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FinWise Bank Review 2020
Published March 2020 by TJ Porter
Why trust us
Member FDIC
MMA
Member FDIC
Savings account
Member FDIC
CD
Member FDIC
CD
Member FDIC
CD
Overall
3.6
Bankrate Score
FinWise Bank is a Utah-based bank that offers inexpensive accounts.
What we like
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Flexible CD terms.
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Low or no fees for most accounts.
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Low minimum deposits.
What we don't
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Limited customer service hours.
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Minimum balance to earn the highest rate on the money market account is steeper.
CD rates
4.5
Bankrate Score
Member FDIC
CD
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
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Competitive interest rate.
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Flexible term options.
What we don't
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No bonus rate for larger deposits.
Savings accounts
3.8
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
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No monthly fee.
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No minimum deposit.
What we don't
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Relatively low interest rate.
Checking accounts
3.4
Bankrate Score
Member FDIC
Checking account
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
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Solid interest rate.
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Large ATM network.
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No fees to use other bank’s ATMs.
What we don't
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Peer-to-peer transfers incur a fee.
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No ATM fee refunds.
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$500 minimum deposit.
Money market accounts
2.7
Bankrate Score
Member FDIC
MMA
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
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Better interest rate than its savings account.
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No monthly fee.
What we don't
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You will have to pay for checks.
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$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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