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Provident Bank Review: Checking, Savings, CD 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.

Provident Bank’s checking account options

Smart Checking

A free interest-bearing checking account.
APYMinimum Balance to Earn APY
1.51%
$0.01
0.50%
$15,000
0.15%
$25,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: Unlimited on domestic ATM transactions when monthly account requirements are met (see below)
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

This account does have the ability to earn interest, though the rate goes down drastically once you exceed a balance of $15,000. To earn the rates listed above and to have all domestic ATM fees refunded, you must fulfill the following requirements:

  • Make and sign for 10 point-of-sale purchases with your Provident debit Mastercard that post and clear your account
  • Receive one direct deposit or process one automatic Automated Clearing House (ACH) debit
  • Create and maintain a ProvidentConnect online banking relationship
  • Choose to receive your account statements electronically

Even if you don’t meet these requirements in a given month, you can still have the free account and will be eligible for the rate and ATM fee refunds in the next statement period.

SEE DETAILS Secured

on The Provident Bank’s secure website

Member FDIC

Cash Back Checking

Another free checking account offering cashback rewards on qualifying transactions.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: Unlimited on domestic ATMs when qualifying requirements are met
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

While this account does not earn interest, it offers the chance to earn domestic ATM fee refunds and 0.25% cash back, which is credited to your account when the following qualification requirements are met:

  • Make 10 point-of-sale transactions with your Provident debit Mastercard
  • Have one direct deposit or automatic ACH debit
  • Create and maintain a ProvidentConnect online banking relationship
  • Choose to receive your account statements electronically

If you fall short of these requirements in a given month, you are still eligible to earn the cashback rewards and ATM fee refunds during the following statement period. Besides having no monthly balance requirements or service fees, this account also has no limits on the amount of cash back given each month.

SEE DETAILS Secured

on The Provident Bank’s secure website

Member FDIC

Platinum Checking

A tiered-interest checking account that has a monthly fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25 if combined account balance of $10,000 is not maintained
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: All out-of-network ATM fees refunded at end of each statement cycle
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

To avoid its high monthly fee, account holders need to maintain a combined account balance of $10,000, which can include deposit accounts, mortgages and certain consumer loans and credit lines. Additionally, you must keep a minimum of $50 in this account to earn interest.

You’ll have to contact the bank, though, to find out the rates it offers. This account also allows you to earn a 0.25% APY bonus on CDs. Other perks include unlimited ATM refunds, free direct deposit, free basic checks, online banking and bill pay, and unlimited check-writing.

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on The Provident Bank’s secure website

Member FDIC

Basic Checking

Provident Bank’s no-frills checking account.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $2 if you choose to receive paper statements
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

This free checking account does not earn interest. But it does offer your first six checks free each month (additional checks will incur a 50-cent fee), free direct deposit, a debit Mastercard, online and mobile banking and bill pay, e-statements, unlimited ATM transactions and no minimum balance requirements. It also offers you the chance to link another account to help avoid overdraft fees.

SEE DETAILS Secured

on The Provident Bank’s secure website

Member FDIC

NJ Consumer Checking

A first checking account option for New Jersey and Pennsylvania residents.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

This account is an option for New Jersey and Pennsylvania residents opening their first checking account. While it does not earn interest, it does give you eight free checks each month before charging 50 cents per additional check, as well as free direct deposit, a debit Mastercard and e-statements.

This account does not have any minimum balance requirements, and it does offer you the chance to add funding from a linked account to avoid overdraft fees.

SEE DETAILS Secured

on The Provident Bank’s secure website

Member FDIC

Green Checking

Provident Bank’s free online checking account with no fees or balance requirements.
APYMinimum Balance to Earn APY
1.00%
$50
0.15%
$1,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs
  • ATM fee refund: Up to $10 per statement period
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

This account allows you to earn a small APY on your first $1,000, then a smaller APY on anything over $1000. Besides having no monthly fees or service charges, it allows you to earn some ATM refunds each month. It comes with free online and mobile banking and bill pay services, a debit Mastercard and e-statements.

