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NASA Federal 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.

NASA Federal Credit Union checking account options

Premier Checking account

A basic noninterest-bearing checking account.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $7, which can be waived if you maintain a combined balance of $2,500 in your NASA Federal Credit Union accounts
  • ATM fee: None at CO-OP network ATMs and none at out-of-network ATMs if you qualify for Platinum Rewards (meaning you maintain a balance of $50,000 or more). If you qualify for Gold Rewards (meaning you maintain a balance of $20,000 to $49,999) or Silver Rewards (meaning you maintain a balance of $2,500 to $19,999 and qualify through one of the program’s criteria), you get six free transactions at out-of-network ATMs per month. If you qualify for Bronze Rewards (meaning you maintain a balance of up to $2,499), you get three free transactions at out-of-network ATMs per month. After you reach those limits, or if you don’t qualify for any of these programs, the fee is $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $32

This checking account does not offer the ability to earn interest. The monthly maintenance fee isn’t a large one, but if you’re not able to meet that requirement to waive it, you could easily find other checking accounts that won’t charge a fee and without a catch. As noted above, there are various rewards programs that allow you to get a handful of (or even unlimited) ATM fee refunds. Please note that to qualify to Silver rewards, you must meet one of the following criteria:

  • You are a primary credit union members that is age 23 or under;
  • You are a primary credit union members age 62 or older;
  • You are a new member during the first 90 days of membership;
  • You are a household member of a credit union member who already qualifies for Silver Rewards

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Premier eChecking account

Another noninterest-bearing checking account with slightly more perks.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $8, which can be waived with a recurring direct deposit or if you use Active Bill Pay, which requires paying three bills per month with the credit union’s online bill pay service.
  • ATM fee: None at CO-OP network ATMs and none at out-of-network ATMs if you qualify for Platinum Rewards (meaning you maintain a balance of $50,000 or more). If you qualify for Gold Rewards (meaning you maintain a balance of $20,000 to $49,999) or Silver Rewards (meaning you maintain a balance of $2,500 to $19,999 and qualify through one of the criteria mentioned earlier), you get six free transactions at out-of-network ATMs per month. If you qualify for Bronze Rewards (meaning you maintain a balance of up to $2,499), you get three free transactions at out-of-network ATMs per month. After you reach those limits, or if you don’t qualify for any of these programs, the fee is $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $32

As with the Premier Checking account, this account also doesn’t earn any interest and also has a small monthly maintenance fee that can be waived. The main difference between the two accounts are the requirements to waive the monthly fee, and that this one has a couple of additional perks such as free online bill pay and one free box of checks per year.

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Premier Preferred Checking account

A checking account that allows you to earn a small amount of interest.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $9, which can be waived if you maintain an average daily balance of at least $2,500.
  • ATM fee: None at CO-OP network ATMs and none at out-of-network ATMs if you qualify for Platinum Rewards (meaning you maintain a balance of $50,000 or more). If you qualify for Gold Rewards (meaning you maintain a balance of $20,000 to $49,999) or Silver Rewards (meaning you maintain a balance of $2,500 to $19,999 or qualify through one of the program’s criteria), you get six free transactions at out-of-network ATMs per month. If you qualify for Bronze Rewards (meaning you maintain a balance of up to $2,499), you get three free transactions at out-of-network ATMs per month. After you reach those limits, or if you don’t qualify for any of these programs, the fee is $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $32

The biggest difference between this checking account and the others offered by NASA Federal Credit Union is that this one has the ability to earn interest, albeit at a very low rate.

Like the other accounts, it has a monthly fee that isn’t all that high, but if you aren’t able to meet the minimum balance requirement to waive it, you might be better off opening a checking account elsewhere that will offer you a higher rate without any monthly fees or hoops to jump through to waive them. This account also comes with a free box of checks every year.

How to get NASA Federal Credit Union’s checking accounts

You can open all of NASA Federal Credit Union’s Premier Checking and Premier eChecking accounts online after establishing membership by opening a Share Savings Account. You’ll need to be a U.S. citizen or permanent resident and have your Social Security number and a government-issued ID on hand to apply for membership and open an account.

For the Premier Preferred Checking account, interested individuals can put in a request to open the account online, after which a credit union representative will contact them to move forward with the process. Or, they can contact the credit union by phone or visit a local branch.

