Advertiser Disclosure

Reviews

OnPoint Community 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.

OnPoint Community Credit Union’s checking account options

Basic Checking

Basic Checking is a free account with no minimum balance requirement, but online bill pay costs extra.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

If you just want a basic checking account, this one is free and comes with a Visa debit card. The account does not pay any interest.

There is an extensive free ATM network, though OnPoint Community Credit Union will charge you a small fee for using any out-of-network ATMs. If you also incur a surcharge from that ATM’s owner, the credit union does not refund any of those fees.

You will not have free access to online bill pay with this account. There is a monthly charge for that service, which kicks in after an initial three-month free trial. Overdraft fees are high as well.

How to get Basic Checking

To get Basic Checking, you must first be a member of OnPoint Community Credit Union. If you are eligible for membership, you can select the Basic Checking option when you fill out the online membership application. You’ll need to provide your name and address, Social Security number and your driver’s license or other identification. You can fund the account with a credit or debit card, or a checking account.

There is a one-time credit union membership fee of $10. To join the credit union, you’ll need to open a Regular Savings account with at least $5.

If you are already a member of OnPoint Community Credit Union and want to add a Basic Checking account, you can do so by logging into online banking and selecting “Services,” then “Add Accounts.”

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

Interest Checking

This checking account doesn’t pay much interest and charges a monthly fee if your balance dips below the minimum.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.05%
$1,000
0.05%
$5,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7; waived with $500 average balance
  • ATM fee: $0
  • ATM fee refund: No refunds
  • Overdraft fee: $30

The tiny amount of interest you might earn is barely worth the effort of this Interest Checking account. Despite advertised “tiered rates,” the APY is actually the same for any balance — and really doesn’t amount to much. You do get a free first order of checks with this account.

Another concern: You’ll need to take care to maintain a high enough average balance to avoid triggering a monthly fee. The credit union’s website lists a “$0” monthly fee for Interest Checking on its checking account product page, but if you read all the way down to the footnotes, it states there actually is a fee if you dip below the minimum monthly average balance. Overdraft fees are steep, too.

Perhaps the best feature of this checking account is the Visa debit card with free access to a 60,000-plus ATM network, with no fee from the credit union for using out-of-network ATMs. However, that doesn’t mean you can get cash from any ATM for free; the credit union does not refund any fees that the ATM owner might charge.

How to get Interest Checking

To open an Interest Checking account, you must first become a member of OnPoint Community Credit Union. You can join and open the account online. You’ll need to provide information like your name, address, Social Security number and driver’s license or other identification. You’ll also need a credit or debit card or bank account, with which to fund the new account.

If you prefer, you can also print out a membership application and send it in by mail with a $15 check to cover membership fee and the minimum opening balance.

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

eChecking

This eChecking account is all digital, with no paper checks — and all free.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

Designed for customers who want a purely digital account, this eChecking account doesn’t include any paper checks and has no minimum balance requirement. It does come with free online and mobile banking, including online bill pay.

The account pays no interest and charges no monthly maintenance fees. You get a Visa debit card and access to an extensive surcharge-free ATM network.

When you open an eChecking account, the credit union requires you to enroll in e-statements within 30 days, to avoid having the account converted to a Basic Checking account (which has additional fees).

How to get eChecking

To open an eChecking account, you must first be a member of OnPoint Community Credit Union. If you are eligible for membership and want to apply, you can simply select the eChecking account option when you fill out the online membership application.

If you are already a member, you can log into online banking and select “Services” then “Add Accounts,” and choose the option to add an eChecking account.

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

Access Account

Access Account is a checking account that is free for members under 18 but charges a monthly fee for adults who need to reestabish a checking account with the credit union.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7; waived if under 18
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

This checking account is designed for teens or anyone who want to establish or reestablish a checking account. It does not pay any interest but comes with a Visa debit card and free access to a broad network of ATMs. There is a fee if you use out-of-network ATMs though, and OnPoint Community Credit Union does not refund surcharges from out-of-network ATMs.

There is no minimum balance requirement. For members under 18, this is a free account. For adult members, there is a monthly fee that cannot be waived.

