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Capital One Review: Savings, Checking, CD Rates, 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.


Capital One CD rates

Capital One 360 CDSM rates

Comparable rates to its leading competitors and with no minimum deposit amount.

Term

APY

6 month

0.60%

9 month

0.80%

12 month

2.30%

18 month

1.90%

24 month

1.80%

30 month

1.70%

36 month

1.65%

48 month

1.65%

60 month

1.60%

  • Minimum opening deposit: None
  • Early withdrawal penalty: Three months’ interest for CDs with terms of 12 months or shorter and six months’ interest for terms longer than 12 months

Capital One 360 CDs are best for those looking for a conservative investment option. Once you open and fund an account, your rate is guaranteed until maturity. If rates change, they will offer the highest interest rate up to 10 calendar days within the funding period. Deposits are also FDIC insured up to $250,000 per depositor.

Interest earned in the CD is accrued daily and compounded monthly. You can either keep the interest in your CD, or have it deposited to another Capital One account or an external one. Interest disbursements can be credited monthly or yearly if the CD term is 12 months or longer. When your account matures, you have a 10-day grace period to make a decision. Otherwise, they will automatically renew it for the same period as the original term.

As with any CD, if you do make a withdrawal before maturity, you’ll face an early withdrawal penalty, listed above.

You can open a Capital One 360 CDSM online, through Capital One’s mobile app, in a Capital One cafe, or in one of their branches. To do so, go to their website and fill out an online application. You’ll need to provide personal details such as your address, employment information and Social Security number. You’ll also need to agree to receive paperless statements. Otherwise, you’ll have to call the bank after opening the account if you want paper statements sent to your home. Afterward, you’ll need to link another account, verify you’re the owner and fund your CD.

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on Capital One’s secure website

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How Capital One’s CD rates compare

Capital One has some of the best CD rates available. What makes its CD stand out even more is that there is no minimum deposit amount and the early withdrawal penalties are one of the lowest.

Capital One’s Money Market account

Capital One 360 Money Market®

One of the highest savings rates offered with access to an ATM card.

APY

Account Balance

0.85%

Less than $10,000

2.00%

$10,000+

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at a Capital One ATM, but withdrawals are limited to $1,000 per day
  • ATM fee refund: $0
  • Overdraft fee: Your transaction will be denied

Those after a savings account with high rates will want to consider Capital One’s 360 Money Market® account. Like the savings account, there are no minimums and fees for the money market account, but it offers a higher rate if you can maintain a daily minimum balance of $10,000 or more.

Just like the savings account, you do not get check-writing capabilities. You do however, get access to an ATM card to make ATM transactions. You can also transfer between linked accounts online, go on their mobile app or by calling the bank. Per federal regulations, you’re also limited to six withdrawals every month, including transfers between Capital One accounts.

You can open a Capital One 360 Money Market® account online, on the bank’s mobile app, at a cafe, or in one of their branches. To apply online, head over to their online application form and fill out your personal details such as your name, address and Social Security. From there, you’ll need to link an external account, or if you have a Capital One account, it’ll automatically be linked. Then it’s just a matter of making your initial deposit.

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on Capital One’s secure website

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How Capital One’s 360 Money Market® account compares

Capital One’s 360 Money Market® account is one of the best money market accounts available. While the higher APY is tied to a higher balance amount, you don’t need to maintain a certain balance amount in order to avoid fees. Much like Capital One’s other accounts, their money market account is fee-free. Another unique aspect of this account is that Capital One will provide a 360 Money Market Card that you’re able to use at ATMs. Just keep in mind that you’ll be limited to withdrawing $1,000 per day and that by Federal law, you can only withdraw from this account six times per statement cycle.

Capital One’s savings account

Capital One 360 Savings®

Slightly lower rates compared with other online options and no ATM access.

