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New York Community Bank Reviews: Checking, Savings, CD, and Money Market 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.

New York Community Bank checking account options

My Community Free Checking account

A free, online checking account which doesn’t earn any interest. You can open one up with just a $1 deposit.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fees: Free at NYCB ATM; $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

It only takes a deposit of $1 to open a My Community Free Checking account. In addition, this account also does not have a minimum balance requirement and will not charge a monthly fee. However, this checking account won’t earn interest.

The My Community Free Checking account is an online-only account. You must accept electronic delivery of your statements to keep this account open.

This account comes with a debit card. You can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network domestic ATMs ($3.00 for foreign ATMs). They also will not refund any fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a My Community Free Checking account at a bank branch; New York Community Bank does not allow you to apply for this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community Basic Checking account

A standard checking account that offers paper statements. It doesn’t earn interest and there is no way to avoid the $2 monthly fee.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $2
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

The Basic Checking account only requires an initial deposit of $1 to open. And while this account does not have a minimum balance requirement, it does charge a $2 monthly fee; there is no way to avoid the fee.

The main difference between this account and the My Community Free Checking account is that you can receive paper statements, rather than handling everything online. This account does not earn interest, but provides basic checking services like a debit card and the ability to write checks.

You can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network ATMs ($3.00 for foreign ATMs). They also will not refund any fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a Basic Checking account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community Interest Checking account

Although NYCB calls this an interest checking account, but you’ll have to call the bank for the current rate.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $6 (can be waived)
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

The NYCB My Community Interest Checking account requires an opening deposit of at least $100. This account earns interest provided you keep a daily balance of at least $100.

You will be charged a $6 monthly maintenance fee unless you keep a daily balance of at least $500.

You can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network ATMs ($3.00 for foreign ATMs). They also will not refund any fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a My Community Interest Checking account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community 50+ Checking account

A checking account for customers who are 50 and older. This account earns  interest, but has a large balance requirement.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5/waived with daily balance of $1000.
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

You can only open a My Community 50+ Checking account if you are 50 and older. This account requires an opening deposit of at least $100. This account will also charge a $5 monthly fee unless you keep a daily balance of at least $1,000.

My Community 50+ Checking earns interest, but you’ll need to have a daily balance of at least $1,000 in the account. You’ll have to call the bank for the rate of this account.

You can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network ATMs. They also will not refund any fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a My Community 50+ Checking account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community Military Checking account

A checking account only available to military service members and veterans. It comes with a few free bank perks but doesn’t earn interest.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fees: Free at NYCB ATMs. Six free out-of-network ATM transactions per statement cycle — then $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

New York Community Bank offers a checking account exclusively for military service members and veterans. While this account does not earn interest, it does offer a few extra benefits not available on the other checking accounts.

This account comes with a free safety deposit box, free wire transfers, free money orders, and a box of free checks per year. When you have this account, you are eligible for an additional 0.10% rate bonus for eligible CDs. Finally, you can make up to six out-of-network ATM withdrawals and NYCB will not charge a fee. However, they will not refund the fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a Military Checking account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community Student Checking account

A free checking account for college students. It only offers the basics and doesn’t earn interest.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fees: Free at NYCB ATMs
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

To open the NYCD Student Checking account, you must be a college student. This account requires an opening deposit of just $1, and there is no minimum balance requirement or monthly fee.

This account does not earn interest, but it does provide online banking and a debit card. With this account, you can receive both paper and online statements for free.

You can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network ATMs. They also will not refund any fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a My Community Student Checking account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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How New York Community Bank’s checking accounts compare

You have all kinds of checking accounts to choose from at New York Community Bank. They offer a range of options that target different markets, including military servicemembers and students. But despite that variety, all these checking accounts share similar problems.

Most of the accounts don’t earn anything, and the ones that do pay interest require you to call the bank to learn the current rate. It’s also a shame that none of the accounts refund out-of-network ATM fees. In fact, NYCB charges a fee for out-of-network ATM use on every account but Military Checking. If you don’t live close to a NYCM ATM, those fees could add up quickly.

A quality checking account would not have these downsides. We recommend reviewing the top online checking accounts instead — they earn high interest rates and provide ATM fee refunds, so you can access your account without wasting money.

New York Community Bank saving account options

My Community Savings account

This savings account has a $500 balance requirement and earns interest.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5/waived with daily balance of $500.
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36. They will not charge a fee if the account is overdrawn by $10 or less.

