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Vectra Bank Colorado 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.

Vectra Bank Colorado’s checking account options

Anytime Checking

A no-frills, noninterest-bearing checking account.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7, unless you make 10 debit or credit card purchases, receive direct deposits of at least $250 per month or are 25 or younger
  • ATM fee: None at Vectra Bank Colorado or MoneyPass ATMs; $2 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35
This checking account does not earn interest. But it does have a low opening deposit requirement, as well as a low monthly fee that’s fairly easy to avoid. It also offers online and mobile banking. Account holders have the option to receive electronic statements.

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Anytime Interest Checking

This account takes it a step up, as you can earn interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $10, unless you maintain a daily balance of at least $1,500 or have a combined deposit and consumer balance of at least $10,000
  • ATM fee: None on Vectra Bank Colorado or MoneyPass ATMs; your first out-of-network ATM withdrawal will be waived each month; $2 on out-of-network ATMs beyond that
  • ATM fee refund: None
  • Overdraft fee: $35
Although this account does earn interest, you’ll have to contact the bank to find out the rate. It also comes with a low minimum opening deposit and monthly fee. While the fee is waivable, the balance requirement is higher than on the no-interest Anytime Checking account. This account also offers mobile and online banking, as well as the option to go paperless with e-statements.

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Premium Interest Checking

A tiered-interest checking account that has a monthly fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $20, unless you maintain a combined deposit balance of $10,000 or a combined deposit and consumer loan balance of $25,000
  • ATM fee: None on Vectra Bank Colorado or MoneyPass ATMs, as well as up to three out-of-network ATM withdrawals; $2 on out-of-network ATMs beyond that
  • ATM fee refund: None
  • Overdraft fee: $35

This premium checking account has the same low opening deposit requirement as Vectra Bank Colorado’s other options, but its monthly fee is steeper, as are the requirements to waive it. While it boasts the ability to earn a premium interest rate on its checking, savings, money market and CD accounts, you’ll have to contact the bank to find those rates.

You can get the fees waived on additional Vectra Bank Colorado savings and money market accounts linked to this one, as well as prevent overdrafts from occurring by having these accounts linked and setting up automatic transfers. You’ll also get a complimentary safe deposit box (3 inches by 5 inches or smaller) during your first year and the first box of Vectra Bank Colorado Exclusive Checks. Lastly, this account comes with online and mobile banking services.

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Senior Advantage Checking

A checking account for those 62 or older.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None at Vectra Bank Colorado or MoneyPass ATMs; your first out-of-network ATM withdrawal will be waived each month; $2 on out-of-network ATMs beyond that
  • ATM fee refund: None
  • Overdraft fee: $35
This free, noninterest-bearing account is designed for seniors 62 and older. It comes with a low minimum deposit, mobile and online banking platforms, a Vectra Bank Colorado debit card, a complimentary safe deposit box, free Vectra Exclusive Checks and the ability to go paperless with electronic statements.

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Military Advantage Checking

Military members can sign up for this checking account, which won’t earn interest but doesn’t come with a monthly fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Vectra Bank Colorado or MoneyPass ATMs; your first out-of-network ATM withdrawal will be waived each month; $2 on out-of-network ATMs beyond that
  • ATM fee refund: None
  • Overdraft fee: $35

This account is only for Vectra Bank Colorado customers who are members of the military. While it doesn’t earn interest, it comes with a low opening deposit requirement and no monthly fee. It also comes with a complimentary safe deposit box rental (where available) and the first box of Vectra Exclusive Checks. Lastly, it comes with the same mobile and online banking platforms as the other accounts, as well as the ability to go paperless with electronic statements and documents.

How to get Vectra Bank Colorado’s checking accounts

All the bank’s checking accounts, except for the Military Advantage Checking account, can be opened online or in person. The Military Advantage Checking account must be opened in person. To open the accounts, you will need your Social Security number and a form of identification, such as a driver’s license, as well as information to fund your new account.

