As the first active lifestyle bank in America, Fitness Bank distinguishes out for its innovative approach to online banking. Fitness Bank rewards consumers for leading active lifestyles with higher interest rates as they become more physically active by creating interest rate levels depending on fulfilling fitness goals. Fitness Bank is a recognized branch of Affinity Bank and is protected by the Federal Deposit Insurance Corporation (FDIC) . This comprehensive Fitness Bank review is seeking to assist you in deciding if it fits with your monetary and physical fitness objectives .
Interest Tiers Based on Fitness Goals
Unlike traditional banks that base interest tiers on account balances Fitness Bank determines interest rates based on average daily steps. Regardless of the account balance customers can earn the highest interest rate by achieving their fitness goals. This unique approach provides an extra incentive to maintain an active and healthy lifestyle which ultimately benefits customers in the long term.
Fun and Engaging Banking Experience
Fitness Bank adds excitement into banking through various features such as goal tracking, leaderboards and more . The interactive platform allows customers to track their progress, compete with others and engage in friendly challenges. This gamified experience transforms the usually mundane banking activities into an enjoyable and motivating endeavor .
Account Details and Fees
In order to open an account with Fitness Bank customers are required to own a wearable step tracking device. Technical proficiency is also necessary to link the FitnessBank Step Tracker app to the wearable device and ensure regular synchronization . It’s important to note that Fitness Bank accounts are online savings accounts and do not provide debit cards or checks. Additionally accounts falling below the $100 minimum average daily balance are subject to a $10 monthly service fee .
Ideal Customers for Fitness Bank
Fitness Bank caters to active individuals who appreciate the convenience of online banking and seek a unique banking experience. It is particularly suitable for those who are motivated by the idea of earning interest based on meeting fitness goals, already achieve an average of 12,500 daily step and prefer the convenience of online and mobile banking.
Fitness Savings Account Features
Customers who create a Fitness Savings Account must deposit a minimum of $100 and in order to avoid paying the $10 monthly charge they must have their average daily balance over $100 . The limit on savings account balances is now $250,000 per person. Customers who average at least 12,500 daily steps receive the highest Annual Percentage Yield (APY) which is determined by the average number of steps they take each day. Interest rates decline progressively for fewer steps. Customers can save additional steps in a “StepBank” to account for months if targeted step objectives are not fulfilled . You may join public and private exercise groups for accountability and social support as well as take part in and organize step challenges on exercise Bank.
Opening an Account with Fitness Bank
In order open an account with Fitness Bank you can visit their website and complete the online application process . As with most financial institutions you will be required to provide personal and bank information for identity verification and funding your account .