APY

Minimum Balance Amount

1.00%

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: No access to ATMs
  • ATM fee refunds: None
  • Overdraft fees: This account doesn’t allow overdrafts

Capital One’s 360 Savings® account is designed to help you earn a high interest rate while giving you some liquidity. Interest earned is compounded and deposited into your account monthly. If you intend to keep a balance of $10,000 or more on a regular basis, you may want to consider Capital One’s 360 Money Market® account, which offers a higher APY and many of the same features.

Unfortunately, you don’t get an ATM card with a savings account. As it is with all savings accounts, you’re limited to six withdrawals a month, per federal regulations. You can make transactions online, at a branch, via their mobile app or by calling customer service. If you want to write checks and/or have ATM access, you can link your savings account to your Capital One 360 Checking account.

You can open an account online, on your phone, or at one of their branches or cafes. To apply online, go to their website and fill out an online application. You’ll be prompted to enter personal details such as your address, Social Security number and home address. Afterward, you’ll need to link a personal checking account from Capital One or another U.S. financial institution. After you verify the linked account and fund your Capital One account, you’re good to go.

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Capital One Kids Savings Account

Help your child learn about saving with an account that offers automatic savings plans and the ability to earn interest.

APY

Minimum Balance Amount

1.00%

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: No access to ATMs
  • ATM fee refunds: No access to ATMs
  • Overdraft fees: This account doesn’t allow overdrafts

The Capital One Kids Savings Account is meant to help children learn about earning interest and the benefits of using a bank account. Parents and legal guardians can open an account with a child under the age of 18. You can open this account either in the child’s name, your own name or both. No matter which option you choose, you and the child will be joint account holders. The parent or legal guardian can fund the account from an external link or an existing Capital One 360 account.

Once you sign up for an account, you and your child will have separate logins and PINs. Your child can sign in to check their balance, but the adult needs to be the one to make deposits or withdrawals. Adults also have at the option to make automatic deposits into the account. Since it is a savings account, you are limited to six withdrawals per calendar month, including transfers between accounts.

To open an account, you can to do so online via their application form, in a Capital One cafe, in a branch or by calling 1-888-464-7868. You’ll need to provide personal details for both you and your child such as name, address and Social Security number. You’ll then need to link a personal checking account, either from Capital One or an external one. Once you verify you’re the owner of the external account, you can then fund your child’s Capital One account.

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on Capital One’s secure website

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How Capital One’s savings accounts compare

Capital One’s saving account is great if you don’t have a lot of money to deposit into a savings account, but other online savings accounts have higher rates.

Capital One checking accounts

Capital One 360 Checking

Convenient access to funds with a competitive interest rate.

APY

Account Balance

0.20%

Less than $50,000

0.75%

$50,000 - $99,999.99

1.00%

$100,000+

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: $0 at a Capital One ATM
  • ATM fee refunds: None
  • Overdraft fees: Capital One 360 Checking provides a few options. You can choose auto-decline for transactions that would overdraw your account, or you can link your savings account to cover the overdrawn amount. There’s also the Next Grace option, which gives you one business day to replace the overdrawn amount before charging a $35 fee. The overdraft line of credit offers you an opportunity to withdraw money from that account and pay interest (the rate is variable – please check with Capital One for the current rate) for the amount borrowed.

Capital One’s checking account is for those who want an account with no fees and no minimum deposit requirement. With this account, you get a 360 Checking MasterCard® debit card, mobile banking, online bill pay and your first checkbook for free. Subsequent checkbooks cost $5.

Their mobile app has Zelle, which lets you easily send money to other people, even if they don’t have a Capital One account. You also get access to over 38,000 Capital One and Allpoint ATMs for free. While you won’t get reimbursed for any fees charged by out-of-network ATMs, they won’t charge you anything on its side.

To open an account, you can apply online by filling out an application or by going to a Capital One cafe or branch. You can also apply via your mobile phone. You’ll be asked to provide details such as your name, Social Security number and employment information. After agreeing to receive only paperless statements and linking a bank account, just fund your new checking account and you’re all set.

