Advertiser Disclosure

Reviews

USALLIANCE Financial Review: 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.

USALLIANCE Financial’s checking account options

MyLife Checking

A non-interest bearing account with various perks and no fees.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to $15 per month in non-US Alliance ATM fees
  • Overdraft fee: $5 with Overdraft Protection, $35 per transaction up to $1,000 total with Overdraft Privilege (more details below)

Although this checking account doesn’t earn interest, it could be a good option for those who simply want a reliable place to manage their money while not having to worry about fees or balance requirements. Some bonus perks that come with it include getting your paycheck up two days early if you’ve set up a direct deposit, and a free monthly credit score update. The account also offers two overdraft services, which have to be enabled by the account user:

  • Overdraft Protection allows funds from another USALLIANCE Financial account to be transferred to your checking account when you have insufficient funds (also charging you a $5 fee),
  • Overdraft Privilege allows accounts in good standing after 30 days of opening to overdraw up to $1,000 with a $35 fee applied to each overdrawn transaction.

The good news is that there is no fee to simply enable these services; you’ll only ever be charged the fee if you actually overdraw. If you do not opt into either of these services, your attempted debit card and ATM transactions will simply be denied.

LEARN MORE Secured

on USALLIANCE Financial’s secure website

NCUA Insured

MyLife Checking for Teens

A teen version of the traditional MyLife Checking account, minus a few of the perks available to adults.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: None; debit and ATM transactions will simply be declined if there are insufficient funds in the account.

This non-interest bearing account is virtually the same as the MyLife Checking account; the main difference is that if the teen account holder is under the age of 16, he or she will just have access to an ATM card, which will be upgraded to a debit card once they turn 16. As with the regular checking account, the teen account has no monthly fees or minimum balance requirements and provides online and mobile banking services. This account would benefit teens who want to efficiently keep track of their own spending money while developing key money management skills.

LEARN MORE Secured

on USALLIANCE Financial’s secure website

NCUA Insured

magnifying glass

How USALLIANCE Financial’s checking accounts compare

What USALLIANCE Financial’s checking accounts have going for them is the fact that they don’t have any monthly fees or minimum balance requirements, they have easy-to-navigate online and mobile banking services, and the main account offers additional perks like free monthly credit score updates and non-USALLIANCE Financial ATM fee refunds.

But many other checking accounts out there offer these things too, along with the ability to earn interest, and do so at a high rate, at that. If that last factor is important to you, you’re better off opening a checking account elsewhere.

US ALLIANCE Financial’s savings account options

MyLife Savings

A described as a “rainy day fund” that starts out with a great rate that doesn’t last.
APYMinimum Balance Amount to Earn APY
3.05%First $500
0.02%Any amounts over $500
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 per transaction after 8 free monthly transactions
  • ATM fee refund: None
  • Overdraft fee: None; savings accounts simply won’t let you go negative or overdraw.

If you simply want a place to put aside some emergency or vacation savings, this account may be a good option. It offers a decent “specialty” APY rate on your first $500, but then drops significantly after that, which seems like a step backwards to us and is sure to be seen as a disadvantage to many people.

As with the credit union’s other products, this account does come with online and mobile access. This account is subject to Federal Reserve Regulation D, which limits certain transactions and withdrawals up to six per month.

LEARN MORE Secured

on USALLIANCE Financial’s secure website

NCUA Insured

MyLife Savings for Kids

A simple account to help teach your children money management skills while they’re young.
APYMinimum Balance Amount to Earn APY
3.05%First $500
0.02%
Any amounts over $500
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 per transaction after 8 free monthly transactions
  • ATM fee refund: None
  • Overdraft fee: None; savings accounts simply won’t let you overdraw.

This account is simply a kids’ version of USALLIANCE Financial’s regular MyLife savings account, allowing kids to put money away and watch it grow before they’re old enough to manage it themselves in a teen checking account when they turn 13. It comes with the same initially high APY on the first $500 as the regular savings account, which might not matter as much to parents who simply want to have the account to teach their kids healthy money saving habits. As an added bonus, kids get a free $10 deposited in their account on their birthday.

Online and mobile banking services are also available for this account. Lastly, this account is subject to Federal Reserve Regulation D, which limits certain transactions and withdrawals up to six per month.

LEARN MORE Secured

on USALLIANCE Financial’s secure website

NCUA Insured

magnifying glass

How USALLIANCE Financial’s savings accounts compare

USALLIANCE Financial’s savings accounts offer a very competitive APY rate… in the beginning, at least. As we mentioned above, once you’ve saved more than $500, the rate drops drastically, so if you’re looking to actually build up your savings funds — regardless of what you’re saving up for — it just makes more sense to go with one of the many other savings account options out there that will actually accumulate more interest in the long-term.

