC

Ally Bank CD Rates

While Ally Bank doesn’t ask for a minimum deposit amount to open a CD, their best CD rates are tied to high deposit amounts.

Ally’s CD features three products: the High Yield CD, the Raise Your Rate CD and the No Penalty CD. The APYs currently available depend on your opening deposit and term length. All accounts have no minimum balance requirement, though rates will vary depending on the term and amount deposited.

All of Ally Bank’s CDs have a Ten Day Best Rate Guarantee. If their rate goes up within 10 days and you make a deposit within 10 days of account opening, you will get the better rate. This rate also applies when you renew your CD account. Interest is compounded daily with all accounts and your account will be automatically renewed when your CD matures. If you choose to close a CD account, you have a 10-day grace period after the maturity date.

Ally’s CD rates are lower than some of its competitors. You can easily find a 12-month CD at 2.25% APY with a $500 and a three-year at 2.50% APY with only a $2,000 minimum. Other banks also offer higher APYs on CDs with other terms and often require lower minimum deposit amounts than Ally’s middle tier.

High Yield CD Rates

 

Up to $5K

$5K-$25K

$25K+

3 months

0.75% APY

0.75% APY

0.75% APY

6 months

1.00% APY

1.00% APY

1.00% APY

9 months

1.25% APY

1.25% APY

1.25% APY

12 months

2.35% APY

2.35% APY

2.35% APY

18 months

2.30% APY

2.40% APY

2.45% APY

3 years

2.30% APY

2.40% APY

2.45% APY

5 years

2.50% APY

2.50% APY

2.50% APY

  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: None (Rates will vary depending on the term and amount deposited)
  • Early withdrawal penalty:
    • Usually the longer the term, the more interest you’ll be charged

The High Yield CD is a more traditional CD featuring a fixed term and interest rate until maturity. You can choose terms anywhere from 3 months to 5 years, with varying APYs. This type of CD has the highest rates compared with the Raise Your Rate and No Penalty CD. The highest rate is 2.50% APY for a five-year term, with no minimum deposit.

With the High Yield CD however, you are subject to an early withdrawal penalty. The penalty charged depends on your CD terms. Usually the longer the term, the more interest you’ll be charged. Currently, the maximum you may be penalized is 150 days of interest. If the interest you’ve earned so far is less than the penalty, the rest will be deducted from the balance in your CD.

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on Ally Bank’s secure website

Member FDIC

Raise Your Rate CD

Term

APY

2 years

2.35% APY

4 years

2.35% APY

  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: None (Rates will vary depending on the term and amount deposited)
  • Early withdrawal penalty:
    • For a two-year term, you’ll be charged 60 days interest
    • For the four-year term, you’ll be charged 120 days interest

The Raise Your Rate CD gives you the option to raise your rate during your term, once for a two-year term, and twice for the four-year term. You’ll get the opportunity to do so if the rate goes up and your balance tier increases. Currently, the APY is lower than the High Yield CD, which could mean that you earn less in interest.

Like the High Yield CD, you will also be subject to early withdrawal penalties. For a two-year term, you’ll be charged 60 days interest; it’s 120 days of interest for the four-year term. Like the High Yield CD, the penalty may be deducted from your CD’s balance if the interest you’ve earned is lower than the penalty amount.

You also cannot make partial withdrawals.

No Penalty CD

 

Up to $5K

$5K-$25K

$25K+

11 months

1.70% APY

1.95% APY

2.10% APY

  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: None (Rates will vary depending on the term and amount deposited)
  • Early withdrawal penalty:
    • There is no penalty for withdrawing your money early, after the first six days

The No Penalty CD is only offered for 11 months. This type of CD may be suitable for those who may want to withdraw their money before the term is up — for instance, in an emergency or when you reached your short term savings goal.

There is no penalty for withdrawing your money early, after the first six days. However, if you don’t plan on withdrawing your money for a few years, you may want to consider the other two options for higher interest rates.

