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Axos Bank Reviews: Checking, Savings, CD, Money Market and IRA 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.

Axos Bank’s checking account options

Rewards Checking

This account gives you the potential to earn decent interest, but you’ll have to meet several conditions to get the full APY.
APYRequirements to Earn APY
0.42%

Meet one of the following conditions:

  • $1,000 or more in direct deposits per month

  • 10 transactions per month with a debit card ($3 minimum for each)

  • Use debit card an additional five times ($3 minimum for each)

0.83%

Meet two of the above conditions

1.25%

Meet each of the above conditions

  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Unlimited
  • Overdraft fee: None

The Rewards Checking account is good for those who use their debit card often on purchases since the more it’s used, the more interest that can be earned. But it’s also geared toward those customers who make several sizeable direct deposits on a monthly basis, as that is another condition that needs to be met to receive the highest interest rate.

When you open an account, you will need to deposit a minimum of $50, but you don’t need to worry about getting charged a fee for not holding a minimum amount on a monthly basis. This checking account gives you the potential to earn a relatively high interest rate, but you’ll have to meet three requirements to earn the maximum. And the rates are variable, so they can fluctuate.

How to get Axos Bank’s Rewards Checking account

You can apply online for the Rewards Checking account. You will need to create an account and provide some basic information, such as your name and Social Security number. Within a few minutes, you will be informed about whether you have been approved.

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Essential Checking

This account does not offer interest but has some added perks when it comes to fees and reimbursements.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Unlimited
  • Overdraft fee: None

This checking account does not earn interest but can be a good option for those looking for a basic checking account with funds that can be accessed when needed.

There are no fees associated with the Essential Checking account. Customers also do not need to worry about holding a minimum monthly balance to keep the account open.

How to get Axos Bank’s Essential Checking account

Customers can apply online and get a decision within minutes. You will need to create an account by choosing a username and password. Once that is complete, you will be able to apply for the Essential Checking account by providing some basic information, including your Social Security number and valid identification.

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CashBack Checking

You have the potential to earn cash back with this account, but you’ll need to keep a minimum balance.
Cash BackMinimum Balance to Earn Cash Back
1.00% cash back$1,500
0.50% cash backLess than $1,500
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Unlimited
  • Overdraft fee: Website doesn’t specify overdraft fee amounts but states Axos Bank can close your account

Axos Bank’s CashBack Checking account may be a good choice for shoppers who frequently use a debit card and want to get rewarded for their spending.

Customers need to maintain a minimum balance if they want to earn the most cash back. If your balance falls below $1,500, you’ll only earn 0.50% cash back.

This interest-bearing account comes with the bonus of unlimited check-writing ability. You can receive starter checks for free, but only when ordered upon opening your account.

Note that you can only earn up to $2,000 in cash back each month. If you can responsibly manage a credit card and pay off the balance in full each month, you may be better off with a cashback rewards credit card that earns a higher rate.

How to get Axos Bank’s CashBack Checking account

Apply for the CashBack Checking account online by providing your name and Social Security number. If you are a new applicant, you will need to create an account to start your online application. The entire process, including receiving a decision, should only take about 15 minutes.

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Golden Checking

High interest rates, zero fees and other perks help sweeten the deal for customers 55 and up.
APYMinimum Balance to Earn APY
0.20% Variable$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Can receive up to $8 per month
  • Overdraft fee: None

Axos Bank’s Golden Checking account is for customers 55 and older. It’s ideal for those who want high interest rates without any fees attached.

The account also caters to those who use personal checks more often than ATM withdrawals. There are no limits to how many checks you can write per month, and customers receive free checks every six months.

This checking account earns a variable rate, which means it can change over time. But you can start earning interest no matter your account balance.

How to get Axos Bank’s Golden Checking account

Apply for the Golden Checking account on Axos Bank’s website, making it quick and easy to find out if you qualify. You will need to provide some information such as your Social Security number and a valid ID. As with other checking accounts with this bank, you’ll need to create an account to get started. You’ll be able to get a decision in a few minutes.

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First Checking

Teens will like an interest-bearing checking account tailored for them. Co-owners can rest easy with the account’s built-in transaction limits.
APYMinimum Balance to Earn APY
0.25%$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: Fees in place once $12 in monthly reimbursements are met
  • ATM fee refund: Up to $12 in fee reimbursements each month
  • Overdraft fee: None

Teens ages 13 to 17 can only have this account with an adult co-owner. The account can be ideal for teens who want to learn how to manage their own money while earning interest on their deposits. Parents may welcome the account’s limitations.

Teens cannot write checks and have daily transaction limits. They can only withdraw up to $100 each day, while the account limits daily point-of-sale transaction to $500. A limit on fees also helps make this checking account a win.

How to get Axos Bank’s First Checking account

Customers can be offered Axos Bank’s First Checking account only when the main account holder requests it. The application process can be done online, but the applicant must be 18 or older. The joint owner of this account will need to apply as the “primary owner,” and the teen applicant will apply as the “secondary joint owner.” An online account will need to be created if one is not already made, and a decision will be made within minutes.

