Advertiser Disclosure

Reviews

ConnectOne Bank Review: 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.

ConnectOne Bank’s checking account options

Totally Free Checking

Totally Free Checking lives up to its name, being a simple checking account that charges no monthly fee; however, it is restricted to New York and New Jersey residents.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: $35

ConnectOne’s Totally Free Checking account has no minimum maintaining balance requirement or monthly fee, and it offers access to over 9,000 fee-free ATMs, including participating 7-Eleven and Sunoco terminals. It also includes the following features:

  • Free check imaging
  • Easy-to-read monthly statement
  • Free MasterCard debit card
  • Free online banking with bill pay
  • Overdraft protection (subject to credit approval)

Overdraft protection is tied to an approved line of credit, so while there is no overdraft fee, you may be charged interest costs unless you pay off the overdraft immediately.

How to get the Totally Free Checking account

As mentioned above, you’ll need to visit a physical ConnectOne Bank location to open a Totally Free Checking account, as it’s not available online. When you visit a branch, you should bring your home address, Social Security and a form of valid ID, such as your driver’s license, military ID, state ID or passport. You’ll also need information on your funding source for the account, such as a checking account or debit card.

LEARN MORE Secured

on ConnectOne Bank’s secure website

Member FDIC

Simply Better Checking

A no-fee, no-frills, no-minimum checking account for New Jersey and New York residents only.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Up to $10 per statement cycle, with an average daily balance of at least $500 and direct deposit
  • Overdraft fee: $35

Simply Better Checking is open to residents of New York or New Jersey only. Like the Totally Free Checking account, the Simply Better account has no minimums or monthly fees, and charges no ATM fees either. There is a high overdraft fee that can only be avoided by setting up a backup credit line for overdraft transfers.

One benefit the Simply Better Checking account has over the Totally Free Checking account is the up to $10 per cycle ATM fee refund from non-network ATMs, with a qualifying balance and direct deposit. As with other ConnectOne Bank checking accounts, Simply Better offers a complimentary debit card, check imaging and online banking with bill pay.

How to get the Simply Better Checking account

As mentioned above, the Simply Better Checking account is one of the few accounts at ConnectOne Bank that you can open online. You can also visit a branch. To open the account, simply click through the online application form. Whether you open your account online or in a branch, you’ll need to provide personal information, such as your home address, along with documents including your Social Security number, and a form of valid ID. You’ll also need to fund the account with a checking account, debit card or other funding source.

LEARN MORE Secured

on ConnectOne Bank’s secure website

Member FDIC

Consumer Interest Checking

Consumer Interest Checking is the only checking account in the ConnectOne Bank stable that pays interest.
APYMinimum Balance to Earn APY
0.15%$1,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10; $0 with a $1,000 minimum balance
  • ATM fee: $0
  • ATM fee refund: Up to $10 a month, with a $1,000 average daily balance and direct deposit
  • Overdraft fee: $35

Like the Simply Better Checking account, the Consumer Interest Checking account reimburses non-network ATM fees up to $10 per month, with a $1,000 average balance and direct deposit. That $1,000 average daily balance is also required to waive the monthly maintenance fee. Interest is paid in two tiers, with accounts below $1,000 currently earning nothing. Beyond these distinctions, the Consumer Interest Checking account is similar to other ConnectOne Bank checking accounts, providing online banking and bill pay, a MasterCard debit card and free check imaging. The same overdraft fee applies to this account as well, unless backed up with an approved credit line account.

How to get the Consumer Interest Checking account

As mentioned above, you can’t open a Consumer Interest Checking account online, so you’ll have to visit a branch. Applications require personal information, such as your home address, along with documentation, such as a form of valid ID. Acceptable ID options include your passport, driver’s license, military ID or state ID. You’ll also need your Social Security number and a funding source for the account.

LEARN MORE Secured

on ConnectOne Bank’s secure website

Member FDIC

magnifying glass

How ConnectOne’s checking accounts compare

ConnectOne checking accounts are straightforward, with little in the way of extra features or benefits. The accounts benefit from their low fee structure and minimums, although all of the accounts have high overdraft fees that can only be avoided with a backup credit line. Only one of ConnectOne’s checking accounts pays interest, and it’s a moderate rate that falls right about at the national average. Rates are not competitive with the best rates for checking accounts available nationally.

