Tag: Best Options

Are you looking for a suitable financial institution for your business banking needs? With a range of online and traditional banks offering different interest rates, fees, and lending options, enter credit unions, making the choice much more complicated. We bring you the best banks and credit unions for small businesses to help you choose the right place to house your money. 

Best Banks & Credit Unions of 2023

• Bluevine – Best Overall
• Axos Bank – Best Full-service Online Bank
• Alliant Credit Union – Best Overall Credit Union
• Consumers Credit Union – Best for Eligibility Requirements
• America First Credit Union – Best for Business Lending
• PenFed Credit Union – Best for Federal Insurance
• Capital One – Best for Unlimited Digital Transactions
• Wells Fargo – Best for Biggest Branch Network 
• Bank of America – Best for Traditional Banking

We considered several different factors when evaluating the best banks and credit unions to create this list. These include fees, deposit and lending interest rates, lending options, and accessibility. Check out our complete methodology below for a closer look at how we pick the best financial institutions.

Financial Institution

Fees

Interest Rates

Lending

Features

Support

Bluevine

No monthly fee

Checking – up to 1.5%

Lines of credit up to $250K

Bill payment, unlimited transactions

Business hours phone support & email

Axos Bank

No monthly fee

Interest Checking – up to 1.01%

SBA loans

Free cash deposits, unlimited ATM fee reimbursements

24/7 phone support

Alliant Credit Union

No monthly fee

• Checking – 0.25% 
• Savings – 0.75%

Auto loans, mortgages

Extensive ATM network

24/7 phone support

Consumers Credit Union

No monthly fee

• Power Checking – 0.05% 
• Money Market – up to 0.75%

Commercial mortgages, secured lines of credit, equipment financing

60,000 free ATM locations, competitive APY

24/7 live chat, business hours phone support

America First Credit Union

No monthly fee

• High-Yield Checking – 0.05%
• Savings – 0.05-0.15%

Lines of credit, SBA, term, & commercial vehicle loans

Wide range of lending options, 30,000+ free ATM locations

Business hours phone support & email

PenFed Credit Union

No monthly fee

• Access America Checking – up to 0.35%
• Savings – 0.15 to 0.75%

Only personal lending options

NCUA-insured, easy to join

Business hours phone support, 24/7 online support

Capital One

Basic Checking – $15/month*

Savings – 0.2% APY

Lines of credit up to $5m

Unlimited digital transactions

Full-service support

Wells Fargo

Starting at $10/month*

Business Market Rate Savings – 0.01%

Lines of credit up to $500K, SBA loans

4900+ branches across the US

24/7 phone support

Bank of America

Starting at $16/month*

Savings – 0.01%

Lines of credit, loans, SBA loans

Integrated with Zelle money transfer, offers payroll services

Small business specialists, plus resources

Bluevine: Best Overall

No monthly fee

★★★★★

4.8

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Bluevine Review

If you want a well-rounded business checking account that comes with very little limitations, Bluevine is one of the best fintech companies you can choose to bank with. Although it’s not a full-service bank, Bluevine offers all the services a business might avail of from a regular bank plus a wide range of benefits.

All Bluevine deposits are FDIC-insured which gives you peace of mind. Apart from no monthly fees, no transaction limits, and a very high APY, Bluevine also lets you pay all your bills online. However, note that Bluevine only has a checking account offering. It doesn’t offer savings accounts.

Why we chose it: With no monthly fees, a very lucrative interest rate, and no minimum balance requirements, Bluevine is our top pick for small business banks. 

• No minimum deposit
• Unlimited transactions
• Two free checkbooks/year

• Virtual bank (through Coastal Community Bank).
• Only allow cash deposits through Green Dot Services
• No business savings accounts

Fees

Bluevine charges no monthly maintenance, NSF (non-sufficient funds), or overdraft fees, which go well beyond the industry standard. With unlimited transactions, you will never incur additional fees no matter how many transactions you initiate. It has no minimum deposit or minimum balance requirements either. 

Interest Rates

Bluevine’s lucrative checking interest rate is one of its strongest selling points. You will rarely find another bank offering an APY as high as 1.5% on balances up to $100,000. Note that users must meet a monthly activity goal to avail of this. 

Lending Options

Bluevine’s Business Loans offers business lines of credit of up to $250,000 on rates as low as 4.8%. The application process is fast and easy and you can have your application decision within five minutes.

Axos Bank: Best Full-service Online Bank

No monthly fee

★★★★★

4.7

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Axos Bank Review

One of the best free business banks, Axos Bank is a unique financial institution in that it’s a full-service bank in its own right but has no physical locations. You can only avail of its wide range of business banking and lending services online. It offers several types of business bank accounts including small business checking, savings, and money market accounts.

This online bank is a great choice if you often have to deposit cash into your business account. You can make free cash deposits from any one of the MoneyPass and AllPoint ATMs across the US. 

Axos is an FDIC-insured bank which means it offers greater deposit protection than other non-FDIC-insured fintech companies. Being an online-only bank, Axos online and mobile banking is very easy to use. If you’re looking for a combination of banking services and want to keep your business banking digital, go for Axos. 

Why we chose it: Axos is a full-service online bank and is a great option for any business that wants to bank online. With low fees, free cash deposits across MoneyPass and AllPoint locations, and a great online presence, it’s the best online bank on this guide. 

• No monthly fee and unlimited transactions
• Cash deposits allowed via MoneyPass and AllPoint ATMs
• Wide range of interest-bearing options

• No physical locations
• Limited integrations
• Doesn’t offer the highest APY

Fees

Just like Bluevine, Axos Basic Business Checking has no monthly fee, but Business Interest Checking will cost you $10 per month. The basic Savings account has a monthly fee of $5 while its Premium version is free. 

Interest Rates

Axos offers a range of interest-bearing accounts however the APYs it offers aren’t as high as some of the other competitors on this list. It can go up to 0.20% on Basic Business Checking and up to 1.01% on Business Interest Checking accounts. Axos’ Savings and Money Market options all offer 0.20% APY.  

Lending Options

Axos Bank partners with Centerstone SBA Lending to offer SBA loans. They come with a federally backed guarantee and flexible terms. But that’s about it when it comes to lending options for small businesses. Axos offers commercial lines of credit and term loans but these work for large businesses only. Read the full Axos review to learn more about its lending options.

Alliant Credit Union: Best Overall Credit Union

No monthly fee

★★★★★

4.5

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Alliant is a Chicago-based online credit union with more than 80,000 ATMs across the US. Joining the credit union is fairly straightforward. You can join it if you donate to Foster Care to Success, Alliant covers your $5 joining fee so you don’t have to pay the charity directly. 

You can also join if you’re an employee, retiree, or member of select organizations, live in particular areas in Illinois, or are a relative of an existing Alliant member. While Alliant has a vast network of free ATMs, it will also reimburse up to $20 per month if you use out-of-network ATMs. 

Note that Alliant has no physical branches and operates entirely digitally. Its mobile and online banking platforms are well-developed. Members can use a range of features with Alliant’s mobile app. The fact that Alliant provides no business-specific services may put you off, but you can still find a way around it to benefit your business from its low fees and high APYs. 

Why we chose it: Alliant has one of the most extensive ATM networks when it comes to credit unions. Plus, its competitive APYs on checking and savings accounts make it a lucrative institution to bank with. 

• Extensive ATM network
• High APYs
• Easy to join

• No special offerings for businesses
• No physical branches
• No lines of credit or SBA loans

Fees

Alliant Credit Union’s most business-relevant products, its High-Rate Savings, and High-Rate Checking accounts, have no monthly fee. The credit union also refunds up to $20 per month in ATM fees. 

Interest Rates

You get one of the highest savings and checking account APYs with Alliant. High-Rate Savings let you earn up to 0.75% APY which is much higher than the savings rates offered by any bank. High-Rate Checking has an APY of 0.25% which comes with minimal or no fees. 

Lending Options

Alliant Credit Union offers no business-specific lending options like lines of credit or SBA loans. However, you can still find auto loans and mortgages. 

Consumers Credit Union: Best for Eligibility Requirements

No monthly fee

★★★★★

4.3

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Consumers Credit Union has more than 15 branches in and around Chicago and Illinois, and access to more than 5600 shared branches and 60,000 free ATMs via the Co-op network. The credit union offers different types of business checking and savings accounts plus business loans, and other services. 

It stands out because of the many attractive rewards it offers for using its checking account. If you frequently use your debit card, you can earn a higher APY on your checking deposit. The interest rate can go even higher if you use Consumer Credit Union’s credit card but note that is only offered for personal accounts. 

Joining the credit union is very easy. All you have to do is pay a nominal $5 membership fee and keep $5 in your Consumers savings account. Consumers CU offers several different checking and savings accounts including a Community Checking account for Non-Profits. 

Why we chose it: Consumers Credit Union is a great choice for its extensive Co-op shared branches and ATM network. It’s one of the easiest credit unions to join and offers competitive APYs on deposits. 