SEE DETAILS Secured

on The Provident Bank’s secure website

Member FDIC

How to get Provident Bank’s checking accounts

If you’re a resident of New Jersey or Pennsylvania, you can open Provident Bank’s Green Checking, Cash Back Checking and Smart Checking Accounts online.All other checking accounts must be opened at a branch. To open an account, you’ll need your Social Security number, a form of ID such as your driver’s license, a previous home address if you’ve been at your current address for less than two years and a debit or credit card or U.S. checking or savings account to fund your new Provident Bank account.

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How Provident Bank’s checking accounts compare

According to our review of the best available online checking accounts, the best products out there will offer the ability to earn interest, have no monthly or ATM fees, provide the chance to earn ATM fee refunds and have a strong mobile and online user interface.

There’s good news here: The accounts listed here that do earn interest offer competitive rates on certain balance amounts, and the ones that offer less or none at all still win on the no-fees and balance requirements front.

Still, we encourage you to do your research. If you manage to find something with even better rates and all the aforementioned check boxes, it’s likely in your best interest to go with that.

Provident Bank’s savings account options

Power Savings

A free online savings account with no fees.
APYMinimum Balance to Earn APY
0.05%
$50
0.75%
$10,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; other banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

This account allows members to earn the listed rates when they meet their corresponding balance requirements, as well as create and establish a ProvidentConnect online banking relationship and choose to receive their statements electronically.

This free account comes with no monthly fees. It offers online and mobile banking and bill pay, a free debit card and no funding fees on transfers to other Provident Bank deposit accounts. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month.

SEE DETAILS Secured

on The Provident Bank’s secure website

Member FDIC

Statement Savings

A no-frills account with minimal requirements.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $3 if minimum balance of $250 is not maintained
  • ATM fee: None on Provident Bank ATMs; other banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

This no-frills savings account offers the ability to earn interest on a balance of just $50, though you’ll have to contact the bank to find out the rate.

It charges a modest monthly fee if a balance of $250 is not maintained. It comes with a Provident Bank ATM card, free direct deposit and a detailed monthly statement. Since it is a savings account, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

SEE DETAILS Secured

on The Provident Bank’s secure website

Member FDIC

Passbooks Savings

A simple and reliable savings account option.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $3 if minimum balance of $250 isn’t maintained
  • ATM fee: None on Provident Bank ATMs; other banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

Advertised as “probably the most popular savings account in the history of New Jersey” for its simplicity and reliability, this account comes with a passbook for withdrawals and deposits and offers free direct deposit.

Its balance requirements to earn interest and avoid its modest monthly fee are also very minimal. While this account earns interest, you’ll have to contact the bank to find out the rate. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month.

SEE DETAILS Secured

on The Provident Bank’s secure website

Member FDIC

Young Saver

An account meant to teach kids and teens how to save.
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; other banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

This account is a great option for parents wanting to teach their children financial responsibility, as well as for teens younger than 18 looking to stash their funds from a part-time job.

As a bonus, it does earn interest, though you’ll need to contact the bank to learn the rate. It also comes with your choice of a Passbook or Statement savings account, as well as no monthly fees or balance requirements. This account is also subject to Federal Reserve Regulation D, which limits certain withdrawals to six per month.

SEE DETAILS Secured

on The Provident Bank’s secure website

Member FDIC

Holiday Club

This account allows holders to focus on saving for the holidays or a vacation.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is for the holidays in name only, as it can also be used for vacation or special occasion savings. It offers the same interest rate as the Statement Savings account, though you’ll need to contact the bank to find out the rate.

With this account, you can enable an automatic deduction from a Provident Bank Statement Savings account or the personal checking accounts, with the flexibility of making your transfers (which can be in any amount) on a weekly, biweekly or monthly basis. This account is also subject to Federal Reserve Regulation D, which limits certain withdrawals to six per month.