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Capital One MONEY Teen Checking Account

Help your teen manage money independently by giving them access to a joint account.

APY

Minimum Balance Amount

0.25%

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: $0
  • ATM fee refunds: None
  • Overdraft fees: Transaction will be denied

The MONEY account is designed to help teenagers learn how to manage their own money. You’ll essentially be a joint account owner with your child, and have access to the same features, but you won’t receive a debit card. Your teen will be able to make transactions such as depositing checks via the mobile app, check their balance and make withdrawals. However, there are no check writing or bill-pay options. You can monitor account activity by logging in online or signing up to receive text and email alerts. Once your teen turns 18, they have the option to move their money over to a 360 Checking account. To be eligible for a Capital One MONEY account, the account owner must be the teen’s parent or legal guardian. The parent or legal guardian can fund the account from an external link or an existing Capital One 360 account.

You can open a Capital One 360 MONEY account online, through Capital One’s mobile app, in a Capital One cafe, or in one of their branches. You and your teen will be asked to provide personal details such as your address, Social Security numbers and employment information. You’ll also need to comply with certain disclosures, including agreeing to only receive paperless statements. Afterward, you’ll need to link an account and verify you are the owner. Once the account is funded, you and your teen can start making transactions.

LEARN MORE 

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How Capital One’s checking account compares

Capital One’s checking account rates are tiered, which means the highest APY is tied to the highest balance amount. If you’re able to keep a high balance in a checking account, you’ll be able to earn some of the best rates for a checking account. Keep in mind, however, that being able to earn interest on a checking account is not the important feature, it’s more of a bonus. What you’ll want to pay more attention to are the fees that may be associated with the account. Capital One doesn’t charge any monthly fees and using an ATM is free as long as you use a Capital One or AllPoint ATM.

Capital One IRA accounts

Capital One 360 IRA CD®

A great, conservative investment with no minimum deposit.

Term

APY

6 month

0.60%

9 month

0.80%

12 month

2.40%

18 month

1.90%

24 month

1.80%

30 month

1.70%

36 month

1.65%

48 month

1.65%

60 month

1.60%

  • Minimum opening deposit: $0
  • Early withdrawal penalty: Three months’ interest for CDs with terms of 12 months or shorter and six months’ interest for terms longer than 12 months

The thing that stands out most about Capital One’s 360 IRA CD®s, relative to other products with tax benefits, is the fact that there’s no minimum deposit requirement. This makes saving for retirement more accessible to people who want to get started but don’t have much cash on hand.

Interest is compounded and credited monthly. You cannot make partial withdrawals of your principal, and the APY assumes you leave the interest in your account to compound. If you do withdraw the principal early, you must pay a penalty (listed above), and if you take a distribution from your IRA CD, you may be subject to penalties and taxes. Upon maturity of your IRA CD, you have a 10-day grace period to redeem your deposit or change the amount or term, before it automatically renews.

You can open a Roth or traditional IRA CD by applying online. When you open a 360 IRA CD®, you also get a 360 IRA Savings® account, so you have somewhere to put your money after your CD matures but before you want to take a distribution. You open the account by linking a personal checking account to your 360 IRA Savings® account and transferring money to the IRA CDs you wish to open.

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How Capital One’s IRA CD rates compares

Capital One has some of the best IRA CD rates. Not only do they have great rates, but they also don’t require a minimum amount to open the account – which is rare. Starting with the 12-month IRA CD, Capital One offers a higher rate of return than the IRA savings account, so unless you need your retirement funds very soon, it makes sense to put conservative IRA investments into one of these CDs.

Capital One 360 IRA Savings®

An easy-to-open, no-fee investment option with benefits, FDIC protection, no minimum deposit, and low returns.