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How Vectra Bank Colorado’s checking accounts compare

Most of Vectra Bank Colorado’s checking accounts have minimum requirements and low fees that are easily waivable (or no fees at all). That, along with online and mobile banking platforms and other small perks, wins the bank a few points for those shopping for a simple checking account.

But it’s difficult to say how these accounts stack up to those on our list of the best online checking accounts without knowing the interest rates on those that offer. Be sure to contact the bank to comparison shop before settling on one of these accounts.

Vectra Bank Colorado’s savings account options

Savings

A basic savings account with minimal requirements and fees.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.10%
$100,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $3, unless you maintain a minimum monthly balance of $200 or receive a minimum of a $25 automatic transfer from a linked checking account
  • ATM fee: None on Vectra Bank Colorado or MoneyPass ATMs; $2 on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35
This basic savings account earns a small amount of interest on any balance, which is compounded daily and paid monthly. It also comes with a low opening deposit requirement and easily waivable monthly fee. Customers can manage this account through the bank’s mobile and online banking platforms. As a savings account, it’s subject to Federal Reserve Regulation D, which allows certain withdrawals and transfers up to six per month. You face an excessive withdrawal fee of up to $15 from the bank if you exceed that number.

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Young Savers

A savings account for customers 25 and younger.
APYMinimum Balance to Earn APY
0.15%
$0.01
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: None on Vectra Bank Colorado or MoneyPass ATMs; $2 on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

This account is for Vectra Bank Colorado customers 25 and younger. It comes with a low opening deposit requirement and no monthly fee. While it does have the ability to earn interest on any amount, the rate is low — albeit higher than the regular Savings account.

This account also comes with mobile and online banking platforms. As a savings account, this one is subject to Federal Reserve Regulation D, which allows certain withdrawals and transfers up to six per month. You face an excessive withdrawal fee of up to $15 if you exceed that number from the bank. Once the account holder turns 26, this account will turn into a regular Savings account.

How to get Vectra Bank Colorado’s savings accounts

Both of these accounts can be opened online or in person if you’re at least 18. You’ll need your Social Security number, as well as a form of ID — such as your driver’s license — and an existing account to fund your new one. Those younger than 18 who are wanting to open the Young Savers account will need a parent or legal guardian to be a joint owner on the account. They will also need to open the account at a branch.

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How Vectra Bank Colorado’s savings accounts compare

While these accounts have low requirements and low fees, they also come with low interest rates. It’s also a bit of a drawback that the regular Savings account’s rate is lower than the Young Savers’ rate, especially for those wanting to upgrade when they reach age 26. We suggest going with one of the products on our list of the best online savings accounts, many of which come with the same perks and advantages, along with much higher rates.

Vectra Bank Colorado’s CD rates

Certificates of Deposit

Standard CDs with a $1,000 minimum opening deposit.
TermAPY
1 month0.05%
3 months0.05%
6 months0.15%
9 months0.15%
12 months0.45%
18 months 0.80%
2 years1.09%
3 years1.19%
4 years1.29%
5 years1.34%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For terms less than 31 days, all interest earned; for terms of 32 days to one year, it’s 90 days’ interest; for terms over one year, it’s 180 days’ interest

Vectra Bank Colorado’s standard fixed-rate CDs are your typical run-of-the-mill CDs with average term lengths, minimum deposit requirements and early withdrawal penalties. They typically renew for a similar term length once they reach maturity, and the grace period for withdrawing funds is 10 calendar days after they reach maturity, or three days if the term of the CD is 31 days or less. The early withdrawal penalty is calculated based on the amount of interest paid at the time of withdrawal.

