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Consumers Credit Union 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.

Consumers Credit Union’s checking account options

Free Checking account

Consumers Credit Union’s Free Checking account offers a standard range of basic checking services in a free wrapper, but it doesn’t pay any interest.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0, but $1 for every ATM withdrawal exceeding six per month
  • ATM fee refund: None
  • Overdraft fee: $30, or $10 if signed up for automatic transfer of funds to cover overdrafts

The Free Checking account is a straightforward option for banking clients who need basic checking account access, but don’t want to pay any fees. Although the account doesn’t earn any interest, it has no minimum balance requirements and provides a number of free features and benefits, including the following:

  • Online and mobile banking access
  • Unlimited check writing
  • Online bill pay
  • Mobile pay via a linked debit card using Google Pay, Apple Pay or Samsung Pay
  • Mobile remote deposit of checks via smartphone

The Free Checking account carries a steep overdraft fee, but that can be reduced by signing up for transfers from a backup funding account. ATM access is available via debit card, and withdrawals up to six times per month are free of charge.

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Student Choice Checking

This account is designed for younger customers from 13 to 17 years old. Accounts must be opened jointly with a parent or guardian who is legally responsible for all account activity.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0; $10 if maintained after age 19 and not converted to a Rewards Checking account
  • ATM fee: $0, but $1 for every ATM withdrawal exceeding six per month
  • ATM fee refund: Up to $25 per month
  • Overdraft fee: No overdrafts allowed

Consumers Credit Union’s Student Choice checking account is a starter account for minors, who must open the account with a designated adult.

Daily debit card withdrawals are limited to $310. No checks are included and no overdrafts are allowed. However, the account does provide a generous up to $25 maximum ATM fee monthly rebate for non-network ATMs, and it allows minors to apply for a Visa credit card through the account.

Other benefits include free electronic statements and online banking. As with the Free Checking account, however, no interest is paid on the Student Choice checking account.

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Free Rewards Checking

The Consumers Free Rewards checking account pays high rates of interest on smaller balances, but it has a complicated, multi-tier structure.
Tier A
APYMinimum Balance to Earn APY
5.09%
$0
0.20%
$20,000.01
0.10%
$25,000.01
Tier B
APYMinimum Balance to Earn APY
4.09%
$0
0.20%
$15,000.01
0.10%
$25,000.01
Tier C
APYMinimum Balance to Earn APY
3.09%
$0
0.20%
$10,000.01
0.10%
$25,000.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0, if basic service requirements met
  • ATM fee refund: Unlimited, if basic service requirements met
  • Overdraft fee: $30, or $10 if signed up for automatic transfer of funds to cover overdrafts

Free Rewards account holders can earn high rates of interest but must clear certain hurdles earn the best rates. To qualify for Tier C, customers must ensure that each month, the following occurs:

  • Complete at least 12 debit/check card point-of-sale purchases of any amount (must be made without the use of a PIN code and must clear and post as a credit transaction by the end of the month)
  • Receive one direct deposit, pay one bill using the credit union’s online bill pay service, or make one ACH debit
  • Access online banking at least once
  • Receive bank correspondence (such as statements and notices) via the eDocuments service

Tier B customers must complete all of the above every month, and also spend $500 or more in Consumers Credit Union Visa credit card purchase transactions. Customers who spend $1,000 or more monthly on their Consumers Credit Union Visa credit card are bumped up to Tier A.

On top of the enhanced interest payments, the Free Rewards checking account offers the following additional benefits:

  • Reimbursement for any and all ATM fees, if Tier C or higher requirements are met
  • Online banking and bill pay
  • Mobile banking
  • No minimum balance requirement
  • No monthly maintenance fees
  • Unlimited check writing

If Tier C or higher requirements are not met, customers lose the fee reimbursement provision and are only paid interest at a 0.01% APY. To help customers keep on track, the credit union offers a service that shows activity such as monthly debit transactions and Visa spending.

How to open Consumers Credit Union’s checking accounts

As noted earlier, Consumers Credit Union has an online application for its flagship Free Rewards Checking account. Customers looking to open a Free Checking or Student Choice account can visit a branch or call the customer service line at (877) 275-2228.

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How Consumers Credit Union’s checking accounts compare

Consumers Credit Union offers a no-frills Free Checking account, but since the enhanced Free Rewards Checking account has no monthly maintenance fee, it would generally be the better choice. This is particularly true for account holders who can meet the credit union’s activity requirements — these actions make the interest rate rise dramatically.

The best rates that the credit union offers not only smash the national average rate, they easily top the best national checking rates offered by competitors. The primary downside is that the rates paid are limited to deposits of no more than $20,000.