You also cannot make partial withdrawals.

Ally Bank Money Market Account Rates

While Ally Bank’s money market account has some useful features, you can easily find higher rates at other banks.

Ally Bank Money Market Account Rates

APY

Minimum Daily Balance

Monthly Fee

0.90% APY

Up to $24,999

$0

1.00% APY

$25,000

$0

  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: There are no fees if you withdraw cash from any Allpoint ATM
  • ATM fee refund: You will be reimbursed up to $10 per statement cycle for fees charged at other cash machines nationwide
  • Overdraft fee: N/A

Ally Bank’s money market account rate isn’t the greatest rate you’ll find out there by a long shot — you can easily find money market rates as high as 1.85% APY elsewhere. You can even score a better rate by parking your cash in a regular Ally Bank savings account.

Still, Ally Bank’s Money Market Account has some useful features. You get a free debit card and checks with a money market account. There is no minimum amount to open the account and no monthly fees. There are no fees if you withdraw cash from any Allpoint ATM, but you will be reimbursed up to $10 per statement cycle for fees charged at other cash machines nationwide. You’re also limited to six transactions per statement cycle like the online savings account, though you get unlimited ATM withdrawals. You also don’t get access to online bill pay like you can with a checking account.

LEARN MORE Secured

on Ally Bank’s secure website

Member FDIC

Ally Bank Checking Account Rates

Ally Bank’s checking account provides beneficial features to account holders, but their rate is on the low end compared to other banks.

Ally Bank Checking Account

APY

Minimum Balance Amount

Minimum Amount to Open

Monthly Fee

0.10%

none

none

none

0.60%

$15,000

none

none

  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: There are no fees if you withdraw cash from any Allpoint ATM
  • ATM fee refund: You will be reimbursed up to $10 per statement cycle for fees charged at other cash machines nationwide
  • Overdraft fee: $25 (If you don’t have a savings account or didn’t link them together)

Ally Bank’s interest checking account gives you access to online bill pay, transfers between bank accounts, an option to send money to others, as well as free checks and a debit card. There are no minimum amounts to open an account but you’ll get a higher interest rate if you can keep your minimum balance at $15,000. Although we consider Ally Bank to have an all-around great checking account, compared with other banks’ checking accounts, their APY is on the low end.

But, as previously noted, if your minimum balance amount is greater than $15,000, Ally will offer a better rate.

You can send money to friends and family with Zelle®. All you need is the person’s mobile number, email address or bank information, and funds will be transferred via Ally’s app or online. If you link your account to a savings account, you can get free overdraft protection. And you can make unlimited transactions, unlike with the online savings account.

In addition to online transfers, you also get a MasterCard® debit card. Although you cannot make cash deposits, you can easily withdraw cash from any ATM. There are no fees if you take money out from any AllPoint ATM in the U.S. For other domestic ATMs, you’ll get reimbursed a maximum of $10 per statement cycle.

However, if you use your debit card outside the U.S., you’ll be charged a 1% transaction fee. You’ll also be charged a $25 overdraft fee if you don’t have a savings account or didn’t link them together. If you want same-day or overnight bill pay, you’ll be subjected to a fee. Other fees include stop payments, rush delivery (debit card/checks) and returned deposits.

LEARN MORE Secured

on Ally Bank’s secure website

Member FDIC

Ally Bank IRA CD Rates

IRA CD rates at Ally Bank are some of the highest and they’re tiered like their regular CDs.

Ally Bank’s IRA CDs come in terms from three months to five years. Accounts are available as a Traditional, Roth, or SEP IRA, and interest is compounded daily. When the IRA CDs mature, you have a 10-day grace period to withdraw your money or it’ll be automatically renewed. You also have the option to do a rollover to Traditional or Roth IRAs. Both IRA CDs will offer the best rate within 90 days after account opening, or when you fund your account.

Similar to their regular CD rates, Ally Bank offers high rates on their IRA CDs and they don’t require a minimum balance to earn the APY.

