FinWise Bank Review 2021

Published January 2021 by Liz Hund

AT A GLANCE
4.3

Bankrate Score

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Low Minimum Deposit

FinWise Bank is best for those who want to bank at a smaller institution and get inexpensive accounts with reasonable rates.

  • CDs
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    4.5
  • Savings
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    3.9
  • Checking
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    4.5
  • MMAs
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    3.6
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Overall

    4.3

    Bankrate Score

    FinWise Bank is a Utah-based bank that offers inexpensive accounts.

    What we like

    • FinWise offers competitive rates considering for a small regional bank.

    • Offers access to more than 55,000 ATMs at no fee.

    What we don't

    • Customers cannot easily open an account with FinWise online.

    • To report a lost or stolen bank card, you must call the bank directly during banking hours.

    CD rates

    4.5

    Bankrate Score

    FinWise Bank’s CDs offer competitive interest rates and only require $500 to open an account. You can select from a number of terms ranging from 30 days to 60 months, making it easy to find the right CD term for your needs.

    What we like

    • FinWise offers above-average CD rates.

    • The minimum opening deposit is relatively low.

    • There are 10 terms to choose from.

    What we don't

    • There are no penalty-free or bump-up CD options available.

    Savings accounts

    3.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    FinWise Bank’s savings account doesn’t have a minimum balance or monthly fee, making it a good choice for people who don’t have a significant amount of cash to deposit. The account's APY is above the national average, but you can find other banks paying higher rates if you shop around.

    What we like

    • There are no monthly service fees.

    • There's no minimum balance needed to open the account.

    What we don't

    • The APY is above the national average, but you can find higher rates if you shop around.

    Checking accounts

    4.5

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    FinWise’s checking account earned a high ranking largely because of its lack of ATM fees and no monthly service fees.

    What we like

    • No out-of-network ATM fees.

    • There is no monthly service fee.

    • Peer-to-peer and bill pay options are available.

    What we don't

    • There’s a $100 minimum opening deposit.

    • Checking balances do not earn interest.

    Money market accounts

    3.6

    Bankrate Score

    FinWise offers a money market account with tiered interest rates, meaning customers are rewarded for keeping a bigger balance. You'll need to deposit at least $2,500 to earn an APY that's more than the bank's savings account.  The account also charges a $7 monthly fee.

    The account also offers check-writing privileges, but you’ll have to pay to order checks.

    What we like

    • The account offers a better interest rate than its savings account.

    • It comes with check-writing privileges.

    What we don't

    • The account charges a $7 monthly ge.

    Bank experience

    If you are interested in opening an account with FinWise, you will have to call or visit a branch in-person. FinWise Bank has limited phone support, offering help only on weekdays.

    After opening an account, however, you will be able to enjoy a more user-friendly experience according to the few customer reviews on the app store and Google Play.

    About FinWise Bank

    FinWise Bank is a subsidiary of All West Bancorp. The Sandy, Utah-based bank offers checking accounts, money market accounts, savings accounts and CDs.

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    About the author Liz Hund is a social producer at Bankrate and occasionally writes special features on-site with a social-first angle. Her writing has been featured on MSN, Business Insider and in various local publications. In the media MSN Business Insider The Points Guy