New York, NY, Sept. 06, 2018 (GLOBE NEWSWIRE) -- BankMobile, a division of Customers Bank and America’s largest and fastest growing mobile-first bank, today announced the launch of Vibe Up, a full-service, FDIC-insured checking account designed to grow with everyone through college and beyond. In addition to essential banking features, Vibe Up offers customers a chance to earn interest, get rewards for smart moves in and out of the classroom and create a solid financial future with robust money management tools.
“We are thrilled to launch BankMobile Vibe Up, offering the incredible services and benefits of this account to all pre-college, college and graduated students across the country. We believe it is also the best account for anyone looking to save and grow their money,” stated Luvleen Sidhu, Co-Founder, President and Chief Strategy Officer at BankMobile. “At BankMobile, we are focused on being the most financially-empowering, customer-centric bank in the country and are delighted to now have an account that is available to all consumers. During a time when millions of Americans are faced with rising tuition and student loan debt, we are here to help them save money and create a financially-sound future through our innovative banking experience.”
BankMobile Vibe Up’s features include:
- No monthly fee
- No overdraft fee
- 1.00% Annual Percentage Yield (APY)1 on balances up to $15,000
- An optional savings account that offers 1.00% APY2 on balances up to $15,000
- No minimum balance
- Mobile check deposit and online bill pay
- Access to more than 55,000 fee-free Allpoint® ATMs
- Passport, a one-of-a-kind recognition and rewards program
- Free and convenient budgeting tools
- On/off switch to temporarily shut off cards
BankMobile recently announced it has saved college and university students over $100 million* in banking fees since July 2016 versus had they deposited their funds into traditional checking accounts. The bank also provides refund management services to one in every three college students in the country. In June 2018, administrators at the nearly 800 campuses BankMobile partners with conducted required due diligence on BankMobile Vibe and concluded that the account is in the best interest of their students and the fees associated with the account are consistent with or below prevailing market rates. See how BankMobile Vibe and Vibe Up stack up with this interactive comparison tool.
With 1.8 million account holders, BankMobile, a division of Customers Bank, is the largest and fastest growing mobile-first bank in the country. It is also in the top 15 banks in the U.S. in terms of number of consumer checking accounts serviced.
For more information about BankMobile, visit: www.bankmobile.com or watch a video. Learn more about BankMobile Vibe Up, visit: www.bankmobilevibeup.com.
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About BankMobile
Established in 2015, BankMobile is a division of Customers Bank and America’s largest and fastest growing mobile-first bank offering checking and savings accounts and personal loans. BankMobile provides an alternative banking experience to the traditional model and is focused on technology, innovation, easy-to-use products and education with the mission of being “customer-obsessed” and creating “customers for life.” The disruptive, multi-partner distribution model, known as “Bank-as-a-Service,” created by the executive team enables BankMobile to acquire customers at higher volumes and substantially lower expense than traditional banks. Its low-cost operating model enables it to provide low-cost banking services to low/middle-income Americans who have been left behind by the high-fee model of “traditional” banks. Today, BankMobile provides its “Bank-as-a-Service” platform to colleges and universities and currently serves nearly two million account-holders at nearly 800 campuses (covering one out of every three students in the U.S.). BankMobile is operating as the digital banking division of Customers Bank, which is a Federal Reserve regulated and FDIC-insured commercial bank. For more information, please visit: www.bankmobile.com.
1 APY is accurate as of 08/01/2018. An interest rate of 1.00% will be paid for average daily balances up to $15,000 with an Annual Percentage Yield (APY) of 1.00%; average daily balances greater than $15,000 will earn a 0.01% interest rate only for that portion of the average daily balance that is greater than $15,000. The annual percentage yield for this tier will range from 1.00% to 0.14% depending on the balance in the account (calculation based on a $115,000 average daily balance). Interest rates and APY are variable and may change at our discretion at any time without notice. Fees may reduce earnings. A withdrawal from your account will reduce earnings. In order to qualify for interest, account holders must make $300.00 or more in point-of-sale purchases with their BankMobile Vibe Up Debit Mastercard® per statement cycle (ATM transactions and point-of-sale refunds do not qualify). View our Terms and Conditions for information on how we determine eligibility and interest. View our Fee Schedule for fees associated with the Vibe Up Checking Account.
2 In order to qualify for a BankMobile Savings Account you must have a BankMobile Vibe Up Checking Account. APY is accurate as of 08/01/18. An interest rate of 1.00% will be paid for average daily balances up to $15,000 with an Annual Percentage Yield (APY) of 1.00%; average daily balances greater than $15,000 will earn a 0.01% interest rate only for that portion of the average daily balance that is greater than $15,000. The annual percentage yield for this tier will range from 1.00% to 0.14% depending on the balance in the account (calculation based on a $115,000 average daily balance). Interest rates and APY are variable and may change at any time at our discretion without notice. Fees may reduce earnings. A withdrawal from your account will reduce earnings. Limit six (6) transfers or withdrawals per statement cycle. View our Terms and Conditions for information on how we determine eligibility and interest. View our Fee Schedule for fees associated with the savings account.
*According to the CFPB (Consumer Financial Protection Bureau), the average annual cost of a traditional checking account is more than $118 per year. The average annual cost of owning a BankMobile Vibe account is less than $34 per year, for an average annual savings of more than $84 per student per year!
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