Advertiser Disclosure

Reviews

Hancock Whitney 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.

Hancock Whitney Bank’s history dates back to the 1800s, when Hancock Bank offered banking solutions to residents of Mississippi involved in the areas of agriculture, seafood, timber and tourism. Meanwhile, Whitney Bank served those in New Orleans’ cotton industry. Both of these banks saw significant growth over the next 100 years or so. In December 2010, they joined forces to become Hancock Whitney Bank.

Today, Hancock Whitney Bank has locations in Alabama, Florida, Louisiana, Mississippi, Tennessee and Texas. It offers checking, savings, CD, money market and IRA accounts. Rates vary by region, however, and you’ll need to contact a branch in your area to learn more. Read on to learn if one of these products could be the one for you, and how they stack up against the competition.

Hancock Whitney Bank’s checking account options

Access Checking

A simple checking account with minimal fees and requirements.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $10 (can be waived; details below)
  • ATM fee: None from Hancock Whitney Bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; waived on items that are $5 or less

This account cannot earn interest. While it does have a monthly maintenance fee, it is easily waivable by meeting one of the following requirements:

  • Maintaining a $250 minimum daily balance
  • Receiving a direct deposit of $250 or more to your account
  • Being younger than 24 or 64 and older
  • Making a minimum opening deposit of $50

This account also offers online banking, mobile banking and check deposit, as well as free online statements.

LEARN MORE Secured

on Hancock Whitney’s secure website

Member FDIC

Connect Checking

This account takes things a step up with premium security benefits.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12 (can be waived; details below)
  • ATM fee: None from Hancock Whitney Bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; waived on items that are $5 or less

Like the Access Checking account, this checking account cannot earn interest. Additionally, its minimum balance requirement to waive the monthly maintenance fee is a bit steeper at $1,500. You can also waive the monthly fee if you have $5,000 in combined deposits, consumer loans or credit card balances.

But what makes this account stand out is that it comes with identity and credit monitoring, as well as identity fraud recovery services so that you’re notified and reimbursed quickly should any suspicious activity occur.

This account also comes with cellphone protection. If you set up auto-pay for your monthly cellphone bill with your Visa debit card, you’ll qualify for up to $250 in coverage if your phone is stolen or damaged.

This account also offers online banking, mobile banking and check deposit, as well as free online statements.

LEARN MORE Secured

on Hancock Whitney’s secure website

Member FDIC

Priority Checking

This is Hancock Whitney Bank’s only interest-earning checking account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $21 (can be waived; details below)
  • ATM fee: None from Hancock Whitney Bank ATMs
  • ATM fee refund: Unlimited refunds at all domestic and international ATMs
  • Overdraft fee: $36; waived on items that are $5 or less

This account is Hancock Whitney Bank’s only interest-bearing checking option. The rates are not published on the bank’s website, so check with Hancock Whitney Bank for the latest rates.

It comes with the same security benefits as the Connect Checking account. But its minimum requirements to waive the monthly fee are pretty steep. You can do so by:

  • Maintaining a $10,000 minimum daily balance
  • Having $25,000 in combined deposits (excluding CDs and IRAs), outstanding consumer loans (excluding mortgages) or credit card balances
  • Maintaining $250,000 or more in a trust account or an account with Hancock or Whitney Investment Services Inc. (excluding annuities)

This account comes with free checks and offers a 25% discount on a safe deposit box. Another nice perk is that it refunds all ATM charges domestically and internationally.

LEARN MORE Secured

on Hancock Whitney’s secure website

Member FDIC

How to get Hancock Whitney Bank’s checking accounts

You can open Hancock Whitney Bank’s Access Checking and Connect Checking accounts online or at a branch. The Priority Checking account must be opened at a branch.To open any of these accounts, you’ll need personal information such your Social Security and driver’s license numbers. You’ll also need to be at least 18 and provide an existing bank account and routing number to fund your new account.

magnifying glass

How Hancock Whitney Bank’s checking accounts compare

While Hancock Whitney Bank’s more basic checking accounts — Access Checking and Connect Checking — come with monthly fees, they’re fairly easy to avoid. The Priority Checking account comes with a variety of extra perks, but the high minimum balance requirement to avoid the $21 monthly fee might not be enough to make that worth it if that’s not an easy task for you.

The Priority Checking account is the only one that earns interest, but you’ll have to contact a branch to determine how much. With that information, you can see if this or its other checking accounts stack up to those on our list of the best online checking accounts.

