Present Financial institution Evaluation 2024: 4.00% APY on Financial savings plus $50 Money Bonus

Present Financial institution is an internet 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 function, you’ll be able to borrow as much as $500 with no charges or curiosity. The credit score constructing card is definitely the debit card connected to the checking account. Once you spend, the acquisition quantity is eliminated out of your accessible stability and put aside. The funds are then used to pay the cardboard’s invoice on the due date, thereby providing you with a optimistic 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 individuals who often dip under zero of their checking account. The free money advance may come in useful for individuals who want it. It’s additionally nice for anybody trying to construct their credit score. The debit card features like a standard debit card however is definitely a secured card, constructing credit score within the background.

Present Financial institution Options

Desk of Contents

1. At a Look
2. Who Ought to Use Present Financial institution
3. Present Financial institution Options
4. Who’s Present?
5. The Present Spend Account
1. Credit score Constructing Debit Card
2. Payment-Free Overdraft
6. The Present Financial savings Pods
7. The Present Teen Account
8. The Present Make investments Account
9. Opening a Present Account
10. What Else Ought to I Know About Present?
11. Options to Present
1. Chime
2. Varo
3. Dave
12. 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 companies. They concentrate on making the service and the app highly effective whereas the associate financial institution does the banking companies piece.

What financial institution does Present use? As of February 2024, it’s Selection Monetary Group.

Present holds pass-through FDIC insurance coverage of as much as $250,000 per account by way of their partnership with their associate financial institution, Selection Monetary Group (FDIC# 9423).

Once you arrange your account, you get an account quantity from Selection Monetary Group. For those who go to arrange your direct deposit, you’ll discover the Present Routing Variety of 091302966 truly belongs to Selection Monetary Group.

Right here is its present welcome supply:

• Get $50 once you add and obtain a qualifying direct deposit of a minimum of $200 inside 45 days, plus,
• Earn 4.00% APY on as much as $6,000 of your financial savings of their “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 on the lookout for a easy, easy-to-use monetary app with a nice yield in your saving account, Present would possibly nonetheless be value 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 things is free!

The Present Account has no month-to-month charge and no minimal stability requirement.

Different options embrace:

• Construct credit score along 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
• Instantaneous notifications for purchases

Credit score Constructing Debit Card

Technically, the debit card that comes along with your spend account isn’t a debit card however a secured bank card. Nevertheless, it features similar to a debit card.

The stability in your Spend account is what you’ll be able to spend on the cardboard. Once you make a purchase order, the cash is eliminated out of your accessible stability and put aside. Then, when the fee is due in your card, Present makes use of the funds that had been put aside to pay your stability in full.

This exhibits a optimistic fee historical past to the credit score bureaus, and also you don’t must do something further.

Payment-Free Overdraft

Present gives non-obligatory overdraft safety, known as Overdrive, to those that qualify. You have to enroll in this system and the way a lot overdraft safety you’ll qualify for depends upon a number of components, however you have to obtain a minimum of $500 monthly in direct deposit to be thought-about.

For those who spend greater than you have got in your Spend account, Present will advance you the quantity you have to cowl your buy. It will present as a damaging stability in your account. When your direct deposit hits your account, the damaging stability will likely be cleared.

There are not any charges or curiosity to make use of this service.

The Present Financial savings Pods

You may create as much as three financial savings pods to assist manage your financial savings. You may set and title financial savings objectives and have cash robotically transferred to your Financial savings Pods. You too can spherical up purchases for added Financial savings Pod accumulation. 

If in case you have a minimum of $500 monthly in direct deposit, then you’ll be able to earn 4.00% APY on as much as $2,000 per pod. So you may earn a excessive rate of interest of as much as $6,000.

After getting a Spend account, you’ll be able to open a Financial savings Pod within the app. Simply scroll down and faucet on “Savings Pods.”

The Present Teen Account

Present additionally gives a Teen Account. This account should be established via a mum or dad Fundamental or Premium account. The teenager account has the next options:

• A White or Black debit card
• Commonplace direct deposits
• $0 minimal stability requirement
• Parental notifications for purchases
• Instantaneous switch of funds from the mum or dad account
• Parental management over spending limits

Present’s Teen account additionally comes with a function that enables dad and mom to arrange and pay for weekly chores which can be accomplished. 

Utilizing this function could be a good way to show your teen how you can earn and spend cash. 

Be aware that to open a Teen account (or every other account) with Present, you’ll need to supply a legitimate 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 provides you the power to spend money on crypto. There are not any buying and selling charges and you may spend money on 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 only some minutes. Merely click on via to the Present web site and enter your telephone quantity. There’s a bonus proper now and that code is robotically entered.

Present will textual content you a hyperlink to the app retailer the place you obtain the app.

Click on via, choose your account, enter in some private data, 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 below are another issues you must find out about utilizing Present. they aren’t deal breakers for me, however they could be for you:

No Test Writing

Present doesn’t concern checks nor do they permit examine writing out of your Present account right now. You may solely entry funds by way of ATM withdrawals or debit card purchases.

This could be a minor inconvenience however since you should utilize a debit card, I don’t see it has an enormous deal.

Present Pay

Present Pay is Present’s P2P switch system. It lets you ship or request cash from different Present members. You should utilize 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. For those who refer a pal 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 pal after they arrange a direct deposit – it’s just like the overtly accessible one.

ATM and Debit Card Buy Limits

Present has day by day limits for utilizing your Present card;

• The day by day ATM restrict is $500 for all accounts.
• The day by 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 not too long ago carried out a rewards program for account homeowners. Once you store at collaborating retailers utilizing your debit card, you’ll be able to 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 might be curious what may be on the market, listed below are just a few alternate options that examine to Present. 

Varo

Varo can also be just like Present. It gives a spending account and interest-free money advances as much as $500, however there’s a charge 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’ll be able to spend on the cardboard. When the invoice is due, Varo can use your deposit to pay the invoice, and report a optimistic fee historical past to the credit score bureaus.

Right here’s our full Varo overview to study extra.

Go to Varo

Dave

Dave gives a checking account and high-yield financial savings account for a membership charge of $1 monthly. 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 compensation.

Dave doesn’t have any credit-building options, however it does have options that will help you earn extra via facet hustles.

Go to Dave

Abstract

The Present cellular banking app could be a good way so that you can use cellular banking and get your Direct Deposit as much as two days early. 

And if you happen to’re looking for a teen account that provides your teen an opportunity to study 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 cellular banking options? Have you ever ever banked utilizing Present? Be happy to share your ideas within the feedback part.