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Bank of America Checking, Savings, CD, and IRA Account Reviews

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.

Bank of America checking account options

Bank of America Interest Checking® Account

Bank of America’s Interest Checking® Account offers a minuscule amount of interest and a few extra perks in exchange for a higher monthly fee.

APY

Minimum Balance Amount

0.01%

$0 - $50,000

0.02%

$50,000+

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $25 (waived if you meet certain requirements, detailed below)
  • ATM fees: No fee for using Bank of America ATMs. If you use an out-of-network ATM in the United States, you’ll pay $2.50 per transaction (plus whatever surcharge fees the ATM’s owner tacks on). If you use a foreign ATM, you’ll pay $5 per transaction, plus a 3% foreign transaction fee and any surcharge fees.
  • ATM fee refunds: If you’re a Preferred Rewards Platinum or Platinum Honors client, you won’t be charged the out-of-network ATM fees in the United States. Preferred Rewards Platinum clients will receive one surcharge fee refund per month, and Platinum Honors clients will receive unlimited surcharge fee refunds.
  • Overdraft fees: $35 per item

This checking account earns a minuscule amount of interest while charging a higher monthly fee than their Core Checking account. But, you can also get the monthly fee waived by doing one of the following:

  1. Keeping a combined balance of at least $10,000 in all of your Bank of America accounts.
  2. Enrolling in Bank of America’s Preferred Rewards program and earn at least a Gold, Platinum or Platinum Honors tier.

The Interest Checking account also has a few other perks. If you do opt-in to the overdraft protection and have a linked savings account set up, any transfers to cover overdrafts are done free of charge (with the Core Checking account, this normally costs $12 per transfer). You’ll also get free checks, and you can choose to enroll in the BankAmeriDeals cashback rewards program and the Keep The Change savings program.

It only takes a few minutes to apply for Bank of America’s Interest Checking® Account. You’ll need to provide some basic personal information, such as your name, Social Security number and address. A credit check may be performed during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

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on Bank Of America’s secure website

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Bank of America Core Checking® Account

This fee-heavy, no-interest-earning account isn’t one our favorites.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $12 (unless you meet requirements, detailed below)
  • ATM fees: No fee for using Bank of America ATMs. If you use an out-of-network ATM in the United States, you’ll pay $2.50 per transaction (plus whatever surcharge fees the ATM’s owner tacks on). If you use a foreign ATM, you’ll pay $5 per transaction, plus a 3% foreign transaction fee and any surcharge fees.
  • ATM fee refunds: If you’re a Preferred Rewards Platinum or Platinum Honors client, you won’t be charged the out-of-network ATM fees in the United States. Preferred Rewards Platinum clients will receive one surcharge fee refund per month, and Platinum Honors clients will receive unlimited surcharge fee refunds.
  • Overdraft fees: $35 per item

This is Bank of America’s go-to checking account for most people. Sadly, it doesn’t earn any interest and charges a monthly fee to boot. Check out our roundup of other great low-fee checking accounts. Still, it’s fairly easy to get this fee waived in one of four ways:

  1. Have at least one monthly direct deposit of $250
  2. Keep a daily balance of $1,500 in your account
  3. Enroll in their Preferred Rewards program and reach a Gold, Platinum or Platinum Honors tier
  4. Be a high school, college or vocational program student under age 24

When you opened a bank account before the 2008 financial crisis, it was common to be automatically enrolled in an overdraft program. Bank of America’s overdraft program works like this: If you don’t have a linked savings account and you overdraw your account, you’ll face a $35 overdraft fee per item, up to four times per day. If you do have a linked savings account, they’ll charge you a $12 transfer fee to cover the cost. Now, due to new federal regulations, you need to manually opt into this program when you open an account. If you don’t, you’ll instead face a $35 non-sufficient funds (NSF) fee for each item, which is basically the same as the overdraft fee anyway.

Although this is a fee-heavy account, it does come with a couple nice features. Their Keep The Change program automatically rounds up your purchases and deposits the difference into your savings account. You can also earn cashback rewards by shopping at certain retailers through the BankAmeriDeals program.

