About Present
Present is a mobile-focused on-line financial institution that gives a checking account and debit card. The account comes with a number of bonus options which can be noteworthy, together with budgeting instruments, the power to deposit money and earn rewards on debit card purchases. It additionally consists of options to assist dad and mom handle their youngsters’s spending.
Highlights
- Devoted Account For: Shopper checking
- Account sorts: Checking
- Min Opening Deposit: None
- Minimal Stability Required: None
- Month-to-month Charge: None for primary service, $4.99 per 30 days for Present Premium, $36 per yr per baby account
- ATM Entry: 55,000+ ATMs
- Availability: On-line
- third Social gathering integrations: None
What We Like About Present
There’s so much to love about Present should you’re on the lookout for a web-based checking account.
- No month-to-month charges for primary service – If all you want is a primary on-line checking account, Present expenses no month-to-month charges and has no minimal steadiness, making it simple for anybody to make use of.
- Deposit money – The disadvantage of on-line banks is you can’t deposit money to your account simply. Present solves this downside by letting you deposit money at greater than 60,000 shops.
- Debit playing cards for youngsters and youths – Mother and father can provide their youngsters their very own debit playing cards, giving them some monetary freedom and the prospect to learn to handle cash. Present additionally provides dad and mom instruments to regulate their youngsters’s spending, equivalent to setting spending limits and proscribing particular retailers.
- Debit card rewards – You may earn rewards whenever you use your debit card to buy at taking part shops.
- Cash administration instruments – Present presents instruments that can assist you save for various objectives and finances your spending, making it simple to maintain observe of your funds.
- Free overdraft – For those who get at the very least $500 in direct deposits every month and join Present Premium, Present will allow you to overdraft your account by as much as $100, fee-free.
What May Be Improved With Present
Present has some drawbacks to contemplate earlier than opening an account.
- No bodily branches – Present is a web-based financial institution, so should you’re the kind of one who prefers to do their banking in particular person, you need to look elsewhere.
- Charges for premium companies – If you wish to make the most of all the pieces Present has to supply, that you must pay a $4.99 month-to-month payment. For those who’re a dad or mum and need to add a baby to your account, the price is $36 per yr.
Present Accounts
Present presents two account sorts, Present, and Present Premium.
Present
Present’s primary checking account comes with the entire options and instruments you’d count on from a web-based checking account. There isn’t a month-to-month payment and no minimal steadiness required to open the account.
With Present’s primary service, you’ll get a debit card that you need to use to make withdrawals at greater than 55,000 ATMs throughout the nation, the power deposit money at 60,000 shops, a budgeting instrument you need to use for one class of spending, one “financial savings pod” to trace your financial savings, and spending insights that may assist you study the place and the way you’re spending your cash.
If all you want is a primary checking account, this account matches the invoice.
Present Premium
Present Premium is Present’s fully-featured providing. It expenses $4.99 per 30 days and comes with the entire options of Present’s primary account plus some extras. For instance, you may get entry to your paycheck two days earlier than payday should you join direct deposit. You too can arrange three financial savings pods to trace a number of financial savings objectives without delay.
Present Premium additionally consists of prompt refunds of fuel station account holds. If you swipe your card at a fuel station, the fuel station normally places a maintain in your account for a set quantity. For instance, it might maintain $40. When you end the acquisition, the fuel station will launch the maintain for the quantity you didn’t use to purchase fuel. For those who solely put $25 of fuel in your tank, it will take the $25 you owe and launch the $15 again to you.
It may well typically take days for fuel stations to launch holds, leaving money in your checking account however unavailable so that you can use. With Present Premium, you may get these holds launched instantly.
Options
These are a few of Present Financial institution’s high options.
Money deposits
Whereas individuals’s monetary lives have gotten more and more digital, the outdated adage that money is sort nonetheless rings true in lots of conditions. One of many best drawbacks of on-line banks is that they make it troublesome to work with money. Most make withdrawals comparatively simple however in case you have money and need to deposit it to your account, the method might be difficult.
Present has partnered with greater than 60,000 shops round the US to simply accept money deposits which it immediately provides to your account. If you end up working with money ceaselessly, however need to use a web-based financial institution, Present makes it simpler than a lot of the competitors.
Debit card rewards
One of many drawbacks of utilizing a debit card over a bank card is that you just normally should cross up on rewards. Bank cards can supply profitable money again, resort factors, and airline miles whereas most debit playing cards don’t supply any rewards.
Present has partnered with retailers across the nation to supply rewards whenever you pay for issues along with your debit card. If you store with a partnered firm you’ll be able to earn 15 factors for each greenback you spend. You may redeem these factors for rewards, together with money again.
Youngster accounts
Instructing your youngsters find out how to correctly handle their cash is vital, however it may be an advanced job.
For $36 per yr, you’ll be able to signal your baby up for a Present account and get them a debit card that’s linked to your account. You should utilize the Present app to assist them observe and handle their spending.