ConnectOne Bank’s savings account options

Statement Savings

ConnectOne Bank’s primary savings option has no monthly fee and no minimum balance requirements.
APYMinimum Balance to Earn APY
0.15%$0
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: $35

Statement Savings is a simple, classic savings account. You don’t have to deposit any money at all to open the account, but you earn the same rate of interest regardless of how large or small your deposits are.

There is no fee for this account, except for the overdraft fee; this fee can be reduced to interest charges only with a backup credit line account.

Per federal regulations, certain transactions in excess of six per statement cycle could lead to your account ultimately being closed or converted to a checking account. This account also comes with free online banking and fee-free ATM access at the bank’s terminals.

How to get the Statement Savings account

As mentioned above, you’ll need to visit a branch to open a Statement Savings account. It cannot be opened online. Bring your home address, Social Security and a form of valid ID when you visit a branch to open your account, along with a way to fund your account, such as a checking account.

LEARN MORE Secured

on ConnectOne Bank’s secure website

Member FDIC

OneConnection Savings

This online-only savings account offers higher yields but requires a larger opening deposit.
APYMinimum Balance to Earn APY
1.82%$2,500
0.30%$250,001
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $35

ConnectOne Bank’s online savings account is known as the OneConnection Savings account. This account pays tiered interest in three levels. The highest-interest tier runs from $2,500 to $250,000, so it could appeal to a large range of savers.

The account offers free online and mobile banking, including remote check deposit. Certain transfers are restricted to six per month, as with all savings and money market accounts. Excess transactions could cause the account to be closed or converted into a checking account. This account has no ATM access.

How to get the OneConnection Savings account

As mentioned above, you can open the OneConnection Savings account online, as it’s not restricted to New York and New Jersey residents. Click on the online application link and provide the requested information, which will include your home address, your Social Security number and valid identification. Your passport, state ID, driver’s license or military ID will suffice. You should also provide a way to fund your account, such as through your current checking account.

LEARN MORE Secured

on ConnectOne Bank’s secure website

Member FDIC

magnifying glass

How ConnectOne Bank’s savings accounts compare

Both ConnectOne Bank savings accounts are basically fee-free, but they are worlds apart in terms of interest paid. The Statement Savings account offers less than the national average, but the OneConnection account pays out nearly eight times the national average. In fact, the interest rate on the online-only savings account puts it among the best available national savings rates in the country, for deposits between $2,500 and $250,000.

ConnectOne Bank’s CD account options

Regular CDs

ConnectOne Bank’s regular CDs have low minimum balances and a wide range of maturities to choose from.
TermAPYMinimum Balance to Earn APY
90 days0.25%$500
179 days0.35%$500
6 months1.01%$500
12 months1.71%$500
14 months2.63%$500
18 months1.75%$500
24 months1.75%$500
36 months1.70%$500
48 months1.70%$500
60 months1.70%$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: 7 days’ interest, for maturities of 7 to 31 days; 90 days’ interest, for maturities of 32 days to 6 months; 180 days’ interest, for maturities of greater than 6 months and less than 24 months; 360 days’ interest, for maturities greater than 24 months

ConnectOne Bank’s CDs range in maturity from 90 days to five years. A relatively low $500 minimum deposit is enough to open an account. Interest is compounded daily and credited weekly for maturities of 6 months or less or monthly for longer maturities.

There are no jumbo CDs available at ConnectOne Bank, so rates are the same regardless of the amount deposited, as long as they meet the minimum. The 14-month CD is an online-only CD that is not available in a branch. Otherwise, there are no promotional CDs currently available.

CDs automatically renew at ConnectOne Bank. To avoid autorenewal, you’re granted a 10-day grace period after maturity in which to withdraw funds before the early withdrawal penalty kicks in.

How to get a regular CD account

The personal CD account at ConnectOne Bank is one of the few accounts that you can open online as these accounts are available nationwide. After clicking the online application link, you can open your account by providing basic personal and financial information, such as your Social Security number, home address and a form of valid ID, such as your driver’s license, military ID or passport. You’ll also have to fund the account.

LEARN MORE Secured

on ConnectOne Bank’s secure website

Member FDIC

magnifying glass

How ConnectOne Bank’s CD rates compare

CD rates at ConnectOne Bank are very good. Except for the two shortest maturities, all CD terms trounce the national average rates. In many cases, CD rates are among the very best you can find, falling just short of the best available national CD rates.

