Cash back, early direct deposit
Advantages and disadvantages
Annual percentage return (APY)
The Albert Cash account is a good free account that processes your direct deposits up to two days in advance. You can also earn up to 20% cash back at select retailers. However, you can only activate Cash Back with one retailer at a time with your app. When you activate the rewards with another company, your rewards with the other become deactivated.
Annual percentage return (APY)
0.10% to 0.25% APY
None, or minimum $ 4 per month with a Genius subscription
Albert Savings has strong savings tools. By activating Smart Savings, you allow Albert to regularly assess your linked checking account and transfer money to savings. The exact amount depends on how much the algorithm decides you can afford each time
With a Genius subscription (which costs $ 4 per month), you can also create separate savings funds, such as “Travel” or “Down payment.” The Genius subscription also pays a higher interest rate on savings.
How Albert works
Albert is a digital financial platform with a cash account, savings account and automatic investing tools. Albert does not offer joint accounts.
There is no monthly service charge for the Cash Account or Basic Savings Account. But if you upgrade to a Genius subscription, you’ll pay $ 4 per month. You also have the option of paying more if you think Albert deserves more money.
The Genius subscription allows you to create separate savings goals in the savings account and earn a higher interest rate. You’ll also have access to Albert’s team of financial experts and a tool that assesses your financial plan, including debt repayment, budgeting, and more.
Albert does not have a physical location, but he has over 55,000 free ATMs in the United States. You can locate the nearest free ATM in the Albert app. The app has 4.7 out of 5 stars in the Apple Store and 4.1 out of 5 stars in the Google Play Store.
To contact customer service, send an SMS or e-mail to Albert.
Your deposits are FDIC insured up to $ 250,000 through Albert’s partner institution, Sutton Bank.
Is Albert trustworthy?
Albert has no public controversy.
The Better Business Bureau gives Albert an A- for reliability. The best rating given by the BBB is an A +, and the website states that Albert has an A- due to the high number of customer complaints on the BBB website.
However, a high BBB score does not guarantee that you will have a smooth relationship with a business. You might want to ask your friends and family about their experiences with Albert or read customer reviews online.
How Albert compares
We compared Albert’s banking functionality to that of two platforms that also offer spending, savings, and investing tools: Wealthfront and Betterment.
Albert and Betterment each have separate checking and savings accounts, while Wealthfront has a hybrid checking / savings account. Wealthfront, however, allows you to create separate savings goals in the account.
Betterment and Wealthfront allow you to open joint accounts, but Albert only has individual accounts. Neither company charges a monthly service fee, although Albert does charge $ 4 per month for his Genius subscription which includes additional features.
You may prefer Albert or Wealthfront if you want to receive direct deposits up to two days in advance. However, the improvement could be better for travelers, as it reimburses all ATM and overseas transaction fees.