How to get Access Account

To get Access Account, you must be first be member of OnPoint Community Credit Union. If you are eligible for membership, you can select the Access Checking option when you fill out the online membership application. You’ll need to provide your name and address, Social Security number and your driver’s license or other identification. You can fund the account with a credit or debit card, or a checking account.

If you are under 18, you must open your account at a branch office. Those under 18 will need to list a parent or legal guardian as a joint owner of the account.

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

magnifying glass

How OnPoint Community Credit Union’s checking accounts compare

OnPoint Community Credit Union offers four different checking accounts, but none that really compares with the best online checking accounts in the market. Basic Checking is a free account, but you’ll have to pay a monthly fee to use online bill pay. The eChecking option has no monthly fee and includes free online bill pay, but it doesn’t pay interest or refund you for any out-of-network ATM fees. And Interest Checking barely pays any interest while requiring a fairly high minimum balance. All the accounts charge high overdraft fees.

You can find much better checking account options elsewhere. Other institutions offer free online checking accounts that let you earn more significant interest on your money while providing truly free ATM access, even if you use ATMs outside their network. There are many good ones to choose from on this list of the best online checking accounts.

OnPoint Community Credit Union’s savings account options

Regular Savings

To join OnPoint Community Credit Union, you’ll need to open and fund a Regular Savings account.
APYMinimum Balance to Earn APY
0.05%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

The Regular Savings account establishes your status as a member of the credit union. The account pays a below-average interest rate, but it does come with an ATM card, online banking and customer service by phone.

In accordance with the federal Regulation D, you can make unlimited withdrawals/transfers in person at a branch or ATM, but are restricted to six automatic, online or preauthorized transfers per month without penalty imposed by the credit union. The credit union can refuse or reverse any excess transactions.

How to get Basic Savings

You’ll get a Basic Savings account as part of the process of signing up for membership to the credit union, in person or online. You’ll need to provide your name and address, Social Security number and your driver’s license or other identification. You can fund the account with a credit or debit card, or checking account.

There is a one-time membership fee of $10 and a minimum deposit of $5 to establish the savings account.

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

Bundle Reward Savings

Your APY on savings deposits goes up considerably when you sign up for multiple credit union services.
APYMinimum Balance to Earn APY
1.00%
$0.01
1.15%
$50,000
1.30%
$100,000
1.50%
$250,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

Members who have at least four financial products with the credit union — which can include a credit card, auto loan, mortgage or other services — qualify for this account, which earns them privileges including these better interest rates on savings. The interest rates are tiered and go up as your balance increases.

In accordance with the federal Regulation D, you can make unlimited withdrawals/transfers in person at a branch or ATM, but are restricted to six automatic, online or preauthorized transfers per month without penalty from the credit union. The credit union can refuse or reverse excess transactions.

How to get Bundle Reward Savings

Credit union members can upgrade their basic savings account to a Bundle Reward Savings through online banking, by visiting a branch or by calling customer service at 800-527-3932.

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

magnifying glass

How OnPoint Community Credit Union’s savings accounts compare

This credit union’s savings accounts are far from the best when it comes to earning interest on your money. Regular Savings is a very low-yielding account, though its main benefit seems to be to let you establish credit union membership.

The reward savings account pays significantly more in interest, but you won’t earn the top rate on Bundle Reward Savings without a six-figure balance. Even the top-tier rate isn’t that impressive, especially compared with the much higher rates paid by some of the best online savings accounts offered by other institutions.

OnPoint Community Credit Union’s CD rates

Certificates of Deposit

OnPoint Community Credit Union’s CD rates are definitely better than average, but they’re far from the highest available in the market.
TermAPYAmount
3 months
1.50%
$1,000
1.75%
$50,000+
6 months1.50%
$1,000
1.75%
$50,000
12 months1.50%
$1,000
1.75%
$50,000
18 months1.70%
$1,000
1.95%
$50,000
24 months1.90%
$1,000
2.15%
$50,000
36 months1.95%
$1,000
2.20%
$50,000
48 months1.95%
$1,000
2.20%
$50,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: Varies
  • Early withdrawal penalty: The penalty ranges from 90 to 270 days’ worth of interest depending on the term of the CD, as detailed below:
    • 3 to 14 month CDs: 90 days’ of interest
    • 15 to 24 month CDs: 180 days’ of interest
    • 25 to 60 month CDs: 270 days’ of interest

The credit union’s CDs pay interest rates that are well above national averages — about triple the average rates, in fact, for some of the short-term CDs. Members that have multiple credit union products (like credit cards, mortgages or car loans) are entitled to a higher Bundle Rewards APY, which works out to an additional quarter of a point in interest on all CDs.