SEE DETAILS Secured

on The Provident Bank’s secure website

Member FDIC

Platinum Money Manager

Provident Bank’s high-interest savings account.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $5,000 on combined balances
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; outside fees may apply
  • ATM fee refund: All out-of-network ATM fees refunded at end of each statement cycle
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

This account requires you to open a Platinum Checking account and maintain a combined minimum balance of $5,000 to earn interest on this account. But you’ll need to contact the bank to find out the rate.

This account also provides a free monthly combined statement, free direct deposit and online banking. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals to six per month.

SEE DETAILS Secured

on The Provident Bank’s secure website

Member FDIC

How to get Provident Bank’s savings accounts

If you’re a resident of New Jersey or Pennsylvania, you can open Provident Bank’s Power Savings account online. Otherwise, all other savings accounts must be opened at a branch. To open an account, you’ll need your Social Security number, a form of ID such as your driver’s license, a previous home address if you’ve been at your current address for less than two years and a debit or credit card or U.S. checking or savings account to fund your new Provident Bank account.

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How Provident Bank’s savings accounts compare

While most of the fees and deposit and balance requirements are minimal, the rates provided on some of these accounts — the ones in which rates are available online — just don’t stack up to those on our list of the best online savings accounts.

You’re most likely better off choosing one of those accounts instead. If you are still interested in opening one of Provident Bank’s savings accounts, you’ll want to contact the bank to find out the rates so you can comparison shop.

Provident Bank’s CD rates

Certificates of Deposit

Standard CDs with a $500 minimum deposit.
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ interest on terms of nine months or less; 180 days’ interest on 12- and 18-month terms; 365 days’ interest on terms of 24 to 60 months

Provident Bank offers CDs in the following terms: 91 days and six, nine, 12, 18, 24, 30, 36 or 60 months. The terms, deposit requirements and early withdrawal penalties are fairly standard. But you’ll need to contact the bank to find out the rates.

SEE DETAILS Secured

on The Provident Bank’s secure website

Member FDIC

How to get Provident Bank’s CDs

All of the bank’s CDs must be opened at a branch. To open an account, you’ll need your Social Security number, a form of ID such as your driver’s license and a previous home address if you’ve been at your current address for less than two years. You’ll also need a debit or credit card or U.S. checking or savings account to fund your new Provident Bank account.

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How Provident Bank’s CD rates compare

As mentioned above, the basic details of these CDs are comparable to what’s out there. But you’ll want to contact the bank to find out the rates to determine if they stack up against those on our list of the best CD rates — or if you might be better off shopping around.

Provident Bank’s IRA options

IRA CD rates

IRA CDs and savings account offerings may vary by region. For that reason, you will need to contact the bank for details such as term lengths, rates and early withdrawal penalties. Once you have that information, you can compare them to those on our list of the best IRA CD rates.

SEE DETAILS Secured

on The Provident Bank’s secure website

Member FDIC

How to get Provident Bank’s IRA CDs

All of Provident Bank’s IRA CDs must be opened at a branch. To open an account, you’ll need your Social Security number, a form of ID such as your driver’s license, a previous home address if you’ve been at your current address for less than two years and a debit or credit card or U.S. checking or savings account to fund your new Provident Bank account.

Overall review of Provident Bank’s banking products

Of the accounts Provident Bank offers that do have posted rates, it’s several of its checking accounts that can compete with those on our best-of list.

The rest fall short. If you’re interested in one of its other products without posted rates, you’ll want to reach out to the bank to find out what they are. Then you can see if they could be the best accounts for you — or if it’s in your best interest to keep looking.

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.

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Earning Interest, Eliminating Fees, Reviews

Schwab High Yield Investor Checking Account 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 Schwab Bank High Yield Investor Checking account offered by Charles Schwab Bank isn’t your average checking account. In fact, it’s a checking account designed exclusively for investors. If you want the convenience of having your idle cash and invested assets all under one roof, this product could be for you.

What is the Schwab Bank High Yield Investor Checking account?

The Schwab Bank High Yield Investor Checking account is an interest-bearing checking account that is linked to your Schwab One brokerage account, making it easy and convenient to invest otherwise idle cash.

