Advertiser Disclosure

Reviews

Dime Community Bank Reviews: Checking, Savings, CD, Money Market and IRA Accounts

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

Dime Community Bank’s checking account options

Perfectly Free Checking

Free checks and no fees almost make up for the lack of interest with this basic checking account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

Perfectly Free Checking is Dime’s bare-bones checking account. After your opening deposit, there are no maintenance fees or minimum balance requirements. You’ll also get your first 50 checks for free.

But this account bears no interest. While you’ll be pulling in zero interest, checking accounts aren’t typically the best place to grow your nest egg, anyway, as this is where you keep the money you’ll be spending and paying bills with on a day-to-day basis.

To open a Perfectly Free Checking account, you will have to visit a branch or call 800-321-3463. It’s more convenient to visit in person since you will have to submit a copy of your driver’s license, state-issued ID or passport to open your account. If you’re doing so in person, all you have to do is bring your physical ID with you, and your representative will take care of the rest.

LEARN MORE Secured

on Dime Community Bank’s secure website

Member FDIC

Fabulous 50 Interest Checking

A fee-free checking account for seniors offering a low interest rate.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

Fabulous 50 Interest Checking is a checking account available to seniors. It is nearly identical to Perfectly Free Checking, down to the 50 free checks. This account does bear interest, though. The interest rate is incredibly low, but it doesn’t come with any required minimum balance to earn your APY.

Open this account by visiting your local branch or calling 800-321-3463. Remember that you will have to submit a copy of your driver’s license, state-issued ID or passport to open your account.

LEARN MORE Secured

on Dime Community Bank’s secure website

Member FDIC

Direct Interest Checking

Set up direct deposit and earn a low APY on this checking account.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

If you have your paycheck go into your checking account via direct deposit, you could qualify for Direct Interest Checking, which is the same as Fabulous 50 Interest Checking, except that you don’t have to be 50 or older. You will get 50 free checks and earn the same low interest rate with no monthly maintenance fees or minimum balance requirements.

To open any checking account with Dime Community Bank, call 800-321-3463 or visit a location near you. Be prepared with your driver’s license, state-issued ID or passport whichever way you decide to apply.

LEARN MORE Secured

on Dime Community Bank’s secure website

Member FDIC

Prime Dime Interest Checking

Burdensome minimum balance requirements outweigh the scaling APY on this checking account.
APYMinimum Balance to Earn APY
0.05%$0.01
0.08%$1,500
0.10%$10,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10 a month if you don’t maintain an average daily balance of $1,500
  • ATM fee: None
  • ATM fee refund: Up to $10 a month on fees charged by other financial institutions
  • Overdraft fee: $30 per item

Prime Dime Interest Checking does offer a slightly higher interest rate, but, to qualify for the higher rates, you’ll have to build up far larger reserves in your checking account. You can get much higher interest rates elsewhere with much lower minimum balance requirements.

One other bonus of this account is that if you use an outside ATM and are charged a fee by another financial institution or ATM owner, Dime Community Bank will refund those fees up to $10 a month. But that potential win is partially canceled out by the fact that you’ll be charged a $10 monthly maintenance fee if you don’t keep your daily balance high enough.

To open this account with Dime Community Bank, visit one of its branches or call 800-321-3463. You will need a driver’s license, state-issued ID or passport to open your account.

LEARN MORE Secured

on Dime Community Bank’s secure website

Member FDIC

magnifying glass

How Dime Community Bank’s checking accounts compare

Dime Community Bank’s interest rates are dramatically lower than the checking account rates offered by the competition. You may be thinking that these other financial institutions offering better rates must be charging higher fees but, most of the time, that isn’t true. Many financial institutions now offer low-fee, high-interest checking, and many of these accounts can be opened online from the convenience of your living room.

Dime Community Bank’s savings account options

Statement Savings

A savings account offering all the same benefits as a checking account but with more fees.
APYMinimum Balance to Earn APY
0.05%$250
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $250
  • Monthly account maintenance fee: $4 if you do not maintain an average daily balance of at least $500
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

The requirements of Dime Community Bank’s Statement Savings account aren’t worth the “reward.” Offering an interest rate akin to its checking accounts, Dime Community Bank requires its customers to maintain $500 balances. Customers could achieve the same goals by using Dime Community Bank’s Direct Interest Checking account. The checking account has no minimum balance requirements or incurring monthly maintenance fees — as long as you are setting up direct deposit.

