The difference between prepaid debit cards and checking accounts is starting to blur, as many have similar features and services. When evaluating offers, please review the financial institutions Terms and Conditions. Prepaid cards are sold at retail stores (usually for a fee) and some can be ordered online. ", "Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. When evaluating offers, please review the financial institutions Terms and Conditions. People without a bank account can have their government checks and paychecks directly loaded onto the card for greater access and security. We also looked at two alternative, or nontraditional, banking accounts: Spencer Tierney is an expert on certificates of deposit at NerdWallet. Four cards are free on the monthly plan, but more can be added for a one-time $3 fee per card. In general, creditors can't garnish a Visa or Mastercard prepaid card. You can also easily transfer funds to friends and family members who have a Movo account. All ratings are determined solely by our editorial team. Some cards in this roundup have nonbank program managers that partner with banks. There is a monthly fee, but its as low as $2.50 a month, and its for the entire family. Avoid Getting . No minimum balance required. The 5% cash back applies to in-store Starbucks purchases and speciality gift cards. Ink Business Premier, Capital One Venture vs. Capital One Quicksilver, Chase Freedom Unlimited vs. Chase Sapphire Preferred, Western Union Netspend Mastercard Prepaid Card. Cardholders earn 3% back when they shop at Walmart.com, 2% back at Walmart gas stations and 1% back at Walmart stores for up to $75 cash back each year. The prepaid card also offers real-time activity alerts, free card-to-card transfers for allowances and the ability to remotely lock lost cards. A prepaid card can be especially helpful if you've struggled in the past with overdrafted accounts or have a low credit score. All prepaid debit cards have some type of fee. We'd love to hear from you, please enter your comments. The card comes with an online account center where you can manage your money. It has not been provided or commissioned by any third party. Parents and turn a card off or on from the app. Prepaid cards are easy to get. We value your privacy. Where multiple card plans existed, only the basic monthly fee plan was considered. It is very important to do your own analysis before making any investment based on your own personal circumstances and consult with your own investment, financial, tax and legal advisers. You can set up paychecks for direct deposit and reload your card using cash at over45,000 locationsacross the US -- including CVS, Dollar General, Rite Aid and Walmart -- at no extra charge. Downsides: No checks or cash can be deposited; no free ATM network; the daily purchase maximum per family account is $1,500 and daily ATM withdrawal limit is $100, which are much lower than average for prepaid cards. Manage your money easier with Green Dot Prepaid Cards. $4.99 to $9.98 per month, depending on selected plan (more expensive plans include features like investing education and identity theft protection); no costs for activation, inactivity or account closure. The best prepaid cards offer convenience and dont charge many fees. Many or all of the products featured here are from our partners who compensate us. 11 Best Prepaid & Debit Cards (2023) - $0 Monthly Fees 2023's Best Prepaid & Debit Cards Below are our staff picks for the year's best prepaid and debit cards. Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts. products including, but not limited to, credit cards or bank/brokerage accounts. Likewise, if you plan to make numerous ATM withdrawals each month, find a prepaid card that offers free withdrawals. As you run low, you can add more money to the card. Its free. Content Management Specialist | Bank accounts, bank account bonuses. All of our top picks are authorized by ConsumerAffairs. You can order an account for free for up to four additional people who are at least 13 years old. Fifth Thirds Access 360 prepaid debit card takes part in Allpoints massive U.S. network and has access to over 50,000 ATMs. A traditional debit card is linked to a bank account, so any purchases you make using your debit card will be withdrawn from your bank account. All financial products, shopping products and services are presented without warranty. Cash withdrawal and third-party fees may apply. . A prepaid debit card can serve as a budgeting tool or be a replacement for a bank account. 3% cash back at Walmart.com and in the Walmart app and other cash back rewards. Plus, you don't have to worry about overdraft fees, since your spending cannot exceed the available balance on your card. For prepaid debit cards, you load the card with money when you get it, then use it to make purchases. A prepaid debit card is like a renewable gift card. In a digital world, information only matters if it's timely, relevant, and credible. Prepaid debit cards vs. regular debit cards. FamZoo is a family-friendly prepaid Mastercard that lets parents become virtual bankers for their kids, even those younger than 13. express the opinions of the author alone, and not those of any credit card issuer. See our criteria for evaluating banks and credit unions. Best for a spending cushion . Our advertisers do not direct our editorial content. You could also incur an inactivity fee of $5.95 per month if you dont use the card for 90 days. The Walmart MoneyCard offers a free Vault savings feature. It also comes with an optional savings account. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Offers prepaid debit cards for $0 purchase price. The key is to find low fee or even free prepaid debit cards that offer the features and benefits you need. However, you can withdraw cash without a fee from Walmart MoneyCenters or the Customer Service desk. To get the card you must link a bank account to the card. Fifth Third Access 360 Reloadable Prepaid Card: Best for ATM withdrawals. Charges ATM cash withdrawal fees up to $0.85 per transaction. Card must be linked to PayPal account. She has over a decade of experience writing and editing for consumer websites. Green Dot Load & Go is ideal for someone who doesn't rely on their card for everyday purchases. Free withdrawals and cash deposits at major retailers. Don't worry -- you can approve the trades first. He is based in Berkeley, California. Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. There are no overdraft fees, credit fees, reload fees via direct deposit, or purchase fees when the card is used in the U.S. FamZoo also doesnt charge for in-network ATM withdrawals. And with direct deposit, you can get paid up to two days early.*. No credit check. Prepaid cards are sold at retail stores (usually for a fee) and some can be ordered online. How To Find The Cheapest Travel Insurance. Some companies also offer mobile-optimized banking accounts that dont require a squeaky-clean banking or credit history and they often cost less than prepaid cards. ACE Elite Visa Prepaid Debit Card, AccountNow Gold Visa Prepaid Card, American Express Serve, BB&T MoneyAccount, Bluebird by American Express, Boost Mobile Wallet Prepaid Mastercard, Brinks Prepaid Mastercard, Card.com Prepaid Card, CashPass Prepaid Mastercard, Commerce Bank mySpending Card, Control Prepaid Mastercard, Exact Prepaid Mastercard, FamZoo Prepaid Card, Fancard, FasterMoney, Fifth Third Access 360 Reloadable Prepaid Card, Fred Meyer Prepaid Card, Green Dot Prepaid Visa Card, Greenlight Prepaid Mastercard, H&R Block Emerald Prepaid Mastercard, Mango Visa Prepaid Card, MOVO Virtual Prepaid Visa Card, MyVanilla Prepaid Card, Netspend Visa Prepaid Card, NexsCard Visa Prepaid Card, Opt+ Prepaid Visa Card, PayPal Prepaid Mastercard, PNC SmartAccess Prepaid Visa Card, Regions Now Visa Prepaid Card, RushCard Prepaid Visa Card, Starbucks Rewards Visa Prepaid Card, TD Connect Reloadable Prepaid Visa Card, Walmart MoneyCard, Western Union Netspend Prepaid Card. You can also deposit funds through the Netspend app, which has check capture capabilities. No wire transfers. Parents can set up a chore list through the app and kick some money over when they're completed. Cash withdrawal and third-party fees may apply. So why does it make our list of prepaid card alternatives? Other services: Separate set aside accounts for savings and up to four subaccounts for family members. For features, we looked at each cards money management tools, mobile apps, and customer service. This keeps the monthly fee to just $5, with no fees for purchase transactions. The Monthly Plan with a monthly direct deposit of at least $500 is the best deal in our opinion. Your financial situation is unique and the products and services we review may not be right for your circumstances. Direct deposit, bank transfer, cash load at Fifth Third branch or ATM. Use anywhere in the United States that accepts Visa. The Amex Platinum Card, Chase Sapphire Preferred vs. Blue Cash Preferred, Ink Business Cash vs. Ink Business Cash vs. Bluebird by American Express - Editor's Choice. Unlike traditional credit cards, these cards require that cardholders load funds onto the card before using. Her work has appeared on Chime, Clever Girl Finance, RateGenius, and Mint Intuit, among other publications. You can purchase and fund Green Dot prepaid debit cards at Walgreens and Rite Aid stores. Free withdrawals at Chase ATMs and free cash reload. The RedCard pays 5% cash back on all purchases at Target. Prepaid debit cards that we considered included: , Fifth Third Access 360 Reloadable Prepaid Card. Opinions expressed here are author's alone, not those of the bank advertiser(s), and have not been reviewed, A prepaid debit card can serve as a budgeting tool or an all-out replacement for a bank account and the best prepaid cards offer convenience while charging few fees. Unsubscribe at any time. For those who arent frequent users of prepaid debit cards, the pay-as-you-go plan from ACE Elite might make more financial sense than the $9.95 flat-fee plan. CNET is not an insurance agency or broker. Parents have total control over the childs account if they want it. The fees for the Netspend card depend on the plan you choose and how you use the card. She travels to Africa and the Middle East regularly to consult with women's NGOs about small business development. Some fees, like ATM withdrawal fees, can be avoided by getting cash back at retailers. Offers business and personal gift cards from $25 to $3,000. This prepaid, reloadable card is family-friendly. Charges a monthly plan fee of $4.95. However, unlike a regular debit card that is linked to its holder's checking account, a prepaid credit card is linked to a special account to which the card's owner cannot deposit money, only withdraw it. With no monthly fees, this plan only charges $1.50 per purchase. Cynthia splits her time between Los Angeles, CA and San Sebastian, Spain. Still, there are many prepaid debit cards that charge outrageous fees, offer limited benefits, or both. Ink Business Unlimited, Chase Sapphire Preferred vs. * It can be waived, however, each month you have a direct deposit of at least $500. Plus, unlike many competitors, Truist doesnt charge cash reload or inactivity fees. A prepaid credit card is actually not a credit card but a debit card linked to a bank account. Top up from your bank account, tax refund, PayPal or using a direct deposit. Earn up to $75 cash back each year at Walmart. A prepaid debit card is not linked to a bank account, so you can only spend as much as the available balance. Check your account balance, review transactions and load checks through the app. Scroll Down . Banking services provided by The Bancorp Bank, N.A. Provides Serve, Serve Free Reloads and Serve Cash Back options. Unsubscribe easily. But generally, the options include adding cash at a retail register (often for a fee), adding funds by using an app to make a mobile check deposit, and by direct deposit, card-to-card transfer and bank transfer. Looking for a traditional spending account? ", "Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account. Pay rent or expedite bill payments online. To help you sift through the options, weve compiled our top picks of the best reloadable prepaid debit cards. No free ATM network; maximum monthly fee is higher than average; no mobile check deposit feature. The Bluebird by American Express prepaid debit card has the lowest fees of all the cards on this list. More from NerdWallet: What is a debit card? to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. 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