This product comes with attractive features that many traditional checking accounts offer — including no minimum balance requirements, no monthly service or ATM fees and a variable interest rate — as well as the unique feature of easy transfers to and from your linked brokerage account. When you open your High Yield Investor Checking account, a Schwab One brokerage account will also be opened for you. The accounts will have separate account numbers, but both can be viewed online with a single login.

Here’s what you can expect to receive upon opening and funding a Schwab High Yield Investor Checking account:

  • 0.03% APY
  • Federal Deposit Insurance Corporation (FDIC) insurance
  • Free transfers to and from your linked brokerage account
  • Schwab Bank Visa Platinum debit card
  • Complimentary checks, deposit slips, mailing labels and pre-addressed, postage-paid envelopes

How is the High Yield Investor Checking account different from other checking accounts?

In most cases, checking accounts do not require you to open another linked account in which funds will flow to and from. The Schwab High Yield Investor Checking account, however, is only available as a linked account with the Schwab One brokerage account.

If you’re in the market for just a checking account to stash the cash you use for your everyday spending needs, opening a brokerage account alongside your checking account can seem like an unnecessary step. The brokerage account’s main function is to trade stocks, options, bonds, mutual funds, ETFs and other financial products.

However, it is worth noting that the Schwab One brokerage account does not have any minimum balance requirements or requirements to fund the account, making it relatively accessible and easy to open.

Schwab Bank High Yield Investor Checking account fees and minimums

The Schwab Bank High Yield Investor Checking account features the following fees and minimums:

Monthly service fee

$0

Minimum balance fee

$0

ATM fee

Unlimited ATM fee rebates

Foreign transaction fee

$0

It’s worth noting that while the Schwab One brokerage account also does not have any minimum balance requirements or monthly maintenance fees, other account fees may apply. For example, trades placed through a broker come with a service charge of $25.

Schwab High Yield Investor Checking account pros and cons

Pros

  • Easy to invest idle cash: By having your checking account linked to your brokerage account, it makes it much more convenient to invest any idle cash.
  • Minimal fees: Schwab’s High Yield Investor Checking account boasts minimal fees compared to other checking accounts, specifically ones offered by other big banks.
  • Unlimited ATM rebates: This is a valuable feature and could save you a significant amount of money over time.

Cons

  • Low interest rate: The account’s 0.03% APY pales in comparison to other high-yield checking accounts, some of which have rates that climb to over 5.00% APY.
  • Unnecessary complexity: The requirement of having a Schwab One brokerage account could be viewed as an added hoop to jump through for those simply looking for a traditional checking account product.
  • Non-sufficient funds fee: Watch out for the account’s non-sufficient funds (NSF) fee of $25, up to $100 maximum per day, if you don’t have enough money in your account to cover a transaction. Still, this is less than the average NSF fee of $30.50.

Who is the Schwab Bank High Yield Investor Checking account good for?

If you’re just looking for a liquid checking account that you can use for your everyday spending needs, the Schwab High Yield Investor Checking account is likely not for you. There are other checking accounts offering much higher interest rates without requiring you to link a brokerage account in order to open the account. Additionally, if your strategy is to let your extra cash sit in the Schwab High Yield Investor Checking account without initiating regular transfers to your Schwab One brokerage account, your money would grow at a considerably faster rate in a high-yield savings account, money market account or CD.

If you already are an investor and have a Schwab One brokerage account — or are looking for a checking account that provides easy and instant transfers to and from your brokerage account — the Schwab High Yield Investor Checking account is certainly worth exploring. It has many of the same, standout features that the best traditional checking accounts have, while also being one of the few checking accounts out there that provides instant access to your invested assets.

promo-checking-wide-v2

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.

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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 credit card issuer. This site may be compensated through a credit card issuer partnership.

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$25Nationwide
BBVA Easy Checking$13.95$25Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas
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.

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 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.

SEE DETAILS 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)

SEE DETAILS 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

SEE DETAILS 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

SEE DETAILS 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

SEE DETAILS 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 Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. 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

SEE DETAILS 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
  • $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
  • $32 overdraft fee (for each charge)

SEE DETAILS 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.

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