Present Financial institution
Product Title: Present Financial institution
Product Description: Present Financial institution is a neo-bank that provides a checking and high-yield financial savings. It additionally has free money advances and credit score constructing options.
Abstract
Present Financial institution has a checking account that provides early direct deposit, free money advances, and a debit card that helps construct credit score. It additionally has a high-yield financial savings account that earns a aggressive charge in case you have direct deposit of at the very least $500 per 30 days into checking.
Professionals
- Financial savings pods earn 4.00% APY on the primary $2,000 (as much as 3 pods)
- Get your Direct Deposit as much as two days early
- Credit score constructing options on the debit card
- Free money advances
- Money again rewards at choose retailers
Cons
- Excessive APY is restricted to first $6,000 in financial savings
- No joint accounts allowed
- Cellular banking solely
Present Financial institution is a web based financial institution that provides a checking account, high-yield financial savings, and credit score builder account. The checking account is full of options together with early direct deposit and free short-term loans to cowl overdrafts.
With the money advance characteristic, you possibly can borrow as much as $500 with no charges or curiosity. The credit score constructing card is definitely the debit card hooked up to the checking account. Whenever you spend, the acquisition quantity is eliminated out of your obtainable steadiness and put aside. The funds are then used to pay the cardboard’s invoice on the due date, thereby supplying you with a constructive fee historical past.
At a Look
- Provides checking and a high-yield financial savings account
- Credit score constructing options with the checking account
- Free money advances
- Debit card can earn rewards
Who Ought to Use Present Financial institution
Present Financial institution is ideal for many who sometimes dip under zero of their checking account. The free money advance may turn out to be useful for many who want it. It’s additionally nice for anybody seeking to construct their credit score. The debit card features like a traditional debit card however is definitely a secured card, constructing credit score within the background.
Present Financial institution Options
Desk of Contents
- At a Look
- Who Ought to Use Present Financial institution
- Present Financial institution Options
- Who’s Present?
- The Present Spend Account
- The Present Financial savings Pods
- The Present Teen Account
- The Present Make investments Account
- Opening a Present Account
- What Else Ought to I Know About Present?
- Options to Present
- Abstract
Who’s Present?
Present is a neobank, which merely means it’s not itself a financial institution. It’s a fintech firm that partnered with a financial institution to supply banking providers. They give attention to making the service and the app highly effective whereas the accomplice financial institution does the banking providers piece.
What financial institution does Present use? As of February 2024, it’s Alternative Monetary Group.
Present holds pass-through FDIC insurance coverage of as much as $250,000 per account by way of their partnership with their accomplice financial institution, Alternative Monetary Group (FDIC# 9423).
Whenever you arrange your account, you get an account quantity from Alternative Monetary Group. In the event you go to arrange your direct deposit, you’ll discover the Present Routing Variety of 091302966 truly belongs to Alternative Monetary Group.
Right here is its present welcome provide:
- Get $50 while you add and obtain a qualifying direct deposit of at the very least $200 inside 45 days, plus,
- Earn 4.00% APY on as much as $6,000 of your financial savings of their “financial savings pods.”
The Present money bonus is OK (there are higher gives on our financial institution bonus web page). However their app is fairly good, and if you happen to’re searching for a easy, easy-to-use monetary app with a nice yield in your saving account, Present would possibly nonetheless be price contemplating.
The corporate additionally has three customer support choices: telephone, e mail, and chat. Subsequent, let’s go over some particulars on Present’s account selections.
The Present Spend Account
They used to have two tiers, Fundamental and Premium, however now all the pieces is free!
The Present Account has no month-to-month price and no minimal steadiness requirement.
Different options embody:
- Construct credit score together with your debit card
- Early direct deposit, as much as 2 days, relying in your employer or payroll supplier
- Budgeting instruments and spending insights
- Free short-term mortgage, known as Overdrive, for overdraft safety
- Prompt notifications for purchases
Credit score Constructing Debit Card
Technically, the debit card that comes together with your spend account isn’t a debit card however a secured bank card. Nevertheless, it features identical to a debit card.
The steadiness in your Spend account is what you possibly can spend on the cardboard. Whenever you make a purchase order, the cash is eliminated out of your obtainable steadiness and put aside. Then, when the fee is due in your card, Present makes use of the funds that have been put aside to pay your steadiness in full.
This exhibits a constructive fee historical past to the credit score bureaus, and also you don’t need to do something further.
Payment-Free Overdraft
Present gives elective overdraft safety, known as Overdrive, to those that qualify. It’s essential to enroll in this system and the way a lot overdraft safety you’ll qualify for will depend on a number of elements, however you need to obtain at the very least $500 per 30 days in direct deposit to be thought-about.
In the event you spend greater than you could have in your Spend account, Present will advance you the quantity it’s essential to cowl your buy. It will present as a destructive steadiness in your account. When your direct deposit hits your account, the destructive steadiness can be cleared.
There are not any charges or curiosity to make use of this service.
The Present Financial savings Pods
You possibly can create as much as three financial savings pods to assist set up your financial savings. You possibly can set and title financial savings objectives and have cash mechanically transferred to your Financial savings Pods. You can even spherical up purchases for extra Financial savings Pod accumulation.
In case you have at the very least $500 per 30 days in direct deposit, then you possibly can earn 4.00% APY on as much as $2,000 per pod. So you might earn a excessive rate of interest of as much as $6,000.
Upon getting a Spend account, you possibly can open a Financial savings Pod within the app. Simply scroll down and faucet on “Financial savings Pods.”
