Why do we prefer crew than the green light

Last year, when Bart and I run our Instagram account about money and family finances, one of the things we are talking about a little is the crew, the banking application that we use for our own emergency funds (because it has a large interest rate!) Plus banking for our children so they can spend money on their own debit cards and we can easily transfer money.

We may no longer do good dollars, but we still love the crew and so many questions have arisen about it so I think it will be a good idea to have a blog post to discuss it in more detail!

We initially found a crew when we looked for alternatives for the Greenlight that we previously used when free with our Chase Banking, but once it was deleted, we did not want to pay it because it could be quite expensive.

The crew is a fantastic alternative because it has almost the same features but does not have a monthly fee and has a high interest rate so we produce more than 0.1% interest on our money that we save from investment for an emergency.

Here are some questions that arise about the crew!

Is that a crew not a bank?
Crew is a fintech company (sometimes called “neobank”). They partner with banks (Bangor Savings Bank in Bangor Maine) to offer their software with banking products that underlie Bangor. Basically, the crew builds software that makes it easy for individuals and families to be used to be built on Bank Bangor.

Is a crew FDIC is insured?
Yes! The account is insured by FDIC through Bangor Savings Bank in Bangor Maine.

I know I need to move money to Hysa but I don’t know what to look for in one
Federal Reserve (“The Fed”) sets interest rates. You have to find a bank that is willing to pay interest as close as possible with a federal interest rate. The national average is 0.4% APY and many “large banks” pay 0.01% APY. The crew paid 3.7% APY.

Is the value of 4% an introductory offer that dropped significantly after a few months?
The current level of crew inspection is 3.7% APY. That level follows the federal interest rate (up or down). Every time someone registers using a referral code, both the sender and the referee get an increase of 0.5% APY for 3 months. So what is 4.2% today.

Al was eager to find one with a “bucket” for various rescue purposes. My brain likes separation.
My brain also likes this, that’s why I like that the crew has a “bag”! They come with the purpose of savings, automation tools, and you can even lock it with “Bank Piggy Mode.”

Is that a current account and savings account? Is there a monthly fee?
There is no monthly fee! The crew used to offer a current account and savings account, but recently updated to a high price current account (3.7% APY) with the ability to make a “bag”. (So ​​you can have a “pocket” for the money you set aside for Disneyland or “pocket” trips for bicycles. The need to have a current account and savings account is a relic of the past. The crew decides easier and better to give people a high -yield account.

Is there a minimum balance?
No!

What (if there is) a penalty to withdraw money?
There isn’t any!

Do you have to set a regular deposit to get the benefits of HYSA?
Not with crew. The amount of money you leave in the crew will get the ady advertised. You can make a deposit or one million and get the same benefits.

How long does it take to keep interest?
Money starts to generate interest when the crew landed. There are no minimum requirements.

Where did you start?
Here!

Are there several folders/accounts in everyone?
Yes! Everyone gets a current account with the ability to make as many “pockets” as you want.

Can my teenager have a direct deposit of their salary?
Yes! Every child (no age limit) gets his own current account with an account and stomach number. They also get a free debit card to access the money (and can even choose the color!).

I want that on behalf of my son for tax. Easy to work for teenagers and young adults?
The child’s account is in the name of a parent with a child added as an authorized user. After the child is old enough, they can “pass” and separate themselves from the family and take into account them. Every interest obtained in a child’s account is reported to parents 1099-Int.

How can my children deposit cash into their accounts?
The crew will release a cash deposit (end of April 2025). They will be able to go to Walmarts, gasoline pumps, CSV, etc. To deposit cash. Much more comfortable than having to find a local branch!

Can children have a crew account without their own telephone number?
Yes! After parents register for the crew, they can invite their children to join. They can manage their children through the crew application, or allow their children to manage their own accounts on their own mobile phones (our girls do not have a cellphone that allows the application, so everything is on our cellphones today).