• No monthly service fee
• Unlimited ATM fee reimbursements 
• Competitive APY

• $10 overdraft transfer charge
• Limited customer support 
• Interest compounds monthly

Fees

The basic Freedom Business Checking account has no monthly fee and offers up to 100 free transactions per month. The more advanced Power Business Checking has a monthly fee of $20 but it can be waived off with an average daily balance of $5000. 

Interest Rates

Consumers Credit Union offers competitive interest rates on checking and savings accounts. Freedom Business Checking doesn’t offer an APY but Power Business Checking does offer a 0.05% yield. Its money market accounts offer an APY of up to 0.75% on balances exceeding $100,000.

Lending Options

You can avail of a handful of lending options including commercial mortgages at competitive rates, secured lines of credit, and equipment financing. 

America First Credit Union: Best for Business Lending

No monthly fee

★★★★★

4.2

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Ranked among the best credit unions for business banking, America First is a Utah-based credit union. As a part of the Co-op ATM network, it has more than 30,000 ATM locations across the country which members can use for free. Unlike Alliant Credit Union, America First does offer business-specific accounts and lending options albeit with lower APYs. 

America First Credit Union’s range of business lending options makes it stand out among others. Be it a line of credit, auto loan, unsecured capital, equipment and machinery, business acquisition or franchise, or a commercial real estate loan, you can find all types of financing with America First.

But joining AmFirst Credit Union isn’t as easy as joining Alliant. The membership eligibility criteria are more constrained. Only people who live, work, volunteer, worship, or go to school in particular areas of Arizona, Idaho, New Mexico, Nevada, Oregon, and Utah qualify. 

Why we chose it: America First Credit Union stands out with its wide range of business services including a variety of financing options. It’s definitely a top choice for anyone who qualifies for eligibility. 

• 30,000+ free ATM locations
• Wide range of lending options for businesses
• Offers business accounts

• Limited groups eligible for membership 
• Money Market checking account has a high minimum balance requirement
• $25 overdraft fee

Fees

America First’s Basic Checking account is free. It offers 250 free transactions per month and any extra transactions are charged at $0.15 each. If you go with Premier Business Checking, you incur a monthly fee of $8 which can be offset by the interest you earn on your deposit. 

Interest Rates

The credit union offers no interest yield on its Basic and Premiere Business Checking accounts. The High-Yield Checking account yields up to just 0.05% and only if you have a minimum opening balance of $10,000. When it comes to savings accounts, its Business Share Savings offering has an APY of 0.05%. It can go up to 0.15% if you go with Business Money Market Savings. 

Lending Options

As mentioned above, America First offers a range of lending options for small businesses just like a traditional bank would. You can get SBA secured lines of credit from $50,000 to $100,000, SBA unsecured lines from %15,000 to $50,000, term loans of up to $15,000, and SBA commercial vehicle loans worth millions of dollars. 

PenFed Credit Union: Best for Federal Insurance

No monthly fee

★★★★★

4.0

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Also known as the Pentagon Federal Credit Union, PenFed was originally a military-affiliated credit union. Today, you no longer have to be military-affiliated to join this credit union and can easily be a member by opening a PenFed savings account with a $5 deposit and maintaining a minimum account balance of $5.

With branches in 13 states, the credit union also has branches in US military bases in Puerto Rico, Guam, and Japan. PenFed is federally insured by the NCUA and offers one of the highest savings APYs in the market. 

Although it’s a good option for its competitive interest rates and low minimum balance requirements, PenFed has a few cons. It doesn’t reimburse ATM fees for out-of-network ATMs and doesn’t allow transferring from your savings account to your checking account for overdraft protection. 

Why we chose it: PenFed is one of the few federally insured credit unions that are easy to join and offer some of the most attractive interest rates. 

• Competitive APY
• $5 opening deposit
• No monthly fee

• No ATM fee reimbursements
• Compounds interest monthly
• No business accounts or lending options

Fees

PenFed’s Free Checking account has no monthly fees and no minimum balance requirements. If you go with the more advanced Access America Checking account, you have to pay a $10 monthly fee but it can easily be waived. 

Interest Rates

The Free Checking account doesn’t yield interest but Access America Checking does. It offers a high interest rate of 0.15% on daily balances up to $20,000. The rate goes even higher to 0.35% on daily balances of $20,000 to $50,000.

PenFed’s savings offerings also have very lucrative APYs. The Regular Savings account offers an APY of 0.05%, while its Money Market Savings and Premium Online Savings accounts offer 0.15% and 0.75% APY.    

Lending Options

PenFed has a variety of lending options available but none of them are for businesses. It offers mortgages, home equities, personal loans, and lines of credit. Check out the best mortgage lenders available if you’re interested in mortgages.

Capital One: Best for Unlimited Digital Transactions

Basic Checking – $15/month

★★★★★

3.8

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Capital One Review

If you’re looking for a combination of attractive online bank features and a strong network of physical branches, Capital One is a good choice. The bank offers two business checking options including Basic and Unlimited Checking.

The Basic account offers unlimited digital transactions, online and mobile banking, and a low minimum balance to waive the monthly fees. If you go with Unlimited Checking, you get two Basic Checking accounts, free cash deposits, and free domestic wires. This makes it a great choice for businesses with complicated finances.

Although it’s a traditional bank, Capital One does really well when it comes to ease of use and an intuitive app interface. The bank’s experienced and robust customer service is a stand-out feature. If you’re interested in banking with Capital One, note that it has branches in a few states only. Since you must visit a branch in-person to apply for a business checking account, the service is only available in a few states.

Why we chose it: Like other well-established banks, Capital One offers a wide range of services and does a good job of providing them online. It’s an excellent option if you prefer banking via physical branches, only if it has a branch close to you.

• Experienced support from a large bank
• Self-service escrow services
• Unlimited checking includes two Basic accounts

• Relatively higher monthly fees
• Only available in some states
• Have to visit a branch to apply for a business account

Fees

Capital One’s Basic Checking account has a monthly fee of $15. It’s quite high compared to others but it can be waived if your balance averages $2,000 or more. You can deposit up to $5000 per month in cash for free. Standard wire transfer fees ($15/incoming and $25/outgoing) apply.

Unlimited Checking comes at a monthly fee of $35 which can also be waived with an average balance of $25,000. This includes unlimited cash deposits. All incoming wires are also free. When it comes to Business Savings, the offering has a low monthly fee of $3 which can easily be waived off with a minimum balance of $300. 

Interest Rates

You will find no APY with Capital One’s Business Checking accounts. Its savings account, however, has a 0.2% promotional interest rate for the first 12 months. 

Lending Options

Capital One offers business lines of credit and small business loans to its Business Checking customers. The bank offers one of the largest lines of credit of up to $5 million. It also has SBA 504 and SBA7(a) loans you can take if you’re looking for longer repayment terms, fixed rates, and low equity requirements.

Wells Fargo: Best for Biggest Branch Network 

Starting at $10/month*

★★★★★

3.5

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Wells Fargo is a well-established banking institution with more than 4,900 locations across the US. Not only is it well-established, but its comprehensive set of business banking services makes it quite an attractive choice.

The bank offers a handful of different business checking and savings account options. It offers business lines of credits, loans, merchant services, and even payroll services. However, Wells Fargo charges monthly and ATM fees which makes it a relatively high-cost option compared to its competitors. 

Although it’s primarily a brick-and-mortar bank, you can easily open a business bank account online. This along with easy access provided by its vast branch and ATM networks makes it a good institution to bank with. However, some customers are wary of banking with Wells Fargo because of a recent scandal.

Why we chose it: Wells Fargo’s wide range of business banking products and services plus its vast network of branches and ATMs make it a good choice for any business that’s looking for a well-established institution to bank with.

• 4900+ branches across the US
• Wide range of banking services
• Robust customer service

• Costs more than other options
• No ATM fee reimbursement
• Struggling reputation

Fees

Banking with Wells Fargo is set to cost you more than Bluevine and Axos. The most basic checking account, called Initiate Business Checking, has a $10 monthly fee. Fees go up to $75 for checking accounts. Wells Fargo’s Business Market Rate Savings has a monthly fee of $5. Waiving these fees off has fairly high requirements making Wells Fargo a more pricey option. 

Interest Rates

None of Wells Fargo’s business checking options bear interest except for Navigate Business Checking. Still, the rates vary based on your location. All Savings options share a 0.01% interest rate. Still, the interest rate is not as high as Bluevine or Axos. 

Lending Options

The bank offers business lines of credit from $5000 to $500,000 and offers fairly low interest rates on lines. Wells Fargo also lends SBA Term Loans including SBA (7a) and SBA 504 up to $5 and $6.5 million respectively. 

Bank of America: Best for Traditional Banking

Starting at $16/month

★★★★★

3.2

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Bank of America Review

Just like Wells Fargo, Bank of America is a traditional bank with a vast network of ATMs and branches. It offers a variety of business checking accounts among several other products that BofA offers for small businesses. Similar to Capital One, Bank of America offers two different levels of service for smaller and larger businesses respectively.

Bank of America is the most traditional bank you’ll find on this list. While it has developed online capabilities, we recommend it only for in-person banking. The apps and websites are still not as intuitive as those of Bluevine or Axos. We also note that the bank has a particularly costly fee structure and has high balance requirements to waive off fees.

