Free Mobile Banking With 4% APY & Rewards

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At the present time, online-only banks are a dime a dozen. And it sort of feels as though each and every financial institution has a unique APY or praise construction to check out and draw in new shoppers. Alternatively, you generally have to leap thru hoops or obtain important direct deposits to get the most productive 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 gives a very good, loose account for youths and a strong rewards platform and does not rate per month charges.

Our Present evaluation is breaking down the whole lot this neobank has to supply, together with one of the crucial absolute best choices.

Charges – 9

Options – 7

Ease-of-Use – 9

Account Varieties – 7

Pastime & Rewards – 9



Present is a monetary products and services corporate that gives loose private and teenage accounts. It these days can pay 4% APY on as much as $6,000, which is likely one of the primary causes to open an account. However it additionally gives a very good youngster account with parental controls, spending rewards, and overdraft coverage.

Get Began With Present

Execs & Cons


  • No per month account charges
  • No minimal stability necessities
  • No spending or direct deposit necessities to earn 4% APY
  • Loose youngster account with a lot of parental controls is to be had
  • Borrow as much as $200 to steer clear of overdraft charges
  • Earn rewards from buying groceries at 14,000+ traders


  • No credits constructing software
  • Cash above $6,000 does not earn any hobby

About Present

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

You need to observe that Present is a monetary products and services corporate and no longer a financial institution. Alternatively, it supplies its banking products and services thru Selection Monetary Team, so money will get FDIC insurance coverage and is protected.

What Does Present Be offering?

There are two primary Present shoppers: 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 below those two account varieties, you get a lot of options like a rewards level device, financial savings accounts, and overdraft coverage.

Present Non-public Account

Present’s primary providing is its private account. This account has $0 per month charges and no minimal stability necessities. Different perks come with:

  • No overdraft charges
  • No financial institution switch charges when sending money to different Present contributors
  • Loose ATM withdrawals at 40,000+ AllPoint ATMs
  • Getting paid as much as two days early
  • Immediate fuel hang removals (so your money is not locked up for days after filling up your automotive)
  • Cell take a look at cashing

You’ll sign-up for an account in below two mins in keeping with its website online. And the reality there is no account charges is a promoting level. And lines like fuel hang removals or early paycheck direct deposits could make a distinction if money is tight.

Saving Pods

Present’s private account permits you to spend money with the Present Visa debit card. However at the moment, you’ll earn a whopping 4% APY on as much as $6,000 via shifting your money into financial savings pods.

Each Present account comes with 3 financial savings pods. You’ll put as much as $2,000 right into a financial savings pod to paintings in opposition to other objectives, very similar to a high-yield financial savings account. You earn 4% APY on as much as $6,000 yearly throughout your entire pods, which is an overly aggressive price. And the most productive phase is that there is no direct deposit or spending necessities like many different on-line banks must free up the most productive rate of interest.

To fund your pods, you are making one-time transfers out of your primary stability. However, you’ll switch money for your present account by means of ACH or via depositing a take a look at, which many cellular banking apps do not reinforce. Present additionally has a round-up function very similar to microsaving apps that rounds-up your purchases to the closest greenback and deposits the additional money right into a pod.

And because Present works with Selection Monetary Team, money on your financial savings pods will get as much as $250,000 in FDIC insurance coverage.

Present Teenager Account

In case you are searching for a very good banking answer to your youngster, Present is value bearing in mind. It gives an adolescent account that is similar to its private account, solely with extra parental controls.

Teenagers can spend money any place Visa is approved with their Present card. In addition they get one pod to lend a hand them save and will activate round-ups to construct excellent behavior. And prefer its private account, teenagers get loose AllPoint ATM withdrawals and immediate fuel hang removals.

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

  • Block traders to forestall spending
  • Assign chores to your youngster to finish
  • Automate allowance bills
  • Set spending limits
  • Obtain notifications about your youngster’s spending
  • Ship immediate transfers for your youngster’s account
  • Let members of the family upload finances to their account

Folks simply want to obtain Present, create an account, after which create an account for his or her youngster that they get right of entry to with their telephone. You do not pay further charges or subscriptions to your youngster’s account both.

Cash-Again Rewards

With its issues rewards program, Present contributors can earn as much as 15% cash again from over 14,000 outlets around the nation. All it’s a must to do is turn on gives within the Issues tab of the app and store together with your Present card to earn issues. It takes 100 issues to redeem $1, and cash credit for your account stability.

Many gives solely pay 1% to two% in issues, however that is nonetheless a very good rewards program for a loose debit card. And Present companions with many primary manufacturers like Burger King, Eternally 21, Ceremony Assist, and Subway.