You may add more money to some of the CDs during the term. If you have a CD with a term of 3, 6, 12, 18 or 24 months, you can make subsequent deposits, with a $100 minimum.

OnPoint Community Credit Union members under the age of 18 are exempt from the high opening deposit requirement. Kids can open CDs with a minimum deposit of just $100, and are allowed to make subsequent deposits of $100 minimum each.

How to get OnPoint Community Credit Union’s CDs

To open a CD, you must first be a member of OnPoint Community Credit Union. Members can open a CD through online banking. After logging in, select “Services,” then “Add Accounts” to establish a new CD.

You can also open a CD by visiting a branch or calling customer service at 800-527-3932.

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

Annual Withdrawal CD

Typical CDs require you to lock up your money for the entire term, but this one permits one penalty-free withdrawal per year.
TermAPYMinimum Amount to Earn APY
60 months2.30%
$1,000
2.55%
$50,000
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: Varies
  • Early withdrawal penalty: Penalty may be imposed if you make a withdrawal of any amount during the first year, or a withdrawal in excess of 20% of the original principal after the first year
    • The penalty is equal to 270 days’ worth of interest.

OnPoint Community Credit Union’s Annual Withdrawal CDs have a 5 year term and pay interest rates that are well above the national averages. Members with multiple credit union products are entitled to the higher Bundle Rewards APY, which pay an additional quarter of a point in interest.

This CD allows a bit of flexibility when it comes to accessing your money. After the first year, you are allowed to make one penalty-free withdrawal from the CD per year. You can withdraw up to 20% of the original amount of the CD.

How to get OnPoint Community Credit Union’s CDs

To open an Annual Withdrawal CD, you must first be a member of OnPoint Community Credit Union. Members can open a CD through online banking. After logging in, select “Services,” then “Add Accounts” to establish a new Annual Withdrawal CD.

You can also open the special CD by visiting a branch or calling customer service at 800-527-3932.

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

magnifying glass

How OnPoint Community Credit Union’s CD rates compare

The CD offerings are better than average, especially if you’re a member who already has, say, a mortgage and a car loan through OnPoint Community Credit Union and can qualify for the interest rate boost.

But even with the special relationship rate, these CDs are still far from the best ones available. Many internet banks offer CDs that pay much higher rates, and don’t have minimum deposit requirements. To get the most for your money, considering choosing from this list of the best CD rates in the market.

OnPoint Community Credit Union’s money market account options

FlexSmart Money Market Account

Even with a six-figure balance, the interest paid by this money market account really doesn’t amount to much.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.05%
$5,000
0.10%
$10,000
0.15%
$50,000
0.20%
$100,000
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

This money market account pays a tiered interest rate that steps up slightly as your balance goes up. However, it’s almost not worth the bother since even high balances earn relatively little.

The account does come with an ATM card and access to a substantial surcharge-free ATM network. However, there is a fee if you go outside the network, and OnPoint Community Credit Union doesn’t offer refunds on any fees charged by other ATM owners.

Per Regulation D, you can make unlimited withdrawals/transfers from the account in person or at an ATM, but are limited to only six automatic, online, mobile or phone transfers per month without penalty from the credit union. The credit union may refuse or reverse transfers that are in excess of that limit.

How to get FlexSmart Money Market Account

To open a FlexSmart Money Market account, you must first be a member of OnPoint Community Credit Union. Members can open a money market account by logging into online banking, selecting “Services” and clicking on “Add Accounts” to select the account they want to open.

You can also open the account by visiting a branch or calling customer service at 800-527-3932.

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

magnifying glass

How OnPoint Community Credit Union’s money market accounts compare

FlexSmart Money Market does pay a little more interest than Regular Savings, but if you’re serious about earning interest, this account doesn’t amount to much. You can get much better rates elsewhere.