Hancock Whitney Bank’s savings account options

Silver Savings

A basic interest-earning savings account.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $3 (can be waived; details below)
  • ATM fee: None at Hancock Whitney Bank ATMs; outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $36; waived on items that are $5 or less

This interest-earning savings account has a much lower monthly fee than any of Hancock Whitney Bank’s checking products — and it’s easier to avoid. You can waive the monthly fee if you maintain a minimum daily balance of $200 or you’re younger than 18 or 65 and older. Another option to eliminate this fee is to link the account to a Priority or Connect Checking account. Contact the bank for rate information.

As with all savings accounts, it’s subject to Federal Reserve Regulation D, which normally limits certain withdrawals up to six per month. This account is a little stricter, limiting free withdrawals to three per month. You’ll pay $3 for each extra withdrawal.

LEARN MORE Secured

on Hancock Whitney’s secure website

Member FDIC

Christmas Club Savings

A savings account to sock away cash for the holiday season.
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This allows account holders to easily set aside funds for holiday expenses. There is no minimum balance to earn interest on this account, though you’ll have to contact Hancock Whitney Bank to find out the rate. It also doesn’t provide ATM access, which makes it easier to avoid touching the funds you’ve set aside for a specific purpose. You can open this account anytime of the year and regularly transfer funds into it from your checking account.

In November, its funds will be deposited into your checking account. Keep in mind that a $10 closing fee will be charged if you close the account before it matures.

LEARN MORE Secured

on Hancock Whitney’s secure website

Member FDIC

How to get Hancock Whitney Bank’s savings accounts

Both of Hancock Whitney Bank’s savings accounts must be opened at a branch. You’ll need to be at least 18 years old and provide personal information such as your Social Security and driver’s license numbers, as well as an existing bank account and routing number to fund your new account.

magnifying glass

How Hancock Whitney Bank’s savings accounts compare

Both of these accounts have minimal fees and monthly balance requirements. Although they both can earn interest, you’ll have to contact a branch to determine how much. Once you have that information, you can compare the rates to those on our list of the best online savings accounts.

Hancock Whitney Bank’s CD rates

Certificates of Deposit

Standard CDs offered in terms from seven days to seven years, with a minimum deposit requirement of $1,000.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For seven-day and 30-day terms, it’s all interest; for 90 days, it’s 30 days’ interest; for 365 days, it’s 90 days’ interest; for seven years, it’s 180 days’ interest. The interest penalty applies to the amount withdrawn.

Hancock Whitney Bank offers CDs in the following term lengths: Seven days, 30 days, 90 days, 365 days and seven years. Rates vary by location. Contact a branch to determine rates for your area.

LEARN MORE Secured

on Hancock Whitney’s secure website

Member FDIC

How to get Hancock Whitney Bank’s CDs

Hancock Whitney Bank’s CDs must be opened at a branch. To do so, you’ll need to provide personal information such as your Social Security and driver’s license numbers. You’ll also need to be at least 18 and provide an existing bank account and routing number to fund your CD.

magnifying glass

How Hancock Whitney Bank’s CD rates compare

Hancock Whitney’s CDs term lengths, deposit requirements and early withdrawal penalties are pretty standard as far as CDs go. But to truly compare them to the competition (such as those on our list of the best CD rates), you’ll need to find out the rates for your location. Contact a branch to do so.

Hancock Whitney Bank’s money market account options

Money Market

Your basic, run-of-the-mill money market account.
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $10 (waived with minimum daily balance of $2,500)
  • ATM fee: None on Hancock Whitney Bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; waived on items that are $5 or less

This account can earn interest, though the amount will vary by location. Contact bank for current interest rates.

It’s also subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals up to six per month. Exceed this amount and you’ll pay a $15 fee per instance.

The monthly maintenance fee can be waived if you don’t let your balance fall below $2,500 (which is also the minimum needed to earn the APY offered in your area). You also will be charged $10 per month if your account drops below $2,500, which means you also won’t earn interest.

This account also comes with free online banking services.

LEARN MORE Secured

on Hancock Whitney’s secure website

Member FDIC

Priority Money Market

Another money market account with a very high requirement to earn the rate.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $25,000
  • Monthly account maintenance fee: $25 (waived if you maintain a balance of $25,000)
  • ATM fee: None on Hancock Whitney Bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; waived on items that are $5 or less

This account must be funded with new money that is not on deposit in another Hancock Whitney Bank account. But it has a very low opening deposit requirement for a money market account.

At the same time, it has an unusually high $25,000 requirement to earn the APY (which you’ll have to contact your local branch to obtain) and to waive the monthly fee of $25. As a bonus, you can earn higher rates if you have both the Priority Money Market and Priority Checking accounts.