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How NASA Federal Credit Union’s checking accounts compare

As we mention in our list of the best online checking accounts out there, the greatest accounts are those that allow account holders to earn interest, have no monthly fees and offer ATM fee refunds. NASA Federal Credit Union’s checking accounts lose points on all these fronts, with the exception of the Premier Preferred Checking account, which earns a very small amount of interest.

These accounts do come with some perks, however, including early payroll access, cashback rewards on debit card purchases and one forgiven overdraft fee each year. But you may be better off researching checking accounts that offer higher interest rates.

NASA Federal Credit Union savings account options

Share Savings account

This account is required to establish membership with the credit union.
APYMinimum Balance to Earn APY
0.10%None
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None at CO-OP network ATMs and none at out-of-network ATMs if you qualify for Platinum Rewards (meaning you maintain a balance of $50,000 or more). If you qualify for Gold Rewards (meaning you maintain a balance of $20,000 to $49,999), or Silver Rewards (meaning you maintain a balance of $2,500 to $19,999 and meet one of its other qualifying factors), you get six free transactions at out-of-network ATMs per month. If you qualify for Bronze Rewards (meaning you maintain a balance of up to $2,499), you get three free transactions at out-of-network ATMs per month. After you reach those limits, or if you don’t qualify for any of these programs, the fee is $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $32

If you’re interested in opening any other products at NASA Federal Credit Union, you’re required to also open this account beforehand or at the same time. Luckily, it has a very small opening deposit requirement and no monthly maintenance fee, so having this account open on the side won’t hurt you or be a pain to manage.

As an added bonus, the account earns interest — albeit a very small amount. As with all savings accounts, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

How to get NASA Federal Credit Union’s Share Savings account

You can easily open this account online, by phone or in person at a branch. You’ll need to be a U.S. citizen or permanent resident to apply for membership, and provide a Social Security number and a government-issued ID to open an account.

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Holiday Club account

This account allows you to put funds away specifically for holiday savings.
APYMinimum Balance to Earn APY
0.10%None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

This account easily lets you sock away cash for holiday purchases and expenses, while earning a small amount of interest. In November, your funds will be moved to your checking or savings account (whichever you choose) so you can start getting ready for the holidays. Since this is a savings account, it’s subject to Federal Regulation D, which limits you to making six certain withdrawals/transfers per month.

How to get NASA Federal Credit Union’s Holiday Club Savings account

You can open this account online at the same time that you open your Share Savings Account. You can also open this account by phone or in person by visiting a branch. In addition to being a U.S. citizen or permanent resident, you’ll need your Social Security number and a government-issued ID to apply for membership and open an account.

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Sub-Savings accounts

A savings account that allows you to put away funds for a specific purpose, like a vacation or new car.
APYMinimum Balance to Earn APY
0.10%None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None at CO-OP network ATMs. This account is not accessible through out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $32

Once you’ve become a member and opened a Share Savings account with a minimum deposit of $5, you can open one or more savings accounts and label them as you’d like. They will then appear right under your main savings account in eBranch, the credit union’s online banking portal, and you can set it up to make automatic transfers from your main savings account.

The only requirement for this account is that you maintain a minimum balance of $5 in your Share Savings account, which also serves as your membership dues. Like other savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain transactions and withdrawals to six per month.

How to get NASA Federal Credit Union’s Sub Savings account

Existing NASA Federal Credit Union members can open this account through eBranch — the credit union’s online banking platform — over the phone, or in person at a local branch.

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Education Savings account

A savings account that allows you to put away funds specifically for a child, grandchild or other family member’s education.
APYMinimum Balance to Earn APY
0.15%None
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

As the name suggests, this account allows you to save funds for family members’ future educational expenses. You can deposit up to $2,000 per year for each child under age 18, who can use the funds for educational purposes until age 30. These funds are eligible for tax breaks, though the credit union recommends consulting a tax adviser for further information.

Like other savings accounts, this account is subject to Federal Reserve Regulation D, meaning you’re limited to six certain withdrawals or transactions per month.

How to get NASA Federal Credit Union’s Education Savings account

Once you’re an established member of NASA Federal Credit Union, you can open the account online, over the phone or in person at a local branch.

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How NASA Federal Credit Union’s savings accounts compare

NASA Federal Credit Union’s savings accounts have their lack of monthly fees and balance requirements going for them, but the rates really can’t compare to some of the best savings accounts options on our list.

