For cheap overdraft
One
The crown jewel of One Finance’s banking account is its low-cost line of credit. Launched in 2020, One doesn’t charge fees or interest on transactions that go negative if a customer pays back within a month; otherwise it charges 1% interest monthly on the unpaid balance. That’s cheaper than big banks’ overdraft fees, which average around $35. One also provides up to two-day early direct deposit, a free nationwide ATM network and interest-earning subaccounts called pockets, which can be single or joint accounts.
For cash-back rewards
Bella
Bella approaches banking, in its words, “built on love.” That translates to a checking account rewards program that gives a random percentage of cash back from 5% to 200%. Launched in 2020, Bella doesn’t charge monthly, overdraft or ATM fees, and Bella currently covers ATM operator fees. There are also multiple no-fee savings accounts and an optional “karma account,” which is a fund of up to $20 to pay for other customers’ small purchases or be a recipient of another’s generosity.
For budgeting and credit
MoCaFi
MoCaFi, or Mobility Capital Finance, is a Black-owned digital platform started in 2016 that provides free checking and tools, including a credit score tracker, to serve largely unbanked and underbanked communities, with a focus on closing the racial wealth gap. Its bill pay feature lets customers report rent payments to major credit bureaus to build credit history. MoCaFi works with its third-party partners to provide free cash reloads at various retailers and free mobile check deposits with fast release of funds.
