There’s a Bank Account for Every Stage in Life. Here’s How to Find Yours

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What do you want out of your bank? Really?

The 21-year-old working her way through college has different needs from the 33-year-old whose career is taking off — or the 40-something who’s really settling in financially.

Luckily, it’s 2019, and banking is a whole new ballgame. A bank isn’t just a bank anymore. There’s a bank out there to fit every lifestyle, financial situation and age. These are a few of our favorites — we bet we can find one that’s perfect for you.

Grow Your Savings More Than 20x Faster

If you’re saving some money for your future, that’s great! But if your savings are in a typical bank account, chances are your money isn’t growing as quickly as it could be.

But there’s a legitimate way to grow it a lot faster than the average person — more than 20 times faster.

It’s with a mobile banking app called Varo. The FDIC reports that the average savings account pays a paltry .08% APY*, but when you open an online checking and savings account with Varo, it will pay you more than 20 times that amount on your savings account.

Oh, and there are no monthly fees.

We know opening a new bank account isn’t exactly everyone’s idea of fun, but Varo makes it easy. You can open an account with just a penny, and more than 750,000 people have already signed up.

This is one of the easiest things you can do for your financial future.

Perfect for: You’re in your 30s or 40s. Your career is moving along nicely. You’re probably not living paycheck to paycheck, and now you want your money to work for you. You want it to be earning interest and getting you closer to that nicer car, first house or dream vacation.


Make Payday Come to You

Want to get a jump on payday? Let Chime® be your secret weapon.

Unlike most financial institutions, this online account doesn’t wait until your pay date to give you access to your money. As soon as it receives notification of a direct deposit from your employer, it immediately posts those funds to your account.*

That means you’ll get your paycheck early — like Samuel Demeny, who recently switched to Chime. He uses direct deposit. His company technically pays everyone on Fridays, but Chime gets him access to that cash two days earlier than his co-workers.1

“The fact that I’m paid on Wednesday versus Friday… helps me budget before the weekend even starts,” Demeny told The Penny Hoarder.

Not everyone is guaranteed the two-day head start Demeny has. That depends on your employer and its financial institution. We talked to another Chime account holder, Lee Best, who gets his paycheck one day ahead of his co-workers — on Wednesday instead of Thursday.

Who doesn’t want to get paid early?

Opening an account with Chime is free and only takes about five minutes.

Perfect For: The early-20-something who is living paycheck to paycheck. Do you get paid on the 15th but your rent and phone bills are also due that day? Chime can help you out by making your paycheck available a little ahead of time.

Cash In With Big-Time Sign-up Bonuses

If a bank wants your business, what’s in it for you? How about a little love up front? A sign-up bonus is a great way for a bank to get your business and an even better way for you to earn some extra money.

Chase gets it.

Visit this Chase Total Checking® page* to apply online, or enter your email address to get a unique coupon to take with you to open your account at any Chase branch.

This coupon expires on May 1, 2019, so you’ll need to complete the application before then.

  • Get a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit.
  • Get a $150 bonus when you open a new Chase Savings℠ account, deposit a total of $10,000 or more in new money within 20 days, and maintain a $10,000 balance for 90 days. You’re not required to open the savings account to earn the $200 Chase checking bonus.
  • This offer is available in Arizona, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Michigan, New Jersey, Nevada, New York, Ohio, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin and West Virginia.

Perfect for: Those of you who are in your 40s and starting to get ahead. You may have built up a little nest egg or emergency savings. Hey, we get it. Not everyone has $10,000 sitting around right now. But you will, someday. You will.

Get Paid Ahead of the Game

Life doesn’t always wait for payday.

Your car breaks down. You have a sudden dentist bill (don’t ask). Your toilet… ew! Don’t talk about it. Just get it fixed. Fast!

When you can’t wait for payday, wouldn’t it be nice if your bank would give you a little advance?

MoneyLion does just that. If you sign up for a free MoneyLion Core membership, you’ll get a zero-fee checking account — no minimum balance, monthly service or overdraft fees. And sure, it’s an all-digital bank, but you’ll have free access to more than 55,000 IRL ATMs.

When you set up direct deposit, you can tap into up to $250 of your paycheck before payday with 0% interest.

Perfect for: Anyone in your 20s or early 30s. Even if you’re doing OK, you may not have emergency savings stashed away yet. It’s OK. You’ll work on it. In the meantime, wouldn’t it be nice to have a bank that has your back in a pinch?

*Checking offer is not available to existing Chase checking customers, those with fiduciary accounts, or those whose accounts have been closed within 90 days or closed with a negative balance. To receive the $200 checking bonus: 1) Open a new Chase Total Checking account, which is subject to approval; 2) Deposit $25 or more at account opening; AND 3) Have your direct deposit made to this account within 60 days of account opening.  Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. After you have completed all the above requirements, we’ll deposit the bonus in your new account within 10 business days. You can only receive one new checking account-related bonus per calendar year. Bonus is considered interest and will be reported on IRS Form 1099-INT.

Account Closing: If your checking account is closed within six months after opening, we will deduct the bonus amount at closing.

*Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC.

1Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

Editorial Disclosure

This content is not provided by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser. This site may be compensated through the bank advertiser Affiliate Pro.

Tyler Omoth is a senior writer at The Penny Hoarder who loves soaking up the sun and finding creative ways to help others. He likes banks that have cookies, but that means something different for online banks. Catch him on Twitter at @Tyomoth.