APY

Minimum Balance Amount

1.00%

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: There is no ATM access to 360 IRA Savings®

The 360 IRA Savings® account is a tax-advantaged account to help you save for retirement, and is offered as both traditional and Roth IRA savings accounts. You can only make deposits to and withdrawals from (called distributions) this account online, and any early distributions are subject to IRS penalties and taxes. You may, however, transfer money from 360 IRA Savings® to 360 IRA CD®s. In 2017 and 2018, you may contribute no more than $5,500 to all of your traditional or Roth IRA accounts ($6,500 if you’re 50 years or older). In 2019, limits will be raised allowing you to contribute up to $6,000 to all of your traditional or Roth IRA accounts ($7,000 if you’re 50 years or older).

This account is best for savers looking for a very conservative investment — while you get a return on the money you deposit, it will not keep up with inflation in the long term. Unless you’ll be drawing on your retirement funds within the next year, you’re better off putting your money in one of Capital One’s IRA CD®s, which offer better rates starting at 12-month terms.

You can apply for a Capital One IRA Savings® account online, and it’s considered open once you fund the account and complete the bank’s verification process.

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Overall review of Capital One’s banking products

Capital One’s banking products offer above-average rates, no minimum deposit amounts and virtually no fees. The bank also offers free checks from your first checkbook, mobile banking and a user-friendly website, making it a great option. When you’re looking for the best rates on any given product, keep Capital One in the mix.

What makes this bank noteworthy is its low barrier to entry, as well as its options for both kids and teens. Capital One’s MONEY account in particular offers the ability to give teenagers more independence over their money while still giving parents a way to oversee their finances. The kids savings account is also a great choice since it gives kids a separate online login and the opportunity to check their balance. Other online banks have limited options in this area.

If you’re looking to keep most of your finances in one place and the ability to earn good rates, this bank is a great choice. Although some of their accounts may not offer the same features and high rates like some other banks, there’s a reason why so many bank with Capital One.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Sarah Li Cain
Sarah Li Cain |

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

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Reviews

Apple Card Review

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

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

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

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

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

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

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

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

Where the Apple Card stands out

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

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

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

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

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

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

Additional Apple Card benefits

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

Where the Apple Card falls short

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

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

How it compares with the Uber Visa Card

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

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

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

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

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

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

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

The bottom line

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

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Tracy Brackman
Tracy Brackman |

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

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Best of, Reviews

The Top 7 Second Chance Bank Accounts

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

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

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

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

Account Name

Monthly Fee

Minimum to open

Availability

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

Second chance account basics

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

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

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

The 7 best second chance bank accounts

1. Chime

Chime

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

Chime account features:

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

Fees to watch out for:

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

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on Chime’s secure website

Member FDIC

2. Peoples Bank Cash Solutions Second Chance Checking

Peoples Bank Cash Solutions

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

Fees to watch out for:

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

LEARN MORE Secured

on Peoples Bank Cash Solutions’s secure website

Member FDIC

3. Radius Essential Checking

Radius Bank

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

Account Features:

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

Fees to watch out for:

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

LEARN MORE Secured

on Radius Bank’s secure website

Member FDIC

4. Wells Fargo Opportunity Checking and Savings Accounts

Wells Fargo Bank

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

Account features:

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

Fees to watch out for:

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

LEARN MORE Secured

on Wells Fargo Bank’s secure website

Member FDIC

5. BBVA Easy Checking

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

BBVA Easy Checking features::

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

Fees to watch out for:

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

LEARN MORE Secured

on BBVA’s secure website

Member FDIC

6. Woodforest National Bank Second Chance Checking

Woodforest National Bank

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

Fees to watch out for:

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

LEARN MORE Secured

on Woodforest National Bank’s secure website

Member FDIC

7. First National Bank and Trust Company Renew Checking

First National Bank and Trust Company (WI)

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

Account Features:

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

Fees to watch out for:

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

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

LEARN MORE Secured

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

Member FDIC

Alternatives to a second chance bank account

Get a prepaid debit card

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

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

Open a secured credit card

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

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

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Erin Millard
Erin Millard |

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

James Ellis
James Ellis |

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