You must deposit at least $100 to open the My Community Savings account. However, this account charges a $5 monthly fee unless you keep a minimum balance of at least $500.

The My Community Savings account earns interest so long as you have a balance of at least $200. Similar to the checking accounts, you’ll have to call the bank for the current rate.

With the account debit card, you can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network ATMs. They also will not refund any fees from the ATM owner.

Since this is a savings account, it limits how often you can take money out due to a government rule, Regulation D. While you can make unlimited ATM and bank withdrawals, you are allowed up to six of the following each statement cycle: debit purchases, checks, account transfers, and bill payments. If you make more than six, New York Community Bank will charge a $20 fee on each transaction over the limit.

You can only open a My Community Savings account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community Super Savings account

This account earns interest but be warned: It also comes with a costly monthly maintenance fee.
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $10/waived with daily balance of $500.
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $36. They will not charge a fee if the account is overdrawn by $10 or less.

The My Community Super Savings account requires a larger opening deposit than the regular Savings account. You must deposit at least $500 to open this account. If you don’t keep a daily balance of at least $500, this account charges a costly $10 monthly fee.

The Super Savings account earns interest, so long as you have a daily balance of at least $100. The interest rate increases for larger balances, but you’ll have to call the bank for the current rates.

With the account debit card, you can make free withdrawals from New York Community Bank ATMs, but they will charge a $2.50 fee for transactions at out-of-network ATMs. They also will not refund any fees from the ATM owner.

Since this is a savings account, it limits how often you can take money out due to a government rule, Regulation D. While you can make unlimited ATM and bank withdrawals, you are allowed to make up to six of the following each statement cycle: debit purchases, checks, account transfers, and bill payments. If you make more than six, New York Community Bank will charge a $20 fee on each transaction over the limit.

You can only open a My Community Super Savings account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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How New York Community Bank’s savings accounts compare

In our opinion, the New York Community Bank savings accounts offer less than we hoped. Both will charge a monthly fee if your balance falls below $500, which could wipe out any of your interest earnings.

If we had to pick one, Super Savings is a little better. However, you have to be careful to never let your balance drop below $500 or else you’ll get whacked with a $10 monthly fee.

Consider one of these online savings accounts instead. Not only will you earn a competitive rate, you’ll also be able to avoid the costly monthly fees charged by New York Community Bank.

New York Community Bank CD rates

Spectacular rates for short-term CDs. One of your best options for CDs that last up to two years.
TermAPY
7 months2.15%
12 months2.00%
14 months2.00%
18 months2.70%
24 months2.30%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: New York Community Bank calculates the penalty at the time of your withdrawal. You will owe more for larger withdrawals and for withdrawals from longer term CDs. The exact penalty depends on the bank’s calculation.

New York Community Bank offers CD which range from seven months up to two years. The rates for all their CD terms are excellent. You must deposit at least $500 to set up a CD and keep at least this much in the account to earn the APY.

If you take money out before the CD maturity date, New York Community Bank will charge a penalty. When you request to take out money, the bank will calculate your penalty based on your CD term and the amount you’re taking out. The more you take out, the larger the penalty; in addition, they charge more when you take money out of longer term CDs.

You can open the New York Community Bank CDs online or by visiting a bank branch. You will need to provide your name, address, Social Security number, and a form of government ID to open the account. You will also need to provide your opening deposit along with the application.

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How New York Community Bank’s CD rates compare

If you are looking for a short-term CD that lasts two years or less, New York Community Bank should be on your list of contenders. They currently do not offer anything lasting more than two years, which is why they aren’t an ideal match for long-term savers. But for a short-term savings goal, these CDs are an excellent choice.

New York Community Bank also makes it easy to sign up for their CDs. They only require a $500 deposit, which is lower than many other banks, and you can apply online.

To see how these CDs match up against the competition and why they are so good, check out our list of the other best CDs on the market today.

New York Community Bank money market account options

Gold Money Market Checking account

This money market account earns interest on all tiers, but you’ll have to call the bank for current rates.
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $15/waived with daily balance of $2500.
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

The Gold Money Market Checking account is not meant for small balances; you must deposit at least $2,500 to open an account. After that, you must keep a daily balance of at least $2,500 or else this account charges a $15 monthly fee.

The Gold Money Market Checking account earns interest so long as your daily balance is above $2,500.