Qualifying Present contributors can overdraft as much as $200 with the Overdrive function with out paying charges. This is a a lot better selection than turning for your bank card or a non-public mortgage. To qualify for overdrive you should:

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

Your overdrive prohibit begins at $25 and will build up as much as $200 in keeping with your account task and historical past. This can be a an identical idea apps like Floatme and Earnin use to offer you cash advances in keeping with direct deposits.

Present Charges & Pricing

One good thing about Present is that you do not pay any account repairs charges or face minimal stability necessities. However there are nonetheless a couple of charges chances are you’ll come upon, together with:

  • Cash Upload Rate: $3.50.
  • Overseas Transaction Rate: 3%.
  • Overseas ATM Withdrawal: $3 + 3%.
  • Home Out-of-Community ATM Withdrawal: $2.50 plus ATM charges.

Transaction Limits

Folks can set spending limits for his or her youngster’s Present debit card. However there also are common spending and withdrawal limits:

  • Day by day ATM Withdrawal: $500 most.
  • Day by day Spending Restrict: $2,000.
  • Test Deposit Restrict: $2,000.
  • Present Pay (Peer-to-Peer Switch Restrict): $5,000 in step with transaction.

Is Present Financial institution Secure?

In keeping with its website online, Present makes use of encryption to give protection to your information whilst it is in-transit and at-rest. And, as discussed, you get $250,000 in FDIC insurance coverage from Selection Monetary Team. You’ll even block transactions from inside the app and arrange fingerprint and face ID locking to stay your account protected. Total, Present is protected and protected and follows the similar steps different primary neobanks do.

How Do I Open an Account?

Opening a Present checking account takes a couple of mins and does not contain a credits take a look at. The ideas you supply contains:

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

How Do I Touch Present?

You’ll achieve Present buyer reinforce via emailing or via the usage of the chat function inside the app. There is additionally a touch shape on its website online.

Perfect Possible choices

We love Present since there are not any spending or direct deposit necessities to get the most productive APY. That is very uncommon for online-only banks. Most often, it’s a must to obtain round $1,000 per 30 days in deposits to free up the most productive charges.

Present additionally has a very good teenage checking account. But when you wish to have credit-building equipment or extra bank-like options, some choices could be awesome.


Chime Bank

Perfect For: Making improvements to Credit score.

For those who like Present for its loss of charges, you will love Chime. With Chime, you do not pay account charges and there is no minimal stability requirement both. It additionally has a financial savings account that can pay 0.50% APY. And prefer Present, you’ll receives a commission as much as two days early and borrow as much as $200 to steer clear of overdraft charges.

The primary distinction between Chime and Present is that Chime additionally has a credit-building software. This secured account does not rate charges or hobby, and it is helping you slowly toughen your credits ranking with common bills.

You’ll check out Chime nowadays or learn our article at the absolute best Chime choices for much more choices.


One in all Present’s most original options is its loose youngster account with a lot of parental regulate settings. Many mobile-only banks depart teenagers out, however fortunately, this is not the case with Axos.

Axos if truth be told has a lot of checking accounts we are lovers of, together with a profitable Rewards Bank account that can pay 1.25% on balances as much as $50,000. However it additionally has a First Bank account for youths between the ages of 12 to 17. This account does not rate per month charges and can pay 0.10% APY.

You’ll additionally discover different Axos’ products and services, like Axos Make investments or its high-yield financial savings account. Total, it is a full-service banking possibility that is extra complete than Present.


Varo is any other very good Present selection if you wish to earn a excessive APY on a smaller cash stability. Its financial savings account can pay a beginning 1.20% APY. However when you obtain as much as $1,000 in direct deposits per 30 days, you earn 5% APY as much as $5,000.

Varo additionally has different banking perks, like no account charges, no minimal stability necessities, and loose AllPoint ATM withdrawals like Present. Contributors too can earn as much as 6% cash again via buying groceries with a Varo debit card or Varo Imagine bank card.

In case you are actually searching the very best APYs available in the market, you’ll imagine parking your emergency fund or further cash in Present financial savings pods to earn 4% APY. You’ll then transfer direct deposits to Varo so you might be incomes 5% APY there.

Backside Line

When Present introduced, it fascinated with its youngster account. It nonetheless gives some of the absolute best fee-free youngster accounts available in the market, however it is usually dramatically expanded its merchandise since then.

The secret’s that at the moment, Present is a superb approach to get a excessive APY as much as $6,000. And when you leverage its issues program, you’ll earn much more.

For credits constructing and full-service banking options, glance in different places. However because it stands, Present is likely one of the most sensible neobanks for excellent reason why.

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Editorial Staff
Editorial Staff
FHSTS is dedicated to bringing you nothing but the best quality educational information on how to make money online, blogging tips, investment, banking and finance and any other tips to help you make it online.

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