USALLIANCE Financial’s certificate account rates

Step-Up Rate certificate accounts

Share certificates that allow you to make a one-time rate increase before maturity.
TermAPY
12 month2.05%
24 month2.25%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 180 days’ loss of dividends if maturity date is less than 18 months; 360 days’ loss of dividends if maturity date is over 18 months.

USALLIANCE Financial designed the Step-Up share certificate accounts for people hesitating to open a CD because they’re afraid rates will go up after they do so. But with these certificates, there’s nothing to fear: the credit union will allow you to take advantage of a rate increase one time prior to maturity to match its rates for its regular certificates of the same maturity length.

LEARN MORE Secured

on USALLIANCE Financial’s secure website

NCUA Insured

Fixed Rate certificate accounts

Standard share certificate accounts with decent rates.
TermAPY
3 month1.60%
6 month1.85%
9 month2.00%
12 month2.30%
18 month2.25%
24 month2.50%
25 month2.85%
35 month3.00%
36 month2.60%
48 month2.60%
60 month2.60%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 180 days’ loss of dividends if maturity date is less than 18 months; 360 days’ loss of dividends if maturity date is over 18 months.

USALLIANCE Financial’s standard Fixed Rate certificates are available in terms ranging from three to 60 months. The credit union requires the same $500 minimum deposit and balance amount for all term lengths, which is lower than many other CD products out there. Rates for all terms lengths exceed the national average.

LEARN MORE Secured

on USALLIANCE Financial’s secure website

NCUA Insured

magnifying glass

How USALLIANCE Financial’s share certificate rates compare

USALLIANCE Financial’s share certificate rates aren’t the highest out there, but they’re still pretty good, with all of its options exceeding the national average. In addition, the certificates’ minimum opening deposit and balance requirements are lower than most other available CD options as well.

The Step-Up share certificates might look appealing in the beginning because you have the option to increase your rate if you see them go up on its regular products, but we don’t see why you wouldn’t just choose a CD with a higher rate to begin with if that’s what you’re after. If you want to invest more than the $500 minimum, you’re probably better off just choosing a CD with a higher rate from another bank.

USALLIANCE Financial’s money market accounts

MyLife Money Market account

A more worthwhile savings account option that allows you to earn higher dividends the more you save.
APYMinimum Balance Amount to Earn APY
1.75%$250,000 - $99,999,999.99
1.25%$100,000 - $249,999.99
1.05%$50,000 - $99,999.99
0.65%$10,000 - $49,999.99
0.40%$2,000 - $9,999.99
0.05%$0 - $1,999.99
  • Minimum opening deposit: None
  • Minimum balance to earn APY: Varies
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35 per transaction up to $1,000 total; after that transactions will be denied.

USALLIANCE Financial’s MyLife Money Market account is definitely a huge step up from the credit union’s regular savings account. While it doesn’t have a minimum balance or opening deposit requirement, you’re able to earn higher dividends depending on money you put away, unlike the regular savings account. Like all savings products, this account is subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions up to six per month.

LEARN MORE Secured

on USALLIANCE Financial’s secure website

NCUA Insured

magnifying glass

How USALLIANCE Financial’s money market account compares

USALLIANCE Financial’s money market account rates stack up pretty evenly against most of the best money market options out there. Many other banks actually require a set balance and minimum deposit amount for their accounts, though, so if you’re looking for more flexibility in that regard and want to add more funds based on your own ongoing preferences, USALLIANCE Financial’s MyLife Money Market account may be suitable for you.

How to get USALLIANCE Financial’s banking products

As we mentioned earlier, USALLIANCE Financial has an extensive list of different eligibility requirements. We suggest consulting the online application to make sure you meet one of these criteria before considering opening any of its products. Eligible individuals can apply for membership and for USALLIANCE Financial’s checking, savings and money market accounts and CDs either online, in person at a branch location or over the phone by calling 800-431-2754. You’ll need a government-issued form of ID such as a driver’s license, as well as your Social Security number.

Overall review of USALLIANCE Financial’s banking products

Even if you’re eligible to join this credit union, if getting the best rates out there is your top priority (and you want to earn some interest on your checking account funds), you’re definitely better off banking elsewhere.

While the credit union gets points for offering more flexibility on its options than other banks — such as no minimum deposit amounts or balance requirements on a number of its products — the rates on most of USALLIANCE Financial’s products aren’t the best out there.

