Table of Contents
GOBankingRates Rating
Albert
4.8
SCORE
Fast Take: Albert is a platform that gives banking companies by way of its associate banks. It gives a straightforward method for shoppers to financial institution, save and make investments their cash. It additionally helps automate your financial savings and consists of budgeting instruments that will help you attain your objectives.
- Money Account
- Financial savings Account
- Investing
- Banking Expertise
How did we calculate this?
Professionals
- Money advance as much as $250
- No upkeep charges, overdraft charges or minimal stability necessities
- Entry to recommendation on any cash questions
Cons
- Financial savings rate of interest is low for a neobank
Albert Overview
Albert is a fintech firm that gives banking services by way of Sutton Financial institution and different associate monetary establishments. Albert prospects do all their banking on the app and use merchandise known as Money, Financial savings and Investing.
Albert prospects have the choice to subscribe to Genius, which is an improve that gives a number of options. Genius subscribers get entry to stay monetary recommendation (by way of chat) on any topic — saving, investing, spending, loans and extra. Subscribers additionally get fee-free entry to over 55,000 ATMs nationwide, and the flexibility to request a fee-free $250 money advance if they’ve direct deposit. Additionally they earn 0.25% APY on their financial savings, versus the 0.10% APY earned by those that don’t subscribe.
The attention-grabbing factor about Genius is that there’s no set payment for it. Albert asks that prospects pay what they assume it’s price.
Key Options
Albert has lots of the identical options as most neobanks, and a few which can be distinctive. Some options are solely accessible with a Genius subscription, which is a pay-what-you-want providing that gives extra perks.
Albert Money Account
Albert provides banking companies offered by Sutton Financial institution by way of the Albert Money account, which is used like a checking account. You possibly can have your paycheck direct deposited and get it as much as two days early. You probably have direct deposit and are a Genius subscriber, you may as well get a money advance of as much as $250 with no charges. You’ll additionally get a Money debit card, and also you earn cash-back rewards on some debit card purchases. There aren’t any charges and no minimal stability necessities.
Albert Financial savings Account
Albert analyzes your spending, payments and revenue and suggests methods to fulfill your financial savings objectives. It can save you routinely by organising Good Financial savings, or it can save you by yourself schedule with a Genius subscription. With an Albert Financial savings account, your financial savings earn 0.10% APY with no Genius subscription or 0.25% APY with a Genius subscription. You possibly can switch cash from Financial savings to Money and again as many occasions as you need — there’s no restrict on the variety of transfers you can also make.
Albert Financial savings accounts are held at Coastal Neighborhood Financial institution, Axos Financial institution and Wells Fargo, all of that are FDIC-insured.
Albert Investing
With Albert Investing, you’ll be able to make investments with as little as $1. You possibly can create your individual portfolio or get assist from Genius. You possibly can spend money on particular shares you want, or you’ll be able to spend money on themes — teams of firms that align together with your values. For instance, you possibly can choose a sustainability theme or a women-led enterprise theme. You possibly can point out your threat tolerance — conservative, average or aggressive — and point out your time-frame. Genius will counsel a portfolio for you.
Banking Expertise
Albert’s Genius subscription is a novel providing. Clients who subscribe to the service pay what they assume it’s price — there’s no set value. Genius subscribers get entry to specialists who will reply your monetary questions on-line, the flexibility to request a money advance of as much as $250, money again on debit card purchases, and fee-free entry to over 55,000 ATMs nationwide.
The Albert app has a ranking of 4.6 out of 5 stars on the App Retailer however simply 3.8 out of 5 stars on Google Play.
Comparable Neobank Choices
When choosing a brand new financial institution or an alternative choice to a standard financial institution, it’s vital to have a look at a number of to ensure that you’re selecting the most effective one in your particular state of affairs. Listed here are a few different neobanks to check to Albert.
GO2bank
GO2bank is the financial institution division of Inexperienced Dot, the corporate that made pay as you go debit playing cards widespread. GO2bank pays 4.50% APY on financial savings as much as $5,000. You possibly can’t get a money advance like you’ll be able to with Albert, and there’s no investing platform.
Revolut
Revolut provides banking and investing companies, and it additionally provides international alternate and cryptocurrency. Revolut’s financial savings rate of interest is decrease than some neobanks however nonetheless larger than Albert’s. Its free Commonplace plan pays APY, and its larger tier plans that include a payment pay 3.90% APY.
Remaining Take
Albert provides the usual deposit accounts plus investing, however what units it aside is the Genius subscription. In case you’re simply beginning out and you’ve got questions on setting and reaching your monetary objectives, Genius could possibly be an actual asset. And the pay-what-you-want possibility implies that no one is priced out of this vital data.
Albert FAQ
Listed here are the solutions to some generally requested questions on Albert.
- What’s Albert Money?
- Albert Money is the deposit perform of an Albert account that you just use like a checking account. You get your paycheck direct deposited into your Money account, after which you should utilize it to pay your payments electronically. Albert additionally provides Financial savings and Investing accounts.
- Is Albert Money legit?
- Sure. Albert is a monetary know-how firm that gives banking companies by way of Sutton Financial institution. Financial savings deposits are held for Albert prospects at Coastal Neighborhood Financial institution, Axos Financial institution and Wells Fargo. All of those banks are FDIC-insured, so your Albert deposits are insured as much as $250,000 per depositor.
- Does Albert provide you with cash?
- Albert doesn’t provide you with cash, nevertheless it offers you entry to your cash forward of time. Along with supplying you with entry to your direct deposited paycheck as much as two days early, you may get a money advance of as much as $250 with no payment. This advance will likely be repaid the subsequent time a direct deposit goes into your account, so it is merely an advance in opposition to the cash that will likely be deposited into your account sooner or later.
- How do I qualify for an Albert money advance?
- To have the ability to request a money advance of as much as $250 from Albert, it’s important to have an account, be a Genius subscriber and have direct deposit. The Genius subscription is a pay-what-you-want subscription that provides you entry to this and a number of other different options of the Albert platform.
- In case you are a Genius subscriber and you’ve got direct deposit, you’ll be able to request a money advance of as much as $250 when you do not have that a lot in your account. When you obtain your subsequent direct deposit, the money advance is repaid. There is no such thing as a payment for this service.
Charges are topic to alter; except in any other case famous, charges are up to date periodically. All different data on accounts is correct as of Jan. 1, 2023.
Editorial Observe: This content material isn’t offered by any entity lined on this article. Any opinions, analyses, evaluations, scores or suggestions expressed on this article are these of the writer alone and haven’t been reviewed, authorised or in any other case endorsed by any entity named on this article.
To find out rankings for the Finest Neobanks, GOBankingRates seemed on the following components: (1) month-to-month checking payment ratio (proportion primarily based on the minimal to keep away from the payment in comparison with the month-to-month payment itself); (2) financial savings APY; (3) merchandise/companies supplied (bank cards and funding companies); (4) the common cellular app ranking between the Android and Apple app shops; and (5) variety of further advantages and perks distinctive to neobanks. All components had been then scored and mixed, with the bottom rating being greatest. Issue (1) was weighted 0.5 occasions, and components (2) and (5) had been weighted 2 occasions.