While you need to open its basic Share Savings account to be able to open any other product at the credit union, we wouldn’t recommend establishing membership for this product alone.

NASA Federal Credit Union CD rates

Share Certificates

Standard CDs with mostly mediocre rates.
TermAPYMinimum balance requirement
6 months1.45%$1,000
12 months1.50%$1,000
15 months0%
$5,000
24 months1.55%$1,000
36 months1.60%$1,000
48 months1.65%$1,000
49 months0%$5,000
60 months1.70%$1,000
  • Minimum opening deposit: Varies
  • Minimum balance amount to earn APY: Varies
  • Early withdrawal penalty: 182 days’ worth of dividends for those with terms up to 24 months and 365 days’ worth of dividends for certificate accounts with terms greater than 24 months

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Early Savers certificates

A CD to save for your child’s educational expenses.
TermAPYMinimum balance requirement
12 months1.50%$50
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: 180 days’ worth of dividends on the amount withdrawn

This certificate is intended to be saved for your child’s educational future if he or she is 23 years old or younger. (After he or she turns 24, it will roll into a standard 12 month certificate term.) It can be opened with as little as $50, and additional contributions can be made throughout its 12 month term.

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Add-On certificates

A CD with a low opening deposit that allows you to make additional deposits during its term.
TermAPYMinimum balance requirement
12 months1.40%$250
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: 180 days’ worth of dividends on the amount withdrawn

This CD is a great option for those who are looking for a way to build their savings but don’t have a lot to deposit right away. The biggest advantage of this 12 month CD is that you can make additional deposits of up to $2,500 per month throughout its short term.

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Premier Bump-Rate certificates

Share certificates that allow you to increase your rate one time during your term.
TermAPYMinimum balance requirement
24 months0%$1,000
36 months1.50%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 182 days’ worth of dividends for those with terms up to 24 months and 365 days’ worth of dividends for certificate accounts with terms greater than 24 months

NASA Federal Credit Union’s Bump-Rate certificates are a good option for those who are hesitant to put funds away in a long-term account, as these offer the flexibility of increasing to a better rate if you see rates go up at some point.

How to get NASA Federal Credit Union’s certificates

Individuals interested in opening one of NASA Federal Credit Union’s certificates can do so easily online as long as they commit to also opening the Share Savings account required to establish membership.

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How NASA Federal Credit Union’s certificate rates compare

NASA Federal Credit Union offers a wide range of share certificates, from six months to five years. While some of them have significant advantages like low opening deposit requirements and the ability to make several additional deposits during their short terms, most of their rates really don’t compare with the best CD offerings out there — in fact, many of them fall below the national average. We recommend doing your research and going for a certificate that offers a rate that will really give you the most bang for your buck.>

NASA Federal Credit Union money market account options

Premier Money Market account

This account allows you to earn a higher rate than a basic savings account, with no monthly fees to boot.
APYMinimum Balance to Earn APY
0.80% $10,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

This account’s rate, while low compared with others out there, is higher than the national average. Its minimum balance requirement is comparable to the competition, and the lack of a monthly maintenance fee is a definite plus. Like other savings accounts, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

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Premier Advantage Money Market account

This tiered account has higher balance requirements but not much higher rates than the credit union’s other money market accounts.
APYMinimum Balance to Earn APY
0.70%$0-$49,999.99
0.90%$50,000-$99,999.99
1.00%$100,000+
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: Varies
  • Monthly account maintenance fee: $10 if balance falls below $25,000 in a given month
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

While this money market account has a higher opening deposit requirement than the Premier Money Market account, it allows you to earn a higher rate at different tiers (though these rates are still lower than the competition).

It does have a monthly maintenance fee that can easily be avoided so long as you don’t let your balance dip below the minimum deposit amount. Like other savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

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Premier Plus Money Money Market account

This account has a much bigger minimum deposit requirement to open than the credit union’s other money market accounts, but not a much higher rate.
APYMinimum Balance to Earn APY
0.90% $40,000
  • Minimum opening deposit: $40,000
  • Minimum balance to earn APY: $40,000
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

While it has the lack of a monthly fee going for it, this account still offers a subpar rate compared to the competition, and in order to get it, you must meet its minimum balance requirement, which is a bit steep compared with other accounts. Since it’s a savings account, it’s also subject to Federal Reserve Regulation D, which limits certain withdrawals/transfers to six per month.