For instance, you’ll be able to set an allowance within the app to routinely give your baby cash to spend on a set schedule. You too can schedule chores within the app and pay your baby as they full their assigned duties.
If you wish to maintain a better eye in your baby’s spending, Present helps you to set spending limits or limit purchases from sure retailers, supplying you with extra management over how they spend their cash.
Budgeting and saving instruments
Budgeting and monitoring your spending might be troublesome, so Present has some instruments that may assist. For those who join Present Premium, you get entry to a budgeting instrument that may observe as many classes of spending as you want.
Set a spending restrict for every class and Present will observe every buy you make along with your debit card. You may view your finances at any time to see how a lot you’ve spent and the way a lot you will have obtainable to spend.
Present additionally generates spending insights you can have a look at to get extra details about how and the place you’re spending your cash.
Present Charges
Present’s payment construction is comparatively easy. It expenses only a few charges, even for companies that almost all different banks cost for.
The 2 commonest charges are the month-to-month payment for Present Premium, which is $4.99, and the annual payment for linking a baby account, which is $36. There are some charges for substitute debit playing cards. You additionally should pay a 3% overseas transaction payment and a $3 overseas ATM payment.
There’s a $3.50 payment to deposit money.
Is Present FDIC Insured?
Sure, Present’s checking account presents the complete safety provided by the Federal Deposit Insurance coverage Company. Present’s accounts are provided by means of a partnership with Selection Monetary Group (Member FDIC). You’ll stand up to $250,000 in safety from the FDIC.
Is Present Secure?
If you’re doing something along with your cash, however particularly trusting a web-based financial institution, it’s regular to fret about whether or not your cash can be secure.
Present is a wonderfully secure selection for people who find themselves on the lookout for a web-based financial institution. The corporate makes use of commonplace web safety practices and instruments to maintain your cash and private data secure. It additionally partnered with Selection Monetary Group (Member FDIC) to supply the complete $250,000 in FDIC insurance coverage to your deposited funds.
Who’s Present Greatest For?
For those who’re on the lookout for a primary on-line checking account, Present is a stable selection. The place it shines is with its household choices. Although there’s a $36 annual payment, Present presents a whole lot of helpful instruments that folks can use to show their youngsters about cash administration.
For those who’re a dad or mum who desires an account that makes it simple to assist observe your youngsters’s spending and to show them about cash, Present could also be a good selection.
Alternate options to Present
There are numerous on-line banks on the market, so should you’re not sure that Present is best for you, think about these options.
Chime
Chime is one other on-line financial institution that gives instruments that you need to use to handle your monetary life. Like Present, Chime has no minimal deposit requirement and doesn’t cost a month-to-month payment.
Chime is a robust selection in order for you a web-based financial institution that gives each checking and financial savings accounts. Chime additionally has a credit score builder account that features as a secured bank card. If that you must construct your credit score rating, this might help you place your financial savings to make use of.
Learn our full Chime assessment.
Ally Financial institution
Ally Financial institution is a web-based financial institution that gives all kinds of banking companies, together with checking and financial savings accounts, CDs, lending, and investing companies.
Ally expenses constantly low charges, typically having no minimal steadiness requirement and no month-to-month payment in any respect. It additionally presents affordable rates of interest. If you’d like a full-service on-line financial institution that may change a bodily financial institution, Ally is an efficient selection.
Learn our full Ally financial institution assessment.
Customers Need To Know About Present
These are some ceaselessly requested questions on Present.
How do Present’s rewards factors work?
If you store at taking part retailers and pay along with your debit card, you’ll be able to earn factors based mostly on the quantity you spend. Premium members can earn extra factors than non-Premium members.
You may redeem your factors for money or to pay to your Premium subscription.
To earn factors, you must activate a factors supply within the app earlier than making a purchase order.
How do I deposit money?
If you wish to deposit money to your Present account, you are able to do so by visiting one of many financial institution’s 60,000+ accomplice areas. You could find a map of areas simply within the Present app.
When you’re on the retailer, let the cashier know that you just need to deposit money, pull up the barcode within the Present app, and let the cashier scan it. Give the cashier the quantity you’re depositing, plus the $3.50 payment, and the cash will instantly seem in your account.
Can I ship cash to associates?
Sure, Present presents a free instrument, known as Present Pay, that you need to use to ship cash to a good friend instantly out of your checking account. You may entry Present Pay by means of the cell app and ship cash to different Present members immediately.
Conclusion
Present presents a primary on-line checking account that provides some helpful options should you join Present Premium. For those who’re a dad or mum, Present could also be interesting for the instruments it provides you to assist train your youngsters about cash and the instruments it provides you to trace and management your youngsters’s spending.
If you’d like a full-service on-line financial institution that may change a brick and mortar establishment, Present isn’t the precise selection however in order for you a checking account with some additional options, Present might match the invoice.
