BankMobile is a company that partners with universities to help with financial aid and refunds. Online banking is becoming more common when it comes to personal banking. BankMobile Vibe is a new checking account being marketed directly to students.
If you think BankMobile is the best fit for you, consider diving deeper into the benefits, features and drawbacks of their services. If you’re not sure on what BankMobile Vibe is and want to learn more, continue reading below to get an overview!
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BankMobile Vibe Overview
BankMobile Vibe tries to satisfy the needs of students more directly, with features built around those in colleges and universities. A requirement for opening up a BankMobile Vibe Account is to attend a college that’s partnered with BankMobile.
An interesting feature that is offered is the Passport Recognition Program. BankMobile Vibe offers “stamps” for things like performing in class or meeting certain financial goals. Those stamps will enter you into the quarterly drawing of up to $10,000 along with other BankMobile Vibe customers. You’ll earn stamps based on your GPA, paying bills, budgeting and saving.
There is also a feature that allows people to receive their paychecks up to two days early. There is also a chance to earn a nice 1.49% APY on your checking account.
Who Is BankMobile Vibe Best For?
Simply because BankMobile Vibe is mainly geared toward students, does not mean it’s right for every student.
- Rewards program with chance to win cash
- Fee-free access to AllPoint ATM network
- Features for easy bill pay and budgeting
- Excellent interest rate on checking account
- People interested in getting their paycheck up to two days early
- Monthly service fee
- Only offered to students at colleges partnering with BankMobile
Who Might Want To Choose BankMobile Vibe?
For students with a good financial position, strong academically, and who have a regular source of income, this might be the bank for you. BankMobile Vibe offers you a lot of great features for these abilities.
However, the Passport Recognition Program is really more of a perk with the 1.49% APY available to anyone who is making monthly deposits of $300 or more. Any student who has the option to open a BankMobile Vibe account should consider doing so.
Who Might Want To Skip BankMobile Vibe?
The benefits of BankMobile Vibe decline quickly when you’re not making those monthly deposits. You miss out on that 1.49% APY, and will also begin paying a $2.99 monthly service fee. This is important for those students who might not have regular work and have student loans to understand. If you’re primarily focusing on school only and not working, the BankMobile Vibe account really loses most of its shine. It does have a variety of features like a mobile app, budgeting help, and bill pay but you could find these with other bank accounts too.
How To Bank With BankMobile Vibe
Signing up for a BankMobile Vibe account is more difficult than it is for most normal accounts. Talk with your school about whether they have partnered with BankMobile and how you can sign up with them so that you can access your BankMobile Vibe account.
However, once you do have a login, you should find it easy to bank with your BankMobile Vibe account. There is also a mobile app that can be downloaded from the Google Play, the Apple App Store, or simply through the website.
What Happens To My BankMobile Vibe Account After I Graduate?
You can continue to use your BankMobile Vibe as your primary account after graduation.
There is a $2.99 monthly service fee owed by anyone who doesn’t make monthly deposits of at least $300. However, beyond that charge, BankMobile fees are relatively low. There are no overdraft fees which is a huge plus for this account.
Availability of Funds
Most deposits are available on the same day, up to $1,000. This includes direct deposit, wire transfers, and financial aid refunds. For money orders, treasury checks and cashier’s checks, the first $1,000 is available by the next business day. Paper checks will have the first $500 available on the first business day after deposit, with the next $500 the next day.
If you are on the lookout for a new banking institution and attend a university that’s partnered with BankMobile, might want to check out BankMobile Vibe. You can get all the flexibility of a checking account with an sweet interest rate.