How to get NASA Federal Credit Union’s money market accounts

Existing NASA Federal Credit Union members have the ability to open a money market account through eBranch, the credit union’s online banking platform. They can also do so over the phone or in person at a local branch.

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How NASA Federal Credit Union’s money market accounts compare

As we mentioned above, all of NASA Federal Credit Union’s accounts fall short when it comes to their rates. You can earn much higher rates on the money market accounts on our list, many of which have significantly lower opening deposit and minimum balance requirements. You can’t even open these accounts without being an existing member, so we wouldn’t recommend seeking out NASA Federal Credit Union specifically for these accounts.

NASA Federal Credit Union IRA options

IRA certificates with the same rates as the regular certificate options.

TermAPYMinimum balance requirement
6 months1.44%$1,000
12 months1.49%
$1,000
15 months0%
$5,000
24 months1.54%
$1,000
36 months1.59%$1,000
48 months1.64%$1,000
49 months0%$5,000
60 months1.69%$1,000
  • Minimum opening deposit: Varies
  • Minimum balance amount to earn APY: Varies
  • Early withdrawal penalty: 182 days’ worth of dividends for those with terms up to 24 months and 365 days’ worth of dividends for certificate accounts with terms greater than 24 months

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Early Savers certificates

A CD for your child’s educational expenses.
TermAPYMinimum Balance Requirement
12 months1.49%$50
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: 180 days’ worth of dividends on the amount withdrawn

As with the regular share certificate, this meant to be put toward your child’s educational future if he or she is 23 years old or under. (After he or she turns 24, it will roll into a standard 12 month certificate term.) With as little as $50 deposited at opening, additional contributions can be made throughout the certificate’s 12 month term.

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Add-On certificates

A CD with a low opening deposit that allows you to make additional deposits during its term.
TermAPYMinimum balance requirement
12 month1.39%$250
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: 180 days’ worth of dividends on the amount withdrawn

As with the regular certificate, this IRA share certificate option could be beneficial for individuals wanting to grow their savings but don’t have a lot to deposit right away. This 12 month CD allows you to make additional deposits of up to $2,500 per month throughout its short term. At the end of its term, this certificate will roll over into a regular 12 month certificate.

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Premier Bump-Rate certificates

IRA certificates that allow you to increase your rate one time.
TermAPYMinimum balance requirement
24 months1.44%$1,000
36 months1.49%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 182 days’ worth of dividends for those with terms up to 24 months and 365 days’ worth of dividends for certificate accounts with terms greater than 24 months

NASA Federal Credit Union’s IRA Bump-Rate certificates are a good option for those who want to save for retirement but are hesitant to put funds away in a long-term account. These certificates offer members the chance to a higher rate if they see rates go up at some point during their term. Once your term ends, your funds will roll over into a regular IRA share certificate of the same term length.

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How NASA Federal Credit Union’s IRA CD rates compare

NASA Federal Credit Union’s IRA share certificates are all virtually the same as its regular share certificates; the only difference is that these are designated as retirement savings and must be opened within the credit union’s online IRA Service Center. Unfortunately, the similarities line up right down to the rates, which really don’t compare to the best IRA CD rates out there, despite their flexible terms and deposit requirements. We say look elsewhere if you really want to see your retirement savings grow.

IRA savings account

You can open this account either as a traditional or Roth IRA.
APYMinimum Balance to Earn APY
0.15% None
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

NASA Federal Credit Union’s IRAs, which can be opened either in Roth or traditional versions, are pretty standard as far as these accounts go. Although the interest rate is pretty low, the low opening deposit requirement is a plus for those seeking flexibility on this front. Like all savings accounts, these are subject to Federal Reserve Regulation D, which limits certain withdrawals/transfers to six per month.

How to get NASA Federal Credit Union’s IRAs and IRA certificates

Existing NASA Federal Credit Union members can open its IRAs and IRA certificates through the online IRA Service Center within the eBranch online banking platform. They can also do so over the phone or in person at a local branch.

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Overall review of NASA Federal Credit Union’s banking products

We hate to say it, but most of NASA Federal Credit Union’s products fall short when it comes to their rates, which is often one of the most important things customers prioritize when growing savings funds. The flexibility that comes with many of its share certificates is a definite plus, but overall, shop around to ensure that you’re getting the most worthwhile account to build your funds.

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
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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.

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.

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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