ConnectOne Bank’s money market account options

Money Market Checking

Exclusively for clients in New York or New Jersey, ConnectOne Bank’s Money Market Checking requires no minimum balance to open.
APYMinimum Balance to Earn APY
0.20%$1,000
0.25%$2,500
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10; $0 with average daily balance of $1,000 or more
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: $35

Unlike many money market accounts, ConnectOne Bank’s version doesn’t require a high opening deposit. However, customers have to clear the $1,000 threshold if they want to earn interest and avoid a monthly maintenance fee.

As with the bank’s checking and savings account, the money market account provides free online banking with bill pay, free ATM access within the 9,000-plus strong ATM network and free check imaging. You can also contact customer service via telephone 24/7.

Certain transactions are limited to six per monthly cycle; excess transactions can result in the account being closed or converted to a regular checking account.

How to get a Money Market Checking account

As mentioned above, you’ll need to visit a branch to open a Money Market Checking account, as you cannot open this account online. When you go into a ConnectOne Bank location, bring a form of valid ID, such as your driver’s license, military ID, state ID or passport, along with your Social Security number and personal information. You’ll also need to provide a funding source for the account, such as a checking account or debit card.

LEARN MORE Secured

on ConnectOne Bank’s secure website

Member FDIC

Impact Money Market

The Impact Money Market account, which is exclusively for New York and New Jersey customers, pays a premium rate on larger deposits.
APYMinimum Balance to Earn APY
1.15%$2,500
0.30%$750,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $10; $0 if the balance falls below $2,500 on any day of the week.
  • ATM fee: $0
  • ATM fee refund: N/A
  • Overdraft fee: $35

For those who can muster a $2,500 deposit, the Impact Money Market account provides rewards, with a rate that jumps from 0% APY to 1.15% APY that’s quite competitive for a money market account. One thing to note is that the enhanced rate is only paid on savings between $2,500 to $749,999.99. In other words, customers earn 0% interest on deposits from $0 to $2,499.99, even if they otherwise qualify for the higher rate.

Certain transactions are limited to six per month, such as transfers by check, telephone, or debit card. The bank reserves the right to either close the account or convert it to a checking account in the event of excess transactions, and a $10 fee will be charged for each instance.

How to get an Impact Money Market account

As mentioned above, the Impact Money Market account is one of the few account options at ConnectOne Bank that can be opened online. Via the online application on the bank’s website, provide a form of valid ID, such as your passport, driver’s license, military ID, or state ID and information on your funding source. You’ll also need your home address and Social Security number to get started.

LEARN MORE Secured

on ConnectOne Bank’s secure website

Member FDIC

magnifying glass

How ConnectOne Bank’s money market accounts compare

The standard rates on ConnectOne Bank’s money market accounts is just a bit below the national average. The best available rate is found in the middle tier of the Impact Money Market account, which almost quadruples that average. However, that still places the rate below the best available money market rates that you can find nationwide.

ConnectOne Bank’s IRA account options

IRA CDs

ConnectOne Bank’s IRA CDs follow the same structure as the bank’s non-IRA CDs, right down to the minimums required, rates paid and terms allowed.
TermAPYMinimum Balance to Earn APY
90 days0.25%$500
179 days0.35%$500
6 months1.01%$500
12 months1.71%$500
18 months1.75%$500
24 months1.75%$500
36 months1.70%$500
48 months1.70%$500
60 months1.70%$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: 7 days’ interest, for maturities of 7 to 31 days; 90 days’ interest, for maturities of 32 days to 6 months; 180 days’ interest, for maturities of greater than 6 months and less than 24 months; 360 days’ interest, for maturities greater than 24 months

IRA CDs have the same requirements and restrictions as the bank’s regular CDs.

IRA CDs automatically renew, and you have 10 days to pull out your money without triggering the early withdrawal penalty. Interest is compounded daily and paid weekly for maturities of 6 months or less or monthly for longer maturities. Rates are fixed and do not vary based on the amount invested.

As these CDs are in an IRA account, taking money out of the account as a whole may trigger taxes and IRS penalties.

How to get a ConnectOne Bank IRA CD account

As mentioned above, just like with the bank’s non-IRA CDs, you can open any maturity of CD online in an IRA. Most IRA CDs can also be opened in a branch. As with other ConnectOne Bank accounts, you’ll need to provide information to open the account, including a form of valid ID and information on your funding source, such as a checking account. The bank will also need your home address and Social Security number to get started.