A further restriction on savings accounts is that all of them — regardless of the financial institution offering them — are governed by the federal government’s Regulation D. This regulation stipulates that you are allowed up to six certain withdrawals per month from a savings account.

With Dime Community Bank, however, withdrawals made at a branch or via mail do not count toward this limit. If you violate this rule regularly enough, the bank will be forced to shut your account down.

To open this savings account, you can start the process by visiting your local branch, emailing Dime Community Bank or calling 800-321-3463. Be prepared to submit a scanned copy of your ID, whether it be a driver’s license, state-issued ID or passport.

LEARN MORE Secured

on Dime Community Bank’s secure website

Member FDIC

Club Account

Stow away savings until a predetermined date and earn a low APY in the meantime.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

If you’re trying to save money for the holiday season or any other savings goal, you may consider a Club Account. This savings account allows you to put money in a separate account, and then that money is released to you at a specified date.

For example, if you were saving for holiday shopping, your Club Account funds may be distributed to your checking account sometime in November.

The idea is to set the funds aside separately from your other money so that it doesn’t get lost to day-to-day spending. This account comes with no minimum balance requirements and no account maintenance fees.

Club Accounts can be opened by visiting your local branch, emailing Dime Community Bank or calling 800-321-3463. Remember to come prepared with your driver’s license, state-issued ID or passport.

LEARN MORE Secured

on Dime Community Bank’s secure website

Member FDIC

Student Savings

Although this savings account carries a low interest rate, it is fee-free.
APYMinimum Balance to Earn APY
0.05% Variable $0.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

This savings account is for teens and young adults who have not yet graduated from college. It offers a meager interest rate, but it also comes with no minimum opening deposit requirement, no minimum balances and no monthly maintenance fees. It’s a low-cost account that will be converted to a regular savings account when the account holder turns 23.

To get the ball rolling on your Student Savings account, visit your local branch, call 800-321-3463 or email Dime Community Bank. Students will need to submit a copy of their state-issued ID, driver’s license or passport before opening an account.

LEARN MORE Secured

on Dime Community Bank’s secure website

Member FDIC

magnifying glass

How Dime Community Bank’s savings accounts compare

Dime Community Bank’s savings accounts are hard to take seriously. Interest rates are abysmal. Statement Savings has potential monthly maintenance fees, and the account itself is difficult to set up. Shop for other savings accounts, where you’ll find better rates and lower fees. Your money will thank you.

Dime Community Bank’s CD rates

Certificates of deposit

Dime Community Bank’s CDs have low rates, but there may be a few pleasant surprises with this product.
TermAPY
3 Months0.10%
4 Months0.15%
5 Months0.15%
6 Months0.20%
7 Months2.00%
8 Months0.30%
9 Months0.30%
10 Months0.40%
11 Months0.40%
12 Months0.40%
13 Months1.35%
14 Months0.45%
15 Months0.50%
16 Months2.00%
16 Months — Promotional2.80%
18 Months0.50%
2 Years1.60%
2 Years — Promotional2.25%
30 Months2.00%
3 Years2.00%
4 Years2.00%
5 Years2.00%
7 Years1.60%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: One month worth of interest on terms of three to six months; three months’ worth of interest on terms of six months to one year; nine months’ worth of interest on terms of one to two years; 18 months’ worth of interest on terms of two to three years; 24 months’ worth of interest on terms of three years or more

As is the trend with most of Dime Community Bank’s products, its CDs are lackluster when it comes to APY. Two gleaming exceptions are the 11-month and 16-month promotional CDs. These offer competitive interest rates that keep pace with other options on the market.

Minimum opening deposit and balance requirements are also on the low end, which means more people will be able to take advantage of these terms.

You must open your CD in person, and you must present your driver’s license, state-issued ID or passport when you do.

LEARN MORE Secured

on Dime Community Bank’s secure website

Member FDIC

magnifying glass

How Dime Community Bank’s CD rates compare

Most of Dime Community Bank’s rate and term offerings are not competitive. But the 11-month and promotional 16-month term CDs hold their own. Be sure to compare these individual terms and rates with the best CD offers on the market to ensure you get the highest-yielding account appropriate for your situation and time horizon.

