Advertiser Disclosure

Reviews

Vibe Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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

Vibe Credit Union checking account options

Sound Checking account

A checking account that lets you earn a small amount of interest at different tier levels.
APYMinimum Balance to Earn APY
0.01%$0
0.02%$5,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $3; can be waived with combined Vibe Credit Union account balances of $500.
  • ATM fee: None on CO-OP network ATMs; 10 free out-of-network ATMs transactions per month; then $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $30

This checking account allows account holders to earn interest on any amount, albeit at a very low rate. It offers various basic services you’d expect to find with most any checking account these days, including mobile and online banking services.

One nice perk is the fact that you get 10 free outside ATM transactions per month. It also offers personalized cash back rewards when you shop at certain retailers; these rewards are deposited into your checking account at the end of every month.

LEARN MORE Secured

on Vibe Credit Union’s secure website

NCUA Insured

FU$E Checking

A youth checking account for members ages 16 to 23.
APYMinimum Balance to Earn APY
0.02%$0
0.02%$5,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on CO-OP network ATMs; 10 free out-of-network ATM transactions per month; then $1 plus any other fees imposed by other banks.
  • ATM fee refund: None
  • Overdraft fee: $30

This interest-bearing youth account helps teens and young adults establish good financial habits while building toward their future. With basic services like online and mobile banking, and no monthly fees or requirements, this is a good account for young members to have if they or one of their family members qualifies for membership.

When the account holder turns 24, this account will become a Sound Checking account, according to a credit union representative. A parent must be a joint owner on the account while their child is still a minor. Parents can remove themselves after their child turns 24 if they wish, though they can remain an owner of their new adult account as well.

LEARN MORE Secured

on Vibe Credit Union’s secure website

NCUA Insured

magnifying glass

How Vibe Credit Union’s checking accounts compare

If you’re after a top-notch online banking account, you should make sure it has no monthly fees, a strong online banking platform, offers the ability to earn interest, has no ATM fees and possibly refunds outside fees.

While Vibe Credit Union’s checking account can check off most of those boxes, its rates simply don’t come close to those on our list of the best checking accounts out there. In fact, its rates are practically next to nothing. Consider one of the accounts on our list instead.

Vibe Credit Union savings account options

Membership Savings

This account is required to establish membership at Vibe Credit Union.
APYMinimum Balance to Earn APY
0.10%$0
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $3; can be waived (see below)
  • ATM fee: None on CO-OP network ATMs; $1 plus any other outside bank fees on out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $30

This account is required to establish membership and open any other products at Vibe Credit Union. According to a credit union representative, if you open it in person, you only need to pay $5 fee. If you open it online, you will have to fund it with $25 and after seven business days, $20 will be available to you, with the remaining $5 serving as your opening fee.

Like the checking account, it offers a very low interest rate which can be earned on any balance. It also has a very low monthly fee, which can easily be waived if you: maintain a combined average daily balance of $500 in all deposit accounts and loan accounts; are an eServices user with a total direct deposit of at least $500 monthly; are a FU$E Checking or FU$E Money Management Account holder; are 18 or younger; or are 62 or older and have an electronic deposit (ACH) to your Vibe account.
This account also offers mobile and online banking services. You can open personalized sub-accounts within this account to save for special purchases like a vacation or new car, and earn the same rate on those funds.

Like all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month.

LEARN MORE Secured

on Vibe Credit Union’s secure website

NCUA Insured

Holiday Savings

This account allows you to set aside funds for the holiday season.
APYMinimum Balance to Earn APY
0.15%$0
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account allows holders to sock away funds for holiday expenses. Your savings from this account will be deposited into your checking or savings account in November. You can contribute money to this account via direct deposit, monthly automatic transfers or manual transfers on your own.
According to a credit union representative, members can open this account at any time of the year. If you withdraw funds from this account before Nov. 1, the account will close for the remainder of the year. However, it can be reopened after Nov. 11 to begin saving for the following year’s holiday season.

As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month.

LEARN MORE Secured

on Vibe Credit Union’s secure website

NCUA Insured

magnifying glass

How Vibe Credit Union’s savings accounts compare

Not surprisingly, Vibe Credit Union’s savings account rates don’t compare to the best online savings accounts available. Since the opening and monthly maintenance requirements are pretty minimal on the Membership Savings account, it won’t hurt you to have it — that’s good news, since it’s required for membership to Vibe Credit Union. However, we wouldn’t recommend seeking out Vibe Credit Union for these accounts alone.

Vibe Credit Union CD rates

Certificates of Deposit

Certificates with a minimum opening deposit of $500.
TermAPY
12 months1.51%
18 months1.51%
24 months2.01%
30 months2.17%
36 months2.27%
48 months2.47%
60 months2.68%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of interest on a 1 year term; 180 days’ worth of interest on all other terms

These are basic, run-of-the-mill CDs, which come in terms ranging from one to five years and offer fairly standard opening deposit requirements and early withdrawal penalties. The rates are pretty mediocre compared with the competition, however.

Interest on these accounts is calculated daily, and certificate holders have the option of having full interest paid at maturity, compounded quarterly (added to certificate) or monthly interest transfers made to their Vibe Credit Union checking or savings accounts.

