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finder.com’s rating: 3.5 / 5.0
★★★★★
Zero Checking with Zerocard is built for the digital age, requiring signup by app and electronic deposits. Unlike traditional checking accounts, it requires a check on your credit and you have the option to apply for the Zerocard, a credit card that’s directly linked to your account.$0 per month
Fee
N/A
APY
$0
Minimum deposit to open
APY | N/A |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
Intro or bonus offer | Use your linked debit card to earn 0.5% cashback rewards or the Zerocard to get 1% to 3% back on your purchases, depending on your tier and spending. |
ATMs | Zerocard is usable anywhere Mastercard is accepted. |
ATM transaction fee | $0 |
ATM fee rebates | At the Carbon level, all ATM fees, including what the ATM owner may charge, are refunded. |
Out-of-network ATM fee | $0 |
Foreign transaction fee | 0% |
Review by
Rhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.
Zerocard and Zero Checking is for those looking for a cashback rewards option. No maintenance fees and rewards up to 3% make this account tempting.
But it loses its shine as a useful everyday account when you consider limitations on deposits, expensive withdrawals and a required credit check.
Open a Zerocard and Zero Checking account through the Zero app:
To apply for a Zerocard and Zero Checking account, you must consent to a credit check and meet three eligibility requirements:
Have the following ready when you apply for a Zerocard and Zero Checking account:
If you choose to apply for the Zerocard, you start out with a Zerocard Quartz after approval. Each year, you can maintain your reward or build your way up to higher-tier cards through qualified spending or by referring qualified friends. Each tier comes with its own requirements and cashback rewards rates as long as you pay your balance in full by your due date.
Zerocard tier | Unlimited reward rate | Requirements |
---|---|---|
Quartz | 1% | Open an account |
Graphite | 1.5% | Refer one friend or spend $25,000 annually |
Magnesium | 2% | Refer two friends or spend $50,000 annually |
Carbon | 3% | Refer four friends or spend $100,000 annually |
Zero isn’t a bank: WebBank issues the card, and Evolve Bank and Trust houses the checking account. But you manage your account through the Zero app.
Zero doesn’t charge ATM fees, but it’s possible the owner of the ATM will. Cash withdrawals from an ATM are considered a cash advance and carry a separate APR.
The Zero Checking‘s associated Zerocard comes with an APR and fees for late or returned payments.
Type of charge | Amount |
---|---|
Purchase APR | 24.99% variable |
Balance transfer APR | 24.99% variable |
Cash advance APR | 24.99% variable |
Late fee | Up to $27 | Returned payment fee | Up to $25 |
While you can use your Zerocard to withdraw money, withdrawals are considered cash advances. And you can’t deposit checks at an ATM or through the app as of this writing. It’s also worth mentioning that you have the option to forego the Zerocard for a traditional debit card.
This highly streamlined service comes with other drawbacks you’ll want to weigh against potential benefits:
If you prefer a more traditional banking experience, you’ll want to keep looking. As always, compare your options to narrow down the best checking account for your needs.
If you’re uneasy about a checking account that requires a credit check, look into other checking accounts that might better fit your needs.
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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.