The Present Teen Account
Present additionally gives a Teen Account. This account have to be established by a mother or father Fundamental or Premium account. The teenager account has the next options:
- A White or Black debit card
- Commonplace direct deposits
- $0 minimal steadiness requirement
- Parental notifications for purchases
- Prompt switch of funds from the mother or father account
- Parental management over spending limits
Present’s Teen account additionally comes with a characteristic that enables dad and mom to arrange and pay for weekly chores which can be accomplished.
Utilizing this characteristic could be an effective way to show your teen the best way to earn and spend cash.
Be aware that to open a Teen account (or some other account) with Present, you’ll need to supply a sound ID. Present counts the next as legitimate IDs:
- A present, unexpired state driver’s license or ID card
- A present, unexpired passport or passport card
- A present, unexpired everlasting resident card
In case your teen doesn’t possess one of many above-mentioned ID varieties, they can not open a teen account with present.
The Present Make investments Account
Present additionally has an Make investments account that offers you the power to put money into crypto. There are not any buying and selling charges and you may put money into quite a lot of cash, from the massive names like Bitcoin and Ethereum, to some of the smaller ones too, like Polkadot.
Opening a Present Account
The method for opening a Present Private Account took just a few minutes. Merely click on by to the Present web site and enter your telephone quantity. There’s a bonus proper now and that code is mechanically entered.
Present will textual content you a hyperlink to the app retailer the place you obtain the app.
Click on by, decide your account, enter in some private info, and also you’re just about arrange.
It’s essential to arrange Financial savings Pods in some unspecified time in the future as a result of that’s the way you get the upper rate of interest:
What Else Ought to I Know About Present?
Listed here are another issues you need to learn about utilizing Present. they aren’t deal breakers for me, however they might be for you:
No Test Writing
Present doesn’t difficulty checks nor do they permit examine writing out of your Present account at the moment. You possibly can solely entry funds by way of ATM withdrawals or debit card purchases.
This could be a minor inconvenience however since you need to use a debit card, I don’t see it has an enormous deal.
Present Pay
Present Pay is Present’s P2P switch system. It permits you to ship or request cash from different Present members. You need to use it to separate dinner payments, pay associates cash you owe, obtain cash you’re owed, and extra. I don’t see myself utilizing this as an alternative of Venmo.
Referral Program
Present additionally has a referral bonus program. In the event you refer a buddy to open a Present account utilizing the Invite & Earn Cash part of your app, Present will reward you with a referral bonus after the account will get opened.
On the time of this writing, the referral bonus is $50 for you and your buddy after they arrange a direct deposit – it’s much like the overtly obtainable one.
ATM and Debit Card Buy Limits
Present has every day limits for utilizing your Present card;
- The every day ATM restrict is $500 for all accounts.
- The every day debit card buy restrict is $2,000 for all accounts.
For teen accounts, dad and mom can decrease these limits.
Debit Card Rewards Program
Present just lately carried out a rewards program for account homeowners. Whenever you store at taking part retailers utilizing your debit card, you possibly can earn as much as 15x rewards relying in your account and the retailer.
The rewards money is deposited straight into your Present account.
Options to Present
If Present is interesting however you’re curious what may be on the market, listed here are just a few alternate options that examine to Present.
Chime
Like Present, Chime is a cell app. It gives a fee-free checking account and a high-yield financial savings account. Its SpotMe® characteristic additionally gives free short-term loans as much as $200 to cowl overdrafts. You possibly can spherical up checking account purchases to extend your financial savings steadiness too, identical to you possibly can with Present.
For these seeking to construct credit score, it gives a credit score builder Visa card, which works as a secured card and studies to all three credit score bureaus. For extra info on the best way to rebuild your credit score, see our article on rebuilding your credit score with secured bank cards.
See our Chime Financial institution Account Evaluation for extra info on Chime.
Chime is a monetary know-how firm, not a financial institution. Banking providers supplied by The Bancorp Financial institution, N.A. or Stride Financial institution, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Financial institution or Stride Financial institution pursuant to a license from Visa U.S.A. Inc. and could also be used in every single place Visa debit playing cards are accepted. Please see again of your Card for its issuing financial institution.
Varo
Varo can also be much like Present. It gives a spending account and interest-free money advances as much as $500, however there’s a price for the advance. It additionally gives a high-yield financial savings account and a credit score builder account.
The credit score builder is a secured bank card that works like a pay as you go debit card. Switch cash from checking on to the cardboard, which is then the quantity you possibly can spend on the cardboard. When the invoice is due, Varo can use your deposit to pay the invoice, and report a constructive fee historical past to the credit score bureaus.
Right here’s our full Varo assessment to study extra.
Dave
Dave gives a checking account and high-yield financial savings account for a membership price of $1 per 30 days. It additionally gives money advances as much as $500.
The money advances aren’t essentially solely to cowl overdrafts, and you may get a money advance, even if you happen to don’t have a checking account with Dave. The money advances are free with the choice to depart a tip upon reimbursement.
Dave doesn’t have any credit-building options, however it does have options that will help you earn extra by facet hustles.
Abstract
The Present cell banking app could be an effective way so that you can use cell banking and get your Direct Deposit as much as two days early.
And if you happen to’re trying to find a teen account that offers your teen an opportunity to find out about cash administration but nonetheless permits for parental controls on spending, Present may give you the results you want as properly.
What do you concentrate on Present and its cell banking options? Have you ever ever banked utilizing Present? Be at liberty to share your ideas within the feedback part.