IRA High Yield Rates

 

Up to $5K

$5K-$25K

$25K+

3 months

0.75% APY

0.75% APY

0.75% APY

6 months

1.00% APY

1.00% APY

1.00% APY

9 months

1.25% APY

1.25% APY

1.25% APY

12 months

2.35% APY

2.35% APY

2.35% APY

18 months

2.30% APY

2.40% APY

2.45% APY

3 years

2.30% APY

2.40% APY

2.45% APY

5 years

2.50% APY

2.50% APY

2.50% APY

  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: None
  • Early withdrawal penalty:
    • 60 days of interest with a IRA 18 months or less
    • 150 days of interest with terms longer than 48 months

The High Yield CD IRA is best for those looking for a short-term option or seeking a higher rate for longer terms. The highest rate offered is for the five-year term with no minimum deposit. For those interested in creating CD ladders, this type of account offers an excellent opportunity.

However, there are early-withdrawal penalties which vary depending on your CD IRA terms. You’ll be charged more the longer the term. The minimum you’ll be charged is 60 days of interest with a IRA 18 months or less, and 150 days of interest with terms longer than 48 months. Usually the longer the term, the more interest you’ll be charged. Currently, the maximum you may be penalized is 150 days’ interest.

IRA Raise Your Rate CD

Term

APY

2 years

2.35% APY

4 years

2.35% APY

  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: None
  • Early withdrawal penalty:
    • A two-year IRA will be charged 60 days of interest
    • A four-year IRA will be charged 120 days of interest

The Raise Your Rate CD IRA gives you the chance to increase your rate if your balance tier or the rate for your term increases. You can do this once for a two-year term account and twice for a four-year account. This account is best for those who believe interest rates will go up.

There are no minimums with this account, but you may be subject to a maximum amount depending on the type of IRA you choose. You’re also subject to early-withdrawal penalties. A two-year IRA will be charged 60 days of interest; it’s 120 days for a four-year account. If you’re under the age of 59.5, you may also have to pay another 10% to the IRS.

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on Ally Bank ’s secure website

Ally Bank IRA Savings Account Rates

Ally’s IRA savings doesn’t come with early withdrawal penalties, but you can get higher rates with a long-term IRA CD.

Ally Bank IRA Online Savings Account

APY

Minimum Amount to Open

Monthly Fee

1.90% APY

No minimum

none

  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The rate for the IRA Online Savings is variable, meaning it may change after you open an account. Though the rate is lower compared with the other IRA options, you’re not subject to an early-withdrawal penalty, though the IRS may tax you if you’re under 59.5.

If you do make early withdrawals, you’re only allowed a maximum of six per statement cycle. You get charged $10 for each transaction over that amount. To access your money, you’ll need to request a distribution.

LEARN MORE Secured

on Ally Bank’s secure website

Conclusion

You don’t need to rely on your brick-and-mortar bank for competitive rates, products, and customer service. Ally Bank provides products at competitive rates, with convenient access via their mobile app or online portal.

Ally’s no-minimum opening deposits and fees make it more accessible to everyone. Its online accounts for checking and savings cover all the basics, and with no maintenance fees.

Because there are a growing number of alternative online banks these days, it’s important to compare rates at a number of banks to find the best deal possible. Depositaccounts.com, also owned by LendingTree, is a great research tool you can use to compare rates easily online.

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.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Reviews

Apple Card Review

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 information related to Apple Card and Uber Visa Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Apple aims to redefine credit card usage with the launch of the Apple Card, which debuted in March 2019. In addition to providing a simplified application process and not charging any fees, the Apple Card encourages members to pay less interest and provides special privacy and security features. Customers also receive a percentage of every Apple Card purchase amount in the form of Daily Cash.

