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Knoxville TVA Employees 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.

Knoxville TVA Employees Credit Union’s checking account option

Regular Checking account

A basic, non-interest-bearing checking account.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None if you choose to receive e-statements; otherwise $2 with paper statements
  • ATM fee: None on in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

This no-frills checking account does not have the ability to earn interest. It does however have no minimum balance requirements and makes it easy to avoid its already very low monthly fee.

In addition to mobile and online banking, mobile check deposit, free Visa debit card, bill pay and checks, this account comes with uChoose Rewards®, which allows you to earn points that can be redeemed for cash. All you have to do is be sure to sign for purchases as credit when you use your debit card.

You can opt into overdraft protection by linking one of the bank’s savings accounts to this one in the event that you overdraw your checking account and would like to avoid that fee.

How to get Knoxville TVA Employees Credit Union’s checking account

Knoxville TVA Employees Credit Union allows eligible customers to open its checking account in person or online. All you have to do is first open a Regular Savings account with a minimum deposit of $5. You’ll need to have your Social Security number and government-issued ID on hand.

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How Knoxville TVA Employees Credit Union’s checking account compares

As we outline in our review of the best online checking accounts, you’ll want to do your best to seek out a checking account with no monthly fees, the ability to earn interest, no ATM fees, reimbursement of outside ATM fees and a strong mobile and online banking user interface.

While this checking account off most of those boxes, its lack of interest is a big one that will probably have you leaning toward choosing a product that has that and more. Consider one on our list instead.

Knoxville TVA Employees Credit Union’s savings account options

Regular Savings account

This account is required to establish membership at the credit union.
APYMinimum Balance Amount to Earn APY
0.15%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None if you choose to receive e-statements; $2 with paper statements
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

This account is Knoxville TVA Employees Credit Union’s base membership account, which is required to open any other products. Although requirements are minimal, so is the interest rate. With this account, dividends are accrued daily and compounded quarterly. This savings account earns a small amount of interest. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals up to six per month.

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Centsible Savings Program

This account collects the spare change from your checking account, earning interest all the while.
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is basically a “set-it-and-forget-it” account that allows you to stash away some savings from your checking account that can quickly add up and earn interest with regular debit card use. Each purchase on your debit card is rounded to the nearest dollar, and your “change” is then transferred to this account. Contact the bank for rate information. There’s no minimum balance requirement and the account does allow withdrawals. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six per month.

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Member’s Special/U-Name-It account

This account is virtually the same as the Christmas and Vacation accounts; it just allows you to name it for whatever savings goal you have (e.g. “new car,” “college fund,” etc.)
  • Minimum opening deposit: $5
  • Minimum balance amount to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account allows you to save for whatever special goal you’ve got on your horizon. It does have the ability to earn interest, but you’ll have to contact the bank to find out the rate, as this information is not published online.

This account also does not have ATM access, which makes it even easier to avoid touching your funds or overdrawing your account. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain debits up to six per month.

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Christmas account

A savings account that allows you to save specifically for the holidays.
APYMinimum Balance Amount to Earn APY
0.10%
$0.00
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.00
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

As the name implies, this fee-free savings account is intended specifically for saving for the holiday season. If you know of a certain amount of cash you’d like to stash aside, this account is a great option to do so while earning a small amount of interest on it.

This account doesn’t have ATM access, which makes it easy to avoid overdrawing it (or touching your funds at all before you hit your goal).

On Oct. 1, all funds will be transferred to the checking or savings account of your choosing, though there is no penalty for withdrawing these funds early (assuming you don’t go over the maximum six certain withdrawals or transfers per month, per Federal Reserve Regulation D).

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Vacation account

A special savings account to save for an upcoming trip.
APYMinimum Balance Amount to Earn APY
0.10%
$0.00
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.00
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is virtually the same as the Christmas and U-Name-It accounts; the only difference is that it’s specifically designated for vacation savings funds that can earn a bit of interest. It doesn’t have ATM access, which allows you to avoid overdrawing the account. As a savings account, this one is subject to Federal Reserve Regulation D, which allows you to make a maximum of six certain withdrawals or transfers per month.

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Health Savings account

A health savings account with the ability to earn interest.
APYMinimum Balance Amount to Earn APY
0.75%
$25
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

This account is intended specifically for health care-related purchases, and as such, it does come with a debit card and ATM access. The fact that it earns interest, albeit a fairly small amount, is a nice touch. As a savings account, it’s subject to Federal Reserve Regulation D, which limits you up to six certain debits per month.

