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Free Cell Banking With 4% APY & Rewards

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Lately, online-only banks are a dime a dozen. And it appears as if each financial institution has a distinct APY or reward construction to try to appeal to new clients. Nonetheless, you normally have to leap via hoops or obtain vital direct deposits to get the most effective charges.

This is not the case with Present, a neobank that is providing 4% APY on as much as $6,000, no questions requested. It additionally presents a wonderful, free account for teenagers and a strong rewards platform and would not cost month-to-month charges.

Our Present overview is breaking down every part this neobank has to supply, together with a few of the finest options.

Charges – 9

Options – 7

Ease-of-Use – 9

Account Sorts – 7

Curiosity & Rewards – 9



Present is a monetary companies firm that gives free private and teenage accounts. It at present pays 4% APY on as much as $6,000, which is likely one of the primary causes to open an account. But it surely additionally presents a wonderful teen account with parental controls, spending rewards, and overdraft safety.

Get Began With Present

Execs & Cons


  • No month-to-month account charges
  • No minimal steadiness necessities
  • No spending or direct deposit necessities to earn 4% APY
  • Free teen account with quite a few parental controls is on the market
  • Borrow as much as $200 to keep away from overdraft charges
  • Earn rewards from buying at 14,000+ retailers


  • No credit score constructing device
  • Money above $6,000 would not earn any curiosity

About Present

Current logoPresent is a neobank that started in 2015, initially specializing in its fee-free financial institution accounts for teenagers. Since then, Present has grown into probably the most aggressive online-only banking choices, providing excessive rates of interest, cash-back rewards, all with out charges or steadiness necessities.

It is necessary to notice that Present is a monetary companies firm and never a financial institution. Nonetheless, it gives its banking companies via Alternative Monetary Group, so cash will get FDIC insurance coverage and is safe.

What Does Present Supply?

There are two primary Present clients: those that need a no-fee private account with a excessive APY and fogeys who need a fee-free account for his or her teenagers. However underneath these two account varieties, you get quite a few options like a rewards level system, financial savings accounts, and overdraft safety.

Present Private Account

Present’s primary providing is its private account. This account has $0 month-to-month charges and no minimal steadiness necessities. Different perks embody:

  • No overdraft charges
  • No financial institution switch charges when sending cash to different Present members
  • Free ATM withdrawals at 40,000+ AllPoint ATMs
  • Getting paid as much as two days early
  • Immediate gasoline maintain removals (so your cash is not locked up for days after filling up your automotive)
  • Cell verify cashing

You may sign-up for an account in underneath two minutes in keeping with its web site. And the very fact there is no account charges is a promoting level. And options like gasoline maintain removals or early paycheck direct deposits could make a distinction if cash is tight.

Saving Pods

Present’s private account permits you to spend cash with the Present Visa debit card. However proper now, you may earn a whopping 4% APY on as much as $6,000 by transferring your cash into financial savings pods.

Each Present account comes with three financial savings pods. You may put as much as $2,000 right into a financial savings pod to work in the direction of totally different targets, just like a high-yield financial savings account. You earn 4% APY on as much as $6,000 yearly throughout all of your pods, which is a really aggressive price. And the most effective half is that there is no direct deposit or spending necessities like many different on-line banks should unlock the most effective rate of interest.

To fund your pods, you make one-time transfers out of your primary steadiness. Alternatively, you may switch cash to your present account through ACH or by depositing a verify, which many cell banking apps do not assist. Present additionally has a round-up characteristic just like microsaving apps that rounds-up your purchases to the closest greenback and deposits the additional cash right into a pod.

And since Present works with Alternative Monetary Group, cash in your financial savings pods will get as much as $250,000 in FDIC insurance coverage.

Present Teen Account

For those who’re searching for a wonderful banking answer in your teen, Present is value contemplating. It presents a teen account that is similar to its private account, solely with extra parental controls.

Teenagers can spend cash anyplace Visa is accepted with their Present card. Additionally they get one pod to assist them save and might activate round-ups to construct good habits. And like its private account, teenagers get free AllPoint ATM withdrawals and immediate gasoline maintain removals.

And Present’s teen account has a number of helpful options for fogeys like:

  • Block retailers to stop spending
  • Assign chores in your teen to finish
  • Automate allowance funds
  • Set spending limits
  • Obtain notifications about your teen’s spending
  • Ship immediate transfers to your teen’s account
  • Let relations add funds to their account

Mother and father simply must obtain Present, create an account, after which create an account for his or her teen that they entry with their telephone. You do not pay further charges or subscriptions in your teen’s account both.

Money-Again Rewards

With its factors rewards program, Present members can earn as much as 15% money again from over 14,000 retailers throughout the nation. All you need to do is activate presents within the Factors tab of the app and store together with your Present card to earn factors. It takes 100 factors to redeem $1, and money credit to your account steadiness.

Many presents solely pay 1% to 2% in factors, however that is nonetheless a wonderful rewards program for a free debit card. And Present companions with many main manufacturers like Burger King, Ceaselessly 21, Ceremony Assist, and Subway.


