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FinWise Bank Review 2023

Updated March 29, 2023
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At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.5 stars out of 5

Checking

Rating: 4.6 stars out of 5

Savings

Rating: 3.5 stars out of 5

MMA

Rating: 3 stars out of 5

About Bankrate Score

Overview

FinWise Bank is best for those who are in the Sandy, Utah area that want to bank at a smaller institution that offers a top-notch checking account, and affordable savings accounts and certificates of deposit with reasonable rates.

Highlights

  • Low Min Deposit
  • Low Fees
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.15
%
APY
APY
Info
As of 5/29/2023
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Earn up to 5.15% APY with Marcus Referred. Terms Apply
Bank logo
Member FDIC
Savings Account
3.90
%
APY
APY
Info
As of 5/29/2023
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
4.20
%
APY
APY
Info
As of 5/29/2023
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees, up to $2M FDIC coverage, earn high APY on all checking and savings balances, up to $250 bonus with qualifying direct deposit.

Overall

FinWise Bank is a Utah-based bank that offers affordable checking and savings accounts and CDs, though only the latter offers competitive APYs. Customers can’t open accounts online, so this regional bank is best suited for those in the Sandy, Utah area, which you must visit to open an account. That noted, FinWise is part of the large MoneyPass network, giving you free access to your money via tens of thousands of ATMs scattered across the country.

Pros

  • Checkmark

    FinWise offers competitive CD rates for a small regional bank.

  • Checkmark

    Offers access to more than 55,000 ATMs with no fee through the MoneyPass network.

Cons

  • Customers cannot open an account with FinWise online.

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

  • Expect to dig around FinWise’s website to find basic information on their accounts.

FinWise Bank banking products

3.5
Rating: 3.5 stars out of 5
Bankrate Score

FinWise Bank savings overview

FInWise Bank’s savings account, called Consumer Statement Savings, requires just $500 to open and there are no monthly fees, making it a good choice for consumers who don’t have a significant amount of cash to deposit. There are no limits on the amount of withdrawals you make, meaning you can make more than the standard six withdrawals without incurring a fee. The account’s APY is above the national average, but higher rates can easily be found elsewhere.

Pros

  • Checkmark

    There are no monthly service fees.

  • Checkmark

    Just $500 is needed to open the account.

  • Checkmark

    Unlike most savings accounts from other banks, there’s no limit on monthly withdrawals.

Cons

  • Higher rates can be found elsewhere.

Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.15
%
APY
APY
Info
As of 5/29/2023
Rating: 4.7 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: Earn up to 5.15% APY with Marcus Referred. Terms Apply

Bank experience

Customers interested in opening an account with FinWise will need to visit a branch in person. FinWise Bank has limited phone support, offering help only on weekdays. Customers can reach representatives by phone Monday through Friday from 8 a.m. to 6 p.m. Mountain time; the bank is not open on weekends. Customers can also get help via email.

After opening an account, however, customers enjoy a more user-friendly experience, according to customer reviews on Apple’s App Store and Google Play, though note not many people have reviewed either version of the app.

About FinWise Bank

FinWise Bank is a subsidiary of FinWise Bancorp. The Sandy, Utah-based bank offers banking services for businesses and individual consumers, including checking, money market and savings accounts, as well as CDs.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.