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Jump Start Savings account

This account allows you to initially earn a higher rate than the Regular Savings account.
APYMinimum Balance Amount to Earn APY
3.00%
$5-$500
0.15%
$500.01+
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

This account doesn’t differ much from the bank’s Regular Savings account. The only true difference is that you can earn a much higher rate on up to your first $500 deposited into the account, but then the rate goes down to match that of the Regular Savings account. Otherwise, this is pretty much another no-frills account with minimal fees and requirements, but no real perks either.

As a savings account, this one abides by Federal Reserve Regulation D, a rule that limits certain withdrawals and transfers up to six per month.

How to get Knoxville TVA Employees Credit Union’s savings accounts

Qualified customers can open one of the credit union’s savings accounts either online or in person. They’ll just have to be sure to open a Regular Savings account with a minimum deposit of $5 to start. To open an account, you’ll need your Social Security number and a government ID, such as a driver’s license.

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How Knoxville TVA Employees Credit Union’s savings accounts compare

Save for the rate on the first $500 on the Jump Start Savings account, the rates on the rest of Knoxville TVA Employees Credit Union’s savings accounts are really nothing to get excited about. Not only that, but none of these accounts really offer anything in the way of perks.

That said, don’t seek out Knoxville TVA Employees Credit Union for its savings accounts alone. Instead, we recommend shopping around and possibly going with one of the offerings on our list of the best online savings accounts.

Knoxville TVA Employees Credit Union’s CD rates

Certificates

These are standard, run-of-the-mill certificate products.
TermAPYMinimum Balance Requirement to Earn APY
6 months0.65%
$2,500
12 months1.20%
$2,500
18 months1.25%
$500
24 months1.60%
$500
30 months1.65%
$500
36 months1.70%
$500
42 months1.75%
$500
48 months1.80%
$500
60 months2.00%
$500
  • Minimum opening deposit: Varies; see table
  • Minimum balance amount to earn APY: Varies; see table
  • Early withdrawal penalty: For those with maturities of 17 months or less, it’s 90 days’ worth of dividends. For those with maturities of 18 months or more, it’s 180 days’ dividends.

These accounts are pretty typical as far as CDs go. Most of the minimum balance requirements are fairly low, with the exception of the 6 and 12 month certificates, which don’t offer higher rates to match them. Dividends are compounded monthly, and if you open a certificate with an initial minimum of $100,000, you can earn 0.10 more on the dividend rate. If you open one with an initial minimum of $250,000, you may add 0.20 to the dividend rate.

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Certificate Specials

These CDs give you the option to deposit half the funds as new money in order to earn a slightly higher rate.
TermAPYMinimum Balance Requirement to Earn APY
12 months2.15% or 2.10%$1,000
18 months2.30% or 2.70%$1,000
36 months2.40% or 3.00%$2,500
60 months2.60% or 3.40%$2,500
  • Minimum opening deposit: Varies; see table
  • Minimum balance amount to earn APY: Varies; see table
  • Early withdrawal penalty: For those with maturities of 17 months or less, it’s 90 days’ worth of dividends. For those with maturities of 18 months or more, it’s 180 days’ dividends.

These CDs require higher deposits to open than the regular CDs, with the option to earn an even higher rate if at least half of your deposit is new money. In either case, these CD rates are definitely more competitive than Knoxville TVA Employees Credit Union’s regular certificates. Dividends are compounded monthly on these certificates.

How to get Knoxville TVA Employees Credit Union’s CDs

As with most of Knoxville TVA Employees Credit Union’s personal banking products, eligible members can open these CDs in person or online after also opening a Regular Savings account with a minimum deposit of $5. To open a CD, you’ll need to provide your Social Security number and a government ID, such as a driver’s license.

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How Knoxville TVA Employees Credit Union’s CD rates compare

If you’re going to go with one of Knoxville TVA Employees Credit Union’s CDs, the ones on special are the way to go. The deposit requirements are higher than the regular products, but the competitive rates are a definite trade-off, and they are in line with those on our list of the best CD rates available.

Knoxville TVA Employees Credit Union’s money market account option

Member-Managed Funds account

This is Knoxville TVA Employees Credit Union’s only money market account, which offers four tier levels.
APYMinimum Balance to Earn APY
0.25%
$2,500
0.30%
$25,000
0.40%
$50,000
0.50%
$100,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

While this account doesn’t have a set amount required to open it, you will need to put away a decent amount to be able to earn interest. If you open this account as a checking account, you can get unlimited withdrawals with this account. If you open it as a savings account, this money market account is subject to Federal Reserve Regulation D, which means certain withdrawals and transfers are limited up to six per month.

How to get Knoxville TVA Employees Credit Union’s money market account

Eligible Knoxville TVA Employees Credit Union members can open this account at a branch location or online after also opening a Regular Savings account. You’ll need to be sure to be prepared with your Social Security number and a government ID.