Why we chose it: Bank of America is more of a traditional bank and lacks when it comes to digital banking. However, it’s a great option if your business deals with heavy cash flows.

• Integrated with Zelle money transfer
• Online account integrates with accounting apps
• Payroll services

• High balances to waive fees
• App isn’t as easy to use as other options
• High monthly service fees 

Fees

Bank of America’s banking fees are the most expensive of all banks in this list. With a $16 monthly fee on its Fundamentals checking account, it also requires a high balance of $5000 to waive it off. However, the advanced checking account has no monthly fee but you have to maintain an average monthly balance of $15,000. 

Interest Rates

Like all traditional bank accounts, BofA offers no APY on its checking accounts. When it comes to business savings, it has a low interest rate of 0.01%. 

Lending Options

Bank of America offers several different lending options for businesses ranging from unsecured lines of credit and loans to secured ones. The bank also offers SBA loans, commercial real estate loans, and franchise financing. 

Bank Vs Credit Union: What’s Better for Your Business?

You may be wondering what’s the difference between a bank and a credit union. For starters, you should understand that a bank is a for-profit financial institution and hence offers its services to everyone. On the other hand, a credit union is a nonprofit institution that only offers its services to particular groups.

Services

When it comes to services, both banks and credit unions offer the same products and services. This includes checking and savings accounts, credit cards, business loans, and other investment and insurance services. The exact product range can vary. 

Monthly Fees

Generally, credit unions are cheaper than banks. Most credit unions have no monthly fees on their checking account offerings and those that do, don’t charge more than $20. On the other hand, banks are much more expensive with average checking account monthly fees going as high as $35. 

Interest Rates

Credit unions offer higher APY on both checking and savings accounts. And they charge much lower interest rates on loans. This is all because credit unions are not-for-profit. Banks offer lower APYs and charge more interest on loans.

Accessibility

Credit unions are not as accessible as banks. Banks usually have a more extensive branch and ATM network which makes them more accessible. 

Methodology for the Best Banks & Credit Unions

Choosing the bank or credit union to bank with is one of the most important financial decisions you will make for your business. Since the financial industry is not the easiest to understand, new business owners face a fair amount of difficulty when reviewing different options. 

In this section, we spell out the most important factors we consider when evaluating the best banks and credit unions for small businesses. This will help you understand what to look for and how to compare financial institutions. 

• Fees: You can see this as the price of banking. The higher the monthly fee for a banking product, the more it will cost you. Banks with no monthly fees rank higher than those that charge a fee.
• Deposit interest rates: Also known as the APY, this is the rate of interest at which you earn from your checking or savings deposits. The higher it is, the more advantageous it is for your business. 
• Lending interest rates: Each bank or credit union offers different rates on the loans or lines of credit you acquire. The lower it is, the more you pay for a lending service.
• Lending options: What are the lending options that are available with a bank or credit union? Financial institutions with a wider variety of lending options give businesses more flexibility. 
• Accessibility: Some banks operate entirely digitally, while others have physical branches and ATM networks. Banks with larger ATM networks are more accessible and are more convenient to bank with. 

Bottom Line on Best Banks & Credit Unions

Bluevine is the best overall bank while Alliant Credit Union is our top pick among credit unions. Whether you go for a credit union, an online bank or a traditional bank for your business’s banking needs depends on your preference. If a credit union is easily accessible to you and you are eligible for membership, we recommend you capitalize on its low fees and high APY offerings.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

The best prepaid debit cards act as an alternative to a credit card or standard debit card. Prepaid debit cards allow you to conveniently make purchases without needing to open a credit card or checking account. They also act as a low-risk way to manage your money. Learn which prepaid debit card is best for you.

Best Prepaid Debit Cards

• Bluebird by American Express – Best Overall Prepaid Debit Card
• Netspend Visa Prepaid Card – Best for Account Management
• Serve Cash Back by American Express – Best for Rewards
• Serve Free Reloads by American Express – Best for Cash Reloads
• FamZoo Prepaid Card – Best for Families
• PayPal Prepaid Mastercard – Best for PayPal Users
• Walmart MoneyCard – Best for Walmart Shoppers

The following table describes the key features and fees of the best prepaid debit cards we selected. These include monthly fees, reload fees, and ATM fees. Learn more about our rating methodology below. 

Prepaid Debit Card

Monthly Fee

Reload Fees

ATM Fees

Foreign Transaction Fees

Maximum Balance

Rewards

Bluebird by American Express

No monthly fees

$0 at Walmart and up to $3.95 at other participating retailers

Free ATM withdrawals at over 30,000 MoneyPass ATMs

$0

$100,000

None

Netspend Visa Prepaid Card

Starts at $5/month

Up to $3.95

$2.95

4%

$15,000

Payback Rewards program

Serve Cash Back by American Express

$7.95/month

Up to $3.95

$0 at MoneyPass ATMs

2.7%

$100,000

1% cash back

Serve Free Reloads by American Express

$6.95/month

$0 at over 45,000 locations

$0 at MoneyPass ATMs

2.7%

$100,000

None

FamZoo Prepaid Card

Starts at $2.50/month

$4 to $6

Standard ATM operator fees

0%

$5,000

$0 for first 4 cards

PayPal Prepaid Mastercard

$4.95/month

Up to $3.95

$2.50 per withdrawal

4%

$15,000

PayBack Rewards program

Walmart MoneyCard

$5.94/month, waived when you direct deposit $500 or more in previous monthly period

$0 at Walmart and up to $5.95 at other retailers

$2.50 per withdrawal

3%

$10,000

3% cash back at Walmart.com, 2% cash back at Walmart fuel stations, and 1% cash back at Walmart stores

Bluebird by American Express: Best Overall Prepaid Debit Card

No monthly fees

★★★★★

4.9

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The Bluebird prepaid debit card is offered by American Express. It’s an FDIC-insured prepaid debit card with effectively no fees. This prepaid debit card functions similarly to a checking account, making it a great alternative for those without a bank account. It also offers several ways to deposit money onto the card and an extensive free ATM network.

Why we chose it: Bluebird by American Express is the best overall prepaid debit card because it doesn’t have any monthly fees, cash reload fees, or ATM withdrawal fees.

• No monthly fees
• No activation fees
• Can load up to $100,000

• No cash back
• Not available to Vermont residents
• ATM withdrawal fees at non-MoneyPass ATMs

Pricing: There are no monthly fees for the Bluebird prepaid debit card.

Fees

There are virtually no fees with a Bluebird prepaid debit card, unlike Netspend, which charges $5 per month. However, you are subject to fees if you use out-of-network ATMs and cash reload retailers. 

Maximum Balance

You can add up to $100,000 to your Bluebird prepaid debit card. This is one of the highest maximum account balances in the prepaid debit card niche. 

Reload Options

Bluebird offers several ways to deposit money into your prepaid debit card. These include direct deposit, mobile check deposits, cash reloads at Walmart, and transfers from a linked debit card or external bank account.

Membership Rewards

Bluebird doesn’t offer cash back or any type of rewards program. Therefore, Bluebird isn’t an excellent option for those looking for membership rewards. However, the Serve Cash Back prepaid debit card by American Express offers 1% cash back on in-store and online purchases.

Additional Features

Uncommon to most prepaid debit cards, Bluebird offers low balance alerts and family subaccounts. It also doesn’t let your prepaid card go negative, so you won’t get charged overdraft fees.

Netspend Visa Prepaid Card: Best for Account Management

Starts at $5 per month

★★★★★

4.78

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Netspend makes it easy to sign up for a Netspend Visa Prepaid Card because there’s no banking or credit checks required to open an account. However, Netspend is unique because it offers two different fee payment options. You can either pay a monthly fee or pay a fee every time you make a purchase. 

Why we chose it: The NetSpend Visa Prepaid Card is the best prepaid debit card for account management because of its easy-to-use and highly extensive mobile app. It allows you to manage your money 24/7 from any location in the world.

• Comprehensive mobile app
• Refer a Friend feature
• Simple to use

• Monthly fees
• High inactivity fees
• Low maximum balance

Pricing: The NetSpend Visa Prepaid Card carries two different payment options:

• Monthly Plan: Starts at $5 per month if you receive at least $500 a month in payroll checks or government benefits each month
• Pay-As-You-Go Plan: No monthly fee, but pay a flat $1.50 on purchases

Fees

The NetSpend Visa Prepaid Card has higher fees than most of its competitors. Furthermore, the monthly plan costs up to $9.95, but you can lower it to $5 if you receive at least $500 a month in payroll checks or government benefits each month. 

Maximum Balance

You can deposit up to $15,000 maximum on your NetSpend Visa Prepaid Card. Although this is a low amount compared to the $100,000 maximum balance allowed on a Bluebird prepaid debit card, it should be enough for most individuals. 

Reload Options

You can deposit cash at over 130,000 locations, including gas stations, grocery stores, check cashers, and convenience stores. Some examples are Jewel, Circle K, CVS, Speedway, and U.S. Bank.