It only takes a few minutes to apply for Bank of America’s Core Checking® account. You’ll need to provide some basic personal information, such as your name, Social Security number and address. Bank of America may perform a credit check during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

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on Bank Of America’s secure website

Member FDIC

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How Bank of America’s checking accounts compare

This bank’s checking accounts, like accounts at most big banks, offer low interest rates and high fees, especially compared with the best online checking accounts out there. Only one of their checking accounts does offer interest, and it’s such a low rate that you’ll probably even forget it does offer interest. The monthly maintenance fees for these accounts are quite high, and while it is possible to skirt them rather easily, that still means you need to be on your toes to make sure you meet the requirements each month.

The one thing that we actually do like with these accounts is Bank of America’s Keep The Change feature, which rounds up your purchases and deposits the difference into your savings account. This is a unique feature for bank accounts and can really help you save more cash, but it’s also possible to find apps that do the same thing that don’t come with these restrictive accounts.

Bank of America’s savings account options

Rewards Savings

This savings account rewards you with a monthly fee and a super low interest rate.

Tier

APY

Standard

0.03%

Gold

0.04%

Platinum

0.05%

Platinum Honors

0.06%

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $8 (waived if you meet certain requirements, detailed below)
  • ATM fees: No fee for using Bank of America ATMs. If you use an out-of-network ATM in the United States, you’ll pay $2.50 per transaction (plus whatever surcharge fees the ATM’s owner tacks on). If you use a foreign ATM, you’ll pay $5 per transaction, plus a 3% foreign transaction fee and any surcharge fees.
  • ATM fee refunds: If you’re a Preferred Rewards Platinum or Platinum Honors client, you won’t be charged the out-of-network ATM fees in the United States. Preferred Rewards Platinum clients will receive one surcharge fee refund per month, and Platinum Honors clients will receive unlimited surcharge fee refunds.
  • Overdraft fees: $35 per item

This is Bank of America’s basic savings account, and an option if you’re just looking for a basic, no-frills place to store your cash. Once again, this account comes with a monthly fee that you should be able to skirt around in one of three ways:

  1. Keep at least $500 in this account
  2. Link up your Bank of America Interest Checking® account
  3. Enroll in the Preferred Rewards program and earn at least a Gold, Platinum or Platinum honors tier.

It shouldn’t be too difficult, but remember to keep these rules in mind should you want to drain your savings account and use the cash.

In addition to the monthly maintenance fee, you’re also limited to six transfers and withdrawals per month, as per Federal Regulation D. If you go over that amount, Bank of America will charge you $10 per transaction, up to $60 per month (however, if you’re enrolled in the Preferred Rewards program or keep at least $20,000 in your account, this fee will be waived).

It only takes a few minutes to apply for Bank of America’s Rewards Savings account. You’ll need to provide some basic personal information, such as your name, Social Security number and address. A credit check may be performed during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

LEARN MORE Secured

on Bank Of America’s secure website

Member FDIC

Minor Savings Account

A low-fee alternative to teach your children how to save.

Tier

APY

Standard

0.03%

Gold

0.04%

Platinum

0.05%

Platinum Honors

0.06%

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: No fee for using Bank of America ATMs. If you use an out-of-network ATM in the United States, you’ll pay $2.50 per transaction (plus whatever surcharge fees the ATM’s owner tacks on). If you use a foreign ATM, you’ll pay $5 per transaction, plus a 3% foreign transaction fee and any surcharge fees.
  • ATM fee refunds: If you’re a Preferred Rewards Platinum or Platinum Honors client, you won’t be charged the out-of-network ATM fees in the United States. Preferred Rewards Platinum clients will receive one surcharge fee refund per month, and Platinum Honors clients will receive unlimited surcharge fee refunds.
  • Overdraft fees: $35 per item

If you’re looking to teach your kids about savings, this account is one option. Thankfully, Bank of America waives or lowers many of the fees associated with this account. For example, while you’d normally be charged a $10 fee for going over six withdrawals or transfers per month, the bank will only charge kids and teens $1 per occurrence, up to $6 per month, and only if they have less than $300 in their account. Another nice perk is that you, as a parent, can make automatic transfers into your child’s account.

