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FinWise Bank Review 2021
Member FDIC
Savings account
Member FDIC
Checking account
Overall
4.3
Bankrate Score
FinWise Bank is a Utah-based bank that offers inexpensive accounts.
What we like
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FinWise offers competitive rates considering for a small regional bank.
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Offers access to more than 55,000 ATMs at no fee.
What we don't
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Customers cannot easily open an account with FinWise online.
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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
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FinWise offers above-average CD rates.
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The minimum opening deposit is relatively low.
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There are 10 terms to choose from.
What we don't
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There are no penalty-free or bump-up CD options available.
Savings accounts
3.9
Bankrate Score
Member FDIC
Savings account
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
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There are no monthly service fees.
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There's no minimum balance needed to open the account.
What we don't
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The APY is above the national average, but you can find higher rates if you shop around.
Checking accounts
4.5
Bankrate Score
Member FDIC
Checking account
FinWise’s checking account earned a high ranking largely because of its lack of ATM fees and no monthly service fees.
What we like
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No out-of-network ATM fees.
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There is no monthly service fee.
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Peer-to-peer and bill pay options are available.
What we don't
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There’s a $100 minimum opening deposit.
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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
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The account offers a better interest rate than its savings account.
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It comes with check-writing privileges.
What we don't
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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.
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