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Associated Bank Review: Checking, Savings, CD and Money Market 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.

Associated Bank’s checking account options

Associated Checking

The bank’s basic, non-interest bearing checking account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $11; can be waived (see below)
  • ATM fee: None on Associated Bank and MoneyPass ATMs; various fees for withdrawals and balance inquiries on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

This account does not have the ability to earn interest. It is, however, fairly easy to avoid its monthly fee; you can do so by having direct deposits of at least $500 total per statement cycle, maintaining a $1,000 minimum daily balance, maintaining a combined balance of at least $2,500 in your deposit accounts within the same statement cycle (or have an HSA or investment account) or if you’re under the age of 24 and opt for eStatements instead of paper. This account also offers cash back rewards with certain purchases, mobile and online banking and bill pay services and a free debit Mastercard. Lastly, since the bank charges account holders various fees for using out-of-network ATMs, you may want to contact customer service to clarify what they are if this is a concern.

SEE DETAILS Secured

on Associated Bank, NA’s secure website

Member FDIC

Elite Checking

This account allows you to earn interest on high balances.
Minimum Balance to Earn APYAPY (Standard)APY (Preferred)
$0.01N/A0.01%
$25,000N/A0.06%
$250,000N/A0.10%
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $25; can be waived if you maintain a combined balance of $10,000 in deposit accounts within the same statement cycle, or have either an HSA or investment account
  • ATM fee: None on Associated Bank and MoneyPass ATMs; various fees for withdrawals and balance inquiries on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

This account allows holders to earn interest on balances of at least $10,000 — however, you’ll have to contact the bank to find out what standard rates are available in your area. This account also comes with mobile and online banking and bill pay services, a free debit Mastercard, free personal and traveler’s checks and cash back rewards on certain purchases.

How to get Associated Bank’s checking accounts

Both of Associated Bank’s checking accounts can be opened online or in person. To do so, you’ll need to be prepared to provide your Social Security number and a government-issued I.D. (e.g. a driver’s license, state I.D. or passport). Account holders under age 18 must have a parent open the account with them as a joint owner.

SEE DETAILS Secured

on Associated Bank, NA’s secure website

Member FDIC

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How Associated Bank’s checking accounts compare

At first glance, these two accounts don’t beat out those on our list of the best online checking accounts. For starters, one doesn’t earn interest, while the other doesn’t even have its rate readily available — and both have pretty high monthly fees. Neither of these accounts make it particularly easy to avoid the fees, as even $1,000 might be challenging for some people to maintain on the basic checking account. It’s difficult to compare the Elite Checking account to those on our list without knowing the rate you’ll be getting, but the high balance needed to earn it might be a drawback to some.

Associated Bank’s savings account options

Associated Savings

A basic savings account earning a small amount of interest.
Minimum Balance to Earn APYAPY (Standard)APY (Preferred)
$0.010.01%0.03%
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5; can be waived (see below)
  • ATM fee: None on Associated Bank and MoneyPass ATMs; various fees for withdrawals and balance inquiries on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

The monthly fee on this account can be waived with a $300 minimum daily balance or at least $25 per month in recurring direct deposits or online banking transfers, or if you are under age 18. This account also comes with free online banking services. Additionally, since the bank charges various fees for using out-of-network ATMs, you may want to contact customer service to clarify what they are if this could be an issue. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain types of withdrawals and transfers to six per month.

SEE DETAILS Secured

on Associated Bank, NA’s secure website

Member FDIC

Zero Interest Savings

As the name suggests, this account earns absolutely no interest.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5; can be waived (see below)
  • ATM fee: None on Associated Bank and MoneyPass ATMs; various fees for withdrawals and balance inquiries on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

This account has a lot of the same requirements as the bank’s other savings account, though it earns absolutely no interest. Its monthly fee can be waived with a minimum daily balance of $300 or at least $25 per month in recurring direct deposits or online banking transfers, or if you are under age 18. As with the bank’s other accounts, Associated Bank charges various ATM fees when you use an out-of-network ATM, so you may want to contact the bank to clarify what they are before using one. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which allows certain types of limits withdrawals and transfers to six per month.

How to get Associated Bank’s savings accounts

Both of the bank’s savings accounts can be opened online or in person. To do so, you’ll need to provide your government-issued ID and Social Security number. Account holders under age 18 must have a parent open the account with them as a joint owner.