Membership Rewards

The NetSpend Visa Prepaid Card offers a 5% APY (Annual Percentage Yield) savings account on balances up to $1,000 and 0.50% APY on any amount over $1,000. NetSpend also offers a Payback Rewards program which provides customized offers based on your spending habits

Additional Features

If you refer a friend to NetSpend, you and your friend receive $20 if your friend deposits $40 or more onto their card. NetSpend also provides useful iOS and Android apps that help you manage your account and budget your spending.

Serve Cash Back by American Express: Best for Rewards

$7.95 per month

★★★★★

4.69

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Serve Cash Back by American Express is a unique prepaid debit card because it offers 1% cash back on in-store and online purchases. This is a similar feature to most credit cards. Therefore, a Serve Cash Back prepaid debit card is a great alternative for those who want to earn cash back but don’t want to open a credit card.

Why we chose it: Server Cash Back by American Express is the best prepaid debit card for rewards because it offers unlimited 1% cash back on purchases.

• No ATM withdrawal fees at MoneyPass ATMs
• Unlimited 1% cash back on purchases
• No card opening fee when you open an account online

• Steep monthly fee
• 2.7% foreign transaction fee
• Mobile check deposit can take up to 10 days

Pricing: Serve Cash Back by American Express has a $7.95 monthly fee.

Fees

The Serve Cash Back card carries a $7.95 monthly fee that you can’t waive. However, Bluebird doesn’t have a monthly fee and the PayPal Prepaid Walmart MoneyCard has a $5.94 monthly fee which you can waive.

If you need to withdraw cash, you can do so for free at MoneyPass ATMs. However, withdrawing cash at non-MoneyPass ATMs costs $2.50 per withdrawal. Furthermore, cash reloads cost up to $3.95 per transaction, depending on the retailer. 

Maximum Balance

You can have a maximum balance of $100,000 on your Serve Cash Back prepaid debit card. This is a high maximum balance and should be more than sufficient to suit your needs.

Reload Options

There are over 45,000 cash reload locations in the United States. These include retailers such as Walmart, CVS, Family Dollar, Dollar General, Rite Aid, and 7-Eleven. 

Membership Rewards

It’s free to open a Serve Cash Back prepaid card when you apply online. Otherwise, it may cost up to $3.95 at participating retail locations. Furthermore, you can create subaccounts for free for anyone 13 and older.

Additional Features

You receive 120 days of post-purchase protection on eligible items up to $1,000. In addition, Serve offers a comprehensive mobile app that allows you to manage your account from any location. You can view your balance, manage transactions, send money, and add checks with the mobile app.

Serve Free Reloads by American Express: Best for Cash Reloads

$6.95 per month

★★★★★

4.55

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Serve Free Reloads by American Express is a neat prepaid debit card that offers free cash reloads. However, you can only add up to $500 or as low as $20 per cash reload. To deposit cash, visit a participating location and give the cash to a cashier. Then, swipe your card, and the money is immediately added to your account. 

Why we chose it: Serve Free Reloads by American Express is the best prepaid debit card for cash reloads because it offers free cash reloads at over 45,000 participating locations.

• Free cash reloads at over 45,000 locations
• No card opening fee when you open an account online
• Get your paycheck up to 2 days faster when you sign up for direct deposit

• Above average monthly fee
• 2.7% foreign transaction fee
• Mobile check deposit can take up to 10 days

Pricing: The Serve Free Reloads prepaid debit card carries a non-waivable $6.95 monthly maintenance fee

Fees

The Serve Free Reloads prepaid debit card has a monthly fee of $6.95 that isn’t waivable. Furthermore, there are no minimum balance requirements or hidden fees. Although you’re subject to a 2.7% foreign transaction fee, there aren’t ATM withdrawal fees at MoneyPass ATMs. 

Maximum Balance

The maximum balance you can hold on your Server Free Reloads prepaid debit cards is $100,000. However, there are no minimum balance requirements.

Reload Options

Stated right in its name, Serve Free Reloads offers free cash reloads at 45,000 retail locations. These include Walmart, CVS, Family Dollar, Dollar General, Rite Aid, and 7-Eleven. If you want more reload options, the PayPal Prepaid Mastercard offers access to 130,000 NetSpent reload locations.

Membership Rewards

The primary benefit of the Free Reloads prepaid card is the ability to add as much cash as you want without incurring fees. You also get access to a wide range of American Express offers, including shopping and dining. 

Additional Features

Serve offers Online Bill Pay which allows you to organize and pay your bills on time. Furthermore, Serve offers FDIC insurance and covers you for fraudulent purchases.

FamZoo Prepaid Card: Best for Families

Starts at $2.50 per month

★★★★★

4.46

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FamZoo offers a distinctive prepaid card dedicated to families. It puts parents in control of their family bank because FamZoo offers automatic allowances and the ability to send interest payments to children based on their savings.

Why we chose it: The FamZoo Prepaid Card is the best prepaid debit card for families because it offers four free prepaid cards when you signup. 

• Great way to teach children about money
• Parents can control kids’ spending
• No card opening fee on first four prepaid cards

• Up to $5.99 monthly fee
• No mobile check deposit
• $3 card opening fee after first four cards

Pricing: 

FamZoo offers four different payment plans based on the length of your subscription:

• Pay Monthly: $5.99 per month (1-month free trial)
• Prepay 6 Months: $4.33 per month, $25.99 total (plus an extra free month)
• Prepay 12 Months: $3.33 per month, $38.99 total (plus an extra free month)
• Prepay 24 Months: $2.50 per month, $59.99 total (plus an extra free month)

Fees

FamZoo starts at $5.99 per month which can be reduced if you subscribe to a longer-term subscription. Although FamZoo doesn’t charge ATM fees, you’re subject to ATM operator fees. 

Maximum Balance

Since FamZoo is designed for families, the maximum balance you can load onto a FamZoo prepaid debit card is $5,000. This is the lowest maximum balance out of all the prepaid debit cards on this list. 

Reload Options

You can deposit money onto your FamZoo prepaid debit card through direct deposit (free), ACH (free), or cash reload ($4 to $6). You can deposit cash at Green Dot or MasterCard rePower reload agents.

Membership Rewards

You receive a $15 referral bonus when you refer a friend, and they spend at least $15 in subscription fees. 

Additional Features

FamZoo offers automated chore charts, chore review options, missed payment tracking, and mobile apps for Android and iOS.

PayPal Prepaid Mastercard: Best for PayPal Users

$4.95 per month

★★★★★

4.32

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The PayPal Prepaid Mastercard does not require a credit check, so approval is guaranteed. This prepaid debit card is unique because it lets you transfer money from your PayPal account in real-time. Therefore, this prepaid debit card is only suitable for frequent PayPal users. 

Why we chose it: The PayPal Prepaid Mastercard is the best prepaid debit card for PayPal users because it offers free and quick transfers from your PayPal balance.

• Free transfers from PayPal balance
• Get cash back for free at retailers
• Savings account with up to 5% APY is available

• ATM withdrawal fees
• Cash reload fees
• PayPal transfers limited to $300 per day

Pricing: This prepaid debit card carries a monthly maintenance fee of up to $4.95.

Fees

The PayPal Prepaid debit card offers free ATM withdrawals from in-network ATMs and up to $3.95 for cash reloads. Moreover, the minimum initial load is $10 to $20.

Maximum Balance

The maximum amount of money you can have on your PayPal Prepaid Mastercard is $15,000, which is significantly lower than the $100,000 maximum balance allowed on Bluebird and Serve prepaid debit cards.

Reload Options

You can reload your card via direct deposit, PayPal instant transfers, or the NetSpend reload network of 130,000 retail locations.

Membership Rewards

You receive access to a high-yield savings account, earning you 5% APY on balances up to $1,000. Furthermore, PayPal’s Refer-A-Friend program grants you and your friend $20 for meeting eligibility requirements.

Additional Features

You can download the PayPal Prepaid Mastercard app on both the Google Play Store and Apple App Store. This app lets you monitor your account balance, load checks, review transactions, and receive alerts.

Walmart MoneyCard: Best for Walmart Shoppers

Waivable fee of $5.94 per month

★★★★★

3.51

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The Walmart MoneyCard is the ideal prepaid debit card for frequent Walmart shoppers. It offers 3% cash back on Walmart.com purchases, 2% cash back at Walmart fuel stations, and 1% cash back at retail Walmart locations. However, you can only earn up to $75 in cash back reward per year. 

Why we chose it: The Walmart MoneyCard is the best prepaid debit card for Walmart shoppers because it offers cash back on all Walmart purchases. 

• Waivable monthly fee
• Earn rewards on all Walmart purchases
• ASAP direct deposit

• High foreign transaction fees
• $2.50 fee for bank teller and ATM withdrawals
• A high deposit amount required to waive the monthly fee

Pricing: $5.94 per month but waivable if you direct deposit $500 or more in previous monthly period

Fees

With the Walmart MoneyCard, you get free cash withdrawals at over 5,000 Walmart locations, free cash reloads at Walmart stores, free online bill pay, and free direct deposit of payroll. Since this debit card has a monthly maintenance fee of $5.94, Bluebird by American Express is a better option if you’re looking for a prepaid debit card without monthly fees.