Since this is a money market account, it limits how often you can take money out due to a government rule, Regulation D. While you can make unlimited ATM and bank withdrawals, you are allowed to make up to six of the following each statement cycle: debit purchases, checks, account transfers, and bill payments. If you make more than six, New York Community Bank will charge a $20 fee on each transaction over the limit.

You can only open a Gold Money Market Checking account at a bank branch; New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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How New York Community Bank’s money market accounts compare

The New York Community Bank money market account is not an attractive option due to its monthly fee requirements. The account has a high $2,500 minimum balance requirement or else it charges a $15 monthly fee.

If you want a money market account, check out these money market options instead. They pay competitive interest rates and you can open some of them up for a much smaller deposit.

Overall review of New York Community Bank’s deposit accounts

When it comes to the New York Community Bank deposit accounts, you’ve got two levels of quality: the CDs and everything else. The NYCB CD rates are competitive with the best options on the market and you can open an account for a low deposit of just $500.

However, the rest of the New York Community Bank deposit accounts are weaker. They offer interest, but have high balance requirements and fees, and do not provide other common bank benefits like ATM refunds.

As a result, the CDs are the only real competitive option and New York Community Bank seems to realize this. The CDs are the only personal deposit account that you can open online. NYCB hasn’t set up online applications for their other accounts, perhaps because of a lack of interest.

If you go with New York Community Bank, stick with the CDs and open other accounts elsewhere.

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

David Rodeck
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David Rodeck is a writer at MagnifyMoney. You can email David here

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Review of Green Dot Unlimited Cash Back Bank Account

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

Get rewarded for your spending with the Green Dot Unlimited Cash Back Bank Account. The account earns unlimited 3% cash back earned from online or in-app purchases, but unlike most cashback programs, this one prevents you from enjoying your earned rewards immediately. The catch: You can only access and redeem your cashback rewards if your account is in good standing a year after registration. In addition, there is a $7.95 monthly fee, although it’s simple to get around the fee.

While you wait for your account registration anniversary, you can use this account’s other features to your advantage. For one, Green Dot Bank can get you your paycheck up to two days in advance through direct deposit. You can also use the 3%* APY Green Dot Bank High-Yield Savings Account to stash and grow your money.

Green Dot doesn’t have any branch locations of its own, so it relies heavily on its app and participating stores to offer its services to customers. This makes it slightly tricky for users who need quick and easy ATM access.

Read on to learn more about the FDIC-insured Green Dot Unlimited Cash Back Bank Account and its rewards requirements, fees and fine print.

How does the Green Dot Unlimited Cash Back Bank Account work?

 

The Green Dot Unlimited Cash Back Bank Account’s biggest draw is the unlimited 3% cash back earned from online or in-app purchases. There’s no limit to how much cash back you can earn, so long as you’re using your card for online and in-app purchases (there’s more on how Green Dot identifies those purchases in a section below)

Getting access to your cash back is a little trickier, however. While you’ll see the cash back earned on each purchase reflected almost immediately, you’ll have to wait for each anniversary of your account registration to redeem the funds. On each anniversary date, you can transfer your cash back rewards into your Unlimited Cash Back Bank Account. Your registration date is the date you actually register your card no matter where you got it, either at a store or online.

On your registration anniversary, your account must be in good standing. This means it must have a positive balance and cannot be blocked or flagged for any reason. If you have a negative balance, you must bring it to a positive balance before you can redeem your rewards.

Depositing cash into your Unlimited Cash Back Bank Account is also a little unorthodox, as Green Dot doesn’t have any of its own branches or ATMs. To deposit cash, you need to visit a Green Dot participating retailer, including CVS pharmacies and Walmart stores. Cash deposits are free when you initiate the deposit on the Green Dot app and complete them at a retail store. You can also initiate a cash deposit by swiping your Green Dot debit card at a participating retailer, who may charge a cash deposit fee of their own.

As for withdrawals, you can locate free ATMs through the bank’s app. Otherwise, you’ll face an out-of-network ATM fee, in addition to a potential ATM owner surcharge.

