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Best Banks for Millennials

Money Matters in March and every month of the decade! Because we love you, we are bringing you our best banks.

Chime Bank – Personal Checking

Tired of hidden fees in banking? This mobile bank is for you. Chime makes banking easy with no monthly ATM, international, and finally, NO OVERDRAFT FEES! I said it, it’s real. Chime allows you to overdraft up to $100, with no fees.

There’s nothing like seeing something you want and having a balance of $0.01. Usually that’s a problem, but not when you’re banking with Chime. Their “Spot Me” Feature that allows you to borrow $20 - $100, of course, at no charge. Monies are paid back when your next deposit to Chime arrives.

You get paid up to two days early when you set up direct deposit. Chime ensures that you get paid early by making the money available as soon your employer deposits it – which is often up to two days before other traditional banks make the funds available to you.

Chime also offers an (optional) automated savings account by rounding up every transaction to the nearest dollar.

Although there are no physical banks with tellers, Chime has over 38,000 fee free ATMs through their partnership with MoneyPass and Visa Plus Alliance.Their mobile app can be used to locate the ATMs in your area. Customer support tickets can be initiated online or via their app.

Other benefits:

Instantly sending money to other Chime Members

Deposit Paper checks via Photo

Ability to Block Debit Card Transactions

Supports Apple, Google, and Samsung Pay

Ability to send paper checks via mail

Applying for an account is easy and takes less than 2 minutes, with no impact to your credit score. Get $50 when you sign up today, and $50 for EACH friend you refer.

 

Novo Bank – Business Checking

Need business banking? Novo through Middlesex is an easy solution to your needs. With zero monthly fees and no minimum deposit, you are approved in minutes. All actions are handled through the Novo app, unlike Chime, there is no ability to login online. If you prefer to speak to customer assistance, Novo is not for you. If you are seeking quick approval to secure a contact or opportunity, this non traditional mobile bank is for best option.

 

Savings Accounts

We are not accepting mediocrity this year. Boost your savings by leaving the basics behind you and enrolling in a high interest yield savings account. A high-yield savings account is a type of savings account that pays 20 to 25 times the national average of a standard savings account. For instance, if you’re holding $5,000 in savings and the national average is 0.10% APY, you would earn $5 in interest at the end of the year. However, if you put that same $5,000 in an account earning 2% or more, you would earn $100 by the end of the year. There is nothing left to talk about, make the switch today.

Synchrony Bank allows you to open an account with no minimum balance and no fees. In case an emergency occurs, you are given the option of receiving an ATM card for instant cash withdrawals. These cards do not contain CVV/CVC numbers, which prevent online orders and most over the counter transactions. If an ATM card is not your thing, external transfers take three to five business days. Synchrony Bank offers 1.70% APY.

Much like Synchrony, Barclays Bank has no minimum balance or monthly fees. Their APY often fluctuates, right now they are offering 1.70%. Although they do not offer ATM cards, same day transfers are supported with external accounts. Unlike most savings accounts, you can have up to five external accounts associated with your profile.

As you consider different high-yield savings account options, weigh factors such as initial deposit requirements, interest rates, minimum balance requirements, and any possible account fees.

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