Maximum Balance

The maximum balance you can have on your Walmart MoneyCard is $10,000, unlike Serve prepaid debit cards which offer a maximum balance of $100,000.

Reload Options

You can deposit money into your Walmart MoneyCard through the Walmart MoneyCard app, Walmart Rapid Reload, MoneyPak, or cash and load checks at Walmart stores.

Membership Rewards

The Walmart MoneyCard prepaid debit card lets you add up to four additional family members aged 13 or older. You can also earn 2% APY on up to $1,000 in your optional savings account.

Additional Features

The MoneyCard mobile app lets you deposit checks, monitor your account, and transfer money. You can also unlock overdraft protection for up to $200 with opt-in and an eligible direct deposit. 

Methodology for the Best Prepaid Debit Cards

Choosing the best prepaid debit card shouldn’t be difficult if you know what you want. Each prepaid debit card has unique costs and benefits, so look for an option that maximizes your benefits and minimizes your costs. Here at the key factors to consider when picking the best prepaid debit card.

• Fees: Prepaid debit card issuers usually charge fees for various purposes. These fees include ATM withdrawal fees, monthly service fees, foreign transaction fees, per-transaction fees, and cash reload fees. You can’t avoid every fee, but you can minimize your costs by scanning fee policies carefully.
• Maximum Balance: Another crucial factor is the maximum balance you’re allowed to load onto the debit card. Prepaid debit cards have various limits, ranging from $300 to over $10,000.
• Reload Options: Reload options specify how you’re allowed to load more money on your prepaid debit card. The best prepaid debit cards allow online transfers and in-person reloads with popular retailers like Walmart or CVS.
• Membership Rewards: Some prepaid debit cards offer rewards, including cash back, sign-up bonuses, or other specialty items. Other debit cards don’t have reward programs at all.
• Additional Features: Additional features in a prepaid debit card include account security features, purchase protection, and fraud protection. The best prepaid debit cards offer peace of mind features to ensure your protection. 

Bottom Line on the Best Prepaid Debit Cards

Bluebird, Netspend, and Serve offer the best prepaid debit cards in 2023. These prepaid debit cards offer various incentives, such as no monthly fees, cash back, and no cash reload fees. However, Walmart and PayPal offer prepaid debit cards that can be valuable to you if you use those retailers often.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

Having a credit card of their own can go a long way toward helping young adults begin a journey of freedom. That being said, some credit cards work better than others. This article captures the best credit cards for young adults and the benefits of each.

Best Credit Cards for Young Adults

• Chase Freedom Unlimited® – Best Overall
• Ink Business Cash® Credit Card – Best for Business Owners
• Capital One QuicksilverOne Cash Rewards Credit Card – Best for Flat-Rate Cash Back
• Petal 2 Visa® Credit Card – Best for Those With No Credit
• Discover it® Secured Credit Card – Best for Low Credit
• American Express® Green Card – Best for Young Professionals
• Citi Premier® Card – Best for Travelers

Our Methodology

When finding the best credit cards for young adults, we considered the impact of annual fees while also taking a look at introductory bonuses and potential cash back benefits along the way. It was also important to look at regular APR and how high interest rates would get if users aren’t making monthly payments. Lastly, we looked at recommended credit scores for each card to give the best chance at approval.

Check out a more detailed explanation of our methodology here.

Credit Card

Annual Fee

Credit Recommended

Regular APR

Introductory Offer

Benefits

Chase Freedom Unlimited

None

670 – 850

15.74% – 24.49% variable

$200 bonus after spending $500 in the first 3 months; 0% APR for 15 months

5% cash back at gas stations; 3% cash back on dining and drugstore; 1.5% cash back on everything else

Ink Business Cash

None

700 – 850

13.99% – 19.99% variable

$750 bonus cash back after you spend $7,500 on purchases in the first 3 months; 0% APR for first 12 months

5% cash back on office supplies, internet, cable, phone services; 2% cash back at gas stations and restaurants; 1% cash back on all other purchases

Capital One QuicksilverOne Cash Rewards

$39

600 – 699

26.99% variable

None

Earn unlimited 1.5% cash back on every purchase

Petal 2 Visa

None

None required

13.74% – 27.74% variable

None

1 – 1.5% cash back, plus 2% – 10% bonus cash back at select merchants

Discover it® Secured

None

None required

23.74% variable

Double cash back of the cash back you’ve earned the first year

2% cash back at restaurants and gas stations; 1% cash back everywhere else

American Express® Green Card

$150

700 – 850

16.74% – 23.74% variable

45,000 points after spending $2,000 on purchases within the first six months

3x points at restaurants, on transit, and on travel; 1x points everywhere else

Citi Premier® Card

$95

700 – 850

16.74% – 24.74%

60,000 bonus points after spending $4,000 in purchases within the first three months

No foreign transaction fees; 3x points at restaurants, gas stations, supermarkets, and on air travel and hotels; 1x points for all other purchases

Chase Freedom Unlimited: Best Overall

Annual Fee: None

★★★★★

4.8

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Chase Freedom Unlimited Review

If you have the credit score, Chase Freedom Unlimited becomes the best overall credit card for young adults with zero annual fees and up to 5% cash back just for using it. Chase even throws $200 your way for spending $500 within the first three months of activation. You’ll need to be wary of foreign transaction fees and high APR numbers if your credit can’t get you a better deal.

Why we chose it: No annual fees and plenty of cash back bonuses make Chase’s Freedom Unlimited card the best overall pick for young adults.

• No annual fee
• Up to 5% cash back on purchases
• Introductory cash bonus

• Requires high credit score
• 3% foreign transaction fee
• Potentially high APR

Annual Fee

Chase Freedom Unlimited is one of a handful of credit cards free of annual fees. If you can keep up with your payments, using this card shouldn’t cost you a thing. This is a blessing compared to American Express’s Green Card, charging $150 per year.

Credit Recommended

Chase does require a good to excellent credit score for young adults looking to use the Freedom Unlimited card. Those looking to apply should shoot for at least 670, quite high compared to Petal 2 Visa’s no credit needed. Unless you’ve built up credit through some other means, Freedom Unlimited will likely not be your first card.

Regular APR

The Freedom Unlimited card features variable APR depending on your credit score when you sign up. 15.74% on the low end isn’t terrible, but those with weaker credit may look to pay upwards of 24.49%.

Introductory Offer

It’s possible to receive a $200 bonus simply by spending $500 on regular purchases within the first three months of card activation. Delay that big purchase until your Freedom Unlimited card arrives and benefit from free money. As you get your feet wet with the card, you won’t have to worry about APR for the first 15 months. Both offers stand out when Petal 2 Visa’s card doesn’t give a thing.

Benefits

As you use your Chase Freedom Unlimited Card, you’ll earn cash back no matter where you are. Rates include 5% back at gas stations and 3% on dining and drugstore purchases. Everything else still brings in 1.5% cash back, which is the maximum you can get with the Petal 2 Visa card.

Ink Business Cash Credit Card – Best for Business Owners

Annual Fee: None

★★★★★

4.6

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Ink Business Cash Credit Card – Best for Business Owners Review

Ink Business Cash gives generous cash back on office purchases from supplies to internet and cable. You’ll need a high credit score to land the card, but there are no annual fees. If you’re spending $7,500 in the first few months to grab that $750 bonus, chances are you’ll hit the yearly rewards cap at $25,000. If your business takes you overseas, watch out for 3% foreign transaction fees.

Why we chose it: Business owners can take advantage of the Ink Business Cash’s introductory bonus and cash back offers on top of no yearly fees.

• No annual fees
• Incredible introductory offers
• Cash back deals on office supplies

• High credit score recommended
• 3% foreign transaction fees
• Rewards cap at $25,000

Annual Fee

The Ink Business Cash card doesn’t have annual fees, just like Chase’s Freedom Unlimited or the Patel 2 Visa card. This speaks to business owners trying to keep costs to a minimum.

Credit Recommended

As a business card with high rewards, young adult company owners will have the best chance of approval with credit scores above the 700 mark. This isn’t far off from Chase’s recommended 670.

Regular APR

Even on the high end, the Ink Business Cash card’s standard APR rates are lower than most cards. A 19.99% worst case for Ink is still quite a bit better than Petal 2 Visa’s 27.74%.

Introductory Offer

Ink Business Cash has a massive $750 bonus for business owners who can spend $7,500 within the first three months of card use. This shouldn’t be too much of a challenge if setting up an office space for the first time. While accruing debt, you won’t need to worry about APR for the first 12 months.

Benefits

Cardholders receive 5% cash back on all office supplies, phone, internet, and cable services. There’s also 2% cash back for gas stations and restaurants, with 1% on everything else you buy while using the card.

Capital One QuicksilverOne Cash Rewards Credit Card – Best for Flat Rate Cash Back

Annual Fee: $39

★★★★★

4.5

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Capital One Review

There’s something magical about knowing you’re earning 1.5% cash back every time you make a purchase. Rewards have no upper limit and never expire, and you can trade them in for cash or gift cards. As you build rapport with Capital One, the company will review your credit line and increase it over time. There aren’t any introductory offers, a high APR, and an annual fee you’ll have to come to terms with.

