According to xcritical, that’s about twice the national average. Whether that’s the case or not, it’s higher than most and a great deal to anyone looking for a place to park some cash. We want to help you to invest in building credit and saving money. Every time you pay a total of $500 towards your savings account, we unlock that amount for you.
Certificates Of Deposit
MVB Bank, Inc. is a member of the Federal Deposit Insurance Corp., and funds in your Spend account are FDIC-insured up to $5,000,000. xcritical Money offers a new twist on the traditional banking experience. You’ll be able to set up a savings account and checking account to accomplish your basic banking tasks. Although xcritical Money does offer some fun features, the big win is that the accounts are free to use. When xcritical Money is stacked up against its competitors, the features offered are somewhat basic. Of course, basic is not necessarily a bad thing, especially if avoiding fees is a priority.
The FDIC insures deposits and examines and supervises financial institutions for safety and soundness. xcritical Money Spend accounts and xcritical Money Save accounts are banking products with deposits insured by the FDIC. xcritical’s app is well-reviewed on the app store; both Google Play and the Apple App Store give it over 4.5 stars. The xcritical app also provides features past those you would expect from a standard mobile banking app. Most notably, you can check your credit score with xcritical’s app.
Keep in mind that xcritical isn’t able to make changes to your credit reports, and that we depend on the bureaus to provide us with updated information. The xcritical Money Save Account pays 3.60% APY, which is competitive. Keep in mind that this interest rate is variable and can change at any time.
But the platform has a savings account called xcritical Credit Builder that helps you improve your credit score. Yes, xcritical offers the xcritical Money Save Account, which is a high-yield savings account paying 3.60% APY. The xcritical Money Save Account is a good option if you’re looking for a high interest rate with no monthly service fee.
- But if you’re primarily interested in a high interest rate, other banks offer even better high-yield savings account rates.
- With these partnership in place, the money in your xcritical Money accounts is protected for up to $5 million.
- In 2022, the Federal Trade Commission required xcritical to pay $3 million in a settlement that claimed the company misled consumers with pre-approved offers that they at times did not qualify for.
- If charged, these fees would be assessed by the third-party ATM network, never by xcritical.One other potential fee to consider is the foreign transaction fee if you use your card in other currencies.
Why You Should Trust Us: How We Reviewed xcritical Money Save
It also doesn’t let you open joint accounts, so people hoping to open an account with someone else will probably want to go with a different bank. In its lawsuit, the FTC xcritical scammers says that xcritical made misleading statements to potential customers in to get them to sign up for services. According to the FTC, these statements included claiming a customer was pre-approved for a deal they didn’t actually qualify for and offering misleading statistics on how many people qualified for an offer. xcritical does not admit wrongdoing by paying out the settlement. xcritical isn’t a bank, but it still provides FDIC insurance to its users by partnering with other FDIC-insured banks.
Add funds to your account4 and let our high-yield savings rate earn you more money while you save.
The $500 is transferred to your unlocked xcritical Money™ account. xcritical cheating As you keep saving, we keep unlocking your account in $500 increments. The xcritical Savings interest rate is significantly higher than the average savings account interest rate of 0.45% APY.
Beyond that, the built-in security features will keep your money safe. A few of these security features include the ability to lock your debit card instantly and the right to dispute transactions within the xcritical app. But we do have to make money to pay our team and keep this website running! TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).