GreenFI is a fintech company that offers a “climate-friendly” checking and savings account, an investment fund, a cash-back rewards program, and more. GreenFi Review: Eco-Friendly Online
Many Americans want to deal with businesses that strike a balance between profits and conservation, doing what’s good for the planet.
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If that’s you, GreenFi might be the right choice as a banking alternative. However, you need to ensure that it has the necessary features to manage your finances effectively. In this full review, we cover the key features, pros and cons, and share some alternatives.
What Is GreenFi?
GreenFI, previously known as Aspiration, is a financial services company committed to combating climate change. For example, deposits never go towards funding oil companies, and through the “Plant Your Change” program, customers can opt to have a tree planted every time their debit card is swiped. GreenFi Review: Eco-Friendly Online
For Plus plan customers, GreenFI will also buy carbon offsets to counter the climate impact of your gas purchases. The company also offers a decent APY on savings and pays cash back of up to 6% at companies that are part of the Conscience Coalition. GreenFi’s banking services are provided by Coastal Community Bank, a member of the FDIC.
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What Does It Offer?
GreenFi offers both checking and savings accounts with free and paid plan options, a socially responsible investment fund, and cash-back rewards. Here’s a closer look at the key features of each product: GreenFi Review: Eco-Friendly Online
GreenFi (Free Plan)
The free plan allows you to decide how much you want to pay. GreenFI called this “pay what is fair”, but there are no monthly mandatory fees. This plan includes the following features: GreenFi Review: Eco-Friendly Online
- Savings APY of 1.00%* (must have $500 of qualifying debit card transactions during the month)
- Up to 3% cashback on Green Marketplace purchases
- Access to a network of over 55,000 ATMs (deposit services at some locations)
- Mobile app
- Early direct deposit (up to 2 days early)
- Option to plant a tree with every debit card swipe
- Mastercard Purchase Assurance
- Mastercard Cell Phone Protection Benefit
The higher savings APY of 1.00% or 3.00% is only available on balances up to $10,000. For balances over $10,000, your APY drops to 0.00% (Free plan) or 0.25% (Plus plan). If you have more cash than that, you’re better off using another high-yield savings account that doesn’t have limits on its top APY. GreenFi Review: Eco-Friendly Online
GreenFi Redwood Fund
With a minimum investment of just $10, you can invest in GreenFi’s socially responsible investment fund, which focuses on companies that excel in environmental, social, and governance practices (ESG). The fund is available as a taxable account or in a Traditional IRA.
Cash-Back Rewards
GreenFi’s cashback rewards rate of up to 6% sounds fantastic, but it’s only available from GreenFi partner retailers in its Green Marketplace. These are companies that GreenFI has identified as climate-friendly and include many popular brands, including the following: GreenFi Review: Eco-Friendly Online
- Burt’s Bees
- Columbia Sportswear
- EV Connect
- Hello Fresh
- Patagonia
- Samsonite
- Tentree
- Tesla Supercharger
- Thrive Market
If you don’t spend a lot of money with those companies, you may want to consider a bank that offers cash back on every purchase instead. Please note that cashback is not available for ACH transfers, mobile cheque deposits, cheque payments made through the Payments feature, or ATM withdrawals. GreenFi Review: Eco-Friendly Online
Are There Any Fees?
GreenFI offers a free plan for its checking and savings accounts. If you want to maximize your savings APY and cashback rewards, you can choose to pay $7.99 monthly for the GreenFI Plus plan. The Plus plan also reimburses you for one out-of-network ATM fee per month. There is no fee for in-network withdrawals at over 55,000 ATMs. GreenFi Review: Eco-Friendly Online
How Does GreenFi Compare?
GreenFi offers a solid savings APY of up to 3.00%, but you have to subscribe to the Plus plan at $7.99/month ($5.99/month paid annually) to benefit from the top interest rate. Not only that, but the rate is only available on balances up to $10,000. If you’re looking for the best possible rate on your savings, you’ll want to consider other online banks. GreenFi Review: Eco-Friendly Online
For example, CIT Bank is currently offering 3.75% on its Savings Connect account. A minimum deposit of $100 is required, but unlike GreenFI Plus, there are no monthly fees. And Axos Bank is currently offering a high 4.46% APY on its Axos One Savings account, with no monthly maintenance, minimum balance, account opening, or overdraft fees.
How Do I Open An Account?
You must be at least 18 years old and a US citizen or permanent resident to open the account. If you qualify, you can open an account within minutes by following a few simple steps: GreenFi Review: Eco-Friendly Online