Once the child reaches age 18, the account automatically converts into a regular Rewards Savings account with higher fees and requirements, so be prepared.

It only takes a few minutes to apply for Bank of America’s Minor Savings account. The account will be jointly owned by your and your child, and so you will both need to provide some basic personal information, such as your names, social security numbers, and addresses. A credit check may be performed during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

LEARN MORE Secured

on Bank Of America’s secure website

Member FDIC

Custodial (UTMA) Savings Account

This custodial account operates under the rules of the Rewards Savings account.

APY

Minimum Balance Amount

0.03%

$0

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $8
  • ATM fees: No fee for using Bank of America ATMs. If you use an out-of-network ATM in the United States, you’ll pay $2.50 per transaction (plus whatever surcharge fees the ATM’s owner tacks on). If you use a foreign ATM, you’ll pay $5 per transaction, plus a 3% foreign transaction fee and any surcharge fees.
  • ATM fee refunds: If you’re a Preferred Rewards Platinum or Platinum Honors client, you won’t be charged the out-of-network ATM fees in the United States. Preferred Rewards Platinum clients will receive one surcharge fee refund per month, and Platinum Honors clients will receive unlimited surcharge fee refunds.
  • Overdraft fees: $35 per item

This savings account is meant for parents to save for their children’s expenses after they become adults, such as college, living expenses or a home down payment. Bank of America’s UTMA savings account works exactly like their Rewards Savings account, with one twist: it falls under UTMA regulations.

This means that the account is technically owned by the child, but the parent acts as a custodian and manages the account for them until they’re 18 or 21 (depending on the rules of the state you live in). After this point, the now-adult can access the money and do whatever they want with it, and you’re no longer in charge of the account.

It only takes a few minutes to apply for Bank of America’s Custodial Savings account. Both you and your child will be listed on the account, and so you will both need to provide some basic personal information, such as your names, Social Security numbers and addresses. Bank of America may perform a credit check during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

LEARN MORE Secured

on Bank Of America’s secure website

Member FDIC

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How Bank of America’s savings accounts compare

There’s no two ways about it: these savings accounts, on the whole, offer high fees and very low interest rates. If you’re banking on these savings accounts for your next vacation, it’ll be quite some time before you find yourself sipping mai tais on a Hawaiian beach. If you’re looking to earn more money with your savings account, a better option would be one of these top online savings accounts.

Bank of America’s CD rates

Featured CD account

Earn a slightly higher interest rate on a short-term CD by bringing 10x the cash to the table.

Term

APY

12 Months

0.07%

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: 180 days’ worth of interest on the amount that you withdraw.

If you’re looking for a shorter-term commitment and want to earn a slightly higher rate, you might consider Bank of America’s Featured CD. Still, you won’t earn much more; the interest rate on this featured CD barely edges out their regular 12-month CD, which itself pays out a very small amount of interest.

You also need to pony up a higher amount of cash for this minuscule interest rate increase: You’ll need at least $10,000 to open this CD, whereas you can open a normal CD with as little as $1,000.

It only takes a few minutes to apply for the Featured CD. You’ll need to provide some basic personal information, such as your name, Social Security number and address. Bank of America may perform a credit check during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

LEARN MORE Secured

on Bank Of America’s secure website

Member FDIC

Standard Term CD account

The ability to choose your own CD term with a low opening deposit requirement makes this a great choice for people looking for flexibility.

Term

APY

28-179 Days

0.03%

6-11 Months

0.03%

12-17 Months

0.05%

18-23 Months

0.07%

24-35 Months

0.10%

36-47 Months

0.55%

48-59 Months

0.65%

60-119 Months

0.75%

120 Months

0.75%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty:
    • For CDs under 90 days, you’ll pay either all interest earned on the amount withdrawn, or 7 days’ worth of interest on the amount withdrawn (whichever is more).
    • For CDs between 90 days up to 12 months, you’ll pay 90 days’ worth of interest on the amount withdrawn.
    • For CDs between 12 months up to 60 months, you’ll pay 180 days’ worth of interest on the amount withdrawn.
    • For CDs over 60 months, you’ll pay 365 days’ worth of interest on the amount withdrawn.