SEE DETAILS Secured

on Associated Bank, NA’s secure website

Member FDIC

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How Associated Bank’s savings accounts compare

Based on interest rates alone, Associated Bank’s savings accounts lose hard to those on our list of the best online savings accounts. Not only that, but these two bare-bones accounts don’t offer anything in the way of perks and additional services. Plus, the only difference between the two accounts appears to be the fact that you can earn interest (albeit a very small amount) on the Associated Savings account, so we don’t know why anyone would opt for the Zero Interest Savings, given the choice. Do yourself a favor and shop around, or consider one of the accounts on our list instead.

Associated Bank’s CD rates

Regular Term CDs

The bank’s standard CDs, requiring a $1,000 opening deposit in exchange for pretty dismal rates.
TermAPY (Standard)APY (Preferred)
3 months0.01%0.03%
6 months0.01%0.03%
9 months0.01%0.05%
12 months0.01%0.05%
18 months0.01%0.07%
24 months0.01%0.07%
30 months0.01%0.07%
36 months0.01%0.07%
48 months0.01%0.10%
60 months0.01%0.15%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For terms less than 12 months, it’s 90 days’ worth of interest; for terms greater than or equal to 12 months but less than 24 months, it’s 181 days’ worth of interest; for terms greater than or equal to 24 months but less than 36 months, it’s 270 days’ worth of interest; for terms 36 months and longer, it’s 365 days’ worth of interest
The bank’s regular CDs are available in a wide range of terms with a relatively low deposit requirement. Interest is compounded at maturity quarterly, and you can choose to have it transferred to another Associated Bank account or issued by check if your CD balance is $5,000 or more. CD holders have 10 calendar days after maturity to withdraw their funds without penalty; otherwise, the CD term will be automatically renewed.

SEE DETAILS Secured

on Associated Bank, NA’s secure website

Member FDIC

Fixed-Rate Add-On CDs

This CD is meant to give you a bit more flexibility.
TermAPY (Standard)APY (Preferred)
12 months0.01%0.05%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 181 days’ worth of interest
This fixed-rate CD requires a lower minimum deposit compared to the bank’s other offerings, and comes with the flexibility of making additional deposits throughout your term. Interest is compounded at maturity quarterly, and you can choose to have it transferred to another Associated Bank account or issued by check if your CD balance is $5,000 or more. CD holders have 10 calendar days after maturity to withdraw their funds without penalty. Otherwise, the CD term will be automatically renewed.

SEE DETAILS Secured

on Associated Bank, NA’s secure website

Member FDIC

Special Term CDs

Promotional CDs with a $5,000 minimum opening deposit.
TermAPY (Standard)APY (Preferred)
7 monthsN/A1.45%
13 monthsN/A1.50%
26 monthsN/A1.35%
42 monthsN/A1.35%
61 monthsN/A1.35%
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: For terms less than 12 months, it’s 90 days’ worth of interest; for terms greater than or equal to 12 months but less than 24 months, it’s 181 days’ worth of interest; for terms greater than or equal to 24 months but less than 36 months, it’s 270 days’ worth of interest; for terms 36 months and longer, it’s 365 days’ worth of interest

These CDs are available in term lengths of 7, 13, 26, 42 or 61 months; however, you’ll need to contact the bank to find out the rates for these promotional CDs. Interest is compounded at maturity quarterly, and you can choose to have it transferred to another Associated Bank account or issued by check if your CD balance is $5,000 or more. CD holders have 10 calendar days after maturity to withdraw their funds without penalty; otherwise, the CD term will be renewed as follows:

  • the 7 month CD will renew to a 6 month CD
  • the 13 month CD will renew to a 12 month CD
  • the 26 month will renew to a 24 month CD
  • the 42 month will renew to a 36 month CD
  • the 61 month will renew to a 60 month CD

How to get Associated Bank’s CDs

All of Associated Bank’s available CD accounts can be opened in person or online. To do so, you’ll need to be ready to provide your Social Security number and a government-issued ID.