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Jumbo CDs

Vectra Bank Colorado’s Jumbo CDs, with a $100,000 deposit.
TermAPY
1 month0.05%
3 months0.05%
6 months0.15%
9 months0.15%
12 months0.55%
18 months 0.90%
2 years1.19%
3 years1.29%
4 years1.39%
5 years1.44%
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: For terms less than 31 days, all interest earned; for terms of 32 days to one year, it’s 90 days’ interest; for terms over one year, it’s 180 days’ interest

Vectra Bank Colorado’s Jumbo CDs offer similar term lengths, rates and early withdrawal penalties, but a much higher requirement for the minimum opening deposit compared to the regular CDs. As with the regular CDs, these typically renew for a similar term length once they reach maturity, and the grace period for withdrawing funds is 10 calendar days after they reach maturity, or three days if the term of the CD is 31 days or less. The early withdrawal penalty is calculated based on the amount of interest paid at the time of withdrawal.

How to get Vectra Bank Colorado’s CDs

You can open any of these CDs online or in person. You’ll need to be sure to have your Social Security number, a form of government-issued ID and an account to fund your CD.

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How Vectra Bank Colorado’s CD rates compare

While the basic details such as term length, minimum deposit requirements (for the regular CDs, anyway) and early withdrawal penalties are pretty standard compared to others on the market, the rates on both Vectra Bank Colorado’s regular and Jumbo CDs don’t come close to those on our list of the best CD rates.

The minimum deposit requirement for the Jumbo CDs is quite steep compared to other products out there with much better rates. We say skip these CDs and consider going with one on our list instead.

Vectra Bank Colorado’s money market account option

Money Market

A flexible savings account option offering tiered interest rates.
APYMinimum Balance to Earn APY
0.05%
$1,000
0.15%
$100,000
0.20%
$250,000
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10, unless you maintain a minimum monthly balance of $1,000
  • ATM fee: None on Vectra Bank or MoneyPass ATMs; $2 on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

At first glance, this account might appear to be a more appealing option than Vectra Bank Colorado’s regular savings account. But upon closer inspection, you’ll see that the rates are mostly the same — but with much higher balance requirements. This account also has a much higher opening deposit requirement than the regular Savings account, as well as a higher balance requirement to avoid the monthly fee. This account also comes with online and mobile banking platforms. As a savings account, this money market account is subject to Federal Reserve Regulation D, which allows certain transfers and withdrawals up to six per month. You face an excessive withdrawal fee of up to $15 from the bank if you exceed that number.

How to get Vectra Bank’s Money Market account

You can open the bank’s Money Market account online or in person. You’ll need a form of government-issued identification, your Social Security number and an account number to fund this one.

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How Vectra Bank Colorado’s money market account compares

To put it bluntly, we’ll give this account a hard pass. It’s essentially the same as the Savings account in that it offers low rates, but with much higher balance requirements to earn them.

These rates also don’t even come close to those on our list of the best money market rates available, so consider one of those or do some comparison shopping before settling on this account from Vectra Bank Colorado.

Vectra Bank Colorado’s IRA options

IRA CD rates

IRA CDs

Vectra Bank Colorado’s CDs opened within an IRA at the same rates as the regular CDs.
TermAPY
1 month0.05%
3 months 0.05%
6 months0.15%
9 months0.15%
12 months0.45%
18 months0.50%
2 years0.50%
3 years0.60%
4 years0.70%
5 years0.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Dependent on the term and amount on deposit; contact the bank for further details
Vectra Bank Colorado offers IRA CDs at the same term lengths and rates as its regular CD products. They come with a fixed interest rate, which is compounded daily, as well as mobile and online banking platforms to regularly view your balances.

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IRA Jumbo CDs

These CDs come with a steep minimum opening deposit and uncompetitive rates.
TermAPY
1 month0.05%
3 months0.05%
6 months0.15%
9 months0.15%
12 months0.55%
18 months0.60%
2 years0.60%
3 years0.70%
4 years0.80%
5 years0.85%
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: Dependent on the term and amount on deposit; contact the bank for further details

As with Vectra Bank Colorado’s regular Jumbo CDs, the opening deposit requirement is pretty steep compared to the low rates you’re getting. These CDs can be managed with the bank’s online banking platform.