Consumers Credit Union’s savings account options

Membership Share Savings account

The Membership Share Savings account is Consumers Credit Union’s traditional savings account.
APYMinimum Balance to Earn APY
0.05%
$5
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $0
  • ATM fee: $0, but $1 for every ATM withdrawal exceeding six per month
  • ATM fee refund: None
  • Overdraft fee: $30, or $10 if signed up for automatic transfer of funds to cover overdrafts

A $5 deposit into a new Consumers Credit Union Membership Share Savings account is mandatory for any customers who want to be members of the credit union.

As required by Federal Reserve Regulation D, you are limited to up to six certain transactions each month from Consumers Credit Union’s Membership Share Savings or money market account. The credit union will assess a $5 fee for each additional transaction. Your account may also be closed, at the discretion of the institution.

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Christmas Savings account

The Christmas Savings account has limited access until the holiday period every year, but it does pay interest.
APYMinimum Balance to Earn APY
0%
$5
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

The Christmas Savings account pays a higher interest rate than the credit union’s Membership Share Savings account, but funds must remain on deposit in the account from Nov. 1 through Oct. 31 of the following year, at which point money is automatically transferred into the account holder’s Membership Share Savings account.

The account requires a new $5 minimum deposit every year and automatically renews.

How to open Consumers Credit Union’s savings accounts

The credit union has a single online application for its accounts. Customers looking to open a Membership Share Savings or Christmas Savings account can also visit a branch or call the customer service line at (877) 275-2228

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How Consumers Credit Union’s savings accounts compare

Consumers Credit Union’s savings accounts pay low interest rates. The primary savings account doesn’t even match the national average savings account rate, and it falls far below the highest online savings rates available, The Christmas Savings account has a better-than-average rate, but it too is no comparison to the best available at other institutions. The accounts do come free of any monthly maintenance fees, but they don’t provide any exceptional services or payouts.

Consumers Credit Union’s CD rates

Regular CDs

TermAPYMinimum Balance to Earn APY
91 days0.50%
$250
6 months0.75%
$250
1 year0.85%
$250
15 months*2.75%
$250
18 months0.90%
$250
2 years1.00%
$250
30 months1.00%
$250
3 years1.00%
$250
45 months*3.25%
$250
4 years1.00%
$250
5 years1.15%
$250
* indicates a promotional rate
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: for terms of one year or less, 60 days’ dividends; for terms of longer than one year, 120 days’ dividends

Consumers Credit Union’s CDs range in maturity from 91 days to 5 years, with rates guaranteed for the duration of the term. After a minimum deposit of $250, dividends are compounded daily and posted monthly. Promotional rates are offered in the 15 month and 45 month maturities. Withdrawing funds before CDs mature will trigger an early withdrawal penalty of between 60 and 120 days’ worth of dividends.

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on Consumers Credit Union (IL)’s secure website

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Jumbo CDs

Consumers Credit Union’s Jumbo CDs match the maturity schedule as the credit union’s regular CDs, but rates may vary.
TermAPYMinimum Balance to Earn APY
91 days0.50%
$100,000
6 months0.85%
$100,000
1 year0.95%
$100,000
15 months*2.85%
$100,000
18 months1.00%
$100,000
2 years1.10%
$100,000
30 months1.10%
$100,000
3 years1.10%
$100,000
45 months*3.35%
$100,000
4 years1.10%
$100,000
5 years1.25%
$100,000
*indicates a promotional rate
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: for terms of one year or less, 60 days’ dividends; for terms of longer than one year, 120 days’ dividends

Customers with $100,000 or more to invest have access to the credit union’s jumbo certificate rates, which are higher for some maturities than the credit union’s regular certificate accounts. Promotional rates are offered for the same 15 and 45 month maturities as Consumers Credit Union’s regular CDs. Dividends are credited daily and posted monthly, with rates guaranteed for the life of the CD.

How to get Consumers Credit Union’s certificate rates

Consumers Credit Union has one online application for all account types, including regular and jumbo CDs.

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How Consumers Credit Union’s CD rates compare

Although Consumers Credit Union offers additional interest on some CD maturities for jumbo deposits, the bump in rates isn’t particularly noteworthy. The best rates in Consumers Credit Union’s CDs are available on the two promotional maturities of 15 and 45 months, on both the regular and jumbo CDs. Overall, rates at Consumers Credit Union are far above the national average CD rates, and while these rates don’t approach the best CD rates available nationally, they are respectable. Early withdrawal penalties are fairly standard.

Consumers Credit Union’s money market account option

Money Market account

This account is Consumers Credit Union’s version of a traditional money market account, with larger balances earning higher interest rates.
APYMinimum Balance to Earn APY
0.15%
$2,000
0.15%
$20,000
0.25%
$40,000
0.50%
$70,000
1.00%
$100,000
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $2,000+ (see above table)
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: $30, or $10 if signed up for automatic transfer of funds to cover overdrafts

Consumers Credit Union’s Money Market account pays a higher rate than the credit union’s savings account, but offers more access than its CDs. Rates are tiered, with the highest APY paid for balances of $100,000 or more.

