An app-based account that helps you set spending limits and savings goals for healthy financial habits
finder.com’s rating: 4.0 / 5.0
★★★★★Kinly aims to help Black Americans raise generational wealth by offering banking services tailored to this community. However, anyone can open an account. There’s no monthly fee, overdraft fee or minimum balance requirement, and you get up to $100 in overdraft protection. The app includes audio-based financial education courses, and the account grants access to direct deposits up to two days early.
$0 per month
Minimum deposit to open
Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.
Expert reviewKinly’s goal is to help Black Americans raise generational wealth by offering financial services and tools. The account stands out for its spending limits and financial literacy resources. Although most banks offer financial resources, Kinly offers free, audio-based courses, organized to playlists that you can listen to at your leisure.
However, Kinly doesn’t support joint accounts or wire transfers.
The account also offers Stash subaccounts, which are tied to your savings goals. But, unlike standard savings accounts, your Stash balance won’t earn interest. If you want your savings to grow, you’re better off opening up a separate high-yield savings account to work alongside your Kinly.
How to open a Kinly
Open a Kinly account in a few steps via its app.
- Go to the provider’s site and follow the steps to apply.
- Enter your phone number and choose Download & Apply. Or choose Sign Up Today in the top right corner of Kinly‘s site.
- Download the Kinly app on Apple or Google Play store.
- Open the app and select Get Started.
- Follow the prompts to enter your information and set up an account. Continue after each prompt.
- Confirm your account in your email, then confirm your phone number. Continue.
- Finish the application questions and fund your account.
Meet these eligibility requirements to qualify for a Kinly.
- At least 18 years of age
- US citizen
- US permanent resident
- Have a valid Social Security number
You’ll need some key information to set up an account with Kinly, including:
- Full legal name
- Residential address
- Mailing address
- Phone number
- Email address
- Details from a government-issued ID
5 benefits of Kinly’s checking account
In addition to a free ATM card, network of 55,000 AllPoint ATMs and early direct deposits, Kinly offers these perks.
- Few fees. There’s no monthly fee or overdraft fee associated with this account, and there’s no minimum balance requirement to open the account.
- Spending limits and savings goals. The app lets you set spending limits for specific categories that you’ll receive notifications for when you’re approaching the limit. You can also set aside funds for saving money in a Stash account, which prevents you from spending the money until you transfer it to your spend account.
- Cash back at Black-owned businesses. When you open a Kinly, you’ll save up to 15% on purchases from participating Black-owned businesses.
- Access to cryptocurrency. Kinly is the first of five Black-focused banks that is participating in a Visa-backed pilot program that helps customers buy and sell digital assets.
- Financial education. Kinly‘s app gives you access to free financial literacy, including an audio library, courses and financial action lists.
4 drawbacks to look out forKinlys have a handful of drawbacks you should bear in mind before applying.
- Fee for cash deposits. You may have to pay up to $4.95 to load paper money into your account at participating Green Dot locations.
- Deposit limits. According to the deposit agreement, you can’t deposit more than $20,000 in your account per month.
- No joint account. Kinly doesn’t support joint accounts at this time.
- No support for wire transfers. You can’t send or receive wire transfers.
Wanting more options similar to Kinly? An Aspiration Spend & Save account offers a focus on saving the environment, cash back on purchases at specific retailers and a 3% to 5% APY on the first $10,000 in your account, depending on the plan you choose.
If you’re looking for an account with the highest APY, try Quontic Bank’s High Yield Savings account with its APY of 1.85%.
You could also consider other Black-owned banks with the perks and service reach that you need in a bank account, such as supporting OneUnited Bank, City First Bank or Greenwood.
Compare Kinly with other checking accounts
Use this table to compare other checking accounts based on their fees and ATM networks.
How to deposit or withdraw my money
You can’t send or receive wire transfers with a Kinly, and it’s unclear if the account will support check deposits via the app. But you can move money into and out of the account in the following ways.
- Cash. Deposit cash at participating Green Dot locations, but you may face a fee of up to $4.95.
- Incoming ACH deposit. Link an external bank account and transfer funds for free at any time.
- Direct deposit. Your employer can deposit your paycheck directly into your Kinly.
- ATMs. Use your Kinly debit card to withdraw cash for free at any AllPoint ATM.
- Outgoing ACH deposit.Transfer funds to a linked bank account at your convenience.
- Debit card. Use your debit card to withdraw from an ATM or make purchases online or in stores.
- Cash back at participating retailers. You can ask for cash back at retail stores if you need cash in hand.
How to contact Kinly customer service
If you have questions or need help with your account, you can reach a Kinly support specialist in the following ways.
- Call 833-332-4323 for customer support.
- Email firstname.lastname@example.org
- Send mail to: 976 Brady Ave NW, Suite 100, Atlanta, GA 30318.
- Send a secure message to a support specialist by tapping the Contact Us icon in the app.
- Reach out via social media at Facebook, Twitter, LinkedIn or Instagram.
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