If you really want your nest egg to earn meaningful interest, you would be better off searching for a high-yield account at an online bank. You can check this list of the best money market accounts to see some better-paying options.

OnPoint Community Credit Union’s IRA account options

Traditional and Roth IRA Certificates of Deposit

These CDs pay better-than-average interest rates for your retirement savings.
TermAPYMinimum Amount to Earn APY
3 months1.50%
$1,000
1.75%
$50,000
6 months1.50%
$1,000
1.75%
$50,000
12 months1.50%
$1,000
1.75%
$50,000
18 months1.70%
$1,000
1.95%
$50,000
24 months1.90%
$1,000
2.15%
$50,000
36 months0.95%
$1,000
1.20%
$50,000
48 months1.95%
$1,000
2.20%
$50,000
60 months2.30%
$1,000
2.55%
$50,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Penalty ranges from 90 to 270 days’ worth of interest depending on the term of the CD, as detailed below:
    • For 3 to 14 month CDs: Penalty of 90 days’ of interest
    • For 15 to 24 month CDs: Penalty of 180 days’ of interest
    • For 25 to 60 month CDs: 270 days’ of interest
    • Exceptions to the penalty apply, including normal distributions taken by an IRA owner who is age 59 1/2 or older.

OnPoint Community Credit Union’s traditional and Roth IRA Certificates of Deposit pay virtually the same interest rates as the regular CDs, but there are some small differences between them. For one thing, the 5 year IRA CDs do not offer the annual withdrawal privilege. Also, there are no limits on subsequent deposits for IRA CDs.

The IRA CD rates generally are well above national averages, but the 12, 18 and 24 month IRA CDs also come with a special “Booster Rate” feature. They allow you to elect to adjust your rate to the credit union’s current offered rate, one time during the term of the CD. This option can work to your advantage if market rates happen to rise while your money is tied up in the CD.

Members that also have credit cards, car loans, mortgages or other products from OnPoint Community Credit Union may qualify for the higher Bundle Rewards rate, which is a quarter of a percentage point higher than the normal rate.

How to get OnPoint Community Credit Union’s IRA CDs

To open IRA CDs you must first be a member of OnPoint Community Credit Union. Members can research their retirement account options, including the pros and cons of Roth IRAs and traditional IRAs using the credit union’s Retirement Central planning tools.

You can open IRA CDs online through the credit union’s IRA Service Center. You’ll need to provide personal information such as your address, Social Security number and other information.

You can also open the account by visiting a branch or calling customer service at 800-527-3932.

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

magnifying glass

How OnPoint Community Credit Union’s IRA CD rates compare

OnPoint Community Credit Union’s IRA CDs pay interest rates that are well above national averages, especially for members that use several credit union products and qualify for the higher Bundle Rewards APY. However, the CD rates are far from the best available in the market. You can find much better offerings on this list of the best IRA CD rates, many with significantly lower minimum deposit requirements to boot.

IRA savings

This basic IRA savings account pays just a miniscule amount of interest.
APYMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $0.01
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $30

IRA Savings has no minimum balance requirement, and it’s free. However, it offers just a tiny amount of interest, so it’s probably not the best choice for your retirement money long term. It may make sense for some customers to use as a holding account for funds that are going to be invested elsewhere within a short time frame.

Per Regulation D, you are limited up to six certain withdrawals/transfers per month from the account without penalty from the credit union. OnPoint Community Credit Union may refuse or reverse transfers that are in excess of that limit.

How to get IRA Savings

To open IRA Savings, you must first be a member of OnPoint Community Credit Union. Members can research their retirement account options using the credit union’s Retirement Central planning tools.

Then, when you’re ready, you can open an IRA Savings account online through the credit union’s IRA Service Center. You’ll need to provide personal information such as your address, Social Security number and other information.

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

Money Market IRA

Even at the highest balances, this Money Market IRA pays a fairly low interest rate.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.10%
$10,000
0.10%
$25,000
0.15%
$50,000
0.20%
$100,000
0.25%
$250,000
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $30

This Money Market IRA offers a tiered interest rate that steps up with your account balance, but even at the highest tier, the interest rate doesn’t amount to much. This account might benefit someone who has all their accounts in OnPoint Community Credit Union and needs to park some retirement funds for a short period before investing it elsewhere.