Federal Reserve Regulation D requires that an account classified as a “savings deposit” must not permit more than six transfers or withdrawals per month. In the case of Consumers Credit Union, account holders will be assessed a fee of $5 per instance each time they exceed that limit — in some cases, the credit union may close the account in response to excess withdrawals. The account has no ATM access.

How to get Consumers Credit Union’s money market account

As noted earlier, Consumers Credit Union has one online application for all account types, including the money market account.

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How Consumers Credit Union’s money market account compares

Consumers Credit Union’s sole money market account is just about average when it comes to interest rates. Deposits below $20,000 earn less than the national average for money market accounts, while deposits of $100,000 or more earn about double the national average. Rates for all tiers fall well short of the highest available money market rates at other banks. On the plus side, the account carries no monthly maintenance fee.

Consumers Credit Union’s IRA rates

IRA CDs

Consumers Credit Union pays the same rates on its IRA CDs as it does on its non-IRA accounts. Jumbo certificates are available in the credit union’s IRAs as well.

Regular IRA CDs

TermAPYMinimum Balance to Earn APY
91 days0.50%
$250
6 months0.75%
$250
1 year0.85%
$250
15 months*2.75%
$250
18 months0.90%
$250
2 years1.00%
$250
30 months1.00%
$250
3 years1.00%
$250
45 months*3.25%
$250
4 years1.00%
$250
5 years1.15%
$250
*indicates promotional rates
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: For terms of one year or less, 60 days’ dividends; for terms of longer than one year, 120 days’ dividends

Consumers Credit Union’s IRA CDs follow the same format as the credit union’s non-IRA CDs. Minimum deposits are $250, and rates vary over the 91 day to 5 year maturity schedule. Higher rates are paid for the promotional maturities of 15 and 45 months. Early withdrawal penalties apply, at a cost of either 60 days’ or 120 days’ worth of dividends.

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Jumbo IRA CDs

TermAPYMinimum Balance to Earn APY
91 days0.50%
$100,000
6 months0.85%
$100,000
1 year0.95%
$100,000
15 months*2.85%
$100,000
18 months1.00%
$100,000
2 years1.10%
$100,000
30 months1.10%
$100,000
3 years1.10%
$100,000
45 months*3.35%
$100,000
4 years1.10%
$100,000
5 years1.25%
$100,000
*indicates promotional maturities
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: For terms of one year or less, 60 days’ dividends; for terms of longer than one year, 120 days’ dividends

For IRA customers with at least $100,000 to invest, jumbo CDs are available in Consumers Credit Union’s IRA products. Rates are higher for some maturities than the credit union’s regular IRA CDs. Promotional rates are available for maturities of 15 and 45 months. Dividends are credited daily and posted monthly.

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IRA Money Market account

Rates for the Consumers Credit Union IRA Money Market account are the same as the credit union’s regular money market account.
APYMinimum Balance to Earn APY
0.15%
$2,000
0.15%
$20,000
0.25%
$40,000
0.50%
$70,000
1.00%
$100,000
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $2,000+ (see table above)
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: n/a
  • Overdraft fee: $30, or $10 if signed up for automatic transfer of funds to cover overdrafts from IRA Savings account

Consumers Credit Union’s IRA Money Market account has the same interest rates as its non-IRA money market account. It pays more than the credit union’s IRA savings account, but for the most part, rates are lower than its IRA CD rates. Tiered rates pay the highest APY on balances of $100,000 or more. There is no ATM access with this account.

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IRA Savings

The IRA Savings account pays the same interest rate on all balances above the minimum.
APYMinimum Balance to Earn APY
0.25%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: $30, or $10 if signed up for automatic transfer of funds to cover overdrafts from IRA Money Market

The IRA Savings account at Consumers Credit Union is an interest-bearing account for cash that is not invested elsewhere, such as in the credit union’s CDs. The same rate is paid for every deposit above the account minimum of $10. There are no monthly fees with this savings account.

How to get Consumers Credit Union’s IRA rates

Consumers Credit Union requires applicants for IRA products to call (877) 275-2228 or visit a branch. No online application is available for an IRA product at the credit union.

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How Consumers Credit Union’s IRA rates compare

Rates for the money market and CD accounts in the credit union’s IRAs are the same as in the credit union’s non-IRA accounts. For the latter, this means that, overall, they are far above the national average CD rates, but well below the best IRA CD rates available nationally. Jumbo CD deposits earn slightly higher rates, but the promotional terms of 15 and 45 months are where investors will find the best rates at Consumers Credit Union. Rates are the same regardless of the size of deposit, with the exception of some jumbo maturities.

The credit union’s IRA savings account pays a modest amount of interest, above the national average savings rate.