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Second Chance Checking

With fees to pay, daily transaction limits and no interest to earn, this checking account is a hard sell.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $6.95 if you have direct deposit set up; otherwise, it’s $8.95
  • ATM fee: Yes, depending on the ATM being used; there are daily limits, such as only being able to withdraw $310 and only spending $500
  • ATM fee refund: None
  • Overdraft fee: $25

If you want a checking account and can’t get a more traditional alternative, the Second Chance Checking account may be an option. You do receive a free debit card — but not without a lot of shortcomings. When compared to the top five second-chance bank accounts, it requires a slightly higher minimum deposit to open. Like some of its top competitors, it provides optional overdraft protection if desired.

As with other second-chance bank accounts, there are daily transaction restrictions to watch out for and monthly maintenance fees to consider. Another big drawback is this checking account doesn’t earn you any interest.

How to get Axos Bank’s Second Chance Checking account

Unlike Axos Bank’s other checking accounts, you can’t apply for a Second Chance Checking account online. You will need to speak with a bank representative by calling the customer service number at 888-502-2967 to see if there are any other options before you can apply for Second Chance Checking.

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How Axos Bank’s checking accounts compare

Axos Bank offers relatively high interest rates. Its Rewards Checking account made our list of the best online checking accounts. But to earn the highest interest rate with a checking account at Axos Bank, you need to meet several spending and saving requirements with the Rewards Checking account.

Another thing we like about Axos Bank’s checking accounts is the usually low minimum deposit. While other banks may require a hefty deposit to open a checking account, Axos Bank usually doesn’t. Often, there is no required deposit at all.

Axos Bank’s savings account options

High Yield Savings

The interest earned can be great, but the heavy transaction limits are not.
APYMinimum Balance to Earn APY
1.30%$0.01
  • Minimum opening deposit: $250
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: Yes, depending on the ATM being used
  • ATM fee refund: None
  • Overdraft fee: $25

Axos Bank’s High Yield Savings account may be good for those who are looking to earn interest on their money without dealing with a lot of unwanted fees. Customers don’t have to worry about paying a monthly maintenance fee, for example, nor do they need to be concerned about a minimum balance requirement.

What they do need to keep an eye out for are the various transaction limits, such as on purchases, withdrawals and transfers. Due to Regulation D — which sets federal requirements on deposit accounts — the bank may charge a fee, close the account or convert the account to a checking account if customers go over the withdrawal limit.

How to get Axos Bank’s High Yield Savings account

Opening a High Yield Savings account with Axos Bank is relatively simple. The entire application can be completed online. You’ll need to create a bank login if you’re a new user by providing basic information.

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Second Chance Savings

Score a free ATM card — but not without daily ATM transaction limits that need to be followed.
APYMinimum Balance to Earn APY
0.25%$0.01
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $1
  • ATM fee refund: No
  • Overdraft fee: $25

This second-chance account may be tempting due to its interest rate and low fees, but there are limitations on how much of your money you can access each day. Customers are only allowed to withdraw up to $310 per day and spend up to $500 each day. On top of that, there are transaction limitations with transfers made online and by phone for both non-bank and Axos Bank accounts.

Because of federal Regulation D, the bank can charge a fee if you go over six transfers per month. If you keep exceeding this limit, the bank may convert your account.

How to get Axos Bank’s Second Chance Savings account

If Axos Bank’s Second Chance Savings account is of interest to you, you will need to speak with a bank representative to apply. Customers are not able to apply for Second Chance Savings without speaking to a representative to decide if this is the best option if you do not qualify for another type of savings account.

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How Axos Bank’s savings accounts compare

When compared to the best online savings accounts, Axos Bank’s savings accounts have rates that are on the low side. For example, American Express National Bank’s Personal Savings account offers a 1.90% APY, while Vio Banks’ High Yield Online Savings account allows you to earn 2.42% APY. Axos Bank’s High Yield Savings account only allows you to earn 1.30% — and that’s the highest of its two saving account offerings.

But the bank is on par with the minimum deposit requirements offered elsewhere. Some of the best offerings out there today require a minimum deposit of $50 to $100, and that’s on the lower scale, coming close to what Axos Bank requires. Of course, there are also other banks and credit unions that ask for $10,000 or more, while others don’t ask for anything upfront. Axos Bank has some bonuses to consider, too, including free ATM cards, similar to those ranking high on the list.

Axos Bank’s CD rates

Certificates of Deposit

High interest earnings, guaranteed returns and flexible terms all help make for a lucrative investment.
TermAPY
3 months0.55%
6 months0.75%
12 months1.01%
24 months1.20%
36 months1.30%
48 months1.40%
60 months2.25%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Half of the interest slated to have been earned if matured

There are a lot of advantages to opening a CD with Axos Bank. Customers can earn high interest (with longer terms) and see guaranteed returns. Customers also have the flexibility to choose their own terms. A bonus includes free interest transfers that are made electronically. There are also no fees to set up the account or to maintain it.

One major downside is that you have to wait until the CD matures until you can withdraw any portion of your funds. If you don’t abide by these regulations, you can be faced with a penalty.

