Present is a newcomer to the world of cell banking (arriving in 2015), however already, the corporate is making waves with its noble mission of constructing banking “accessible and reasonably priced for everybody.”
Present seeks to entice new clients with advantages like no hidden charges, sooner direct deposit, fee-free ATMs, automated financial savings and fee-free overdrafts.
Technically talking, nevertheless, Current will not be a web based financial institution. It’s a monetary expertise platform, colloquially known as a neobank, however it nonetheless provides the identical assurances of a standard financial institution. That’s, it provides banking providers by way of Alternative Monetary Group and Metropolitan Business Financial institution, that are each members of the Federal Deposit Insurance coverage Company (FDIC). Which means cash you place right into a Present account is FDIC insured.
Whereas the three Present accounts accessible are all fundamental checking accounts, they do include various quantities of “Financial savings Pods,” which let you set up your financial savings throughout the checking account. Nonetheless, these Financial savings Pods do not earn curiosity. In case you are concerned about a financial savings account with a excessive APY, look elsewhere.
Getting Began with Present
Present says that signing up for an account takes lower than two minutes. Merely obtain the Present app from the Apple App Retailer or Google Play and join one among three accounts: Present Primary Account, Present Premium Account or Present Teen Account.
While you open the app for the primary time, you’ll enter your cellphone quantity and be despatched a code. Simply enter within the code and observe the prompts for the standard data (electronic mail handle, authorized identify, beginning date, and many others.).
And like that, you’ve grow to be a Present member.
Three Present Accounts
Current provides three distinctive accounts, however you wouldn’t know that instantly by shopping its web site and even the cell banking app. When researching this monetary expertise firm, it took some digging to be taught that there was extra than simply the Present Premium Account (and that the Premium Account had a month-to-month charge; regardless of Present’s promise for “no hidden charges,” the month-to-month charge information was difficult to search out).
To make it simpler for you, we’ve damaged down every account under. After, we’ll discover every of the advantages that Present touts and element which accounts these advantages apply to.
Present Primary Account
Finest for No Month-to-month Charges
Key Options
- No month-to-month charges
- Entry to at least one Financial savings Pod
- 40,000 fee-free ATMs
The Present Primary Account is the one free account supplied by Present. Nonetheless, the dearth of the month charge means a scarcity of distinctive options. To really get worth out of Present, you need to take into account upgrading to the $4.99/month Premium Account.
Month-to-month charge
$0
Overdraft safety
Not accessible
ATMs
40,000 in-network
Financial savings Pods
One
Present Premium Account
Finest for Distinctive Banking Perks
Key Options
- Overdrive overdraft safety
- Early entry to direct deposit
- 40,000 fee-free ATMs
The Present Premium Account could price $4.99 a month with no technique to waive the charge, however with overdraft safety, sooner direct deposits, three Financial savings Pods for simpler financial savings group, fuel maintain refunds, a money again rewards debit card and the best methodology to deposit money that we’ve seen from any on-line financial institution, the month-to-month service charge may very well be nicely price it for a lot of.
Month-to-month charge
$4.99
Overdraft safety
As much as $100
ATMs
40,000 in-network
Financial savings Pods
Three
Present Teen Account
Finest for Teenagers Fascinated about Studying Private Finance
Key Options
- Instantaneous switch
- Automated allowance
- Capability to set spending limits
From a father or mother’s perspective, the Present Teen Account could also be the best choice. It’s simply $36 a 12 months and offers you sturdy oversight into your teen’s account whereas they’re nonetheless studying the ins and outs of private finance. With Present’s account for teenagers, mother and father can block particular retailers, set spending limits and even require sure chores be accomplished. Mother and father even have peace of thoughts thanks t
Month-to-month charge
$3 ($36/12 months)
Overdraft safety
Not accessible
ATMs
40,000 in-network
Financial savings Pods
One (plus one Giving Pod)
Present Overview: Key Options by Account
Let’s discover every of the weather that Present touts as a profit and establish which of the three accounts really provide this profit.
Quicker Direct Deposit
Out there for: Present Premium Account solely
More and more, banks are promising earlier entry to your paycheck for those who obtain your funds by way of direct deposit. Present is amongst these monetary establishments.
To arrange early direct deposit, merely choose in to that function within the Present cell app. Doing so will let you get entry to your paycheck as much as 48 hours early.
How? When your employer submits payroll, this hits the Federal Reserve, which sends this information to Present. Present is thus conscious that the cash is incoming, even when it would take a few days. As a substitute of constructing you wait, Present makes that cash accessible to you instantly.
No Hidden Charges
Out there for: All Present accounts
Present boasts that it has no hidden charges, however there’s an asterisk with that. Should you look carefully, there are out-of-network ATM charges. Present companions with Allpoint, which means clients have entry to 40,000 fee-free ATMs.
Nonetheless, lots of Present’s opponents provide ATM charge reimbursements (some limitless); as of now, Present doesn’t.
