4.00% APY on Financial savings plus $50 Money Bonus

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 concentrate on making the service and the app highly effective whereas the companion 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 through their partnership with their companion financial institution, Alternative Monetary Group (FDIC# 9423).

If 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 really belongs to Alternative Monetary Group.

Right here is its present welcome supply:

• Get $50 if you add and obtain a qualifying direct deposit of no less than $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 presents 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 value contemplating.

The corporate additionally has three customer support choices: cellphone, electronic 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, Primary and Premium, however now every little thing is free!

The Present Account has no month-to-month payment and no minimal stability 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
• Instantaneous 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. Nonetheless, it features identical to a debit card.

The stability in your Spend account is what you possibly can spend on the cardboard. If you make a purchase order, the cash is eliminated out of your out there stability and put aside. Then, when the cost is due in your card, Present makes use of the funds that had been put aside to pay your stability in full.

This reveals a optimistic cost historical past to the credit score bureaus, and also you don’t must do something additional.

Price-Free Overdraft

Present presents optionally available 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 is determined by a number of elements, however you need to obtain no less than $500 per 30 days in direct deposit to be thought of.

In the event you spend greater than you have got in your Spend account, Present will advance you the quantity it is advisable to cowl your buy. This may present as a unfavourable stability in your account. When your direct deposit hits your account, the unfavourable stability will probably be cleared.

There aren’t 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 arrange your financial savings. You may set and identify financial savings targets and have cash robotically transferred to your Financial savings Pods. It’s also possible to spherical up purchases for added Financial savings Pod accumulation. 

You probably have no less than $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 would earn a excessive rate of interest of as much as $6,000.

After 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 presents a Teen Account. This account have to be established by way of a dad or mum Primary 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 dad or mum account
• Parental management over spending limits

Present’s Teen account additionally comes with a characteristic that permits dad and mom to arrange and pay for weekly chores which might be accomplished. 

Utilizing this characteristic will be an effective way to show your teen easy methods to earn and spend cash. 

Word 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’t open a teen account with present.

The Present Make investments Account

Present additionally has an Make investments account that offers you the power to spend money on crypto. There aren’t any buying and selling charges and you’ll spend money on a wide range of cash, from the large names like Bitcoin and Ethereum, to a couple 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 by way of to the Present web site and enter your cellphone 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 by way of, decide your account, enter in some private info, and also you’re just about arrange.

It’s essential to arrange Financial savings Pods sooner or later 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 it is best to learn about utilizing Present. they aren’t deal breakers for me, however they might be for you:

No Test Writing

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

This generally is 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 permits you to ship or request cash from different Present members. You should use it to separate dinner payments, pay mates cash you owe, obtain cash you’re owed, and extra. I don’t see myself utilizing this as a substitute of Venmo.

Referral Program

Present additionally has a referral bonus program. In the event you 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 once they arrange a direct deposit – it’s much like the brazenly out there one.

ATM and Debit Card Buy Limits

Present has each day limits for utilizing your Present card;

• The each day ATM restrict is $500 for all accounts.
• The each 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 lately carried out a rewards program for account homeowners. If you store at collaborating 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. 

Alternate options to Present

If Present is interesting however you might be curious what could be on the market, listed here are a couple of alternate options that evaluate to Present. 

Varo

Varo can be much like Present. It presents a spending account and interest-free money advances as much as $500, however there’s a payment for the advance. It additionally presents 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 optimistic cost historical past to the credit score bureaus.

Right here’s our full Varo evaluation to be taught extra.

Go to Varo

Dave

Dave presents a checking account and high-yield financial savings account for a membership payment of $1 per 30 days. It additionally presents money advances as much as $500.

The money advances aren’t essentially solely to cowl overdrafts, and you will 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 go away a tip upon compensation.

Dave doesn’t have any credit-building options, but it surely does have options that can assist you earn extra by way of facet hustles.

Go to Dave

Abstract

The Present cell banking app will 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 might give you the results you want as effectively. 

What do you consider Present and its cell banking options? Have you ever ever banked utilizing Present? Be at liberty to share your ideas within the feedback part.