We like Bank of America’s CDs because they offer a ton of flexibility. You can choose any term length you want, from one month to 120 months. You only need $1,000 to open a CD, which is much lower than many other CDs at other banks. You’ll be able to choose how you get paid interest: you can have it reinvested back into the CD, deposited into your linked checking or savings account or have a check mailed to you every so often.

However, it’s not all roses and sunshine. The biggest thing that counts — the interest rate — is actually quite low with this account.

When your CD matures, it’ll be automatically rolled over into a new CD account with the same term length. Don’t worry, though: you have a short seven-day grace period where you can make any changes to the CD, including adding more money, changing the term length or withdrawing the cash.

It only takes a few minutes to apply for Bank of America’s Standard Term CD. You’ll need to provide some basic personal information, such as your name, Social Security number and address. A credit check may be performed during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

LEARN MORE Secured

on Bank Of America’s secure website

Member FDIC

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How Bank of America’s CD rates compare

While Bank of America does offer some pretty nifty features for their CDs (such as flexible term lengths and low minimum deposit amounts), we still can’t get over the fact that the interest rates offered on these CDs are much, much lower than the CDs that you can get elsewhere. These low rates could be worth it if you’re trying to pull off a creative CD ladder structure with odd term lengths, but if you’re looking for the highest interest rates out there, we suggest giving these CDs a pass.

Bank of America’s IRA rates

Featured CD IRA

This account is basically a copycat of Bank of America’s Featured CD, but within an IRA framework.

Term

APY

12 Months

0.07%

  • Minimum opening deposit: $2,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty:
    • For CDs under 90 days, you’ll pay either all interest earned on the amount withdrawn, or 7 days’ worth of interest on the amount withdrawn (whichever is more).
    • For CDs between 90 days up to 12 months, you’ll pay 90 days’ worth of interest on the amount withdrawn.
    • For CDs between 12 months up to 60 months, you’ll pay 180 days’ worth of interest on the amount withdrawn.
    • For CDs over 60 months, you’ll pay 365 days’ worth of interest on the amount withdrawn.

Bank of America’s Featured IRA CD works exactly like their regular Featured CD, except that it operates within the framework of an IRA. Strangely, it requires a slightly smaller minimum opening deposit ($2,000) compared with the regular Featured CD, which requires at least $10,000 to open.

But, assuming you can manage that hurdle, you’ll still have the same options for dealing with interest payments and CD renewals. You can choose to have interest added onto your CD balance, or paid out to you via deposit into a linked Bank of America account or a check. When your CD matures, it’ll automatically roll over into another Featured CD, and you’ll still have a seven-day period where you can make any changes to your account, including withdrawing the cash.

It only takes a few minutes to apply for a Bank of America’s Featured CD IRA. You’ll need to provide some basic personal information, such as your name, Social Security number and address. A credit check may be performed during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

LEARN MORE Secured

on Bank Of America’s secure website

Member FDIC

Standard Term IRA CD

Bank of America also offers their regular Standard Term CDs in IRA form.

Term

APY

6-11 Months

0.03%

12-17 Months

0.05%

18-23 Months

0.07%

24-35 Months

0.10%

36-47 Months

0.55%

48-59 Months

0.65%

60-119 Months

0.75%

120 Months

0.75%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty:
    • For CDs under 90 days, you’ll pay either all interest earned on the amount withdrawn, or 7 days’ worth of interest on the amount withdrawn (whichever is more).
    • For CDs between 90 days up to 12 months, you’ll pay 90 days’ worth of interest on the amount withdrawn.
    • For CDs between 12 months up to 60 months, you’ll pay 180 days’ worth of interest on the amount withdrawn.
    • For CDs over 60 months, you’ll pay 365 days’ worth of interest on the amount withdrawn.

This account is also another copycat of Bank of America’s regular Standard Term CDs, but within an IRA account. If you open up one of these accounts, you’ll also get a seven-day grace period where you can make any changes to the CD after it matures. Otherwise, it’ll continue on as a rollover CD, with the same term length as before. You can also choose to have interest deposited back into the CD account, or paid out to you via check or electronic deposit into a linked Bank of America account.