As with the credit union’s other savings accounts, there are transaction limits per federal Regulation D. You are limited up to six certain withdrawals/transfers per month without penalty from the credit union, and OnPoint Community Credit Union may refuse or reverse transfers that are in excess of that limit.

How to get a Money Market IRA

To open Money Market IRA you must first be a member of OnPoint Community Credit Union. Members can research their retirement account options using the credit union’s Retirement Central planning tools.

Then, you can open a Money Market IRA account online through the credit union’s IRA Service Center. You’ll need to provide personal information such as your address, Social Security number and other information.

You can also open the account by visiting a branch or calling customer service at 800-527-3932.

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

Overall review of OnPoint Community Credit Union’s banking products

OnPoint Community Credit Union offers membership only to residents of selected counties in Oregon and Washington, or people who have family members in eligible counties. If you happen to live near a branch, it might be a convenient choice for you, but the accounts and features aren’t especially attractive.

OnPoint Community Credit Union offers a wide variety of deposit accounts, though the checking and savings account options aren’t the best. If you just want a free digital checking account with online bill pay, the eChecking account might do just fine, but the checking accounts in general don’t stand out. The overdraft fees do stand out, however, for being fairly steep.

The savings accounts pay low interest rates. Even with a six-figure balance, you won’t earn that much interest, especially compared with other internet banks in the market.

Possibly the credit union’s best offerings are its CDs, which pay interest rates that are higher than at many other institutions, and some of the CDs have extras like an annual penalty-free withdrawal option. However, they are still not the best rates you can find in the market.

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

Jeanne Lee
Jeanne Lee |

Jeanne Lee is a writer at MagnifyMoney. You can email Jeanne here

Advertiser Disclosure

Best of, Reviews

The Top 7 Second Chance Bank Accounts

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

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

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

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

Account Name

Monthly Fee

Minimum to open

Availability

Chime$0$0Nationwide
Peoples Bank Cash Solutions Second Chance Checking$4.95$30Nationwide
GoBank Checking Account$8.95, can be waived if you meet requirements$20Nationwide
Radius Essential Checking$0$10Nationwide
Wells Fargo Opportunity Checking and Savings Accounts$10, can be waived if you meet requirements$2539 states (plus Washington D.C.) that have 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

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. GoBank Checking Account

GoBank

A brand of Green Dot Bank, GoBank does not run a background check for new checking customers on ChexSystems, and it does not require a credit check. The account comes with a free debit card and fee-free access to a large network of ATMs, although be warned that out-of-network ATM withdrawals carry a $3 fee, on top of whatever the ATM operator charges. GoBank’s $8.95 monthly fee is high. However, this fee can be avoided with a monthly $500 direct deposit.

Account Features:

  • A free debit card
  • 24/7 mobile and online banking
  • Simple budgeting and spending tracker tools
  • Mobile check deposits

Fees to watch out for:

  • $2.95 sign-up fee, waived if you set up your account online
  • $8.95 monthly maintenance fee, waived each month your account receives payroll or government direct deposits totaling at least $500
  • Fees of up to $4.95 charged by retailers to make cash deposits
  • $3 out-of-network ATM withdrawal fee
  • $5 card replacement fee
  • Foreign transaction fee is 3% total transaction

LEARN MORE Secured

on GoBank’s secure website

Member FDIC

4. 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

5. 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

6. 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

7. 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

Alternatives to a second chance bank account

Get a prepaid debit card

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

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

Open a secured credit card

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

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

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

Erin Millard
Erin Millard |

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

James Ellis
James Ellis |

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

Advertiser Disclosure

Reviews, Strategies to Save

American Express® Personal Savings Account Review: A Solid Choice for Online Banking

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.

American Express Personal Savings Account

This account is a great option for anyone who wants the flexibility of earning a high interest rate without the withdrawal restrictions that come with a CD.

APY (%)

1.90% Variable

Minimum Deposit Amount to Open Account

$0

Minimum Balance to Earn APY

$1

Permitted Monthly Withdrawals

6

Annual Fee

$0

FDIC Insured?

Yes

Mobile App?

No

Transfer Time

Deposits will be available within five business days.
Transfers from savings to a checking account
take one to three business days.