LEARN MORE Secured

on ConnectOne Bank’s secure website

Member FDIC

magnifying glass

How ConnectOne Bank’s IRA accounts compare

IRA CD rates at ConnectOne Bank are very high. As with the bank’s non-IRA CDs, rates for every maturity, with the exception of the two shortest terms, are well above the national averages. The standout account, the 15-month online CD, runs very close to the best available national IRA CD rates.

Overall review of ConnectOne Bank

By and large, ConnectOne Bank offers accounts with low or nonexistent fees and account minimums. From checking and savings to CDs, IRAs and money market accounts, customers can find nearly any type of account they might need.

However, as a regional bank, many accounts are restricted to New York and New Jersey residents only. A handful of accounts, including CDs and the online savings account, are available nationally. This is good news for savers, as the online savings account, also dubbed the ConnectionOne Savings account, has one of the very best APYs that you can get from any bank in the country.

Many of the bank’s CD offerings are also attractive, particularly the online-only, 15-month CD. Customers have to pick and choose to get the best accounts though, as the standard checking and savings account offerings are uninspiring, at least when it comes to interest earned.

Those looking for free accounts with some level of basic servicing can find a home at ConnectOne Bank.

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.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

Advertiser Disclosure

Reviews

Review of Green Dot Unlimited Cash Back Bank Account

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.

Get rewarded for your spending with the Green Dot Unlimited Cash Back Bank Account. The account earns unlimited 3% cash back earned from online or in-app purchases, but unlike most cashback programs, this one prevents you from enjoying your earned rewards immediately. The catch: You can only access and redeem your cashback rewards if your account is in good standing a year after registration. In addition, there is a $7.95 monthly fee, although it’s simple to get around the fee.

While you wait for your account registration anniversary, you can use this account’s other features to your advantage. For one, Green Dot Bank can get you your paycheck up to two days in advance through direct deposit. You can also use the 3%* APY Green Dot Bank High-Yield Savings Account to stash and grow your money.

Green Dot doesn’t have any branch locations of its own, so it relies heavily on its app and participating stores to offer its services to customers. This makes it slightly tricky for users who need quick and easy ATM access.

Read on to learn more about the FDIC-insured Green Dot Unlimited Cash Back Bank Account and its rewards requirements, fees and fine print.

How does the Green Dot Unlimited Cash Back Bank Account work?

 

The Green Dot Unlimited Cash Back Bank Account’s biggest draw is the unlimited 3% cash back earned from online or in-app purchases. There’s no limit to how much cash back you can earn, so long as you’re using your card for online and in-app purchases (there’s more on how Green Dot identifies those purchases in a section below)

Getting access to your cash back is a little trickier, however. While you’ll see the cash back earned on each purchase reflected almost immediately, you’ll have to wait for each anniversary of your account registration to redeem the funds. On each anniversary date, you can transfer your cash back rewards into your Unlimited Cash Back Bank Account. Your registration date is the date you actually register your card no matter where you got it, either at a store or online.

On your registration anniversary, your account must be in good standing. This means it must have a positive balance and cannot be blocked or flagged for any reason. If you have a negative balance, you must bring it to a positive balance before you can redeem your rewards.

Depositing cash into your Unlimited Cash Back Bank Account is also a little unorthodox, as Green Dot doesn’t have any of its own branches or ATMs. To deposit cash, you need to visit a Green Dot participating retailer, including CVS pharmacies and Walmart stores. Cash deposits are free when you initiate the deposit on the Green Dot app and complete them at a retail store. You can also initiate a cash deposit by swiping your Green Dot debit card at a participating retailer, who may charge a cash deposit fee of their own.

As for withdrawals, you can locate free ATMs through the bank’s app. Otherwise, you’ll face an out-of-network ATM fee, in addition to a potential ATM owner surcharge.

Unlimited Cash Back Bank Account features

  • Earns unlimited 3% cash back on eligible online or in-app purchases
  • Get your paycheck up to two days earlier with ASAP Direct Deposit™
  • Links to 3%* APY Green Dot Bank High-Yield Savings Account
  • No overdraft fees

Along with its competitive cash back rate, another big perk of banking with Green Dot Bank is that you can get your direct deposit paychecks up to two days in advance. Typically, employers deposit paychecks into employees’ banks two days before actual payday. So instead of letting your paycheck sit in the Automated Clearing House (ACH) limbo, where payments like these are processed, Green Dot deposits your paycheck on the same day the bank receives it. Exact timing and availability of your direct deposit will depend on when your employer submits your payment information and deposit verification.