Unlimited Cash Back Bank Account features

  • Earns unlimited 3% cash back on eligible online or in-app purchases
  • Get your paycheck up to two days earlier with ASAP Direct Deposit™
  • Links to 3%* APY Green Dot Bank High-Yield Savings Account
  • No overdraft fees

Along with its competitive cash back rate, another big perk of banking with Green Dot Bank is that you can get your direct deposit paychecks up to two days in advance. Typically, employers deposit paychecks into employees’ banks two days before actual payday. So instead of letting your paycheck sit in the Automated Clearing House (ACH) limbo, where payments like these are processed, Green Dot deposits your paycheck on the same day the bank receives it. Exact timing and availability of your direct deposit will depend on when your employer submits your payment information and deposit verification.

Also included with the Green Dot app is the Green Dot Bank High-Yield Savings Account. There is no fee, and the account earns 3%* APY on balances up to $10,000. Once you’ve redeemed your cash back rewards and deposited them into your Unlimited Cash Back Bank Account, you can then transfer those funds into your High-Yield Savings Account for better savings.

As you’ll read below, the Unlimited Cash Back Bank Account is rife with fees, depending on how you use your account and manage your money. But a certain perk of the account is its lack of overdraft fees. So when you make a purchase that your balance cannot cover, Green Dot will decline the transaction, but they won’t charge a fee like most other banks do.

Unlimited Cash Back Bank Account fees and fine print

Unlimited Cash Back fees
Unlimited Bank Account purchase — online $0
Unlimited Bank Account purchase — in store$1.95 or less
Monthly fee$7.95, waived when you spend $1,000 or more in the previous monthly period
Deposit cash with Green Dot app & participating locations$0
Direct deposit$0
Out-of-network ATM withdrawal$3 per transaction
Teller cash withdrawal$3 per transaction
Out-of-network ATM balance inquiry$0.50
Foreign transactions3% of total transaction amount
Paper checks (pack of 12 checks)$5.95

There are quite a few fees to keep an eye out for when you have a Green Dot Unlimited Cash Back Bank Account. For starters, note that there is a fee when you open the account in a store. You can easily avoid this fee by opening the account online instead.

The account charges a $7.95 monthly fee. This can be waived when you spend at least $1,000 in the previous monthly period. This excludes transactions like ACH payments or prepaid card purchases. This may be easier if you do much of your shopping online, since you’re more likely to reach the minimum balance. If you’re betting the cash back you earn will offset this monthly fee, you’d have to spend $3,180 in a year to earn enough to pay off a year’s worth of the monthly fee. Plus, you’d have to wait for each anniversary to take advantage of that cash back bonus.

It also helps to keep your account activity online. You can initiate the deposit through the Green Dot app then depositing cash at a participating retailer at no charge. However, if you want to deposit cash without the app by swiping the debit card at a participating retailer, then the retailer may charge a service fee for cash deposits. Note that direct deposits are free.

As for the fine print, there is some room for error when it comes to determining which purchases are eligible for the 3% cashback. Green Dot identifies online and in-app purchases through unique merchant category codes (MCC) and “other identifying information,” according to the Green Dot website.

However, Green Dot acknowledges that sometimes online or in-app merchants use an MCC that does not properly identify themselves as online or in-app. On Green Dot’s part, the bank states that it “does not determine which MCC a merchant chooses to classify itself as and has no way of changing a merchant’s identifying information.” So if merchant misidentification is the case, your purchase won’t register as online or in-app and won’t earn 3% cash back.

Cash back also does not apply to airline tickets or to products and services that are redeemable for cash, such as gift cards, online funding of accounts, credit card cash advances, P2P funding, prepaid cards, money orders and traveler’s checks.

Opening an Unlimited Cash Back Bank Account

You can open an Unlimited Cash Back Bank Account either online or in-store at Green Dot participating retailers. When you open an account online, you’ll need to provide your full name, address, email address, phone number, Social Security number and date of birth. If you open an account in store, you’ll need to register your new debit card online or through the Green Dot app. There, you’ll need to provide your personal information.

Who is the Green Dot Unlimited Cash Back Bank Account best for?

The Green Dot Unlimited Cash Back Bank Account seems to be a better option for those who aren’t chasing a quick reward. Green Dot requires you to wait a year after account registration to redeem your cash back rewards, which may not be much of a reward for some. It’s more of an added perk than a real primetime feature since you have to wait so long.

The Unlimited Cash Back Bank Account may also be better for those who are tech savvy enough to manage their accounts largely online and in the app. Accounts are more easily opened and registered online and even cash deposits work best when done through the app.