Cardholders earn 2% Daily Cash every time they use Apple Card with Apple Pay. 3% Daily Cash on all purchases made directly with Apple, including at Apple Stores, apple.com, the App Store, the iTunes Store and for Apple services, and using Apple Pay for Uber and Uber Eats and 1% daily cash on store, website or app that doesn't take apple pay.

Daily Cash, which is automatically added to your Apple Cash card in the Wallet app on your iPhone, can be used like cash to make purchases, send money to your bank account, pay down your Apple Card balance and more.

If you have an iPhone 6 or later, you may be eligible for the Apple Card. To apply, simply update your iPhone to iOS 12.4, open the Wallet app and tap the plus (+) sign. Once approved, you can begin using your Apple Card instantly via Apple Pay.

You will also be issued a physical, titanium card to use at locations where Apple Pay is not yet accepted. Purchases made using the titanium Apple Card will earn 1% Daily Cash.

In this review, we’ll break down the pros and cons of the Apple Card as well as show how it compares to the Uber Visa Card.

Where the Apple Card stands out

Rewards rate. The Apple Card offers 2% Daily Cash every time they use Apple Card with Apple Pay. 3% Daily Cash on all purchases made directly with Apple, including at Apple Stores, apple.com, the App Store, the iTunes Store and for Apple services, and using Apple Pay for Uber and Uber Eats and 1% daily cash on store, website or app that doesn't take apple pay.

No fees. You will not be charged additional fees to use the Apple Card. In addition to a $0 annual fee, the Apple Card comes with a $0 returned payment fee, a $0 late penalty fee (although you will incur interest charges) and no foreign transaction fees.

Smart payment suggestions. To help you make informed decisions when paying your card bill, the Apple Card will estimate the interest charges you will incur (in real time), based on the amount you decide to pay.

Also, the Apple Card offers smart payment suggestions to encourage you to pay down your balance more quickly.

Privacy and security. A unique card number is created on your iPhone for your Apple Card. This means that each purchase made using your iPhone is protected by Face ID or Touch ID authorization, as well as a one-time unique dynamic security code.

Additionally, the issuer of the Apple Card, Goldman Sachs Bank USA, does not share or sell your data to third parties for marketing and advertising purposes.

Additional Apple Card benefits

  • Titanium card for places that don’t accept Apple Pay
  • Ability to contact Apple Card support 24/7 by sending a text from Messages
  • Real-time views of your latest transactions and balance via the Wallet app
  • Weekly and monthly spending summaries

Where the Apple Card falls short

No sign-up bonus. The Apple Card does not come with a sign-up bonus.

Application restrictions. If you’re an Android cellphone user, you’re out of luck. The Apple Card is only available if you have an iPhone 6 or later that runs the latest version of iOS.

How it compares with the Uber Visa Card

If you want to earn bonus cash back in popular spend categories without paying an annual fee, there are other credit cards to consider. The Uber Visa Card, for example, offers 4% back on dining, including UberEats, 3% back on hotel and airfare, 2% back for online purchases, Uber and music streaming services, and 1% on everything else.
Additionally, the card also comes with a $0 annual fee and doesn’t require an iPhone to apply.

See how the Uber Visa Card compares to the Apple Card in the table below.

 Apple CardUber Visa Card
Annual fee$0$0
Sign-up bonusN/AEarn $100 after spending $500 on purchases in the first 90 days.
Rewards
  • 2% Daily Cash every time they use Apple Card with Apple Pay. 3% Daily Cash on all purchases made directly with Apple, including at Apple Stores, apple.com, the App Store, the iTunes Store and for Apple services, and using Apple Pay for Uber and Uber Eats and 1% daily cash on store, website or app that doesn't take apple pay.

  • 4% back on dining, including UberEats, 3% back on hotel and airfare, 2% back for online purchases, Uber and music streaming services, and 1% on everything else.

Intro APR on purchasesN/AN/A
Regular purchase APR12.99%-23.99% Variable17.74% - 28.49% Variable
Foreign transaction feesNone0% of each transaction in U.S. dollars.