Why we chose it: The Capital One QuicksilverOne Cash Rewards Credit Card lets you earn 1.5% cash back any time, anywhere, with no limit.

• 1.5% cash back on all purchases
• Automatic credit line reviews
• Unlimited rewards with no expiration

• $39 annual fee
• High regular APR
• No introductory offers

Annual Fee

Capital One charges a $39 yearly fee for the use of its QuicksilverOne Cash Rewards card. While not a ton of money, it doesn’t look great next to Chase Freedom Unlimited’s lack of fees.

Credit Recommended

You’ll need to have a decent credit score to have a shot at the QuicksilverOne Cash Rewards card. Chances are you can get approved with a score of 600, a bit lower than Chase Freedom Unlimited’s 670.

Regular APR

The QuicksilverOne Cash Rewards’ regular APR rate is incredibly high and locked in initially at 26.99%. This is not a card you’ll want to miss payments on.

Introductory Offer

There’s no introductory offer for the QuicksilverOne Cash Rewards card. Not a deal-breaker, it’s still a bummer when looking at the $200 bonus Chase’s Freedom Unlimited card gives.

Benefits

This cash back card really shines here, with a 1.5% return on every single purchase you make. Best of all, there’s no limit to how much you can earn, and rewards never expire. You can exchange them for cash or gift cards any time you’d like.

Petal 2 Visa® Credit Card – Best Credit Card for Young Adults With No Credit

Annual Fee: None

★★★★★

4.4

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Petal 2 Visa® Credit Card – Best Credit Card for Young Adults With No Credit Review

The Petal 2 Visa card is a great way to grow credit score, offering cash back incentives for young adults who pay off debt on time. There are no credit requirements to sign up and zero fees to worry about down the road. You won’t have any introductory offers to look forward to, and those with questionable history may have to deal with high APR numbers.

Why we chose it: The Petal 2 Visa card screams “pick me” for any young adult without credit. Zero annual fees and cash back options sweeten the deal further.

• Zero annual fees
• No credit score needed to sign up
• Up to 10% cash back at select merchants

• Limited benefits
• No introductory offers
• Potentially high APR

Annual Fee

Young adults will rejoice that the Petal 2 Visa card doesn’t charge annual fees for use. Not having to deal with this charge is a breath of fresh air compared to Citi Premier’s $95. 

Credit Recommended

The biggest draw of the Patel 2 Visa card is the lack of a credit score requirement. This isn’t a guarantee that you’ll be approved, but it is certainly easier for those without a credit history. Furthermore, it’s a great card to build credit and lower your APR rate.

Regular APR

The Petal 2 Visa has a significant regular APR range that varies depending on a few factors when you apply. 13.74% on the low end is solid, especially next to Capital One QuicksilverOne’s 26.99% starting rate. On the high end, the Petal 2 can be just as high at 27.74%.

Introductory Offer

There are no introductory offers for the Petal 2 Visa card. It’s uncommon to see deals on an entry-level card.

Benefits

You can snag 1% cash back on purchases right out of the gate with the Petal 2 Visa card. If you make regular payments, you can increase this amount to 1.5% over time. These numbers are comparable to everyday purchases from even Chase Freedom Unlimited. Picking the right vendors could award you up to 10% cash back.

Discover it Secured Credit Card – Best for Young Adults With Low Credit

Annual Fee: None

★★★★★

4.2

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Discover it Secured Credit Card – Best for Young Adults With Low Credit Review

Young adults with low credit need not worry about applying for the Discover It Secured card. If you’re accepted, you won’t have to worry about yearly fees and get to generate cash back every time you make a purchase. As a secured card, you will have to drum up a $200 security deposit and deal with a high regular APR. Although a great beginner card, a low maximum credit limit doesn’t bode well for big purchases.

Why we chose it: Discover It Secured has no fees and pays you in cash back bonuses as you work to build credit.

• No annual fees
• No credit requirement to sign up
• Lucrative cash back offers

• High fixed initial APR
• $200 security deposit required to open an account
• Low maximum credit limit

Annual Fee

Just like the Chase Freedom Unlimited card, Discover It Secured doesn’t charge any annual fees. Users can instead focus on making purchases and building credit.

Credit Recommended

Contrary to Chase Freedom Unlimited’s 670 credit score minimum, the Discover It Secured card has no such requirements. Even those with bad credit can apply, although there’s no guarantee of acceptance.

Regular APR

When signing up, you’re stuck with a rather high 23.74% APR. Its variable nature means it can shift over time, but it’s important to make every effort to pay up on time.

Introductory Offer

Just for being a customer, Discover pays out double the cash back you’ve earned during your entire first year of use. This is a one-time deal, but that extra money can go a long way.

Benefits

The It Secured card rewards you with 2% cash back at restaurants and gas stations just for making a swipe. All other charges bring in 1%, a bit lower than Chase Freedom Unlimited’s 1.5%.

American Express Green Card – Best for Young Professionals

Annual Fee: $150

★★★★★

4.1

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American Express Green Card – Best for Young Professionals Review

A 45,000 point introductory offer is an enticing welcome gift, especially when you can navigate the pitfalls of American Express’s point system and get the biggest bang for your buck. If your job has you traveling, the Green Card gives bonus points for flights and transit to and from the office. There is a steep annual fee, and you’ll want a high credit score before you apply.

Why we chose it: The American Express Green Card awards bonus points for purchases young professionals need to find success in their endeavors.

• Bonus points on travel, transit, and dining
• Impressive introductory offer
• No foreign transaction fees

• $150 annual fee
• High credit score needed
• Uses point system for rewards

Annual Fee

American Express charges a lofty $150 annual fee for its Green Card. This amount really stands out when next to Chase Freedom Unlimited or Petal 2 Visa and their free-to-use cards.

Credit Recommended

A card for young professionals demands a high credit score. Your best chances of success come with a score of 700 or higher, which is no different than the Ink Business Cash card.

Regular APR

APR ranges between 16.74% and 23.74%, depending on a number of factors when you sign up. These numbers are quite similar to Chase’s Freedom Unlimited card.

Introductory Offer

American Express uses a point system for rewards, where a point translates to somewhere between 0.5 and 1 cent when cashing them in. Young adults able to spend $2,000 within the first six months of opening their Green Card will receive a whopping 45,000 points toward rewards of their choice.

Benefits

You’ll typically earn one point for every dollar you spend using the American Express Green card. When it comes to restaurants, travel, and transit, American Express hands out triple the points instead.

Citi Premier Card – Best for Young Adult Travelers

Annual Fee: $95

★★★★★

4.0

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Citi Premier Card – Best for Young Adult Travelers Review

Once you’ve mastered the confusing point system, you’ll see how the 60,000 point introductory offer equates to $600 in gift cards to spend at your leisure. The Citi Premier card appeases young adult adventurers with bonus points on travel expenses and zero foreign transaction fees. You will need a high enough credit score for approval and have to pay $95 each year to continue using the card.

Why we chose it: A lack of foreign transaction fees and bonus points for travel expenses make the Citi Premier card a great travel companion.

• 3x points for all travel purchases, including hotels
• No foreign transaction fees
• $600 introductory offer

• $95 annual fee
• High credit score needed
• Uses a point system for rewards

Annual Fee

Citi’s Premier Card has a $95 annual fee to keep your account active. While steep, it’s still cheaper than American Express’s Green Card’s $150 yearly charge.

Credit Recommended

You’ll need to be at the upper end of the credit score spectrum to maximize your chances of landing a Premier card. This is notably higher than the Petal 2 Visa or Discover It Secured card, but the benefits are also higher.

Regular APR

The Citi Premier card’s APR lands right in the same range as the Chase Freedom Unlimited card or the American Express Green card. If you can’t pay your debt off on time, expect to see interest rates between 16.74% to 24.74%.

Introductory Offer

Like American Express, Citi uses a point system for its rewards, with one point equal to a cent. Should you spend $4,000 within the first three months of signing up, Citi will reward you with 60,000 bonus points usable in the form of gift cards. Time to book that flight!

Benefits

There’s no need to worry about foreign transaction fees when you travel with the Citi Premier card. You’ll also earn 3x points on air travel, hotels, restaurants, supermarkets, and on gas. All other purchases still earn one point per dollar spent.

Methodology for the Best Best Credit Cards for Young Adults

When choosing a credit card, you want to find one that works for you. We considered the following when picking out the best credit cards for young adults.

• Annual Fees: Fees can put a damper on anyone’s plans. The best credit cards for young adults either don’t have a fee or is low enough that the rewards outweigh the price.
• Recommended Credit: Credit scores are a major factor when it comes to getting approved for a credit card. Certain cards are designed for those looking to establish credit, while others are for those who have already done so.
• Regular APR: APR only becomes a factor if you’re not able to keep up with monthly payments. In those situations, it’s crucial to have a low enough APR that you don’t drown financially.
• Introductory Offers: Introductory offers bring a nice boost to an already great credit card. Top offers include bonus cash or no APR for a fixed number of months.
• Benefits: What’s better than a credit card that pays you back? The best credit cards for young adults provide cash back on all the things you already buy. Some cash back cards can reach as high as 5% for specialty purchases.