As with Hancock Whitney Bank’s other accounts, it offers free mobile and online banking services. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions up to six per month. After that, the fee is $15.

LEARN MORE Secured

on Hancock Whitney’s secure website

Member FDIC

How to get Hancock Whitney Bank’s money market accounts

You can open Hancock Whitney Bank’s money market accounts at a branch. You’ll need your Social Security and driver’s license numbers. You’ll also need to be at least 18 and provide an existing bank account and routing number to fund your new account.

magnifying glass

How Hancock Whitney Bank’s money market accounts compare

At first glance, Hancock Whitney’s Money Market account is pretty standard as far as requirements and fees go. We think it’s odd that the Priority Money Market option has such a low opening deposit and such a high balance requirement to earn the APY and to avoid the balance fee.

As with Hancock Whitney Bank’s other personal deposit accounts, you’ll have to contact a branch to find out the rates for your area. Once you have that information, be sure to compare them to those on our list of the best money market account rates to make sure you’re getting the best bang for your buck.

Hancock Whitney Bank’s IRA options

IRA CDs

Hancock Whitney Bank offers CDs opened within an IRA, as well as an IRA Savings account.

But rates, terms and penalties vary by region, so customers should contact a local branch to obtain this information. All IRA CDs will require a $1,000 minimum opening deposit. They also renew automatically at maturity.

Once you have the necessary details, you can compare Hancock Whitney Bank to our list of the best IRA CD rates to see if you might be better off with one of those accounts.

LEARN MORE Secured

on Hancock Whitney’s secure website

Member FDIC

How to get Hancock Whitney Bank’s IRA CDs

If you’re at least 18, you can open Hancock Whitney Bank’s IRA CDs at a branch. Be sure you come prepared with personal information such as your Social Security and driver’s license numbers, as well as an existing bank account and routing number to fund your new account.

Overall review of Hancock Whitney Bank’s banking products

While the fees and requirements on most of Hancock Whitney Bank’s products are minimal, it’s hard for us to compare the accounts to the top products on the market without rate information. So you do your homework and shop around after getting that information from a branch.

But the fact that you have to call or visit a branch to open any account other than the two basic checking accounts is a huge drawback if it’s one of the other products you were after.

If you don’t live near a branch, you may decide it’s not worth the effort to find that information before going to open it in person, because chances are there are much more competitive products available online.

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.

Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

Advertiser Disclosure

Reviews

Apple Card Review

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

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

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

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

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

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

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

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

Where the Apple Card stands out

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

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

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

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

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

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

Additional Apple Card benefits

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

Where the Apple Card falls short

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

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

How it compares with the Uber Visa Card

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

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

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

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

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

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

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

The bottom line

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

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

Tracy Brackman
Tracy Brackman |

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

TAGS:

Advertiser Disclosure

Best of, Reviews

The Top 7 Second Chance Bank Accounts

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

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

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

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

Account Name

Monthly Fee

Minimum to open

Availability

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

Second chance account basics

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

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

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

The 7 best second chance bank accounts

1. Chime

Chime

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

Chime account features:

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

Fees to watch out for:

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

LEARN MORE Secured

on Chime’s secure website

Member FDIC

2. Peoples Bank Cash Solutions Second Chance Checking

Peoples Bank Cash Solutions

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

Fees to watch out for:

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

LEARN MORE Secured

on Peoples Bank Cash Solutions’s secure website

Member FDIC

3. Radius Essential Checking

Radius Bank

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

Account Features:

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

Fees to watch out for:

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

LEARN MORE Secured

on Radius Bank’s secure website

Member FDIC

4. Wells Fargo Opportunity Checking and Savings Accounts

Wells Fargo Bank

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

Account features:

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

Fees to watch out for:

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

LEARN MORE Secured

on Wells Fargo Bank’s secure website

Member FDIC

5. BBVA Easy Checking

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

BBVA Easy Checking features::

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

Fees to watch out for:

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

LEARN MORE Secured

on BBVA’s secure website

Member FDIC

6. Woodforest National Bank Second Chance Checking

Woodforest National Bank

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

Fees to watch out for:

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

LEARN MORE Secured

on Woodforest National Bank’s secure website

Member FDIC

7. First National Bank and Trust Company Renew Checking

First National Bank and Trust Company (WI)

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

Account Features:

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

Fees to watch out for:

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

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

LEARN MORE Secured

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

Member FDIC

Alternatives to a second chance bank account

Get a prepaid debit card

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

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

Open a secured credit card

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

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

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

Erin Millard
Erin Millard |

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

James Ellis
James Ellis |

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