SEE DETAILS Secured

on Associated Bank, NA’s secure website

Member FDIC

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How Associated Bank’s CD rates compare

Although Associated Bank’s CDs come with a good range of terms and deposit requirements, the rates just don’t stack up against those on our list of the best CD rates. Do your due diligence and shop around for the best product to get the biggest bang for your buck.

Associated Bank’s money market account option

Money Market account

The bank’s money market account offers a less-than-impressive rate.
Minimum Balance to Earn APYAPY (Preffered)APY (Standard)
$0.010.02%0.01%
$10,0000.02%0.01%
$25,0000.03%0.01%
$50,0000.03%0.01%
$150,0000.03%0.01%
$250,0000.07%0.01%
$1,000,0000.03%0.01%
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $16; can be waived if minimum balance of $1,000 is maintained
  • ATM fee: None on Associated Bank and MoneyPass ATMs; various fees for withdrawals and balance inquiries on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

This money market account has a pretty high monthly fee, but it can be avoided if you keep the balance at or above the minimum opening deposit. The account also comes with free online banking services, and interest is compounded monthly. Additionally, you may also have the chance to earn a higher rate if you combine this account with an Associated Bank checking account; you’ll have to talk to a bank representative to find out more information.

Since Associated Bank charges various fees for out-of-network ATM usage, you may want to contact customer service to find out what they are before using one. Plus, as a savings account, this one is subject to Federal Reserve Regulation D — allows certain types of withdrawals and transfers up to six per month.

How to get Associated Bank’s money market account

Customers can open Associated Bank’s money market account in person or online. You’ll need to have your Social Security number and government-issued ID on hand to do so.

SEE DETAILS Secured

on Associated Bank, NA’s secure website

Member FDIC

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How Associated Bank’s money market account compares

There are many money market accounts that offer pretty mediocre rates when compared to the competition — and this one is no exception. Not only that, but it doesn’t really come with any perks or features. Consider one of the accounts on our list of the best money market rates instead.

Overall review of Associated Bank’s banking products

Not surprisingly, between sub-par rates and fees aplenty, we wouldn’t rate any of Associated Bank’s personal accounts as must-have products. Take the time to shop around for an account that will earn you a decent interest rate, will let you easily avoid fees, and possibly offer other perks.

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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Earning Interest, Eliminating Fees, Reviews

Schwab High Yield Investor Checking Account 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 Schwab Bank High Yield Investor Checking account offered by Charles Schwab Bank isn’t your average checking account. In fact, it’s a checking account designed exclusively for investors. If you want the convenience of having your idle cash and invested assets all under one roof, this product could be for you.

What is the Schwab Bank High Yield Investor Checking account?

The Schwab Bank High Yield Investor Checking account is an interest-bearing checking account that is linked to your Schwab One brokerage account, making it easy and convenient to invest otherwise idle cash.

This product comes with attractive features that many traditional checking accounts offer — including no minimum balance requirements, no monthly service or ATM fees and a variable interest rate — as well as the unique feature of easy transfers to and from your linked brokerage account. When you open your High Yield Investor Checking account, a Schwab One brokerage account will also be opened for you. The accounts will have separate account numbers, but both can be viewed online with a single login.

Here’s what you can expect to receive upon opening and funding a Schwab High Yield Investor Checking account:

  • 0.03% APY
  • Federal Deposit Insurance Corporation (FDIC) insurance
  • Free transfers to and from your linked brokerage account
  • Schwab Bank Visa Platinum debit card
  • Complimentary checks, deposit slips, mailing labels and pre-addressed, postage-paid envelopes

How is the High Yield Investor Checking account different from other checking accounts?

In most cases, checking accounts do not require you to open another linked account in which funds will flow to and from. The Schwab High Yield Investor Checking account, however, is only available as a linked account with the Schwab One brokerage account.

If you’re in the market for just a checking account to stash the cash you use for your everyday spending needs, opening a brokerage account alongside your checking account can seem like an unnecessary step. The brokerage account’s main function is to trade stocks, options, bonds, mutual funds, ETFs and other financial products.

However, it is worth noting that the Schwab One brokerage account does not have any minimum balance requirements or requirements to fund the account, making it relatively accessible and easy to open.