Nonetheless, these out-of-network charges look like the one “hidden” charges related to Present. In any other case, the declare is fairly correct: no month-to-month upkeep charges for Present’s Primary Account, no minimal steadiness charges and no overdraft charges for the Premium Account.
Cellular Banking
Out there for: All Present accounts
Present is fully digital. You received’t discover brick-and-mortar areas wherever, which suggests it wants a strong cell app. Present delivers on this with an easy-to-use app that makes use of smartphone notifications to maintain you on high of your individual spending and potential fraud.
The iOS model of the app on the App Retailer has a 4.7 star score primarily based on almost 100,000 evaluations. Over on Google Play, the app has introduced in much more evaluations (106K+ on the time of writing) and maintained a mean 4.6 star score.
This is likely one of the top-rated apps of any on-line banks we overview.
Add Money
Out there for: All Present accounts
How do you fund your Present checking account if there aren’t any bodily areas? Present makes this gorgeous manageable by partnering with greater than 60,000 shops throughout the nation. Simply head to those shops (yow will discover them simply within the app) to fund your account.
After all, you too can depend on the 40,000 in-network ATMs to fund your account as nicely for a grand complete of 100,000+ bodily areas to deposit money to your Present account.
The benefit of including money is a giant promoting level, even over extra established on-line banks.
Cellular Deposit
Out there for: All Present accounts
Cellular verify deposit is one other manner so as to add cash to your checking account. Simply snap an image of the back and front of the verify throughout the cell app; the cash ought to be accessible inside a couple of enterprise days.
This can be a fairly commonplace function for on-line banks.
Automated Financial savings
Out there for: All Present accounts
Youthful clients who’re nonetheless studying the ins and outs of private finance will respect the automated financial savings function. This optionally available function means that you can mechanically spherical up the price of any buy to the closest greenback. While you swipe your debit card, you’ll pay the service provider what you owe them and ship the remainder of that free turn into your Financial savings Pods, which you’ll be able to create for varied financial savings objectives.
Financial savings Pods are simple to arrange within the Present app, and they’re a standout function. Some banks don’t let you create these “sub” financial savings accounts that show you how to set up financial savings towards varied objectives. Having the ability to set up your cash into varied buckets (like home down cost, marriage ceremony and trip) may be fairly useful.
With the Present Premium Account, you stand up to 3 Financial savings Pods. The Primary Account and Teen Account every get one Financial savings Pod (and the Teen Account additionally will get you a Giving Pod for charitable donations).
Nonetheless, please observe: “Financial savings Pods,” although nice for serving to you put aside cash towards a aim, do not need an APY. Should you depart your cash in a pod, you’re leaving cash on the desk. In case you are not in danger for overdrafting, you need to as an alternative transfer that cash to a high-yield financial savings account.
Charge-Free Overdraft
Out there for: Present Premium Account solely
Present advertises fee-free overdrafts, which is generally true. Most brick-and-mortar banks present no mercy in the case of overdrafts whereas some on-line banks and credit score unions, like Ally Financial institution and Alliant Credit score Union, have carried out away with this dated, unfair apply altogether.
Present falls someplace within the center. With Present, you may overdraft as much as $100 with out incurring any overdraft charges, so long as you obtain a qualifying direct deposit of $500 or extra a month and allow Overdrive on the Present account.
However for those who don’t obtain direct deposits, haven’t enabled Overdrive or exceed the $100 threshold, be ready to pay overdraft charges.
A caveat: You don’t instantly begin with a $100 threshold. At first, Present caps you at $25. Over time, as you exhibit accountable spending, Present will up the quantity till you hit the $100 ceiling.
Be aware: Overdrive solely works for debit card purchases. Should you overdraft by transferring funds, writing a nasty verify or withdrawing greater than you have got in your Present account at an ATM, you do not need the identical overdraft safety.
Money Again
Out there for: Present Premium Account solely
One of many higher options of Present is the money again eligibility for debit card swipes. Use your debit card at one among greater than 14,000 collaborating retailers to earn as much as 15x factors. These factors are redeemable for precise money in your Present account while you’ve earned sufficient.
The Present app makes it simple to search out collaborating retailers (and what number of factors you’ll earn per debit card swipe).
Charge-Free ATMs
Out there for: All Present accounts
Present advertises no hidden charges, and that’s largely true. Nonetheless, for those who incur a charge at an out-of-network ATM, you will must pay, and Present doesn’t reimburse this charge.
That mentioned, you’ll be hard-pressed not to search out an in-network ATM. As a part of the Allpoint community, Present provides 40,000 fee-free areas. You possibly can simply discover these within the app.
Gasoline Maintain Removals
Out there for: Present Premium Account solely
One of many extra distinctive options of Present is the fuel maintain elimination. Gasoline holds may be difficult, particularly for individuals who reside paycheck to paycheck. Present goals to remove that added stress by eradicating fuel holds for all Present Premium Account holders.