Unlike the Apple Card, the Uber Visa Card allows you to earn $100 after spending $500 on purchases in the first 90 days. Additionally, the Uber Visa Card offers a higher cashback rate on dining, hotels and airfare.

That said, the Uber Visa Card offers a slightly lower cashback rate on Uber purchases than the Apple Card: The Uber Visa Card offers 2% back on Uber purchases, compared with 3% with the Apple Card. The caveat is you must pay for your Uber purchases via Apple Pay to earn the 3% rate with the Apple Card.

The bottom line

If you’re an iPhone user who wants to earn cash back on every purchase and take advantage of tools that encourage responsible card usage, the Apple Card is a solid option. However, if prefer a card that comes with a sign-up bonus and a higher rewards rate on dining and travel purchases, the Uber Visa Card is the better choice.

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.

Tracy Brackman
Tracy Brackman |

Tracy Brackman is a writer at MagnifyMoney. You can email Tracy here

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Best of, Reviews

The Top 7 Second Chance Bank Accounts

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.

Some banks don’t like giving second chances to customers who have less-than-stellar financial histories, especially since it could expose them to expensive risks. A record of bounced checks or debit card overdrafts could easily lock you out of the conveniences of modern banking.

Fortunately, banks also like making money, and some offer special “second chance” accounts that minimize their risk while allowing consumers to stay in the banking system. A second chance bank account gives customers with troubled records a fresh opportunity to demonstrate they can bank responsibly.

When it comes to a second chance account, fees are an unfortunate reality. But some accounts offer customers a better deal than others, and we’ve researched our database to find the second chance accounts with the most reasonable fee structures, while also factoring in whether they provide online and mobile banking, and how accessible accounts are throughout the country.

Account Name

Monthly Fee

Minimum to open

Availability

Chime$0$0Nationwide
Peoples Bank Cash Solutions Second Chance Checking$4.95 $30Nationwide
Radius Essential Checking$0$10Nationwide
Wells Fargo Opportunity Checking and Savings Accounts$10, can be waived if you meet requirements$25All 39 states (plus Washington D.C.) that has a Wells Fargo location.
BBVA Easy Checking$13.95$25Nationwide, with the exception of Alaska and Hawaii
Woodforest National Bank Second Chance Checking$9.95 monthly maintenance fee if you use a direct deposit; $11.95 without a direct deposit$25Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, and West Virginia
First National Bank and Trust Company Renew Checking $9.95; $7.95 with direct deposit$25Select areas of Wisconsin and Illinois

Second chance account basics

With a second chance bank account, customers shut out of traditional bank accounts get the opportunity to win their way back into a bank’s good graces. Similar to credit bureaus, financial services company ChexSystems maintains records of consumers’ banking histories. Bounced checks, overdrawn accounts or instances of fraud can all end up on your ChexSystems record; if you accumulate enough black marks on ChexSystems, banks could deny your application to open a new account.

Because second chance accounts are meant for customers who have demonstrated bad banking behavior, some lack features of traditional accounts, such as overdraft protection. In the eyes of the bank, you represent too much of a risk for them to extend you such courtesies.

Nobody likes paying fees, and we generally advise consumers to avoid needless banking fees due to the many fee-free banking options available. But fees are the price you pay for access to banking when you have a poor record. Plus, the second chance accounts listed below give you access to online and mobile banking, which is always a plus.

The 7 best second chance bank accounts

1. Chime

Chime

Fintech app developer Chime is not a bank, however their online checking account product is open to everybody no matter how bad your record is with ChexSystems. Chime does not check on applicants with ChexSystems, plus they offer lots of non-traditional features to help you get your financial life back on track. Best of all is the fact that they charge no fees at all, and require neither a minimum opening deposit or a minimum balance.

