Sunday, 25 October 2020

Empower Review: Checking and Savings Accounts

Empower Review: Checking and Savings Accounts
02 May
9:18
Empower’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

2.15%

Savings

Empower Savings Account

2.20%

Barclays Online Savings Account

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on Barclays’s secure website

Member FDIC

Empower checking account options

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How Empower’s checking accounts compare

When it comes to avoiding fees, this checking account is one of the best in the business. There’s no monthly fee, no out-of-network ATM fee and no foreign transaction fees. There is also no overdraft fee, a great, standout feature if you’re worried about overspending by accident. Other banks charge $30 or more each time this happens.

For ATM access, Empower is good but not great. You can make fee-free withdrawals from 25,000 ATMs in the MoneyPass network, and Empower will reimburse all the ATM owner fees for one out-of-network transaction per month. That’s OK, but there are other checking accounts with more generous refunds.

Another downside is that the checking account doesn’t earn interest. Instead, you can earn a respectable cashback rate for debit card purchases. It’s a good account if you like spending on your debit card, but not if you just want to keep money sitting in your account. If earning interest is one of your goals, try one of these top checking accounts instead. They pay excellent rates and have better ATM access than Empower.

Empower savings account options

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How Empower’s savings accounts compare

We love the Empower Savings account. It pays one of the best interest rates we’ve seen on a savings account, even better than your typical CD. But since it’s a savings account, you also have the flexibility to take money out when you want without an early withdrawal penalty.

Besides the great return, the Empower Savings account has no minimum balance requirement, no monthly fee and it gives you access to thousands of free ATMs through the MoneyPass network — all nice features.

It’s a great account and one you’d be happy with. But this isn’t the only company out there paying an excellent rate. These savings accounts are just as generous. They could be worth a look if you want to work with a company that has brick-and-mortar branches or you don’t want to spend time on Empower’s waiting list.

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David Rodeck
David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Source: https://www.magnifymoney.com/blog/reviews/empower/

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