Dime Community Bank’s money market account options

DimeDirect Money Market Account

This money market account offers a fantastic rate. Be careful of the potentially steep fees.
APYMinimum Balance to Earn APY
1.35%$0.01
0.20%$500,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: You must have $5,000 in your money market or $1,500 in your checking account to avoid a $15-a-month fee.
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

The DimeDirect Money Market Account offers a great rate on balances less than $500,000. There is a fairly steep monthly maintenance fee, but it can be alleviated by building up a higher balance in your money market account, or by satisfying rather ambitious minimum balance requirements in a Dime Community Bank checking account.

Money market accounts are also savings accounts, so be sure to remember Regulation D when you make your financial plans. You are able to make up to six certain withdrawals from this account per month, though Dime Community Bank may cut you some slack the first couple of times it happens.

This is one account available outside of the Big Apple. You can open your DimeDirect Money Market Account online regardless of where in the U.S. you live. Just know that you will have to upload an image of your state-issued ID, driver’s license or passport as a part of the application process.

LEARN MORE Secured

on Dime Community Bank’s secure website

Member FDIC

Rewards Money Market Account

A low-yield money market account you cannot open online.
APYMinimum Balance to Earn APY
0.05%$0.01
0.10%$1,000
0.15%$25,000
0.15%$50,000
0.20%$75,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: If your balance stays at or above $2,500, you will not have to pay the $10-a-month maintenance fee.
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

The Rewards Money Market Account is not available online, and the differences don’t stop there. While DimeDirect Money Market offers highly competitive rates, the Rewards Money Market Account is a letdown. You can find far better rate offers elsewhere — sometimes even with lower minimum balance requirements.

We’d encourage you to open a DimeDirect Money Market Account instead of this one, but if you want to give the Rewards Money Market Account a go anyways, you can do so by opening this account at your local branch with a passport, driver’s license or state-issued ID.

LEARN MORE Secured

on Dime Community Bank’s secure website

Member FDIC

magnifying glass

How Dime Community Bank’s money market accounts compare

Dime’s two money market accounts couldn’t be more different. The online DimeDirect Money Market Account is right up there with the accounts offering the best rates on the market, while the Rewards Money Market Account, which is more difficult to open, doesn’t hold a candle to these rates. Do some comparison shopping for money market accounts as you might find your match at another financial institution, but keep this page open as you do. DimeDirect is going to give them a run for their money.

Dime Community Bank’s IRA account options

IRA CD rates

The promotional rates on these IRA CDs may be gone tomorrow.
TermAPY
18 Months1.75%
  • Minimum opening deposit: $500
  • ? Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Nine months’ worth of interest

Here today and potentially gone tomorrow, Dime Community Bank’s IRA certificate is promotional in nature. That being said, it does offer an APY that merits a second look. This rate is far from the highest on the market, but it’s no so low that it’s insulting either. Minimum opening deposit and balance requirements are reasonable, but this account isn’t so great that you should forgo checking out the competition.

To get the process started, call 800-321-3463.

LEARN MORE Secured

on Dime Community Bank’s secure website

Member FDIC

magnifying glass

How Dime Community Bank’s IRA CD rates compare

The rates on this promotion are respectable, but they’re far from the best around. Other financial institutions are offering better rates, though they will sometimes come with much higher minimum deposit requirements. Do your research to make sure you are getting the best IRA CD for your individual situation. As this will be part of your IRA, it may not be a bad idea to sit down with a certified financial planner or chartered financial analyst while you’re at it to see how this type of account would function within your entire portfolio.

Overall review of Dime Community Bank’s banking products

Dime Community Bank offers many disappointing banking products with a few shining exceptions. While you’ll want to avoid its checking accounts, you’ll want to at least consider hopping online to open a DimeDirect Money Market Account. Its savings accounts aren’t the best products around, but the 11-month and promotional 16-month CDs are incredibly competitive.

If you’re piecemealing together the best financial landscape possible, a few of Dime Community Bank’s products will help you do just that. But if you’re looking for the convenience of a one-stop shop, your money is likely to grow quicker elsewhere.

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

Brynne Conroy
Brynne Conroy |

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