Certificate renewal notices are sent seven days prior to maturity, with the CD being renewed automatically if no response is provided. There is a seven-day grace period for renewals, with a renewal acknowledgment sent upon request.

LEARN MORE Secured

on Vibe Credit Union’s secure website

NCUA Insured

magnifying glass

How Vibe Credit Union’s CD rates compare

As mentioned above, Vibe Credit Union’s CD rates just don’t stack up against the competition, even if their requirements are fairly standard in comparison. We recommend considering one of the CDs on our list of the best CD rates to get the most bang for your buck on your funds.

Vibe Credit Union money market account options

Money Management account

Vibe Credit Union’s money market account allows you to earn slightly higher rates than on its savings accounts.
APYMinimum Balance to Earn APY
0.05%$0
0.25%$2,500
0.30%$20,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies; see table.
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account boasts the ability to earn higher interest rates than the Membership Savings account, and while that’s true, these rates really aren’t at all impressive.

Other services with this account include mobile and online banking services. Since it is a savings account, this account is subject to Federal Reserve Regulation D, which limits certain debits to six per month; exceed this limit and you’ll face a $5 fee per additional transaction from the credit union.

LEARN MORE Secured

on Vibe Credit Union’s secure website

NCUA Insured

Elite Money Management account

Virtually the same as the regular Money Management account, but with slightly higher rate tiers.
APYMinimum Balance to Earn APY
0.05%$0
0.35%$50,000
0.45%$100,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies; see table.
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account comes with the same requirements and other characteristics as the regular Money Management account; the only difference is that there are higher required minimum balances which earn slightly higher rates. As such, it’s also subject to Federal Reserve Regulation D, which limits certain debits to six per month. You’ll be faced with a $5 fee per excess transaction if you go over that rule from the credit union.

LEARN MORE Secured

on Vibe Credit Union’s secure website

NCUA Insured

FU$E Money Management account

The Money Money Management account version for youths from birth to age 23.
APYMinimum Balance to Earn APY
0.20% $0
0.30%$2,500
0.40%$20,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies; see table.
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The youth version of Vibe Credit Union’s Money Management money market account allows children (or their parents) and young adults save up for things like a trip, new car or college tuition while earning a small amount of interest. When the account holder turns 24, this account will become a regular Money Management account. A parent must be a joint owner on the account while their child is still a minor. Parents can remove themselves after their child turns 24 if they wish, though they can remain an owner of their new adult account as well. As with all other savings accounts, it heeds to Federal Reserve Regulation D, which limits certain debits to six per month.

LEARN MORE Secured

on Vibe Credit Union’s secure website

NCUA Insured

magnifying glass

How Vibe Credit Union’s money market accounts compare

Like a large majority of money market accounts out there, Vibe Credit Union’s offerings come with pretty dismal rates and high balance requirements to earn the highest ones. We recommend seeking out better rates from other institutions, such as one of the many on our list of the best money market rates and accounts.

Vibe Credit Union IRA options

IRA CDs

Vibe Credit Union’s CDs, opened within an IRA with a minimum deposit of $500.
TermAPY
12 months1.51%
18 months1.51%
24 months2.01%
30 months2.17%
36 months2.27%
48 months2.47%
60 months2.68%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of interest on a 1 year term; 180 days’ worth of interest on all other terms

These are Vibe Credit Union’s same CD products, just opened within an IRA at the same fairly mediocre rates. The required opening deposit and early withdrawal penalty are fairly standard, as are the renewal options.

LEARN MORE Secured

on Vibe Credit Union’s secure website

NCUA Insured

magnifying glass

How Vibe Credit Union’s IRA CD rates compare

Just like with the regular CDs, the rates on the credit union’s IRA CDs are not really anything to write home about.

When you’re saving for your retirement, you especially want to make sure you have the best opportunity to grow your funds. That’s why we urge you to do your research to find the best product out there, such as one of the many options on our list of the best IRA CD rates.

IRA savings account

A retirement account that can be opened as a traditional or Roth IRA.
APYMinimum Balance to Earn APY
0.20%$500
0.20%$2,500
0.30%$20,000
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Vibe Credit Union offers an IRA savings account that can be opened as a traditional or Roth IRA. Like its other savings products, the rates really aren’t all that impressive. As with any other savings account, it is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month.

How to get Vibe Credit Union’s personal banking products

If you qualify for membership, you can open Vibe Credit Union’s checking, savings and certificates after opening a Membership Savings account with an opening deposit of $5. You’ll need to provide your Social Security number and a government-issued ID to become a member. For the IRA CDs and IRA savings accounts, members will need to visit the credit union in person. For the FU$E Checking and Money Management accounts, members under 18 will need to visit the credit union with a parent to open the accounts.

LEARN MORE Secured

on Vibe Credit Union’s secure website

NCUA Insured

Overall review of Vibe Credit Union’s banking products

Overall, none of the rates offered on Vibe Credit Union’s banking products are anything to get excited about. Its minimal fees and monthly requirements are a definite plus, as is the fact that both of its Vibe Credit Union’s checking account products earn interest, but you can still do better elsewhere. Do your research to find the deposit account that will really allow you to reap the most benefits on your funds.

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