What’s a fuel maintain? Gasoline stations typically maintain $50 or extra in funds out of your account till they’re certain the transaction has gone by way of. This could typically take as much as 72 hours, in response to Present. However Present members don’t must sweat it, because the neobank immediately replenishes your account with the held funds.
Cash Administration
Out there for: All Present accounts
The Present cell app is chock full of varied cash administration instruments. With the app, you may monitor your spending insights, set up funds into Financial savings Pods and use budgeting instruments to advertise more healthy monetary wellbeing.
Present ~Tags
Out there for: All Present accounts
Overlook Venmo, Money App and Zelle: Present helps you to ship and obtain cash throughout the app securely and shortly. And it’s free!
The one draw back? You possibly can solely do that with different Present members. So till Present turns into a extra standard monetary establishment, your choices are restricted for in-app transfers.
Present’s branding for the in-app money sharing is ~tags. The tilde (~) acts just like the at image (@) in most different platforms. Merely discover different customers with the ~ forward of their username.
Safety
Out there for: All Present accounts
Present is probably not an actual financial institution, however it takes safety severely. A few of its safety features embody push notifications for fast fraud detection, EMV chips on all debit playing cards and biometric logins (fingerprint and face ID).
Lose your card? No worries. Inside the Present app, you may simply pause and resume transactions with the push of a button.
Professionals and Cons of Present
Nonetheless undecided if a Present checking account is best for you? We’ve weighed the professionals and cons of utilizing Present to your fundamental checking account wants.
Professionals
- The Present Premium Account provides fee-free overdraft as much as $100.
- The ATM community is in depth with 40,000+ by way of Allpoint.
- Gasoline maintain removals could make an enormous distinction for these residing paycheck to paycheck.
- Early entry to paycheck means you don’t have to attend two-plus days to your cash.
- There may be an possibility for a money again debit card.
- Automated financial savings is a good checking account function for freshmen.
- Present makes it tremendous simple to deposit money to your account.
- The Present cell app is likely one of the greatest within the business.
- Present buyer assist is top-notch.
Cons
- To get any nice advantages, it’s essential to pay $4.99/month for the Present Premium Account.
- Overdraft safety has a cap—and it begins low at $25.
- There isn’t a APY for the checking account, neither is there an APY for cash in Financial savings Pods.
- The promise of “no hidden charges” doesn’t stand as much as scrutiny.
- There aren’t any ATM reimbursements for out-of-network ATMs.
- There aren’t any choices for financial savings accounts, loans or insurance coverage.
Present will not be a financial institution; it’s a monetary expertise firm. Nonetheless, it carries FDIC insurance coverage simply as a standard financial institution would and operates as a normal checking account by way of banking providers by way of Alternative Monetary Group and Metropolitan Business Financial institution. As an online-only financial institution, it’s a minimal account targeted on transparency and comfort however lacks a number of the extra nuanced conventional banking options.
What Are the Charges with a Present Account?
Present’s Primary Account has no month-to-month charges, however to improve to the Present Premium Account, you’ll be charged $4.99/month. The Present Teen Account prices $36/12 months.
Does Present Have a Required Minimal Steadiness?
There isn’t a minimal steadiness requirement at Present.
Is Present Legit and Secure?
Although it isn’t an precise on-line financial institution, Present is a professional monetary establishment, very similar to Chime. Actually, Present goals to be extra client targeted than conventional banks. It provides a number of security and safety features, like debit card EMV chips, biometric logins (face ID and fingerprint), push notifications for fast fraud detection and simple pause and resume for account transactions.
Present has been round for greater than 5 years. In that point, it has confirmed that it’s a reliable establishment. And by no means concern: While you deposit cash in Present, you may belief that it’s backed by FDIC insurance coverage.
Is Present a Good Debit Card?
The debit card you get by way of Present relies on the account you open. Should you open the Present Premium Account for $4.99/month, you’ll get a money again debit card that earns you factors at greater than 14,000 retailers throughout the nation. That makes this one of many higher debit playing cards in the marketplace.
Is Present a Dependable Financial institution?
Present will not be a financial institution; it’s a monetary expertise platform. Nonetheless, it provides banking providers by way of Alternative Monetary Group and Metropolitan Business Financial institution and carries FDIC insurance coverage. It additionally provides a safe cell utility that’s extremely rated, and including cash to your account is less complicated than with many brick-and-mortar banks. For all of this, Present is a really dependable monetary answer.
Timothy Moore covers financial institution accounts for The PNW from his residence base in Cincinnati. He has labored in enhancing and graphic design for a advertising and marketing company, a worldwide analysis agency and a serious print publication. He covers quite a lot of different subjects, together with insurance coverage, taxes, retirement and budgeting and has labored within the area since 2012 with publications akin to The PNW, Debt.com, Ladders, WDW Journal, Glassdoor and The Information Wheel.