Velocity Banking Review: Pros, Cons, and Who It’s Best For

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Velocity Banking has emerged as a popular neobank, attracting customers with its digital-only model and easy-to-use mobile app. But who is Velocity Banking best suited for? This review will cover the pros, cons, account details, and more to help you decide if it meets your banking needs.

Overview of Velocity Banking

Velocity Banking is an online-only bank founded in 2019 that provides checking, savings, and debit card services through its mobile app. It touts features like:

  • High-yield savings with a 0.50% APY
  • Fee-free checking with no minimum balance
  • Cashback debit card rewards
  • Robust mobile app with mobile check deposit
  • Up to 2 day faster direct deposits

Velocity Banking has no physical branches. Everything is handled through the mobile app or online chat support. FDIC insured up to $250,000.

Top Benefits of Velocity Banking

  • Higher interest savings compared to brick-and-mortar banks
  • Checking with no monthly fees or balance requirements
  • Easy-to-use mobile app with convenient features
  • Cashback debit card rewards help you earn as you spend
  • Faster direct deposit speeds up access to your paycheck

Potential Downsides

  • No physical branches for in-person support
  • Limited customer service hours (weekdays only)
  • Not available in all states yet
  • Savings APY could be higher
  • Debit card rewards are small compared to credit cards

Overall, Velocity Banking is best suited for digitally-savvy customers who value convenience and an easy mobile banking experience. Interest rates could be better, but it’s a solid option for basic banking needs.

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