In an American Express® Personal Savings account, your money earns 1.90% variable APY. It’s currently one of the best rates you can earn from an online savings account. The account does not have a monthly fee and they don’t require a minimum deposit, which makes it an affordable account to open. You will have to fund your account within 60 days of applying, and the FDIC insures your deposits up to full legal limit.

How the American Express Personal Savings account works

The American Express savings account compounds daily at a variable 1.90% APY, and interest earned is credited to your account on your monthly cycle date. The rate is variable, so American Express can raise or lower the interest rate at any time without notice to you before or after the savings account is opened.

Account holders must fund the account within 60 days, which you can do by setting up a bank transfer or direct deposit to the savings account, as well as by sending a check.

What we like about the American Express Personal Savings account

  • High interest rate The 1.90% variable APY is better than what you would earn putting your money in the accounts most brick-and-mortar banks offer. While there are higher rates to be had, American Express has a good offer.
  • Automatic savings It’s easy to make saving automatic when you have an online savings account. With the American Express Personal Savings account, you can easily set up a recurring deposit to pull funds from an external savings or checking account. To make it even easier to resist touching your savings, you can even have a portion of your paycheck directly deposited to the account.
  • Discourages spending With your money in an online account like the American Express Personal Savings account, you can only get your cash after making a transfer to an external checking account to which you have debit card access. The inconvenience makes it that much more difficult to spend your savings.

What we don’t like about the American Express Personal Savings account

  • No ATM card Not having card access is great when you need to prevent yourself from spending your savings, but the hassle of setting up and making an ACH transfer from your online American Express Personal Savings account can be problematic in a pinch. (American Express says transfers will take one to three business days for funds to become available in your checking account.) If you’re worried about this, you can instead turn to an online bank like Synchrony Bank that makes it easier to access your savings by issuing an ATM card tied to your high yield savings account.
  • Variable interest rate The annual yield rate American Express is offering on this savings account is high at 1.90%, but the bank can change that rate at any time for any reason, as the rate is variable. If you’re looking for a more predictable rate of return, consider a certificate of deposit.
  • Limited withdrawals Because this is a high yield savings account, banks are limited by Federal Reserve Board Regulation D to a maximum of six withdrawals and/or transfers from your online savings account per statement cycle without penalty. With that in mind, before you decide how much you’ll put away each month, make sure it’s not more than you can afford to, so you aren’t repeatedly reaching into your savings.

How the American Express Personal Savings account compares

As indicated earlier, the American Express Personal Savings account offer is strong, but how does it compare to other savings accounts?

Institution
APY
Minimum Account Balance to Earn APY
American Express National Bank
High Yield Savings Account from American Express National Bank

1.90%

$1

LEARN MORE Secured

on American Express National Bank’s secure website

Partner Offer

Member FDIC

Synchrony Bank – 2.00% APY and no minimum balance

Institution
APY
Minimum Account Balance to Earn APY
Synchrony Bank
High Yield Savings from Synchrony Bank

2.00%

$0

LEARN MORE Secured

on Synchrony Bank’s secure website

Member FDIC

With $0 to open the account, you can earn an annual yield of 2.00% on savings account balances through Synchrony Bank and there are no monthly fees.

Savings accounts through Synchrony interest is compounded daily and is credited to the account monthly. An ATM card is offered through this account and you can still easily transfer or deposit funds through an ACH transaction or online.

Goldman Sachs Bank USA – 1.90% APY* and $0 minimum to open

Institution
APY
Minimum Account Balance to Earn APY
Goldman Sachs Bank USA
High-yield Online Savings Account from Goldman Sachs Bank USA

1.90%

$0

LEARN MORE Secured

on Goldman Sachs Bank USA’s secure website

Member FDIC


Goldman Sachs Bank USA currently offers an APY of 1.90% on their Marcus Online Savings Account. You don’t need to deposit a minimum amount to open the account, but you will need to have a minimum balance amount of $1* to earn the APY. Interest on the Marcus Savings Account starts accruing the business day you deposit funds into the account. Goldman Sachs Bank USA doesn’t apply any service charges to their savings accounts.