How to get Axos Bank’s Certificates of Deposit

To get started, create a username and password on the bank website. You will then be prompted to supply some standard information, such as your Social Security number and a valid photo ID. A decision can be made in a few minutes, so you’ll know if you’re approved right away.

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How Axos Bank’s CD rates compare

Axos Bank’s CD rates are low when compared to the best CD rates. The minimum deposit requirements are near the middle of the leading companies on our list, but they still average on the higher side.

But Axos Bank’s CDs allow more flexibility with its terms, unlike top competitors that only allow you to choose from fixed terms.

Axos Bank’s money market account options

Axos Bank’s High Yield Money Market

You have the potential for earning interest, but not without a few drawbacks.
APYMinimum Balance to Earn APY
1.05%$0.01
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: Depends on the ATM used
  • ATM fee refund: None
  • Overdraft fee: $25

Axos Bank’s High Yield Money Market account might be a solid option for those who have money with which they want to earn interest. Other positives include check-writing abilities and the use of a debit card.

But if you’re looking to earn a tad more interest, the bank’s High Yield Savings account might be a good alternative. It offers a 1.30% APY, which is slightly higher than what can be earned with this money market account.

Federal Regulation D has specific transaction requirements per month. Failure to follow those rules can be subject to excess withdrawal fees and possible account closure.

How to get Axos Bank’s High Yield Money Market account

Applying for a High Yield Money Market account with Axos Bank is simple because it can be done online. Create an account to get started and then fill out the application form with your basic information, such as name and Social Security number, to see if you are approved.

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How Axos Bank’s money market account compares

This company’s money market account offers much lower rates than those with the best money market rates. Some of the top institutions offer 1.85% and higher, while Axos Bank’s APY weighs in at only 1.05%. Many of these top offerings don’t require a minimum deposit and some only need $100 or $250 to open an account, while Axos Bank requires $1,000. But there are also those on the list with high rates that require a large sum of money upfront, such as $10,000 to $25,000, making Axos Bank’s requirement appear relatively small.

Axos Bank’s IRA account options

IRA CDs

Interest is compounded daily, making for ultimate earning potential — but not without a large deposit.
TermAPY
12 months0.60%
18 months0.70%
36 months0.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Half of the interest earned if the money was left the entire duration of the term

Axos Bank’s IRA CDs can be ideal for those looking for interest compounded on a daily basis to help funds grow and see returns that are consistent. The interest rates are determined based on the length of the CD term.

One negative with these CDs is the minimum deposit that requires customers to deposit a decent chunk of cash upon opening the account.

How to get Axos Bank’s IRA CDs

If you’re interested in applying for Axos Bank’s IRA CDs, you can do so online. The prompts are easy to follow, asking you first to create an account with the bank, followed by providing your Social Security number and a valid photo ID on your application. You will be able to know if you are qualified within a few minutes.

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How Axos Bank’s IRA CD rates compare

When looking at the best IRA CD rates, Axos Bank doesn’t even compare. The bank’s rates are low compared to the best offerings out there. Further, its minimum deposit requirement is similar to that of leading competitors. That means it may be a good idea to look elsewhere if you are interested in securing the best rate for an IRA CD.

IRA Savings

A lower minimum deposit and no monthly fees can help make up for lower interest rates.
APYMinimum Balance to Earn APY
0.15% Variable (Tier 1)$250 - $1,000
0.70% Variable (Tier 2)$1,000 or more
  • Minimum opening deposit: $250
  • Minimum balance to earn APY: $250
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: None

Axos Bank’s IRA Savings account does have a minimum deposit, but it is less than some other account options, including on its IRA CDs. To earn 0.15%, you will need at least $250 in your account. Once your account hits $1,000 or more, you will then graduate to earn 0.70% APY.

Returns are consistent and interest is compounded daily, allowing for plenty of earning. It is variable, so it can fluctuate.

Excess withdrawal fees can be accounted for with certain savings accounts, due to federal Regulation D, which can cause a bank to charge a fee, close an account or convert an account to a checking account if a customer goes over the withdrawal limit. But Axos Bank’s website does not specify whether there is an excess withdrawal fee for the IRA Savings account.

How to get Axos Bank’s IRA Savings account

Customers interested in applying for Axos Bank’s IRA Savings account can do so online. The website is easy to follow and provides simple instructions on how to get started. You’ll begin by creating an account. Then you’ll complete an online application form to see if you are eligible for the IRA Savings account. You should receive a decision a few minutes after you complete your application.

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Overall review of Axos Bank’s banking products

Axos Bank offers some solid banking products that often don’t have lots of unwanted fees. Another positive is the flexible terms that some of the products come with, allowing the customer to choose the length that works best for them.

But Axos Bank doesn’t usually provide the highest interest rate, especially when compared to its competitors, so the earning potential is there but not great. So, if you’re like many and want to earn the highest interest rates you can, it may be wise to search elsewhere.

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.

Carissa Chesanek
Carissa Chesanek |

Carissa Chesanek is a writer at MagnifyMoney. You can email Carissa 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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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)

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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