Sequin debit card review
- Fee
- $13 per month
- APY
- 3.56%
- Minimum deposit to open
- $0
Our verdict
A high-interest checking account and debit card made by women and for women, but you’ll pay for it.
Sequin is a fintech company with banking services through Thread Bank. The Sequin card is best for anyone who wants a high-interest checking account and those who want to support women-founded and focused businesses. Offering up to 3.56% APY, the rate is over 50 times higher than the national average for interest checking. But this account isn’t free. You’ll pay $13 per month or $130 per year — equivalent to $10.80 per month. The monthly plan offers women-created financial courses, a community forum, financial workshops and discounts when you shop at women-focused brands. The annual plan offers additional benefits, such as credit therapy and onboarding with Sequin’s CEO. All in all, it’s a checking account full of perks, but there’s no way to avoid paying for it.
Best for: Those who want a high-interest checking and support women-centered companies.
Pros
-
High 3.56% APY
-
No ATM or overdraft fees
-
Financial workshops and discounts
-
Up to four ATM reimbursements per month
Cons
-
Unavoidable membership fee
-
No physical branches
Who is Sequin best for?
Sequin is founded by women and is heavily focused on supporting women in their financial goals and education. Vrinda Gupta, Sequin’s CEO, previously worked at Visa, where she developed credit cards. After being rejected for the very card she helped develop, she founded Sequin to address “gender inequality in credit.” But anyone can sign up, as Sequin states that all genders are welcome.
Along with the profound mission statement, Sequin’s interest-bearing checking account is a solid product. There are no requirements to earn the high 3.56% APY, which is over 50 times higher than the national average of 0.08%(1) for interest checking. That rate is also extremely competitive among other high-yield checking accounts.
Sequin plans and cost
Sequin has two different payment plans you can choose from. Paying annually offers a few more perks and is slightly cheaper than paying monthly.
| Payment method | Cost | Perks |
|---|---|---|
| Monthly | $13/month |
|
| Annually | $130/year ($10.80/month) | Everything with monthly plan, plus:
|
What we like about Sequin
Sequin is a fintech company with banking services provided by its partner bank, Thread Bank Member FDIC. Sequin used to offer a credit-building debit card with this account, but it has since moved on to a traditional checking account with a high yield.
High APY with no requirements
While most high-yield checking accounts have a laundry list of direct deposit, balance or transaction requirements to earn interest, there aren’t any with Sequin. You’ll earn a 3.56% APY as part of your membership.
No miscellaneous fees
Aside from the unavoidable monthly fee, Sequin doesn’t charge overdraft, ATM or inactivity fees. While there are no ATM fees, if you’re charged by an ATM owner, Sequin offers up to four domestic ATM reimbursements per month up to $20, and you’ll receive the reimbursement on the 10th of each month.
Where Sequin falls short
The biggest downside with Sequin is you have to pay for it — at least $10.80 per month if you pay annually. However, Sequin’s high APY and financial counseling could make the cost worth it.
Another thing worth mentioning is Sequin’s lack of credit improvement products. Sequin used to offer a credit-building feature for free, but it’s been discontinued.
Sequin’s fees and access
| Type of fee | Fee details |
|---|---|
| Monthly service | $13 per month or $130 per year |
| Opening deposit | $0 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | $0 |
| Wire transfers | Doesn’t support wires |
| Other fees |
|
Compare Sequin to other top debit cards
Narrow down top checking accounts by monthly fees, APYs and opening deposits. For an even closer comparison, tick the Compare box next to a few providers to see their features side by side.
Customer experience
Sequin doesn’t have a Better Business Bureau profile or a Trustpilot page, so there’s no customer feedback. Sequin was founded in 2019, so it’s still a new company, even among other fintechs with banking products.
There are a few posts on Reddit about Sequin, but the threads are old and reference Sequin’s old debit-credit card that’s no longer available. Even other financial reviewers still call Sequin’s debit card a credit-debit hybrid.
Sequin has provided a few customer testimonials on its site, and every testimonial was from a reviewer under the age of 26 and seemingly women. Many state that they’re pleased with the financial education, the forum to discuss financial topics, discounts on women-focused brands and the lack of extra fees they were charged by their previous banks. But it’s best to take these handful of testimonials with a grain of salt — not many banks or fintechs freely display their negative reviews.
We took it a step further and also searched the Consumer Financial Protection Bureau database and found no complaints for Sequin, which we’ll take as good news.
Frequently asked questions
Does Sequin’s debit card build credit?
No, Sequin’s debit card no longer has credit-building opportunities. Sequin offers financial courses and counseling, which could help you improve your credit score through education, but the debit card and checking account don’t impact your credit score on their own.
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
Sequin is not currently available on Finder
Have you considered SoFi Checking and Savings?
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
- 0.50% APY on checking balance
- Up to 4.60% APY on savings
- $0 account or overdraft fees
- Get a $300 bonus with direct deposits of $5,000 or more
Your reviews
Bethany Finder
Writer, Banking and Loans
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.