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

Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

Advertiser Disclosure

Reviews

Apple Card Review

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

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

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

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

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

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

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

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

Where the Apple Card stands out

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

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

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

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

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

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

Additional Apple Card benefits

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

Where the Apple Card falls short

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

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

How it compares with the Uber Visa Card

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

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

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

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

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

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

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

The bottom line

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

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

Tracy Brackman
Tracy Brackman |

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

TAGS:

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

Second chance account basics

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

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

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

The 7 best second chance bank accounts

1. Chime

Chime

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

Chime account features:

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

Fees to watch out for:

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

LEARN MORE Secured

on Chime’s secure website

Member FDIC

2. Peoples Bank Cash Solutions Second Chance Checking

Peoples Bank Cash Solutions

This Texas-based bank offers a second chance bank account that is available nationwide, and so long as you don’t have a record of bank or checking fraud on your record, you should be approved for this account. You’ll need to deposit at least $30 before the bank activates your account and provides you with checks and a debit card.

Fees to watch out for:

  • $4.95 monthly maintenance fee
  • $27.50 overdraft fee
  • $27.50 nonsufficient funds fee
  • $3.95 printed statement fee (which can be avoided with electronic statements)
  • $2.00 ATM withdrawal fee at machines not owned by Peoples Bank
  • $25 stop payment fee
  • $20 account closure fee (if within 90 days of opening account)

LEARN MORE Secured

on Peoples Bank Cash Solutions’s secure website

Member FDIC

3. Radius Essential Checking

Radius Bank

Products from online bank Radius are available to customers nationwide, and accessibility is a strong point in its favor. This second chance bank account only requires customers to deposit $10 to open an Essential Checking account, which is lower than some other accounts on this list.

Account Features:

  • A free debit card
  • 24/7 mobile and online banking
  • Access to Radius’s budgeting and personal finance tracking apps
  • Eligibility to upgrade to Radius’s Reward Checking account after 12 months of positive banking history

Fees to watch out for:

  • $9 monthly maintenance fee
  • $25 per item non-sufficient funds fee (waived on all overdraft items $5 or less)
  • $5 daily overdraft fee

LEARN MORE Secured

on Radius Bank’s secure website

Member FDIC

4. Wells Fargo Opportunity Checking and Savings Accounts

Wells Fargo Bank

Wells Fargo’s Opportunity Checking and Savings Accounts are tailor-made for folks with a lackluster credit or banking history. With a $25 opening deposit, you’ll get access to a second chance bank account that offers most of the bells and whistles of a traditional bank account. The account does come with a monthly fee, although it’s possible to waive it if you meet a few requirements (see below).

Account features:

  • $25 minimum deposit to open
  • Free transfers are available between Opportunity Checking and Savings accounts
  • You can choose to opt into overdraft protection
  • Free access to bill pay
  • “My Spending Report with Budget Watch” is available if you want to pay extra attention to where your money is going
  • Free debit card with access to more than 13,000 Wells Fargo ATMs throughout the country

Fees to watch out for:

  • $10 monthly service fee, waived if any of the following are true:
    • You make 10 posted debit card purchases or payments
    • You keep a minimum daily balance of $1,500 in the account
    • You receive $500 total in direct deposits each statement cycle
  • $35 overdraft and returned item fee
  • $12.50 overdraft protection transfer fee
  • $15 fee for excess activity (exceeding withdrawals from your savings account)
  • 3% foreign transaction fee with your debit card
  • $5 for money orders
  • $31 for stop payments

LEARN MORE Secured

on Wells Fargo Bank’s secure website

Member FDIC

5. BBVA Easy Checking

BBVA
BBVA’s Easy Checking product is available as a second chance account to customers in the Lower 48 (sorry, residents of Alaska and Hawaii, you’ll have to look elsewhere). Note that you must open the account at one of the bank’s branch locations, or by phone outside of the branch network footprint; you cannot open this account via their website. There is a $13.95 monthly service charge to maintain the account. You can request that BBVA upgrade your account one of their regular checking products after 12 months — and ditch that high monthly fee — so long as the Easy Checking account remains active and has a positive balance.

BBVA Easy Checking features::

  • Online and mobile banking, customized alerts, and a free debit card (with option to personalize)
  • $25 minimum deposit to open
  • Free BBVA ATM withdrawals

Fees to watch out for:

  • $3 fee for out-of-network ATM withdrawals
  • $38 insufficient funds fee ($32 in California)
  • $15 deposit item returned fee
  • $32 stop payment fee made over the phone or in person ($30 in California); $25 if made online
  • No fee for closing your account within 180 days of opening

LEARN MORE Secured

on BBVA’s secure website

Member FDIC

6. Woodforest National Bank Second Chance Checking

Woodforest National Bank

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

Fees to watch out for:

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

LEARN MORE Secured

on Woodforest National Bank’s secure website

Member FDIC

7. First National Bank and Trust Company Renew Checking

First National Bank and Trust Company (WI)

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

Account Features:

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

Fees to watch out for:

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

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

LEARN MORE Secured

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

Member FDIC

Alternatives to a second chance bank account

Get a prepaid debit card

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

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

Open a secured credit card

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

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

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