Because these CDs are so flexible, it’s easy to choose a term that might fit better with your retirement savings plan. For example, if you just need a place to store your retirement funds for, say, 30 months (not 24 months or 36 months — two common CD terms), these Standard CD IRA accounts allow you to choose that term length. It’s an odd situation for sure, but if you do find yourself in this spot, these CD IRAs allow you that degree of flexibility.

It only takes a few minutes to apply for Bank of America’s Standard Term CD IRAs. You’ll need to provide some basic personal information, such as your name, Social Security number and address. Bank of America may perform a credit check during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

LEARN MORE Secured

on Bank Of America’s secure website

Member FDIC

Variable Rate CD IRA

This CD IRA may — or may not — offer higher rates than their regular Standard Term CD IRAs.

Term

APY

18-23 Months

0.03%

  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty:
    • For CDs under 90 days, you’ll pay either all interest earned on the amount withdrawn, or 7 days’ worth of interest on the amount withdrawn (whichever is more).
    • For CDs between 90 days up to 12 months, you’ll pay 90 days’ worth of interest on the amount withdrawn.
    • For CDs between 12 months up to 60 months, you’ll pay 180 days’ worth of interest on the amount withdrawn.
    • For CDs over 60 months, you’ll pay 365 days’ worth of interest on the amount withdrawn.

Theoretically, you should be able to earn a slightly higher interest rate by choosing a variable rate. However, sometimes it doesn’t always work out that way. As of the time of this writing, the interest rates offered on regular 18-23-month Standard Term CD IRAs is double that of these Variable Rate CD IRAs.

If interest rates should rise, it may be beneficial to open one of these CDs, which also automatically roll over, disperse interest and have the same policies toward a grace period as regular CDs. But, keep in mind that this bank can change — or not change — the interest rate on this CD at any time, making it a bit of a gamble. Right now, it looks like their Standard Term CD IRA is winning in the rate department.

It only takes a few minutes to apply for a Bank of America Variable Rate CD IRA. You’ll need to provide some basic personal information, such as your name, Social Security number and address. The bank may perform a credit check during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

LEARN MORE Secured

on Bank Of America’s secure website

Member FDIC

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How Bank of America’s CD IRA rates compare

Just like with their other accounts, Bank of America offers very low rates. If you’re hoping to grow your money as much as possible within an FDIC-insured environment, you might be better off choosing one of the current top IRA CDs. But, just as with their regular non-IRA CDs, we can still see how someone could find these CDs useful, especially if you need an IRA CD with a weird term length. But, fortunately, those cases are probably very rare, and you’re likely better off choosing a higher-interest-earning IRA CD.

Money Market IRA

Bank of America’s Money Market IRA lets you add more money at any time.
  • Minimum opening deposit: $100

Even though Bank of America offers a wide range of CD terms, you still might prefer to keep your retirement savings in something a little more liquid in case you need to access it on short notice. If that’s the case, you might consider their Money Market IRA, which works similarly to a savings account. However, unlike their savings account, you can’t use this account to make withdrawals by check, debit card or draft.

You’ll have to call the bank to hear the rates associated with this account as well as to open this account. Fortunately, it only takes a few minutes to apply for a Bank of America Money Market IRA. You’ll need to provide some basic personal information, such as your name, Social Security number and address. Bank of America may perform a credit check during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

LEARN MORE Secured

on Bank Of America’s secure website

Member FDIC

Overall review of Bank of America’s products

Bank of America does offer some truly neat features that we like, such as their many options for different CD term lengths. If you’re looking for weird CD term lengths, Bank of America is right for you. We also like their Keep The Change feature, which rounds up purchases to the nearest dollar and deposits the difference in your savings account.

But for most people (probably including yourself), you want to earn the best rates and pay the lowest fees possible. If that’s the case, we recommend another bank, because Bank of America’s products are consistently outperformed by other banks that offer higher rates and lower fees.

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.

Lindsay VanSomeren
Lindsay VanSomeren |

Lindsay VanSomeren is a writer at MagnifyMoney. You can email Lindsay 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.

LEARN MORE 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)

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.

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.

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