How to get Vectra Bank Colorado’s IRA CDs

You can open the bank’s IRA CDs at a branch or by calling 844-210-3604. You’ll need your Social Security number, a form of ID and an account with which to fund your CD.

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How Vectra Bank Colorado’s IRA CD rates compare

Just like with Vectra Bank Colorado’s regular CDs, these IRA CDs appear to be pretty standard at first glance, but the rates don’t stack up to those on our list of the best IRA CD rates. The opening deposit on the Jumbo IRA CDs is also quite steep for the low rates you’re getting. We urge you to shop around and possibly consider one of the products on our list.

IRA Money Market

This account comes with low rates and low fees.
APYMinimum Balance to Earn APY
0.00%
$0.01
0.10%
$2,000
0.20%
$100,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Vectra Bank Colorado’s money market IRA comes with minimal requirements and no monthly fee, but very low rates on very high balances. While you can make additional deposits at any point, any withdrawals made before age 59½ may be subject to federal taxes and penalties from the IRS.

How to get Vectra Bank Colorado’s IRA Money Market

Customers can open Vectra Bank Colorado’s IRA Money Market accounts at a branch or by calling 844-210-3604. You’ll need your Social Security number, a form of ID and an account with which to fund the account.

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Overall review of Vectra Bank Colorado’s banking products

While most of Vectra Bank Colorado’s deposit accounts offer minimal requirements and easily waivable fees, the rates on all of them don’t stack up to the competition. If you are interested in growing the funds you are socking away, we urge you to take the time to comparison shop to ensure you’re getting the most bang for your buck in choosing a new account.

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

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Reviews

Apple Card Review

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

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

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

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

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

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

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

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

Where the Apple Card stands out

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

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

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

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

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

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

Additional Apple Card benefits

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

Where the Apple Card falls short

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

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

How it compares with the Uber Visa Card

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

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

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

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

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

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

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

The bottom line

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

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

Tracy Brackman
Tracy Brackman |

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

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Best of, Reviews

The Top 7 Second Chance Bank Accounts

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

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

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

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

Account Name

Monthly Fee

Minimum to open

Availability

Chime$0$0Nationwide
Peoples Bank Cash Solutions Second Chance Checking$4.95 $30Nationwide
Radius Essential Checking$0$10Nationwide
Wells Fargo Opportunity Checking and Savings Accounts$10, can be waived if you meet requirements$25All 39 states (plus Washington D.C.) that has a Wells Fargo location.
BBVA Easy Checking$13.95$25Nationwide, with the exception of Alaska and Hawaii
Woodforest National Bank Second Chance Checking$9.95 monthly maintenance fee if you use a direct deposit; $11.95 without a direct deposit$25Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, and West Virginia
First National Bank and Trust Company Renew Checking $9.95; $7.95 with direct deposit$25Select areas of Wisconsin and Illinois

Second chance account basics

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

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

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

The 7 best second chance bank accounts

1. Chime

Chime

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

Chime account features:

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

Fees to watch out for:

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

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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)

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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

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4. Wells Fargo Opportunity Checking and Savings Accounts

Wells Fargo Bank

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

Account features:

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

Fees to watch out for:

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

LEARN MORE Secured

on Wells Fargo Bank’s secure website

Member FDIC

5. BBVA Easy Checking

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

BBVA Easy Checking features::

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

Fees to watch out for:

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

LEARN MORE Secured

on BBVA’s secure website

Member FDIC

6. Woodforest National Bank Second Chance Checking

Woodforest National Bank

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

Fees to watch out for:

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

LEARN MORE Secured

on Woodforest National Bank’s secure website

Member FDIC

7. First National Bank and Trust Company Renew Checking

First National Bank and Trust Company (WI)

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

Account Features:

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

Fees to watch out for:

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

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

LEARN MORE Secured

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

Member FDIC

Alternatives to a second chance bank account

Get a prepaid debit card

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

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

Open a secured credit card

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

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

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Erin Millard
Erin Millard |

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

James Ellis
James Ellis |

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