Overall review of Consumers Credit Union’s banking products

Consumers Credit Union offers a mixed bag of banking options for customers. The clear highlight of the credit union’s entire roster is its Rewards Checking account, which pays an outstanding rate for balances of up to $20,000. However, the multi-tier structure of the account can be confusing, and it can take some doing to earn the best rate. For determined savers, however, it can be hard to find a better rate at any institution across the country.

The credit union also does well with its promotional CD rates, although they only come in two maturities. Other CD rates are respectable, but not noteworthy.

Beyond that, Consumers Credit Union’s other offerings are lackluster, with the savings accounts paying below-market rates and the money market account not leaping to new heights either.

Overall, Consumers Credit Union offers a wide range of products with low or no fees, which can be appealing to many consumers. With the exception of the exceptional flagship checking rate, however, better options can likely be found at other institutions.

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

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Earning Interest, Eliminating Fees, Reviews

Schwab High Yield Investor Checking Account Review

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

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

What is the Schwab Bank High Yield Investor Checking account?

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

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

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

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

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

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

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

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

Schwab Bank High Yield Investor Checking account fees and minimums

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

Monthly service fee

$0

Minimum balance fee

$0

ATM fee

Unlimited ATM fee rebates

Foreign transaction fee

$0

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

Schwab High Yield Investor Checking account pros and cons

Pros

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

Cons

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

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

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

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

promo-checking-wide-v2

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

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Best of, Reviews

The Top 7 Second Chance Bank Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

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

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

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

Account Name

Monthly Fee

Minimum to open

Availability

Chime$0$0Nationwide
Peoples Bank Cash Solutions Second Chance Checking$4.95 $30Nationwide
GoBank Checking Account$8.95, can be waived if you meet requirements$20Nationwide
Radius Essential Checking$0$10Nationwide
Wells Fargo Opportunity Checking and Savings Accounts$10, can be waived if you meet requirements$25Nationwide
BBVA Easy Checking$13.95$25Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas
Woodforest National Bank Second Chance Checking$9.95 monthly maintenance fee if you use a direct deposit; $11.95 without a direct deposit$25Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, and West Virginia

Second chance account basics

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

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

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

The 7 best second chance bank accounts

1. Chime

Chime

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

Chime account features:

  • No opening balance or minimum balance requirements.
  • Set up direct deposit for your paycheck, and the funds from each pay period will be deposited as soon as the transaction is initiated, giving you access to your pay up to two days earlier than conventional checking accounts.
  • Automatic savings features to help you save in your connected Chime Savings account.
  • The app sends you daily bank account balance notifications, and sends transaction alerts every time you use your debit card.
  • You can disable the debit card from the app.

Fees to watch out for:

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

SEE DETAILS Secured

on Chime’s secure website

Member FDIC

2. Peoples Bank Cash Solutions Second Chance Checking

Peoples Bank Cash Solutions

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

Fees to watch out for:

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

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on Peoples Bank Cash Solutions’s secure website

Member FDIC

3. GoBank Checking Account

GoBank

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

Account Features:

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

Fees to watch out for:

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

SEE DETAILS Secured

on GoBank’s secure website

Member FDIC

4. Radius Essential Checking

Radius Bank

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

Account Features:

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

Fees to watch out for:

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

SEE DETAILS Secured

on Radius Bank’s secure website

Member FDIC

5. Wells Fargo Opportunity Checking and Savings Accounts

Wells Fargo Bank

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

Account features:

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

Fees to watch out for:

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

SEE DETAILS Secured

on Wells Fargo Bank’s secure website

Member FDIC

6. BBVA Easy Checking

BBVA
BBVA’s Easy Checking product is available as a second chance account to customers in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. There is a $13.95 monthly service charge to maintain the account. You can request that BBVA upgrade your account one of their regular checking products after 12 months — and ditch that high monthly fee — so long as the Easy Checking account remains active and has a positive balance.

BBVA Easy Checking features::

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

Fees to watch out for:

  • $3 fee for out-of-network ATM withdrawals
  • $38 insufficient funds fee ($32 in California)
  • $15 deposit item returned fee
  • $32 stop payment fee made over the phone or in person ($30 in California); $25 if made online

SEE DETAILS Secured

on BBVA’s secure website

Member FDIC

7. Woodforest National Bank Second Chance Checking

Woodforest National Bank

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

Fees to watch out for:

  • $9.95 monthly maintenance fee if you use a direct deposit
  • $9 one-time account set-up fee
  • $2.50 ATM withdrawal fee when used at a non-Woodforest network ATM
  • $15 debit card set-up fee
  • $32 overdraft fee (for each charge)

SEE DETAILS Secured

on Woodforest National Bank’s secure website

Member FDIC

Alternatives to a second chance bank account

Get a prepaid debit card

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

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

Open a secured credit card

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

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

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