That said, this account could be a potential hassle who want the ease and speed of ATM access. Green Dot requires you to visit a participating store to deposit cash, whether you use the app or not. For many, navigating a physical store just isn’t as convenient. When it comes to withdrawals, it may be difficult to find a free ATM nearby in order to avoid the out-of-network ATM fee.

In all, the Green Dot Unlimited Cash Back Bank Account seems to hold a lot of promise. But there’s a few hoops to jump through to earn rewards and use the account efficiently that detract from the eye-catching 3% cash back.

*Rate accurate as of August 21, 2019

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

Lauren Perez
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Lauren Perez is a writer at MagnifyMoney. You can email Lauren here

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Fitness Bank Savings Review

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

Fitness Bank’s savings account option

Fitness Savings Account

This unconventional savings product offers customers the chance to earn an outstanding APY when they are physically active. The daily average number of steps you took in the previous month determines the APY you earn on your account balance. The table below outlines the five earning tiers that this bank currently offers:
APY Tiers*Minimum Balance to Earn APYSteps Required
0.50%$1000-4,999
1.25%$1005,000-7,499
1.75%$1007,500-9,999
2.50%$10010,000-12,499
3.00%$10012,500+

If you are a US citizen age 65 or older, you qualify for a different rate schedule:

APY Tiers*Minimum Balance to Earn APYSteps Required
1.25%$1000-4,999
1.75%$1005,000-7,499
2.50%$1007,500-9,999
3.00%$10010,000+
  • Minimum opening deposit: $100
  • Minimum daily balance to earn APY: $100
  • Monthly account maintenance fee: $10, waived by maintaining the minimum daily balance.
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $40

These rates truly are outstanding if you live an active lifestyle. The first month, everyone gets highest APY regardless of number of steps they take. After that, your APY will be assigned based on your daily average number of steps over the course of the prior month. Needless to say, if you don’t live a very active lifestyle, or if you have a health condition that would prevent you from meeting the step requirements, this may not be the best account for you.

This bank charges a $10 monthly maintenance fee if you don’t maintain a minimum average daily balance of $100. If you’re not confident you can maintain this minimum, you may want to look at a checking account rather than a savings account — keep in mind, however, that Fitness Bank only offers a savings account. If you meet the minimum balance requirement, the monthly maintenance fee will be waived.

This savings account does not come with an ATM card or checks. You are limited to six certain withdrawals and/or transactions per month, per Regulation D, which is enforced by the federal government, although banks do have some flexibility in allowing more than six per month in certain cases. At Fitness Bank, if you make more than six withdrawals per month you will be charged a $10 fee for each additional withdrawal.

If you want to go above and beyond achieving the highest APY available from this account, you can join one of Fitness Bank’s challenges. Every month, there is a step challenge where you can compete with all other participating Fitness Bank members to get the highest number of average daily steps. Top competitors will be awarded with prizes at the end of the month. You can also set up challenges just for your family or friend group, or for a group of employees participating in a workplace challenge.

How to get Fitness Bank’s savings account

Opening a savings account at Fitness Bank is a straightforward process. The bank boasts account setup will take you less than two minutes.

You’ll fill out a quick online application, supplying basic information like your name, address and Social Security number, along with documentation of your driver’s license or passport. Then you’ll need to provide funding information, namely your bank account number, credit card or debit card.

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How Fitness Bank’s savings account compares

This bank offers phenomenal rates. At the time of writing, they offer the highest savings account rate in the market — if you can rack up the steps needed to earn it. In addition, you will have to be comfortable doing your banking 100% online with this savings account. You will not receive a checkbook or ATM card – all of your withdrawals and deposits will be completed via electronic transfer. If you’d prefer ATM access or the ability to visit a physical branch, Fitness Bank is not the right match for you.

The minimum deposit required to open and maintain an account without incurring a monthly maintenance fee isn’t outrageous. But you can find savings accounts offering somewhat competitive rates without these requirements. And to repeat, you’ll have to meet the step requirements; if that challenge goes unfulfilled, the advantages of saving with Fitness Bank wane. Its rates get progressively less competitive the fewer steps you take.

Overall review of Fitness Bank’s banking products

This bank offers a unique financial product aimed at promoting wellness. Its minimum balance and deposit requirements are fairly average for the industry, as are its fees. While its offerings are fair and get more generous as you take more steps, you will likely find better rates elsewhere if you cannot realistically meet these specific fitness standards. If you can, though, you’re in for some of the best rates on the market.

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Brynne Conroy
Brynne Conroy |

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