FinWise Bank Review 2020

Published March 2020 by TJ Porter

AT A GLANCE
3.6
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Bankrate Score

bank-logo
Money

Low Fees

Money Bag

Low Minimum Balance

Bank Vault

Low Minimum Deposit

FinWise Bank is best for people 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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    3.8
  • Checking
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    3.4
  • MMAs
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    2.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Sallie Mae

    Member FDIC

    MMA

    0.99 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.80 % APY

    $ 0

    Min. balance for APY

    Sallie Mae

    Member FDIC

    CD

    1.05 % APY

    1 yr

    Term

    $ 2,500

    Min. deposit

    Overall

    3.6

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    Bankrate Score

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

    What we like

    • Flexible CD terms.

    • Low or no fees for most accounts.

    • Low minimum deposits.

    What we don't

    • Limited customer service hours.

    • Minimum balance to earn the highest rate on the money market account is steeper.

    CD rates

    4.5

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Sallie Mae

    Member FDIC

    CD

    1.05 % APY

    1 yr

    Term

    $ 2,500

    Min. deposit

    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 three months to 60 months, making it easy to find the right CD term for your needs.

    What we like

    • Competitive interest rate.

    • Flexible term options.

    What we don't

    • No bonus rate for larger deposits.

    Savings accounts

    3.8

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    Bankrate Score

    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. However, you can find other banks paying higher rates.

    What we like

    • No monthly fee.

    • No minimum deposit.

    What we don't

    • Relatively low interest rate.

    Checking accounts

    3.4

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    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    FinWise Bank’s interest checking account pays a solid rate on your everyday account. Customers will also get access to more than 55,000 fee-free ATMs throughout the country. You will, however, need to deposit at least $500 to open the account.

    What we like

    • Solid interest rate.

    • Large ATM network.

    • No fees to use other bank’s ATMs.

    What we don't

    • Peer-to-peer transfers incur a fee.

    • No ATM fee refunds.

    • $500 minimum deposit.

    Money market accounts

    2.7

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    Bankrate Score

    OTHER MMA OFFERS YOU MAY LIKE
    Sallie Mae

    Member FDIC

    MMA

    0.99 % APY

    $ 0

    Min. balance for APY

    FinWise Bank pays a higher interest rate on its money market deposits than on its savings deposits. However, you will need $250,000 to earn the best rate possible. The account also offers check-writing privileges, but you’ll have to pay to order checks.

    What we like

    • Better interest rate than its savings account.

    • No monthly fee.

    What we don't

    • You will have to pay for checks.

    • $250,000 minimum balance to earn the top APY.

    Bank experience

    FinWise Bank has limited phone support, offering help only on weekdays. The good news is that the bank has a highly rated mobile app, so you should be able to easily manage your account from your phone.

    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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