Also included with the Green Dot app is the Green Dot Bank High-Yield Savings Account. There is no fee, and the account earns 3%* APY on balances up to $10,000. Once you’ve redeemed your cash back rewards and deposited them into your Unlimited Cash Back Bank Account, you can then transfer those funds into your High-Yield Savings Account for better savings.

As you’ll read below, the Unlimited Cash Back Bank Account is rife with fees, depending on how you use your account and manage your money. But a certain perk of the account is its lack of overdraft fees. So when you make a purchase that your balance cannot cover, Green Dot will decline the transaction, but they won’t charge a fee like most other banks do.

Unlimited Cash Back Bank Account fees and fine print

Unlimited Cash Back fees
Unlimited Bank Account purchase — online$0
Unlimited Bank Account purchase — in store$1.95 or less
Monthly fee$7.95, waived when you spend $1,000 or more in the previous monthly period
Deposit cash with Green Dot app & participating locations$0
Direct deposit$0
Out-of-network ATM withdrawal$3 per transaction
Teller cash withdrawal$3 per transaction
Out-of-network ATM balance inquiry$0.50
Foreign transactions3% of total transaction amount
Paper checks (pack of 12 checks)$5.95

There are quite a few fees to keep an eye out for when you have a Green Dot Unlimited Cash Back Bank Account. For starters, note that there is a fee when you open the account in a store. You can easily avoid this fee by opening the account online instead.

The account charges a $7.95 monthly fee. This can be waived when you spend at least $1,000 in the previous monthly period. This excludes transactions like ACH payments or prepaid card purchases. This may be easier if you do much of your shopping online, since you’re more likely to reach the minimum balance. If you’re betting the cash back you earn will offset this monthly fee, you’d have to spend $3,180 in a year to earn enough to pay off a year’s worth of the monthly fee. Plus, you’d have to wait for each anniversary to take advantage of that cash back bonus.

It also helps to keep your account activity online. You can initiate the deposit through the Green Dot app then depositing cash at a participating retailer at no charge. However, if you want to deposit cash without the app by swiping the debit card at a participating retailer, then the retailer may charge a service fee for cash deposits. Note that direct deposits are free.

As for the fine print, there is some room for error when it comes to determining which purchases are eligible for the 3% cashback. Green Dot identifies online and in-app purchases through unique merchant category codes (MCC) and “other identifying information,” according to the Green Dot website.

However, Green Dot acknowledges that sometimes online or in-app merchants use an MCC that does not properly identify themselves as online or in-app. On Green Dot’s part, the bank states that it “does not determine which MCC a merchant chooses to classify itself as and has no way of changing a merchant’s identifying information.” So if merchant misidentification is the case, your purchase won’t register as online or in-app and won’t earn 3% cash back.

Cash back also does not apply to airline tickets or to products and services that are redeemable for cash, such as gift cards, online funding of accounts, credit card cash advances, P2P funding, prepaid cards, money orders and traveler’s checks.

Opening an Unlimited Cash Back Bank Account

You can open an Unlimited Cash Back Bank Account either online or in-store at Green Dot participating retailers. When you open an account online, you’ll need to provide your full name, address, email address, phone number, Social Security number and date of birth. If you open an account in store, you’ll need to register your new debit card online or through the Green Dot app. There, you’ll need to provide your personal information.

Who is the Green Dot Unlimited Cash Back Bank Account best for?

The Green Dot Unlimited Cash Back Bank Account seems to be a better option for those who aren’t chasing a quick reward. Green Dot requires you to wait a year after account registration to redeem your cash back rewards, which may not be much of a reward for some. It’s more of an added perk than a real primetime feature since you have to wait so long.

The Unlimited Cash Back Bank Account may also be better for those who are tech savvy enough to manage their accounts largely online and in the app. Accounts are more easily opened and registered online and even cash deposits work best when done through the app.

That said, this account could be a potential hassle who want the ease and speed of ATM access. Green Dot requires you to visit a participating store to deposit cash, whether you use the app or not. For many, navigating a physical store just isn’t as convenient. When it comes to withdrawals, it may be difficult to find a free ATM nearby in order to avoid the out-of-network ATM fee.