Bottom Line on the Best Credit Cards for Young Adults

Having a credit card can do wonders for a young adult trying to find his or her place in the world. However, individuals need to be wary of interest rates and fees that can drain the bank. The best credit cards are manageable, offering incentives while building credit at the same time.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

Couples can benefit from shared funds for family expenses and planning for the future. The best bank account for couples should offer added incentives in the form of interest or minimal fees. This article looks at the choices for couples currently available.

Best Bank Account for Couples

• Ally Interest Checking – Best Overall
• Axos Bank Rewards Checking – Best for ATM Users
• Alliant Credit Union High-Rate Checking – Best for Dividends
• Chase Total Checking – Best for Accessibility
• LendingClub Rewards Checking – Best for Cash Back
• Discover Cashback Debit – Best for Avoiding Fees
• Presidential Bank Advantage Checking – Best for High Interest

Our Methodology

When looking at the best bank account for couples, we looked at monthly fees and balance requirements for each account. We also wanted to identify checking accounts with the potential to pay out interest, or at least offer savings accounts that complement them well. Lastly, we deeded it important to transfer and withdraw funds from the most locations possible.

Check out a more detailed explanation of our methodology here.

Bank Account

Fees

Minimum Balance

APY

Other Available Accounts

ATM Network

Ally Interest Checking

No monthly fees, $20 per outgoing wire, $15 for expedited delivery

$0

0.10% for accounts under $15,000, 0.25% otherwise

Savings, Money Market, CDs, Mortgages, Loans, Investments

43,000 no-fee ATMs

Axos Bank Rewards Checking

No monthly fees, $35 for domestic and $45 for international outgoing wires

$0

Up to 1.25% if requirements are met

Savings, Money Market, CDs, Mortgages, Loans, Investments

Unlimited domestic ATM fee reimbursements

Alliant Credit Union High-Rate Checking

No monthly fees, $25 for domestic and $50 for international outgoing wires, $10 dormant account fee

$0

0.25%

Savings, CDs, Mortgages, Loans, Investments

Over 80,000 fee-free ATMs

Chase Total Checking

$0 to $12 monthly service fee, $34 overdraft fee, up to $50 wire transfers

$1,500 to avoid fees

0%

Savings, CDs, Mortgages, Loans, Investments, Home Equity

Over 16,000 fee-free ATMs

LendingClub Rewards Checking

No monthly fees, $20 per domestic wire out, $40 per international wire out

$0

0.10% from $2,500 to $100,000, 0.15% on balances beyond that

Savings, CDs, Loans, Mortgages, Auto Refinancing

Free ATMs worldwide

Discover Cashback Debit

No monthly fees, $30 outgoing wire transfers

$0

0%

Savings, CDs, Money Market, Retirement

Over 60,000 fee-free ATMs

Presidential Bank Advantage Checking

$5 monthly fee if balance is below minimum, $25 overdraft fee, up to $45 for wire transfer

$500

0.10% to 2.25

Savings, CDs, Mortgages, Home Equity

Over 88,000 fee-free ATMs

Ally Interest Checking: Best Overall Bank Account for Couples

4.8

★★★★★

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Ally has minimal account fees and offers a clear list of what it does charge. Best of all, there’s no minimum balance required to start up or maintain an account. For a checking account, its interest rate stands well above the competition. You will have to hold onto your cash since Ally has no physical location nor the means to deposit it. If you’re in a hurry, some transactions may move more slowly than you’d like.

Why we chose it: Ally Interest Checking gives couples access to a nice APY while avoiding unnecessary fees.

• High APY rate
• No monthly fees
• No minimum account balance

• No physical locations
• Can’t deposit cash
• Online transfers can take up to three days

Fees

Ally limits its fees to outgoing domestic wires ($20) and expedited deliveries ($15), which is lower than other top banks, such as Axos and Alliant Credit Union. Nearly everything else, including overdrafts, incoming wires, and low balances doesn’t cost you a thing. The bank also doesn’t charge any monthly maintenance fees, no matter your balance.

Minimum Balance

There’s no limit on the amount of money you need to keep in your account at any given time. Whether high or low, Ally won’t ding you for your balance.

APY

Ally blows the 0.03% industry standard out of the water, offering between 0.1% and 0.25% depending on your monthly balance. Once your checking eclipses $15,000, you’ll start receiving 0.25% interest as long as you can maintain that number. Compared to Chase and Discover’s 0%, 0.25% feels like a breath of fresh air.

Other Available Accounts

In addition to interest checking, Ally has savings, money market, CDs, and investment accounts to tuck money into. The bank can also serve mortgages and loans to those in need. Here’s a list of the best mortgage lenders for you.

ATM Network

The online-only bank boasts 43,000 fee-free ATMs around the country you can use to collect funds. This is a bit on the lower side next to Presidential and Alliant’s 80,000+ machines. Unfortunately, there’s no way to use the machines to deposit money back into your account. 

Axos Bank Rewards Checking: Best Bank Account for Couples That Use ATMs

4.6

★★★★★

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There are countless ATMs scattered across the United States, and Axos lets you use any one of them for free. This helps alleviate the lack of physical locations and charges for personal checks. After setting up your account, you’ll never have to worry about monthly fees or keeping a minimum balance. While the APY can reach record heights, you have to jump through some hoops to get there.

Why we chose it: The Axos Bank Rewards Checking account allows couples to draw funds from any ATM in the country without paying a penny. Members also benefit from zero monthly fees and the potential for a high-interest rate.

If you’re starting a business with your partner, Axos is also an excellent choice for a business checking account.

• Unlimited free ATM use across the U.S.
• No minimum balance
• No monthly fees

• No physical locations
• Convoluted interest checking calculation
• No free checks

Fees

Axos Bank avoids monthly fees on its Rewards Checking account, no matter how low your balance may go. You’ll never receive a charge for using an ATM, suffering an overdraft, or incoming wire transfers. Domestic and international outgoing wires cost $35 and $45 respectively, with a $10 fee for any returned deposits. It’s also one of the best free business bank accounts.

Minimum Balance

Like Ally’s $0 minimum balance, Axos Bank also doesn’t require a certain amount of money in your account. Unlike Ally, Axos does need a $50 initial deposit to get your account up and rolling.

APY

Members can achieve up to 1.25% APY with Rewards Checking if you meet certain conditions, blowing Ally’s 0.25% out of the water. It is possible to not earn any interest at all if you’re not careful. Here are the ways to earn some APY:

• Monthly direct deposits totaling $1,500 or more: 0.40%
• Minimum of 10 debit card transactions per month: 0.30%
• Maintain a Managed Portfolio Account of $2,500 or more: 0.20%
• Maintain an Invest Self Directed Trading Account of $2,500 or more: 0.20%
• Have a loan and make the full monthly payment each month: 0.15%

With the Rewards Checking account alone, it’s possible to earn up to 0.70% APY no matter what your account balance is. Should you want to raise the interest rate more, you’ll have to check out other account options.

Other Available Accounts

Axos features interest-bearing savings, money market, CD, and investment accounts for those interested. The online bank also offers the potential for loans and mortgages.

ATM Network

Axos’ ATM network reigns king, allowing free access to any machine in the country. Even if an ATM declares a fee, Axos will reimburse you the amount without question. You’ll never have to worry about hunting for a fee-free ATM again. Chase’s 16,000 ATMs don’t hold a candle to this level of service.

Alliant Credit Union High-Rate Checking: Best Credit Union Account for Couples

4.5

★★★★★

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Alliant introduces the comforts of a credit union on top of its APY to sweeten the pot. The rate comes alongside no minimum balance requirements and zero monthly maintenance fees. This account has high outgoing wire fees, and you’re stuck waiting until the end of the month for the dividend to roll in. The credit union doesn’t have physical locations, limiting access to online only.

Why we chose it: Alliant helps keep fees down and customer service high as a non-profit credit union.

• Good customer service team is always available
• No monthly fees
• No minimum balance requirements

• High outgoing wire fees
• Lower APY
• Limited accessibility

Fees

You won’t worry much about fees with Alliant, as the credit union doesn’t charge a monthly rate for keeping your account. It waives overdraft fees, in-network ATM transactions, and even your first box of checks. Fees show up with outgoing domestic wires ($25) or international ones ($50) and are sprinkled throughout for things like inactivity and collections. Fees appear more frequently than with Ally and Axos’ top accounts.

Minimum Balance

Alliant users don’t have to worry about keeping a minimum balance. There’s never any fear of a monthly fee or the credit union closing your account if you don’t meet a certain threshold.

APY

Alliant’s APY is a respectable 0.25%, still nearly ten times the industry standard for checking accounts. This is a blessing when Chase’s Total Checking doesn’t offer a thing.

Other Available Accounts

Even as a credit union, Alliant offers many of the same account options as the big banks. Customers can pick up savings or investment accounts and CDs with High-rate Checking. Other options include loans and mortgages.

ATM Network

Alliant has over 80,000 ATMs in its extensive network across the country, much higher than Ally’s 46,000. Users shouldn’t have to look far to locate one that won’t charge to withdraw from.

