Abstract: Present is a monetary expertise firm headquartered in New York Metropolis that provides banking services and products. It offers mobile-first banking providers and companions with FDIC-member banks comparable to Selection Monetary Group and Cross River Financial institution to insure buyer deposits.
Present’s Spend Account is a checking account that lets you construct credit score, earn factors, and receives a commission as much as two days early. Account holders can earn one level for each greenback spent on eligible eating and grocery purchases and redeem these factors for money again. There aren’t any annual charges, minimal stability necessities, in-network ATM charges, or financial institution switch charges related to this account.
Present members can park their financial savings in as much as three separate “Financial savings Pods” with a fee of as much as 4% APY. To qualify for this fee, you will need to arrange and keep a month-to-month direct deposit of $200 or extra. If this requirement isn’t met, you’ll earn the bottom fee of 0.25% APY.
Word that the 4% APY is on the market on the primary $2,000 in every Financial savings Pod, which means it applies to a most of $6,000 in deposits. Financial savings Pod balances above $6,000 don’t earn curiosity.
Present gives members a straightforward approach to purchase and promote cryptocurrency within the Present app.
To fund your Make investments account, you may switch cash out of your Present account or an current checking account, or deposit money or a verify. You may then select from a number of cryptocurrencies, together with bitcoin, ethereum, dogecoin, and extra. There aren’t any buying and selling charges concerned.
Eligible clients can make the most of Present’s paycheck advance, which supplies you on the spot entry to as much as $750 of your subsequent paycheck for a price, or inside three enterprise days at no cost. There isn’t a credit score verify required to qualify, and Present gives versatile compensation plans.
Right here’s a rundown of a number of the charges you might encounter as a Present member:
There are just a few perks and downsides of banking with Present that you just’ll need to concentrate on earlier than opening an account.
Professionals:
Debit purchases earn rewards: Customers can earn one level for each greenback spent on eligible eating and grocery purchases and redeem these factors for money again.
No overdraft charges: Present gives fee-free overdrafts for members who arrange and obtain a qualifying direct deposit.
No month-to-month charges: Members don’t should pay month-to-month charges for account upkeep or to maintain their account open.
Cons:
Financial savings APY restricted to first $6,000: Present’s Financial savings Pods provide 4% APY on as much as $2,000 per Financial savings Pod, with a most of three Pods. Balances that exceed this quantity received’t earn curiosity.
No bodily branches: Present is a fintech that operates solely on-line, which means that members can’t do any of their banking in individual.
Price for money deposits: Present prices a price for making money deposits, which could possibly be a disadvantage for members who need to fund their accounts this fashion.
Present account representatives can be found to talk 24/7 straight within the assist part of the Present app. You can even contact a assist consultant through e-mail at assist@present.com, or by filling out a contact type on the Present web site.
The Present app is on the market for obtain on the App Retailer and Google Play and has a score of 4.8 and 4.5 stars, respectively. Members can use it to verify account balances, switch cash between accounts, get assist from a customer support consultant, and extra.
Present is a fintech firm and never a financial institution. Due to this fact, it’s not an FDIC-insured establishment. Nonetheless, your funds are FDIC-insured on a pass-through foundation through companion banks Selection Monetary Group and Cross River Financial institution, as much as the federal limits.
Present works with two totally different issuing banks. To find out your routing quantity, you’ll must log into the Present App and go to Account > Voided Examine within the app to see which issuing financial institution is linked to your account.
Present doesn’t cost any month-to-month upkeep charges.