Schwab Bank High Yield Investor Checking account fees and minimums

The Schwab Bank High Yield Investor Checking account features the following fees and minimums:

Monthly service fee

$0

Minimum balance fee

$0

ATM fee

Unlimited ATM fee rebates

Foreign transaction fee

$0

It’s worth noting that while the Schwab One brokerage account also does not have any minimum balance requirements or monthly maintenance fees, other account fees may apply. For example, trades placed through a broker come with a service charge of $25.

Schwab High Yield Investor Checking account pros and cons

Pros

  • Easy to invest idle cash: By having your checking account linked to your brokerage account, it makes it much more convenient to invest any idle cash.
  • Minimal fees: Schwab’s High Yield Investor Checking account boasts minimal fees compared to other checking accounts, specifically ones offered by other big banks.
  • Unlimited ATM rebates: This is a valuable feature and could save you a significant amount of money over time.

Cons

  • Low interest rate: The account’s 0.03% APY pales in comparison to other high-yield checking accounts, some of which have rates that climb to over 5.00% APY.
  • Unnecessary complexity: The requirement of having a Schwab One brokerage account could be viewed as an added hoop to jump through for those simply looking for a traditional checking account product.
  • Non-sufficient funds fee: Watch out for the account’s non-sufficient funds (NSF) fee of $25, up to $100 maximum per day, if you don’t have enough money in your account to cover a transaction. Still, this is less than the average NSF fee of $30.50.

Who is the Schwab Bank High Yield Investor Checking account good for?

If you’re just looking for a liquid checking account that you can use for your everyday spending needs, the Schwab High Yield Investor Checking account is likely not for you. There are other checking accounts offering much higher interest rates without requiring you to link a brokerage account in order to open the account. Additionally, if your strategy is to let your extra cash sit in the Schwab High Yield Investor Checking account without initiating regular transfers to your Schwab One brokerage account, your money would grow at a considerably faster rate in a high-yield savings account, money market account or CD.

If you already are an investor and have a Schwab One brokerage account — or are looking for a checking account that provides easy and instant transfers to and from your brokerage account — the Schwab High Yield Investor Checking account is certainly worth exploring. It has many of the same, standout features that the best traditional checking accounts have, while also being one of the few checking accounts out there that provides instant access to your invested assets.

promo-checking-wide-v2

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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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 credit card issuer. This site may be compensated through a credit card issuer partnership.

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
GoBank Checking Account$8.95, can be waived if you meet requirements$20Nationwide
Radius Essential Checking$0$10Nationwide
Wells Fargo Opportunity Checking and Savings Accounts$10, can be waived if you meet requirements$25Nationwide
BBVA Easy Checking$13.95$25Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas
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

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.

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 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.

SEE DETAILS Secured

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)

SEE DETAILS Secured

on Peoples Bank Cash Solutions’s secure website

Member FDIC

3. GoBank Checking Account

GoBank

A brand of Green Dot Bank, GoBank does not run a background check for new checking customers on ChexSystems, and it does not require a credit check. The account comes with a free debit card and fee-free access to a large network of ATMs, although be warned that out-of-network ATM withdrawals carry a $3 fee, on top of whatever the ATM operator charges. GoBank’s $8.95 monthly fee is high. However, this fee can be avoided with a monthly $500 direct deposit.

Account Features:

  • A free debit card
  • 24/7 mobile and online banking
  • Simple budgeting and spending tracker tools
  • Mobile check deposits

Fees to watch out for:

  • $2.95 sign-up fee, waived if you set up your account online
  • $8.95 monthly maintenance fee, waived each month your account receives payroll or government direct deposits totaling at least $500
  • Fees of up to $4.95 charged by retailers to make cash deposits
  • $3 out-of-network ATM withdrawal fee
  • $5 card replacement fee
  • Foreign transaction fee is 3% total transaction

SEE DETAILS Secured

on GoBank’s secure website

Member FDIC

4. 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

SEE DETAILS Secured

on Radius Bank’s secure website

Member FDIC

5. 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

SEE DETAILS Secured

on Wells Fargo Bank’s secure website

Member FDIC

6. BBVA Easy Checking

BBVA
BBVA’s Easy Checking product is available as a second chance account to customers in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. 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

SEE DETAILS Secured

on BBVA’s secure website

Member FDIC

7. 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
  • $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
  • $32 overdraft fee (for each charge)

SEE DETAILS Secured

on Woodforest National Bank’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.

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.