Chime account features:

  • No opening balance or minimum balance requirements.
  • Set up direct deposit for your paycheck, and the funds from each pay period will be deposited as soon as the transaction is initiated, giving you access to your pay up to two days earlier than conventional checking accounts.
  • Automatic savings features to help you save in your connected Chime Savings account.
  • The app sends you daily bank account balance notifications, and sends transaction alerts every time you use your debit card.
  • You can disable the debit card from the app.
  • Send 15 fee-free “friend transfers” P2P payments each month.
  • Nominal 0.01% APY on all deposits.

Fees to watch out for:

  • Chime’s service is almost entirely fee-free: No monthly charges, no ACH transfer fees, no foreign transaction fees, and no ATM fees if you withdraw funds from MoneyPass or Visa Plus Alliance network ATMs.
  • If you make an ATM withdrawal outside of these networks, there is a $2.50 fee.
  • Overdrafts are not permitted, so there is never an overdraft fee.

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on Chime’s secure website

Member FDIC

2. Peoples Bank Cash Solutions Second Chance Checking

Peoples Bank Cash Solutions

This Texas-based bank offers a second chance bank account that is available nationwide, and so long as you don’t have a record of bank or checking fraud on your record, you should be approved for this account. You’ll need to deposit at least $30 before the bank activates your account and provides you with checks and a debit card.

Fees to watch out for:

  • $4.95 monthly maintenance fee
  • $27.50 overdraft fee
  • $27.50 nonsufficient funds fee
  • $3.95 printed statement fee (which can be avoided with electronic statements)
  • $2.00 ATM withdrawal fee at machines not owned by Peoples Bank
  • $25 stop payment fee
  • $20 account closure fee (if within 90 days of opening account)

LEARN MORE Secured

on Peoples Bank Cash Solutions’s secure website

Member FDIC

3. Radius Essential Checking

Radius Bank

Products from online bank Radius are available to customers nationwide, and accessibility is a strong point in its favor. This second chance bank account only requires customers to deposit $10 to open an Essential Checking account, which is lower than some other accounts on this list.

Account Features:

  • A free debit card
  • 24/7 mobile and online banking
  • Access to Radius’s budgeting and personal finance tracking apps
  • Eligibility to upgrade to Radius’s Reward Checking account after 12 months of positive banking history

Fees to watch out for:

  • $9 monthly maintenance fee
  • $25 per item non-sufficient funds fee (waived on all overdraft items $5 or less)
  • $5 daily overdraft fee

LEARN MORE Secured

on Radius Bank’s secure website

Member FDIC

4. Wells Fargo Opportunity Checking and Savings Accounts

Wells Fargo Bank

Wells Fargo’s Opportunity Checking and Savings Accounts are tailor-made for folks with a lackluster credit or banking history. With a $25 opening deposit, you’ll get access to a second chance bank account that offers most of the bells and whistles of a traditional bank account. The account does come with a monthly fee, although it’s possible to waive it if you meet a few requirements (see below).

Account features:

  • $25 minimum deposit to open
  • Free transfers are available between Opportunity Checking and Savings accounts
  • You can choose to opt into overdraft protection
  • Free access to bill pay
  • “My Spending Report with Budget Watch” is available if you want to pay extra attention to where your money is going
  • Free debit card with access to more than 13,000 Wells Fargo ATMs throughout the country

Fees to watch out for:

  • $10 monthly service fee, waived if any of the following are true:
    • You make 10 posted debit card purchases or payments
    • You keep a minimum daily balance of $1,500 in the account
    • You receive $500 total in direct deposits each statement cycle
  • $35 overdraft and returned item fee
  • $12.50 overdraft protection transfer fee
  • $15 fee for excess activity (exceeding withdrawals from your savings account)
  • 3% foreign transaction fee with your debit card
  • $5 for money orders
  • $31 for stop payments

LEARN MORE Secured

on Wells Fargo Bank’s secure website

Member FDIC

5. BBVA Easy Checking

BBVA
BBVA’s Easy Checking product is available as a second chance account to customers in the Lower 48 (sorry, residents of Alaska and Hawaii, you’ll have to look elsewhere). Note that you must open the account at one of the bank’s branch locations, or by phone outside of the branch network footprint; you cannot open this account via their website. There is a $13.95 monthly service charge to maintain the account. You can request that BBVA upgrade your account one of their regular checking products after 12 months — and ditch that high monthly fee — so long as the Easy Checking account remains active and has a positive balance.

