In contrast to conventional brick-and-mortar operations, Present is a New York Metropolis-based neobank that’s partnered with Selection Monetary Group. This fintech primarily presents banking companies through cell utility. Customers can select from a checking or high-yield financial savings account, also called a “financial savings pod.” Along with these conventional banking companies, Present customers also can purchase and commerce crypto, handle their funds, and rack up rewards.
Deposits made into your Present account are FDIC-insured and Present presents a Visa debit card in addition to free withdrawals at greater than 40,000 ATMs throughout the nation. All charges and costs are present as of Nov. 8, 2022, and are topic to vary.
Present choices
Present presents two kinds of accounts: a checking account and a high-yield financial savings account.
Checking and financial savings accounts
Present Spend Account
- APY: $0
- Charges: $0
- Minimal opening deposit: $0
- Rewards: 15x factors on purchases made at taking part retailers.
- Examine-writing privileges: None
- Debit card: Sure
Excessive-yield financial savings account
Present Financial savings Pod
- APY: 4.00%
- Charges: $0
- Minimal opening deposit: $0
- Minimal steadiness to earn APY: $0.01
- Most steadiness: $2,000 per financial savings pod. Prospects can open a most of three financial savings pods for a complete of $6,000.
- Debit card: Sure
Different companies Present presents
Present presents numerous different advantages and companies for its account holders. Just a few main perks embrace:
- Quicker direct deposit: With Present, you will get paid as much as two days early if you join direct deposit.
- Overdraft safety: Present’s Overdrive™ characteristic lets account holders overdraft as much as $200 with no overdraft charges.
- Teen banking: Mother and father can hyperlink a teen debit card to their primary Present account to show their youngsters learn how to handle their very own cash.
- Cryptocurrency investing: You should purchase as much as 27 of the preferred cash instantly within the Present app, together with Bitcoin, Ethereum, Dogecoin, Shiba Inu, and extra.
- Factors and cashback: Present account holders can earn as much as 15x factors each time they swipe their card at over 14,000 taking part retailers nationwide. These factors can then be redeemed for money of their Present Account.
- Gasoline maintain removals: Present instantly removes gasoline holds that stations placed on debit playing cards on the pump, making all account funds obtainable, immediately.
- Cash administration instruments: Present helps account holders budgeting instruments to trace their spending and hit their cash objectives.
- Present tags: With Present, you possibly can immediately ship and obtain cash at no cost to different members on Present utilizing your distinctive Present ~tag.
The Present platform and buyer assist
Prospects who financial institution with Present can join an account on-line, however they’ll primarily be banking by means of the Present cell utility, which has over 4 stars on each the App retailer and Google Play. So far as customer support goes, Present has restricted choices with no telephone or on-line chat service. For help, clients should fill out a request on-line and can be contacted through e mail or chat assist inside the cell app.
Execs and cons of Present
Present presents a extra trendy method to conventional banking and whereas this can be a promoting level for some customers, it will not be the perfect banking choice for customers throughout the board. Right here’s a rundown of a number of the main professionals and cons:
Professional: Present is partnered with an FDIC-insured financial institution. Regardless that Present will not be a financial institution, depositors are insured as much as $250,000 for every account possession class by means of Present’s associate financial institution.
Professional: Present presents a profitable money again rewards program. Present clients can earn 15x factors on purchases made at taking part retailers.
Con: Present doesn’t have a customer support quantity. For patrons who’ve questions on their account, getting a maintain of an actual human could possibly be a problem as a result of Present doesn’t have a direct customer support quantity. All service requests should be made by means of Present’s website the place clients can submit their info and wait to listen to again through e mail.
Con: Depositing money in your present account will incur a charge. Present costs a $3.50 charge for depositing money into your account.
Continuously requested questions
Is Present an actual financial institution?
Present will not be a financial institution, it’s a monetary know-how firm that gives banking companies, generally known as a neobank.
What financial institution is Present utilizing?
Banking companies for Present clients are supplied by Selection Monetary Group.
Is Present a secure financial institution?
Present is FDIC-insured by means of Selection Monetary Group. Depositors are protected as much as $250,000 for every account possession class, within the occasion of a financial institution failure.
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