In all, the Green Dot Unlimited Cash Back Bank Account seems to hold a lot of promise. But there’s a few hoops to jump through to earn rewards and use the account efficiently that detract from the eye-catching 3% cash back.

*Rate accurate as of August 21, 2019

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.

Lauren Perez
Lauren Perez |

Lauren Perez is a writer at MagnifyMoney. You can email Lauren here

Advertiser Disclosure

Reviews

Fitness Bank Savings 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.

Fitness Bank’s savings account option

Fitness Savings Account

This unconventional savings product offers customers the chance to earn an outstanding APY when they are physically active. The daily average number of steps you took in the previous month determines the APY you earn on your account balance. The table below outlines the five earning tiers that this bank currently offers:
APY Tiers*Minimum Balance to Earn APYSteps Required
0.50%$1000-4,999
1.25%$1005,000-7,499
1.75%$1007,500-9,999
2.50%$10010,000-12,499
3.00%$10012,500+

If you are a US citizen age 65 or older, you qualify for a different rate schedule:

APY Tiers*Minimum Balance to Earn APYSteps Required
1.25%$1000-4,999
1.75%$1005,000-7,499
2.50%$1007,500-9,999
3.00%$10010,000+
  • Minimum opening deposit: $100
  • Minimum daily balance to earn APY: $100
  • Monthly account maintenance fee: $10, waived by maintaining the minimum daily balance.
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $40

These rates truly are outstanding if you live an active lifestyle. The first month, everyone gets highest APY regardless of number of steps they take. After that, your APY will be assigned based on your daily average number of steps over the course of the prior month. Needless to say, if you don’t live a very active lifestyle, or if you have a health condition that would prevent you from meeting the step requirements, this may not be the best account for you.

This bank charges a $10 monthly maintenance fee if you don’t maintain a minimum average daily balance of $100. If you’re not confident you can maintain this minimum, you may want to look at a checking account rather than a savings account — keep in mind, however, that Fitness Bank only offers a savings account. If you meet the minimum balance requirement, the monthly maintenance fee will be waived.

This savings account does not come with an ATM card or checks. You are limited to six certain withdrawals and/or transactions per month, per Regulation D, which is enforced by the federal government, although banks do have some flexibility in allowing more than six per month in certain cases. At Fitness Bank, if you make more than six withdrawals per month you will be charged a $10 fee for each additional withdrawal.

If you want to go above and beyond achieving the highest APY available from this account, you can join one of Fitness Bank’s challenges. Every month, there is a step challenge where you can compete with all other participating Fitness Bank members to get the highest number of average daily steps. Top competitors will be awarded with prizes at the end of the month. You can also set up challenges just for your family or friend group, or for a group of employees participating in a workplace challenge.

How to get Fitness Bank’s savings account

Opening a savings account at Fitness Bank is a straightforward process. The bank boasts account setup will take you less than two minutes.

You’ll fill out a quick online application, supplying basic information like your name, address and Social Security number, along with documentation of your driver’s license or passport. Then you’ll need to provide funding information, namely your bank account number, credit card or debit card.

LEARN MORE Secured

on FitnessBank’s secure website

Member FDIC

magnifying glass

How Fitness Bank’s savings account compares

This bank offers phenomenal rates. At the time of writing, they offer the highest savings account rate in the market — if you can rack up the steps needed to earn it. In addition, you will have to be comfortable doing your banking 100% online with this savings account. You will not receive a checkbook or ATM card – all of your withdrawals and deposits will be completed via electronic transfer. If you’d prefer ATM access or the ability to visit a physical branch, Fitness Bank is not the right match for you.

The minimum deposit required to open and maintain an account without incurring a monthly maintenance fee isn’t outrageous. But you can find savings accounts offering somewhat competitive rates without these requirements. And to repeat, you’ll have to meet the step requirements; if that challenge goes unfulfilled, the advantages of saving with Fitness Bank wane. Its rates get progressively less competitive the fewer steps you take.

Overall review of Fitness Bank’s banking products

This bank offers a unique financial product aimed at promoting wellness. Its minimum balance and deposit requirements are fairly average for the industry, as are its fees. While its offerings are fair and get more generous as you take more steps, you will likely find better rates elsewhere if you cannot realistically meet these specific fitness standards. If you can, though, you’re in for some of the best rates on the market.

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.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here