Can I use the crew if I live in Canada?
Not yet, unfortunately.

What do you think about the crew for someone without a child?
The crew is a great product for people without children! The crew used to call themselves “the best banking application for the family” but they realize that excluding many people who can benefit from the crew. Now the crew calls themselves “the most powerful demand deposit world.”

Do you attract and invest the flowers obtained or do you still use it?
You can do it too. If you keep it in a crew, it will increase in the same fire as your other deposit. We only left everything in them to get simplicity for simplicity. Crew tells me that they hope to add the ability to invest through the crew late this year.

Do you have the number you closed for emergency/ HYS and then most of them invest after that? How do you know Where to aim?
We aim for about 6 months of living expenses (basically, can we keep the roof above our heads, feed our family, and drive our car if we both suddenly lose all our income?) And after we have the amount of money in our crew emergency funds, we invest after that.

What do you mean by family banking?
The crew has actually spinned from this message. Initially the crew started there because the family had complex banking needs. In particular, many banks do not offer bank accounts for children and do not have tools such as bags or automatic allowances. Recently, the crew realizes that promoting family banking can make many people feel like crew might not be for them. For that reason, they have slightly changed their messages to show that they are the best banks available to everyone!

How easy is to access your funds from the crew? Costs to be withdrawn?
There is no cost to be withdrawn. You can withdraw from any ATM and crew will bear up to 20 withdrawal costs per year. You can also use a free crew debit card.

How to set up several savings accounts in the crew. Just had an account and already loved them.
At present, everyone only gets one current account, however, you can share it with a bag. Finally, they will add various types of accounts such as 529, IRA, business accounts, etc.

Pros/cons to replace the bank
That’s really personal preferences. If you are looking for a high -yield bank account, a slim user interface, and a modern tool for managing your money, the crew might be right for you. If you are really happy with where you are currently a bank, maybe not. The main con probably is an overhead to update the attractive deposit or direct bill from your current account (for us, we have very little interesting from our checking account we pay almost all of our bills through our credit cards so we only have 2-3 interesting bills directly).

Is the crew better? We have Capital One forever.
We think so! That’s a very subjective question, but my best recommendation is to try the crew and see what you think.

Is there an online bill payment?
It depends. At present, the crew does not send a check as a form of payment. But you can set automatic payments to any place that has a bank account or stomach number. You can also ask your billing company to withdraw money directly from the crew.

What are the best family banking features they have?
Children’s bank accounts with free debit cards, “bags” accounts (savings, giving, new bicycles, etc.), and automatic allowances.

How about the crew compared to Ally?
The crew has a “bag” similar to Ally’s “bucket”. The crew offers a slightly higher interest rate. I asked the crew about this and they said that they had many customers moved from allies to the crew and they were very happy.

The difference between Hysa and Money Market Account?
Traditionally, the difference is that HYSA is only a savings account and sometimes implies withdrawal limits, where MMA is more like a savings account with several current account features. You can think of a high crew inspection account like MMA account. No minimum or limit.

Some positive crew features above other banks?
No minimum or cost. Free ATMs up to 20 withdrawals per year. Free cable with a deposit of more than $ 50k. Children’s account (no age limit) with a free debit card. Budgeting tools that are built directly to your high priced account (3.7% APY). Automation tool.

How quickly can you access your money when you transfer from the crew to your main bank account?
Because the crew was built on a bank, they used the same rails used by all other banks. You can access your money as soon as possible in other banks (sometimes faster). Depending on how you deposit or withdraw money, this can take 1-4 working days.

When did you start entering your children’s money?
We opened a crew account for our children about a year ago, when our children were 7, 9, 11, and 13. We were very happy with the crew!

Have you switched all banks to the crew? I like to be easily and directly transfer money.
No – We have another bank account for our business but the crew is very good for our emergency account, the money we set aside to pay our taxes, and our children’s accounts!

Any other question about the crew? I like to help!

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