Unveiling Crew Family Banking: The Good, The Bad, and The Verdict!

Meet Crew, the innovative banking app that’s reimagining how families manage money together.

As parents, teaching your kids the ins and outs of money management shouldn’t feel like climbing a mountain. But let’s face it: setting up child accounts often feels like an uphill battle. Access restrictions? Confusing processes? Say goodbye to those hassles!

Crew Family Banking is here to change the game. If you’re searching for a seamless solution to keep your family’s finances in check—while empowering your children with financial knowledge—Crew is worth your attention.

Join us as we dive deep into everything you need to know about this new family-friendly banking platform.

Special Offer: Exclusive for you! Enjoy a 3-month 0.5% APY boost on your family’s savings when you use the link below or enter the code COLLEGE in the app.

Crew is a cutting-edge financial technology platform, not a traditional bank. Partnering with Bangor Savings Bank, Crew offers a suite of banking features designed to simplify managing your family’s finances.

Let’s take a closer look at how Crew can revolutionize your family banking experience.

Interest-bearing Accounts

Currently, Crew offers an impressive 3.95% APY on savings and a cool 0.25% APY on checking accounts. Although interest rates fluctuate, these numbers are certainly competitive in today’s market.

Not only do these rates apply to your accounts, but your children’s accounts benefit as well!

Fun and Functional for Kids

Managing finances for children can be challenging, but Crew makes it easy with features that promote financial literacy. Your kids will learn to manage their money effectively through engaging tools:

• Allowance Management: Kids can automatically split their allowance between spending and saving.
• Customizable Debit Cards: Each child receives their unique debit card for personal spending.
• Easy Freeze Option: Spending can be frozen or un-frozen instantly using the app.

These features empower kids with real-life financial experiences that teach responsibility.

Savings “Pockets”

Managing multiple savings goals is a breeze with Crew’s “pockets” feature. You can set up distinct savings categories for different objectives, perfect for teaching kids how to prioritize their savings.

Limitations on Cash Deposits

Currently, Crew does not support cash deposits, which means no birthday money can be added directly to savings. However, the team is actively working on this feature.

Crew is refreshing in that it charges no monthly service fees, overdraft, or NSF fees. It does not have a fee-free ATM network but reimburses your first 20 ATM withdrawals each year. However, if your total account balance is under $50,000, outgoing wire transfers incur a $20 fee. Crew primarily generates revenue through deposits held with partner banks and merchant fees from your Crew debit card transactions.

Searching for a family banking solution? Crew is a great option, but there are other players in the game:

FamZoo offers a unique prepaid debit card experience, allowing parents to deposit funds and set spending limits, which is great for teaching kids about budgeting.

Greenlight is another excellent option, featuring a debit card that helps kids learn money management while earning interest on their savings.

Ready to dive in? Visit Crew’s website to kick-start your account setup. You’ll just need to provide your legal name, date of birth, address, and Social Security number. The process takes a mere two minutes!

Rest easy knowing that while Crew isn’t a bank itself, it partners with Bangor Savings Bank to ensure your money is protected. Your funds are FDIC-insured up to $250,000 per person, per account type.

If you have questions or need support, simply reach out to Crew via email at [email protected].
With a growing number of positive reviews on both the Apple App Store and Google Play Store, Crew is making waves in the fintech community!

For families eager to simplify their banking and promote financial literacy in their kids, Crew is an excellent choice. Monitoring your children’s accounts is a breeze, and your children gain valuable money management skills.

However, if you’re hesitant to overhaul your banking setup, Crew might not be your best match. Luckily, there are plenty of alternatives available for teaching kids smart financial habits. If Crew isn’t your cup of tea, explore your options today.