The Top 15 Banks for Millennials
If you’re like most Millennials, you’re tired of the old school brick-and-mortar mega bank. Instead, you want to do most of your banking online or on your phone. But, that’s not all. You want a bank to offer financial advice and provide real-time financial information. That may sound like a tall-order to fill, but that’s not the case with the following 15 banks for millennials:
With Due you can send and receive payments from clients and customers from your eBank account in as little as ten minutes via phone number of email account. If you have to transfer funds to a traditional bank, you can do so in just one day.
If you’re concerned about security, just know that Due encrypts all of your data and it is stored on its secure server. The next-gen digital payment technology also guards against any unauthorized transactions.
Best of all? You can try Due for free today.
Chime is an online bank that allows you to transfer funds to friends and pay bills. There are no monthly charges, overdraft fees, and comes with a Visa debit card. What makes Chime stand out, however, is that it automates your savings by rounding up the transaction to the nearest dollar and transferring that amount to your savings account. It also shares daily balance reports, and real-time transactions so that you can improve your spending habits.
Like Chime, Simple focuses on helping Millennials save. In fact, Simple claims that it can save its customers 10 percent of their yearly income through establishing goals and visualizing how you spend money. It also lets you deposit checks and transfer money through your phone, instead of visiting a branch. If that wasn’t enough, there aren’t any fees.
Ally has become one of the most popular, and highly ranked, online banks thanks to offering no maintenance fee checking, high savings, and CD yields, and 24/7 customer service. Ally also has an enticing 1.00 percent APY on its savings account and 1.05 percent APY on its 12-month CD.
As for banking, you can set-up direct deposits, snap a picture of your checks and deposit it from your phone, and accept wire transfers from any U.S. bank. You can easily pay your bills to any entity with a postal address or set-up recurring payments.
Moven is a startup for anyone who prefers to do their banking primarily through their mobile device. It features a checking account and the ability to improve your financial health through real-time tracking. It not only tracks your Moven account, but other banking accounts that you’ve synced to your account. There are no overdraft fees and very few account fees as well.
The major downside with Moven is that it takes 10 days for a check to clear.
Circle prides itself as just not a payment app, but a platform that is going to change the global economy. By using technology like the blockchain, you can move money to or from anyone in the world easily, securely, and for free. How easy? You can snap a pic of your debit card to pay a friend back instantly. You can even personalize your money messages by using GIFs or emojis.
Atom is the UK’s first bank built exclusively for mobile users. What’s really appealing about Atom is that customers are given their own personalized brand, such as being able to name their bank, have their own logo, and option to select the color palette of the app.
Atom uses biometrics, face and voice recognition, to log into the app and a 1 Year Fixed Saver option that can save you 1.40 percent.
Synchrony Bank isn’t your typical bank. It doesn’t feature a checking account, so when you put funds into your account, you either have to link and transfer funds from an external account, set up direct deposit, mail or upload a check, or make a wire transfer. So, what makes this bank so awesome? Synchrony Bank has excellent rates on CDs, High Yield Savings Accounts, and Money Market Accounts. For example, the APY on its High Yield Savings Accounts is a solid 1.05 percent.
Bank of Internet USA doesn’t have the highest savings account and CD yields, the checking account can potentially earn up to 1.25 percent APY. Other checking accounts perks include no fees, remote check deposit, cash-back purchase rewards, and 24/7 phone support.
Located in the UK, Pingit is a mobile app that links your mobile number with your bank account so that you can send or receive money to a friend or business in 35 countries through a couple of taps on your phone. If you want to pay a bill, snap the QR code on your monthly bill and the app handles the rest. If you’re a UK taxpayer you can add Gift Aid to donations.
With 1.11 percent APY, the EverBank Yield Pledge Money Market account has one of the highest yield on savings accounts. There’s no monthly maintenance fee, ATM fees, and EverBank will reimburse other banks’ surcharges if you happen to have an account balance of $5,000 or more. EverBank also provides 24/7 phone customer support.
First Internet Bank offers a free mobile app, remote check deposit, and a competitive 1.11 percent APY on its one-year CD. The biggest pro, however, is the FinanceWorks tool that gives you the ability to connect to other financial accounts and create a budget. Even though there’s a no-fee checking account, there is a $10 monthly maintenance fee on the bank’s 0.55 percent APY interest checking account if the balance is below $500.
13. Bank5 Connect
Bank5 Connect is another highly regarded online banking platform thanks to features like a mobile app, no monthly fees, remote check deposit, and live online chat. The bank will also reimburse you for other banks’ fees, which can be up to $15 per statement cycle. There’s also the UChoose Rewards program that helps you earn points whenever you use your debit card. Those points can be redeemed for gift cards or vacation packages.
Backed by the nearly 80-year-old Flushing Bank, iGOBank includes features like mobile deposit, balance inquiries, and free bill pay. There are no fees and a competitive interest rate of 1.00 percent APY. You can make surcharge-free withdrawals at 43,000 ATM locations in all 50 states through the Allpoint Network. If you’re worried about security, the bank is FDIC insured.
Our final selection is from the well-known brokerage and banking company Charles Schwab. With its Schwab Bank High Yield Investor Checking you can enjoy no monthly fees, rebates from any ATM worldwide, free bill pay, ability to link to Apple Pay when making purchases, mobile check deposit, and some of the lowest ETF fees out there. You will need to open up a brokerage account to enjoy these perks.