Chase Total Checking: Most Accessible Bank Account for Couples

4.2

★★★★★

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Chase Bank is one of the most popular in the country, with over 4,700 locations and an incredible online banking center. While it has thousands of ATMs in its network, the number pales in comparison to other banks out there. The Total Checking account can charge a $12 monthly fee and doesn’t offer any interest, but does have accounts for kids as young as 6 to get them started saving right.

Why we chose it: Chase’s Total Checking account is easy to access from anywhere, with thousands of locations and a top-notch online platform.

• Over 4,700 branch locations
• Stellar mobile banking services
• Has accounts for kids

• $12 monthly fee
• No APY
• Fewer ATM locations

Fees

For those unprepared, Chase’s Total Checking account does have a $12 monthly fee. This is steep compared to the likes of Ally and Axos that don’t charge a thing. However, it’s not too hard to get around this fee if you meet one of the following requirements:

• Monthly deposits totaling $500 or more
• A balance of $1,500 or more each day of the month

Alongside the monthly fee, you’ll be charged $34 any time you overdraft your account. Wire transfers can cost up to $50 per transaction, whether incoming or outgoing.

Minimum Balance

Chase Total Checking does not require a minimum balance to keep your account open. If you want to avoid monthly fees, you’ll want to keep at least $1,500 in there at all times.

APY

Unfortunately, Chase’s Total Checking does not offer any APY for members, a sharp contract to Axos’ 1.25%. As a result, it’s best to pair the benefits of this checking account with one of Chase’s many savings options.

Other Available Accounts

Chase lives up to its reputation as a large bank with several checking, savings, and investment account options. It’s also possible to snag a CD or look into loans and home equity plans.

ATM Network

Chase keeps its ATM network close to its chest and only lets customers use Chase-branded ATMs for free. Fees at non-Chase ATMs can reach $2.50 or $5.00 per transaction. With only 16,000 machines to choose from, Chase pales in comparison to Alliant and Presidential.

LendingClub Rewards Checking: Best Bank Account for Couples Wanting Cash Back

4.1

★★★★★

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LendingClub understands there’s nothing like earning money for buying what you already need. The platform offers 1% cash back on all purchases with its debit card but does require members to meet specific requirements. Its checking account does not charge monthly fees and will reimburse you for ATM use anywhere in the world. The interest rate is a little low, and there are limited options for other accounts should you wish to diversify your money.

Why we chose it: LendingClub’s Rewards Checking gifts members with interest and cash back on purchases made with its debit card.

• 1% cash back on debit card purchases without limit
• Worldwide ATM rebates
• No monthly fees

• Limited account offerings
• Low interest rate
• High requirements for cash back

Fees

Customers don’t have to worry about monthly fees with LendingClub, no matter what that account balance may be. As with most checking accounts, wire transfer fees can get out of hand if not careful.

Minimum Balance

Like Ally and Axos, LendingClub doesn’t require a monthly balance to maintain an account. There’s no minimum needed to avoid fees, either.

APY

LendingClub’s APY starts at 0.10% if you have at least $2,500 in your account. If you exceed $100,000, the rate jumps to 0.15%. While lower than Ally and Axos, even 0.10% is significantly higher than the industry standard.

Other Available Accounts

Unlike Ally and Axos, LendingClub doesn’t offer a wide range of bank accounts. Fortunately, members aren’t completely without options. It’s also possible to set up a personal loan or a mortgage for those big purchases.

ATM Network

Although LendingClub doesn’t have its own ATM network, it allows members to make use of ATMs around the globe for free. It will pay back any fees domestic or foreign ATMs may charge.

Discover Cashback Debit: Best Bank Account for Couples Wishing to Avoid Fees

4.0

★★★★★

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While most bank accounts limit fees, Discover’s Cashback Debit goes way beyond the norm. You won’t even receive charges for things like debit card replacement or reordering checks. Early direct deposit allows you to pocket extra income before heading out the door for a weekend getaway. While the account does offer cash back, it caps at $3,000 per month and doesn’t pay out any interest.

Why we chose it: Discover eliminates fees from all but outgoing wire transfers while offering cash back and early direct deposit.

• Minimal fees
• Early direct deposit
• No minimum balance

• Cashback caps at $3,000 per month
• No APY
• Online access only

Fees

Discover puts its foot down on fees, charging nothing for things like check reordering that even Ally has a price for. Other than out-of-network ATMs, the only fee you’ll see from Discover’s Cashback Debit is on outgoing wire transfers. A $30 flat rate for wires is significantly less than Chase or Alliant’s $50 international outgoing transfers.

Minimum Balance

There are no minimum balance requirements for a Discover Cashback Debit account. You won’t receive a charge even if your funds fall critically low.

APY

Unlike Ally’s 0.10% to 0.25%, Cashback Debit doesn’t have any APY. You may wish to drop extra funds in an interest-bearing savings account instead.

Other Available Accounts

Discover has a handful of savings, money market, and CD accounts that can generate interest on your hard-earned money. If you’re thinking long-term, there are also options for retirement investing available.

ATM Network

You can make use of over 60,000 ATMs around the country completely free of charge. While Discover won’t change for using them, some out-of-network ATMs may come with a fee. Here, Discover doesn’t stand too far off from Presidential’s 88,000 in-network.

Presidential Bank Advantage Checking: Best Bank Account for Couples Wanting High Interest

4.0

★★★★★

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Presidential Bank’s Advance checking can reach heights of 2.23% interest on a checking account as long as your balance remains between $500 and $25,000. Freedom from monthly fees and 88,000 ATM locations help you better control your money. You will need to keep a minimum account balance to meet interest rate requirements and avoid monthly payments. If you write paper checks, Presidential Bank will charge you for using more than three in a given month.

Why we chose it: Presidential Bank’s Advance Checking offers one of the highest interest rates out there while avoiding most banking fees.

• Insanely high interest rate
• Over 88,000 ATM locations
• No monthly fees

• Account has a minimum balance requirement
• Must meet prerequisites to earn a high interest rate
• Only three free paper checks per month

Fees

Fees are few and far between for the Advance Checking account as long as you’re careful. You need to maintain at least a $500 balance to avoid a $5 monthly fee, and you’ll also receive charges for overdrafts or if you send outgoing wires.

Minimum Balance

Advance Checking has a $500 initial deposit requirement, contrary to Ally not requiring a thing, and members will want to remain above that line to do away with a monthly fee. It’s worth noting that any funds exceeding $25,000 won’t earn the high interest rate.

APY

APY rates change depending on the funds in your account. Even if you can’t maintain a $500 balance, you’ll still receive 0.10% interest each month. Users between $500 and $25,000 have found the sweet spot, earning 2.23% interest on that full amount. Compare this to Axos bank, capping out at 1.25% if you’re able to meet all its requirements.

Any funds in excess of $25,000 still generate interest, but at 0.75% instead. Even this rate crushes the industry standard of 0.03%!

Other Available Accounts

Should you need to look beyond checking accounts, you won’t find a whole lot here. Presidential Bank does have savings accounts and CDs with varying interest rates among them. It’s also possible to obtain a mortgage or line of credit.

ATM Network

Presidential Bank sees over 88,000 ATMs dotted throughout the countryside. You can use any one of these ATMs completely fee-free. Other ATMs may have a surcharge for use with a Presidential Bank card. Next to Ally or Chase, Presidential takes the cake with ATM options.

Methodology for the Best Bank Account for Couples

Several factors go into making bank accounts stand out. We considered each of the following when building our list of the best bank accounts for couples. 

• Minimum Requirements: A good bank account for couples needs to be easy to open. The best bank accounts should not have high initial deposits or unrealistic balance requirements that make them difficult to use.
• Fees: The bane of every bank account, fees seem counterintuitive when financial establishments should help funds grow. While some accounts nickel and dime you, the best ones avoid monthly fees and charges that chip away at hard-earned cash.
• Interest Rate: Interest rates make banks more appealing than burying your paycheck in the backyard. Although some institutions offer high rates, it’s important to understand all the hoops you must travel through to unlock them.
• Account Types: Banks and credit unions don’t stop at a solitary account, and you may not want to either. Having plenty of account options for your money allows for diversity and additional perks along the way.
• ATM Network: If your money’s sitting in a bank, chances are you want to access it from time to time. ATMs provide a shortcut to pulling out much-needed cash, as long as there are enough of them. The best bank accounts for couples have tens of thousands of ATMs littered across the country, if not the world. 
• Accessibility: Alongside ATMs, members need regular access to account information to transfer funds and make changes. If a bank doesn’t have a lot of physical locations, it should at least have an intuitive website you can visit from anywhere.
• Other Rewards: Be on the lookout for bonuses that make an account even more appealing, such as overdraft forgiveness or ATM reimbursement. Some even go so far as to offer cash back or regular dividends.

Bottom Line on Best Bank Account for Couples

Joint bank accounts are an excellent way for spouses to share money, goals, and dreams. It allows families to keep all expenses together and keep better tabs on earnings. The best bank accounts for couples do the above with minimal fees and perks to make couples’ lives even easier.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.