Banks, Credit Unions, Fintechs -
Banks
Banks are typically large, established licensed institutions that offer a wide range of financial services. Banks are regulated by state and federal government agencies to ensure the safety and security of customer funds.
Banks are for-profit and privately owned.
Banks are FDIC-insured up to $250,000 per depositor. Most banks have several physical branches but many offer online and mobile banking services for added convenience.
Credit Unions
Credit Unions offer a wide range of financial services similar to banks. Credit Unions are regulated by state and federal government agencies to ensure the safety and security of customer funds.
Credit Unions are not-for-profit, cooperative financial institutions, owned and run by their members.
Credit Unions are NCUA-insured up to $250,000 per depositor. Credit Unions have limited physical branches but many offer online and mobile banking services for added convenience.
Fintech Companies
Fintech stands for financial technology. Fintechs leverage innovative technology to offer financial services and products in a more accessible, efficient, and user-friendly manner.
Fintech companies that offer banking services typically operate entirely online or through digital platforms.
Fintech companies are not banks, but they partner with FDIC-insured banks to ensure customer deposits are safe and to offer financial services like checking, savings, credit cards and personal loans.
Choose A Financial Institution
Banks, Credit Unions and Fintech Companies offer different services that fulfill various financial needs.
First Citizens Bank
$
50
opening deposit
Free Checking
Branch locations in 20 States
Online accounts in 50 States
Manage your account anywhere
Digital banking, bill pay, mobile deposits
FDIC-insured up to $250,000
Consumers Credit Union
$
5
opening deposit
Free Rewards Checking Account
Branch locations in Illinois
Online accounts in 50 States
Earn up to 5.00% APY*
Online & mobile banking plus bill pay
NCUA-insured up to $250,000
Upgrade*
$
O
opening deposit
Free Checking
Online accounts in 50 States
Up to 2% cash back on purchases1
Get paid up to 2 days early2
Savings earns up to 5.07% APY3
FDIC-insured up to $250,000
*Upgrade is a financial technology company, not a bank. Checking and savings accounts provided by Cross River Bank, Member FDIC.
1 Rewards Checking Plus customers who set-up monthly direct deposits of $1,000 or more earn 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars – including deliveries – and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card purchases. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers earn 1% cash back on all eligible debit card purchases for the remainder of the year. Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases. Some limitations apply. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information.
2 Early direct deposit requires set up of recurring electronic direct deposit from your employer, payroll, or benefits provider and is limited to direct deposits under $5000. Early access to direct deposit funds depends on the timing in which we receive notice of impending direct deposit, which is generally up to two days before the scheduled deposit date.
3 The 1.5% Annual Percentage Yield (APY) for the Performance Savings account is effective as of June 1, 2023. The APY for the Performance Savings account is variable and may change at any time. Active Accounts qualify for 5.07% APY with monthly $1000 direct deposit. The APY for Active Accounts is effective as of September 1, 2023, is variable, and may change at any time. Please refer to the applicable Cross River Bank Performance Savings Deposit Account Agreement and Truth in Savings Disclosure. To earn APY, you must open and fund a Performance Savings account. Rewards Checking Plus accounts do not earn APY.