BankMobile Vibe aims to more directly meet the needs of students, with features tailored to the requirements of young adults enrolled in colleges and universities. In fact, attending a university with which BankMobile has a partnership is one of the requirements for getting a BankMobile Vibe account.
BankMobile Vibe overview
The BankMobile Vibe checking account is specifically promoted for students. BMTX Inc. partners with colleges and institutions to help them manage financial aid and repayments through the BankMobile Disbursements platform, and it also offers consumer banking through BankMobile Vibe to students who may already be familiar with its services.
But does BankMobile Vibe offer enough incentive to prefer it over any of several alternative online banking options? This article examines the pros, features, and cons of BankMobile Vibe banking to help you determine if it’s the perfect account for you.
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Most important features
In order to make an informed judgment as to whether or not this account is right for you, it may be helpful to familiarize yourself with its essential features.
BankMobile Vibe’s check rate is neither the highest nor the lowest. You earn a 0.50% annual rate of return on balances up to $1,009.99. For amounts greater than $1,002.99, an interest rate of 0.01% will be applied to the excess balance.
The number and types of fees you have to pay when opening a checking account are significant, and the $2.99 monthly service fee is the most prominent fee charged by the BankMobile Vibe checking account. This fee will apply if you don’t make at least $300 in deposits per statement cycle, which can go up to $35.88 per year. Direct Deposits, Transfers from External Bank Accounts, Check and Cash Deposits, and Point of Sale Deposits qualify as acceptable account deposits.
In addition, ATM fees can be a concern. The use of an Allpoint ATM is free. However, using an out-of-network ATM incurs a $3 fee.
Besides these costs, the costs of BankMobile Vibe are relatively minimal. In concrete terms, there are no costs for overdraft.
The passport recognition program is one of the more intriguing features available. This allows BankMobile to provide Vibe with “stamps” for things like academic achievement and financial milestones. In addition to your GPA, you receive stamps for paying bills, budgeting, and saving.
Once you have collected ten stamps, you will have “Adventurer Status” and be eligible for special offers and discounts. With every stamp you collect, you’re also entered into a semi-annual drawing for a chance to win up to $10,000 toward your student loans along with other BankMobile Vibe users.
The BankMobile Vibe digital checking account includes several tools that simplify money management, including the following:
- Mobile deposit
- A network of more than 55,000 free ATMs
- Money Meter and SnapShot budgeting tools
- On/off switch for the BankMobile Debit Mastercard
- Pay bill
- Direct deposit of salary up to two days earlier
- Tax refund up to three days earlier
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How BankMobile Vibe stands out
BankMobile Vibe is mainly distinguished by its student-oriented design. You must be enrolled in school to access this account. The checking account also offers tempting features such as early direct deposit and budgeting tools and pays interest. In addition, it offers a unique rewards program and the opportunity to earn up to $10,000 on your student loans.
When choosing whether or not to open a bank account, it is useful to think about alternative options. Here’s information about two student-friendly bank accounts that don’t have the application restrictions that BankMobile Vibe has.
SoFi offers students a combination of current and savings accounts. It offers free ATM transactions at all ATMs in the Allpoint network, as well as overdraft protection. One of the most important changes is that there are no service costs. In addition, it does not accrue interest like the BankMobile Vibe account. Your.edu email address is all you need to get started.
Lending club offers Rewards Checking, which allows account holders to earn unlimited 1% cashback by using the debit card associated with the account. There are no monthly service or overdraft fees, as well as no minimum balance or transaction restrictions. Another benefit is that LendingClub offers unlimited ATM fees for using non-network ATMs. While this account does accrue interest, the initial APY is only 0.10 percent, which is lower than the introductory rate offered by BankMobile Vibe.
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How to sign up
Signing up for a BankMobile Vibe account is more complicated than signing up for a regular bank account, for which you can just go to the bank’s homepage and follow the procedures. Before you can sign up for an account, you must obtain a username and password from BankMobile, as the accounts are limited to students at participating colleges and universities. Ask your school if they have partnered with BankMobile and how to sign up for the service.
However, once you’re logged in, using your BankMobile Vibe account should be easy. BankMobile offers a mobile app that can be downloaded from Google Play or the App Store, as well as an online banking website.
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Who BankMobile Vibe is best for
BankMobile Vibe is especially beneficial for children attending one of BankMobile’s partner schools. BankMobile Vibe offers a variety of useful features for students with sound financial habits, superior academic skills and a stable salary. Your existing habits in the classroom and with your finances will help you collect stamps, earn special offers and discounts, and increase your chances of winning the semi-annual lottery, which can be worth up to $10,000.
In addition, the checking account offers an APY of 0.50% on balances up to $1,000.
99 is not a trivial amount.
BankMobile Vibe will not be an option for the vast majority of consumers.
To open a BankMobile Vibe digital checking account, you must be enrolled at one of the approximately 700 colleges, universities or community colleges BankMobile partners with. You may be able to find a more suitable account elsewhere, such as one that does not require a minimum monthly deposit of $300 to avoid monthly service fees.