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How Knoxville TVA Employees Credit Union’s money market account compares

While the rates offered on this account aren’t really anything to write home about, this account would be a better option than the bank’s Regular Checking account for the fact that you can earn interest on it at all, especially since there aren’t any fees associated with it. On the whole, though, this account’s rates can’t compete with those on our list of the best money market rates.

Knoxville TVA Employees Credit Union’s IRA account options

IRA Certificates

Knoxville TVA Employees Credit Union’s CDs are available to be opened within an IRA.
TermAPYMinimum Balance Requirement to Earn APY
6 months0.65%
$2,500
12 months1.20%
$2,500
18 months1.25%
$500
24 months1.60%
$500
30 months1.65%
$500
36 months1.70%
$500
42 months1.75%
$500
48 months1.80%
$500
60 months2.00%
$500
  • Minimum opening deposit: Varies; see table
  • Minimum balance amount to earn APY: Varies; see table
  • Early withdrawal penalty: For those with maturities of 17 months or less, it’s 90 days’ worth of dividends. For those with maturities of 18 months or more, it’s 180 days’ dividends.

These certificates are virtually the same as Knoxville TVA Employees Credit Union’s regular certificate accounts; the only differences are that these can be opened within an IRA, and IRA CD holders are able to earn 0.10 more on the rate. Dividends are compounded monthly on these IRA CDs.

How to get Knoxville TVA Employees Credit Union’s IRA CDs

Knoxville TVA Employees Credit Union members can open this account after opening a Regular Savings account with a minimum deposit of $5. However, unlike with the rest of the bank’s products, you’ll have to open the IRA in person at a branch.

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How Knoxville TVA Employees Credit Union’s IRA CD rates compare

Unfortunately, these IRA CD rates don’t compete with those on our list of the best IRA CD rates. Unlike with the regular certificates, the bank doesn’t offer IRA CD specials with higher rates. We say give these IRA CDs a hard pass and do your research to find one that will give you a better return on your investment.

IRA savings account

An IRA savings account offering four tier levels.
APYMinimum Balance Amount to Earn APY
0.30%
$5,000
0.35%
$25,000
0.45%
$50,000
0.50%
$100,000
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: Varies; see table
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is a typical IRA savings account, which allows you to earn a small amount of interest at four different tier levels. It doesn’t have any monthly fees or balance requirements, however. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six per month.

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Accumulation IRA

This IRA has a low opening deposit and balance requirement to earn the rate.
APYMinimum Balance Amount to Earn APY
0.30%
$25
  • Minimum opening deposit: $25
  • Minimum balance amount to earn APY: $25
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This IRA doesn’t differ much from the IRA Savings account, save for the fact that it has very low opening deposit and balance requirements to earn the rate, which happens to be the same as the lowest tier rate on the other account. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions up to six per month.

How to get Knoxville TVA Employees Credit Union’s IRA savings accounts

Knoxville TVA Employees Credit Union members can open this account after opening a Regular Savings account with a minimum deposit of $5. As with the IRA CDs, however, you’ll have to open the IRA in person at a branch.

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Overall review of Knoxville TVA Employees Credit Union’s banking products

Overall, most of Knoxville TVA Employees Credit Union’s personal banking products aren’t anything to write home about, especially when you take a close look at their mediocre rates and lack of perks. The CD specials are definitely impressive, but who knows how long those will actually remain available. If that’s the product you’re after, call the bank to find out more details before committing to opening any of its other products.

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

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Reviews

Apple Card Review

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

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

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

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

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

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

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

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

Where the Apple Card stands out

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

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

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

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

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

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

Additional Apple Card benefits

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

Where the Apple Card falls short

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

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

How it compares with the Uber Visa Card

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

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

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

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

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

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

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

The bottom line

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

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

Tracy Brackman
Tracy Brackman |

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

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Best of, Reviews

The Top 7 Second Chance Bank Accounts

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

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

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

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

Account Name

Monthly Fee

Minimum to open

Availability

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

Second chance account basics

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

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

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

The 7 best second chance bank accounts

1. Chime

Chime

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

Chime account features:

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

Fees to watch out for:

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

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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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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

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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

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on BBVA’s secure website

Member FDIC

6. Woodforest National Bank Second Chance Checking

Woodforest National Bank

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

Fees to watch out for:

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

LEARN MORE Secured

on Woodforest National Bank’s secure website

Member FDIC

7. First National Bank and Trust Company Renew Checking

First National Bank and Trust Company (WI)

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

Account Features:

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

Fees to watch out for:

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

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

LEARN MORE Secured

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

Member FDIC

Alternatives to a second chance bank account

Get a prepaid debit card

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

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

Open a secured credit card

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

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

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Erin Millard
Erin Millard |

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

James Ellis
James Ellis |

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