Barclays Bank – 1.90% APY and no minimum balance

Institution
APY
Minimum Account Balance to Earn APY
Barclays
Online Savings Account from Barclays

1.90%

$0

LEARN MORE Secured

on Barclays’s secure website

Member FDIC


With $0 to open the account, you can earn an annual yield of 1.90% on savings account balances through Barclays. While there are no monthly fees, an account that has a balance that is less than $1 for 180 days or more may be closed by Barclays. Savings accounts through Barlcays will start accruing interest the day your initial deposit posts to your account, and interest is compounded daily. While an ATM card is not offered through this account, you can easily transfer or deposit funds through an ACH transaction or online through your account.

American Express CD Rates

These CDs are great for those who don’t have a lot of money to deposit, but the rates are slightly lower than the best CD rates available.

Term

APY

6 months

0.40%

12 months

0.55%

18 months

1.90%

24 months

2.00%

36 months

2.05%

48 months

2.10%

60 months

2.15%

CDs from American Express do not come with a minimum deposit amount. You’re free to deposit as little or as much as you want to begin earning interest on any of its CD terms. This is great for individuals who don’t have a lot of money to deposit in CDs offered by other online banks. The downside is that you won’t be receiving as high of an APY as you could at other online banks. While the rates aren’t terribly low, they just don’t compare to most of the best CD rates currently available.

How CDs offered by American Express work

American Express offers terms spanning from 6 months to 5 years. Interested is credited on a monthly basis and compounds until it matures. You can choose to have the interest transferred out of the CD and into the American Express Personal Savings Account on a monthy basis, transferred into a linked account, or mailed to you monthly, quarterly, or annually via a check. If you touch the principal, however, you’ll incur an early withdrawal penalty. The penalty is based on your CDs term:

  • For CDs with a term of less than 12 months: 90 days worth of interest
  • For CDs with a term of 12 months, but less than 48 months: 270 days worth of interest
  • For CDs with a term of 48 months: 365 days worth of interest
  • For CDs with a term of 60 months: 540 days worth of interest

If you’re able to keep your principal and interest within the CD, you’ll receive notice, either by mail or email, that your CD is about to mature in ten days. If you don’t tell American Express that you do not wish to renew your CD, they’ll automatically renew the CD with the same term unless they no longer offer that term. You can call American Express any time before your maturity date to tell them that you do not wish to have your CD automatically renewed.

Online banks vs. brick-and-mortar banks

Online banks have been having a moment not only because of the rise in mobile banking among consumers, but also because they can simply offer consumers more benefits because they don’t have to worry about as many overhead expenses as brick-and-mortar banks. An August 2017 study by DepositAccounts.com, another subsidiary of LendingTree, shows the annual percentage yield internet banks offer on savings accounts is more than four times what brick-and-mortar banks or credit unions offer. The same analysis shows annual percentage yields on internet bank savings accounts have surged 29 percent since January 2016.

Simply put, the main benefit of putting your money in an online savings account is your money does more for you. To show this, DepositAccounts provided an example, based on the average APYs in those savings categories: If a saver were to put $100,000 in a savings account and leave it alone for 10 years, they would earn $8,338.79 at an online bank versus $1,747.04 in a brick-and-mortar bank and $1,895.28 in a credit union, assuming a fixed APY.

Overall Review of the American Express Personal Savings Account and CDs

Overall, the American Express Personal Savings Account is a solid online savings option. The interest rate they offer is high and the features of the account are comparable to other online banks’ savings accounts. While there are certain aspects of the Personal Savings account that could use improvement, other online banks present the same obstacles. As was mentioned earlier, the American Express Personal Savings account is one of the best options available.

The CDs American Express offers, on the other hand, aren’t quite as good. The 6 and 12-month CDs are nowhere near the best rates offered by other online banks and the 18 – 60-month CDs fall short of the other rates offered. The only feature that makes American Express stand out from most of the other online banks is that this bank doesn’t require a minimum deposit to open an account or start earning interest. If you’re not quite ready to deposit a huge chunk of money into a locked account, you may want to start out with on of the CDs offered by American Express.

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.

Brittney Laryea
Brittney Laryea |

Brittney Laryea is a writer at MagnifyMoney. You can email Brittney at [email protected]ney.com