Qualifying Present members can overdraft as much as $200 with the Overdrive characteristic with out paying charges. This could be a a lot better different than turning to your bank card or a private mortgage. To qualify for overdrive you need to:

  • Be 18 years outdated or older
  • Obtain $500 or extra in payroll or social safety deposits into your account over a 30-day interval

Your overdrive restrict begins at $25 and might improve as much as $200 primarily based in your account exercise and historical past. It is a comparable idea apps like Floatme and Earnin use to supply you money advances primarily based on direct deposits.

Present Charges & Pricing

One benefit of Present is that you do not pay any account upkeep charges or face minimal steadiness necessities. However there are nonetheless a couple of charges you would possibly encounter, together with:

  • Money Add Charge: $3.50.
  • International Transaction Charge: 3%.
  • International ATM Withdrawal: $3 + 3%.
  • Home Out-of-Community ATM Withdrawal: $2.50 plus ATM charges.

Transaction Limits

Mother and father can set spending limits for his or her teen’s Present debit card. However there are additionally normal spending and withdrawal limits:

  • Every day ATM Withdrawal: $500 most.
  • Every day Spending Restrict: $2,000.
  • Test Deposit Restrict: $2,000.
  • Present Pay (Peer-to-Peer Switch Restrict): $5,000 per transaction.

Is Present Financial institution Secure?

In accordance with its web site, Present makes use of encryption to guard your knowledge whereas it is in-transit and at-rest. And, as talked about, you get $250,000 in FDIC insurance coverage from Alternative Monetary Group. You may even block transactions from throughout the app and arrange fingerprint and face ID locking to maintain your account safe. General, Present is secure and safe and follows the identical steps different main neobanks do.

How Do I Open an Account?

Opening a Present checking account takes a couple of minutes and would not contain a credit score verify. The data you present contains:

  • A U.S. Social Safety Quantity
  • A U.S. residential tackle
  • Your telephone quantity to obtain a affirmation SMS message

How Do I Contact Present?

You may attain Present buyer assist by emailing or by utilizing the chat characteristic throughout the app. There’s additionally a contact type on its web site.

Greatest Options

We like Present since there are no spending or direct deposit necessities to get the most effective APY. That is very uncommon for online-only banks. Normally, you need to obtain round $1,000 per thirty days in deposits to unlock the most effective charges.

Present additionally has a wonderful teenage checking account. However if you’d like credit-building instruments or extra bank-like options, some options is likely to be superior.


Chime Bank

Greatest For: Enhancing Credit score.

For those who like Present for its lack of charges, you are going to love Chime. With Chime, you do not pay account charges and there is no minimal steadiness requirement both. It additionally has a financial savings account that pays 0.50% APY. And like Present, you may get paid as much as two days early and borrow as much as $200 to keep away from overdraft charges.

The principle distinction between Chime and Present is that Chime additionally has a credit-building device. This secured account would not cost charges or curiosity, and it helps you slowly enhance your credit score rating with common funds.

You may check out Chime immediately or learn our article on the finest Chime options for much more choices.


One in every of Present’s most original options is its free teen account with quite a few parental management settings. Many mobile-only banks depart teenagers out, however fortunately, this is not the case with Axos.

Axos truly has quite a few checking accounts we’re followers of, together with a profitable Rewards Checking account that pays 1.25% on balances as much as $50,000. But it surely additionally has a First Checking account for teenagers between the ages of 12 to 17. This account would not cost month-to-month charges and pays 0.10% APY.

You too can discover different Axos’ companies, like Axos Make investments or its high-yield financial savings account. General, it is a full-service banking choice that is extra complete than Present.


Varo is one other wonderful Present different if you wish to earn a excessive APY on a smaller money steadiness. Its financial savings account pays a beginning 1.20% APY. However should you obtain as much as $1,000 in direct deposits per thirty days, you earn 5% APY as much as $5,000.

Varo additionally has different banking perks, like no account charges, no minimal steadiness necessities, and free AllPoint ATM withdrawals like Present. Members may also earn as much as 6% money again by buying with a Varo debit card or Varo Imagine bank card.

For those who’re actually looking the very best APYs on the market, you may think about parking your emergency fund or additional money in Present financial savings pods to earn 4% APY. You may then change direct deposits to Varo so that you’re incomes 5% APY there.

Backside Line

When Present launched, it targeted on its teen account. It nonetheless presents among the best fee-free teen accounts on the market, however it’s additionally dramatically expanded its merchandise since then.

The underside line is that proper now, Present is a wonderful method to get a excessive APY as much as $6,000. And should you leverage its factors program, you may earn much more.

For credit score constructing and full-service banking options, look elsewhere. However because it stands, Present is likely one of the prime neobanks for good cause.

Chime Disclosure – Chime is a monetary know-how firm, not a financial institution. Banking companies and debit card offered by The Bancorp Financial institution or Stride Financial institution, N.A.; Members FDIC.
1Chime can not assure when information are despatched by the IRS and funds could be made accessible.
^Early entry to direct deposit funds depends upon payer

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