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FinWise Bank Review 2023

Updated January 1, 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: 5 stars out of 5

Savings

Rating: 3.9 stars out of 5

MMA

Rating: 2.4 stars out of 5

About Bankrate Score

Overview

FinWise Bank is best for those who 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
Compare offers
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.40
%
APY
Rating: 0 stars out of 5
$500
Min. balance for APY
View offer Arrow Right

Overall

FinWise Bank is a Utah-based bank that offers affordable checking and savings accounts and CDs.

Pros

  • Checkmark

    FinWise offers competitive 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 easily open an account with FinWise online.

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

FinWise Bank bank products

3.9
Rating: 3.9 stars out of 5
Bankrate Score

FinWise Bank savings overview

FinWise Bank’s savings account has no minimum balance requirement or monthly fee, making it a good choice for consumers who don’t have a significant amount of cash to deposit. The account's APY is above the national average, but other banks pay higher rates.

Pros

  • Checkmark

    There are no monthly service fees.

  • Checkmark

    No minimum balance is needed to open the account.

Cons

  • Higher rates can be found elsewhere.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

Bank experience

Customers interested in opening an account with FinWise need to call or visit a branch in person. FinWise Bank has limited phone support, offering help only on weekdays.

After opening an account, however, customers enjoy a more user-friendly experience, according to customer reviews on Apple’s App Store and Google Play.

About FinWise Bank

FinWise Bank is a subsidiary of All West Bancorp. The Sandy, Utah-based bank offers 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.