Instructing your teenagers about cash administration is extra fascinating when its fingers on. Nevertheless it’s impractical to observe your teen round all over the place they go so you possibly can monitor their spending.

As a substitute, you need to use a checking account app just like the one from Present. It has loads of parental controls to restrict and monitor your teen’s spending.

However that’s not all, Present additionally has two day direct deposits and also will refund holds positioned by fuel stations. On this article, we’ll evaluation what Present has to supply to anybody searching for a mobile-only checking account with terrific options.

Current logo
  • Checking account and debit card with mobile-only account entry
  • Premium plan supplies sooner direct deposits and fuel maintain refunds
  • Teen plan gives cash administration and parental conrol options

Private Accounts: $Zero to $4.95/month

Teen Banking: $36/yr per teen

30-Free Trial of Teen Banking

Who Is Present?

Present just isn’t really a financial institution however as an alternative is a fintech that helps mother and father and kids make good cash selections. It additionally supplies varied advantages by way of its checking account. It’s CEO is Stuart Sopp. Present was based in June 2015 and relies within the Better New York space. Present has raised $52.6M in funding as much as a Sequence B spherical.

The debit card (referred to as the Present White Pay as you go Visa Card) offered by Present is issued by way of Metropolitan Industrial Financial institution (Member FDIC). The premium Present card is issued by Selection Monetary Group (Member FDIC).

What Do They Provide?

Present gives checking accounts with a sooner availability of your paycheck, elimination of fuel station holds, and nice cash administration for teenagers.

For now, these accounts are mobile-only. So not solely are there no native branches obtainable to go to, however there isn’t a desktop account entry or administration provided both. As of writing, account accessibility is just provided by way of one of many Present cellular apps.

Present additionally does not pay any curiosity on its checking accounts. The options talked about within the three plans outlined beneath will have to be engaging sufficient that you just’d need to use Present to your checking regardless of no curiosity earnings.

Private Checking Accounts

Presently, there are two plans obtainable for patrons that want to open a private checking account. Under, you will see a fast breakdown of what every plan has to supply and its pricing.

  • No overdraft or hidden charges
  • No minimal steadiness
  • Free money withdrawals
  • Instruments for cash administration
  • Cell examine deposit
  • Ship cash immediately without spending a dime
  • 1 financial savings pod
  • 24/7 member assist

All the pieces included within the Fundamental plan, plus:

  • Sooner direct deposits (as much as 2 days earlier)
  • Fuel holds immediately refunded
  • three financial savings pods

The free plan is not extremely compelling. In truth, you could possibly be higher off with a free on-line checking account which may pay a bit curiosity. When you get into the $4.99/mo Premium plan, it’s nonetheless a troublesome promote. However, for the correct particular person, options within the Premium could be price it.

Essentially the most compelling options are the sooner direct deposits and fuel maintain refunds. Sooner direct deposits imply cash deposited out of your paycheck needs to be obtainable as much as two days sooner than the typical direct deposit.

Not like different banks, Present ignores the date that employers intend to your paycheck funds to be launched. As a substitute, it credit your acount moments after receiving it. It is a frequent function of pay as you go debit playing cards.

The fuel maintain function refunds holds positioned in your card by fuel stations. Some fuel stations could apply a maintain of as much as $100 in your card. These holds principally lock the quantity being held, making it unavailable for spending. Present will instantly refund the maintain so that you just don’t lose any availability of your funds.

Teen Banking

The teenager plan is designed with parental supervision and cash administration in thoughts. It’s a good way to assist train your teen about utilizing cash. Parental options embrace:

  • Cashless comfort
  • On the spot switch to your teen’s card
  • Notifications for all purchases
  • Skill to dam particular retailers
  • Skill to set spending limits
  • Set chores to finish
  • Automate allowance funds
  • A number of members of the family can add funds

The Teen plan, nevertheless doesn’t embrace any financial savings pods (defined subsequent). These plans include a 30-day free trial, after which an annual subscription charge of $36/yr per teen can be charged to the account.

You is likely to be higher off discovering an excellent starter checking account for teenagers.

Associated: These Are The Greatest Pay as you go Playing cards For Teenagers

Financial savings Pods

A financial savings pod is sort of a financial savings account however with out the curiosity. It’s meant to easily part off funds for a selected financial savings purpose. You possibly can label every pod and cash will be deposited/moved right into a pod immediately out of your checking account, direct deposit, or by way of round-ups (to the closest greenback) out of your card.

Transaction Limits

Present accounts do have a number of limits price noting. These embrace:

  • $500 each day most in ATM withdrawals
  • $2,000 each day most in card purchases
  • $5,000 most transaction quantity for peer-to-peer funds by way of Present Pay

Cell App

Present accounts are managed by way of its cellular app. The cellular app is offered for Android and iOS. Go to the Present web site to obtain the app. On iOS, the app is rated a 4.7 out of 5 from 32.6k individuals. On Android, the app is rated 4.Four out of 5 from 18.3k individuals.

Are There Any Charges?

Sure. The Premium plan prices $4.99/mo and the Teen plan is $36/yr per teen.

How Do I Open An Account?

As talked about beforehand, Present’s accounts are mobile-only. This implies you could solely open an account by way of certainly one of its cellular apps. You possibly can obtain the app from the iOS or Android app retailer. Or you possibly can textual content your self a obtain hyperlink from it is web site. 

Is My Cash Protected?

Sure. Deposited funds are lined by FDIC insurance coverage as much as $250,000 by way of Present’s issuing financial institution, Selection Monetary Group.

Is It Value It?

If sooner direct deposits is a necessity that you’ve got and are prepared to pay $4.99/mo for it, then Present might be price it. And if fuel station holds noticeably have an effect on you, then Premium, once more, could also be price contemplating. 

On condition that so many monetary establishments provide strategies for fogeys to manage their youngsters’s spending, parental spending options could not provide a lot of a promoting level. But when your monetary establishment doesn’t have something like that, Present’s Teen plan for $36/yr might positively price it.

It is vital to level, nevertheless, that different banks (particularly on-line banks) are in a position to match a lot of Present’s checking account options whereas additionally providing financial savings accounts and different merchandise. Take a look at our checklist of the most effective on-line banks.

And make sure you examine Present’s teen banking choices with our favourite starter checking accounts for teenagers.

Present Options

  • Private Accounts:
    • Fundamental: $0
    • Premium: $4.99/month
  • Teen Banking: $36/yr per teen

Telephone: Weekdays 9AM-6PM EST

Chat: 24/7 availability

30-free trial of Teen Banking

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