BBVA Easy Checking features::

  • Online and mobile banking, customized alerts, and a free debit card (with option to personalize)
  • $25 minimum deposit to open
  • Free BBVA ATM withdrawals

Fees to watch out for:

  • $3 fee for out-of-network ATM withdrawals
  • $38 insufficient funds fee ($32 in California)
  • $15 deposit item returned fee
  • $32 stop payment fee made over the phone or in person ($30 in California); $25 if made online
  • No fee for closing your account within 180 days of opening

LEARN MORE Secured

on BBVA’s secure website

Member FDIC

6. Woodforest National Bank Second Chance Checking

Woodforest National Bank

This regional bank has a checking account aptly named Second Chance Checking, to help people rejected by other banks access — provided they live in one of the 17 states where a physical branch exists and can meet the $25 minimum opening deposit requirement. Those states are: Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, and West Virginia.

Fees to watch out for:

  • $9.95 monthly maintenance fee if you use a direct deposit (or $11.95 without a direct deposit), $3.00 monthly paper statement fee (which can be avoided if you sign up for electronic statements)
  • $9 one-time account set-up fee
  • $2.50 ATM withdrawal fee when used at a non-Woodforest network ATM
  • $15 debit card set-up fee
  • $29 overdraft fee (for each charge)

LEARN MORE Secured

on Woodforest National Bank’s secure website

Member FDIC

7. First National Bank and Trust Company Renew Checking

First National Bank and Trust Company (WI)

First National Bank and Trust Company’s second chance bank account offering is called Renew Checking. You’re eligible for a new account if you live near the bank’s Beloit, Wisc. headquarters, in southern Wisconsin and northern Illinois.

Account Features:

  • No monthly minimum balance
  • $25 minimum deposit to open
  • Free online and mobile banking, bill pay, and e-statements
  • Access to 70,000 no-fee ATMs worldwide through Allpoint and MoneyPass
  • Eligible to upgrade account after twelve months in good standing

Fees to watch out for:

  • $9.95 monthly service fee, or $7.95 with direct deposit
  • $30 early account closure fee (if closed within 90 days of opening)
  • $34.50 overdraft fee
  • $34.50 insufficient funds fee
  • $34.50 stop payment fee

The fee schedule for personal accounts at First National Bank and Trust Company is here.

LEARN MORE Secured

on First National Bank And Trust Company (WI)’s secure website

Member FDIC

Alternatives to a second chance bank account

Get a prepaid debit card

Tired of the traditional banking experience? You could opt for a prepaid debit card instead. With a prepaid card, you can load money onto it and spend at merchants that accept major credit and debit cards. But if you try and spend more money than what’s on the card, the transaction is declined — although this prevents you from accruing any overdraft or insufficient funds fees. This is useful if you feel you may still have trouble managing your spending and need an extra layer of security to prevent you from getting into trouble.

Some prepaid cards offer extra perks like advance direct deposit and free ATMs so long as you stay in their network.

Open a secured credit card

You may also have better luck applying for a secured credit card if your credit score is in good enough shape. Usually, this requires depositing cash with the lender, who then gives you the credit card for the same amount. Each month that you make on-time payments, the bank will report that good behavior to the credit bureaus, helping you boost your credit score. At the end of the payment period (generally 12 months, though it varies by banks), you’ll get the full deposit back.

Secured cards can come with high interest rates and many don’t feature the enticing rewards other high-end cards do, but they get the basic job done for consumers who don’t need a card with a high credit limit.

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Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at [email protected]

James Ellis
James Ellis |

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