The Netspend all-access card is indeed a deposit account and marries the best parts of a prepaid card. Netspend All-Access Account combines all the best features of a prepaid card and a traditional savings account – no credit check, get access to early direct deposits, and optional overdraft protection.
Netspend All Access is a prepaid card, not a checking account. Learn more here.
Dealing with finances can be tricky these days. The cost of living never seems to go down, and it’s wise to be cautious about overusing credit cards as it can make matters worse.
But what other options are there and what ways can you budget to ensure you have enough money for all the necessary things as well as enjoying the finer things in life?
Netspend is one of the leading providers of prepaid cards. It is the opposite of a credit card in that you pay onto the card, and you are only allowed to spend what is preloaded.
Read: Is Cash App a Checking or Savings Account?
Is NetSpend All Access a Checking Account?
A NetSpend All Access is a deposit account that allows you to easily deposit and withdraw money for daily transactions. However, with a NetSpend All Access account/ Card, you won’t be getting any interest on your money and deposits.
For starters, the NetSpend card itself is also the account. You can only use the amount of money you load onto the card and get overdraft in some cases, but you can’t write checks or do a lot of other things you can do with a checking account.
What is a Checking account?
A checking account allows you to make deposits at an affiliated bank or financial institution. How does it differ from a normal account? Traditional bank accounts or savings accounts usually have a limit as to how much you can deposit or withdraw whereas a checking account has no limits at all.
Of course, the trade-off is that you won’t be offered much in the way of interest meaning your money won’t grow however much you put in it. But many prefer the liquidity of checking accounts and decide this is more beneficial than interest.
Checking accounts often include student accounts, commercial or business, and you can also take out a joint account. Some banks will offer free accounts to students until such time as they graduate.
If accounts have a large amount of money some banks offer a sweeping service which means you can withdraw most or all excess cash and invest in overnight interest-bearing funds and then redeposit into the account with the interest having topped it up.
What is a Netspend card?
Netspend was founded in 1999 and has proved popular to a variety of people. To acquire a card is super easy, there are no credit checks or minimum balance required. It’s easy to get hold of a Netspend card, most retailers provide an application process, or you can apply for one online directly through the website.
You can get the card either as a MasterCard or Visa debit.
The cards have all the usual features such as ATM withdrawal, online banking, and some offer payback rewards.
How do you get a Netspend card?
If you decide to purchase a NetSpend all-access card from a retailer, search through the company’s website (Netspend.com) which has a list of participating companies.
Furthermore, the site offers a handy tool that allows you to search for relevant retailers by typing in a five-digit ZIP code of the city or state you require. After entering the information, the tool uses a zoom function to highlight a map of the area with red circles to identify each retail location.
If you click on the circle it shows more data including the name, telephone number and address of the vendor, and details of fees.
It also gives you the option of sending the data to an email address or mobile number. It will even give you directions. This is one of the reasons NetSpend is popular as it’s so accessible and easy to navigate.
If you don’t want to use a retailer you can apply for the all-access card online. To start the process simply go onto the Netspend website and click on the “sign up now” button. You will be prompted to fill in your name, address, and email details.
You are able to select a “direct deposit” option or select “none” which can easily be changed if needed later on. Then you will be asked to decide upon a username and password, as well as several security questions. Once these steps are complete you can log on to your account.
All applicants will be approved as long as their identity can be proven. Your new NetSpend card will arrive in the post within 7 to 10 business days. When you receive your card it will need to be verified just follow the instructions that arrive with it.
Benefits of the All-Access Netspend Acccount
The Netspend All-Access Account as mentioned earlier enjoys the best features of the checking account and prepaid card combined.
There’ll be no credit check and you’ll still have access to direct deposits, as well as high-yield savings, account if needed and overdraft protection if you choose it. It means that even if you have bad credit or no credit the card is still available to you. In addition, there is no minimum opening amount.
However, there are a few fees to be aware of before making your final decision. A $5 monthly fee will be added to your balance each month which isn’t much but worth bearing in mind.
Another advantage of the All Access account is that you can get cash back on certain purchases which is a nice way of increasing funds on your account. In addition, you can use the card at over 320000 Moneypass network ATMs free of charge.
Although you don’t get charged interest you can actually increase funds by opening a savings account where you will earn 6% APY on the first $2000 and anything over this will earn you 0.5 %.
Another unique feature of the All Access card is if you are reluctant to give out information on the phone or online in relation to your card, you can request up to 6 virtual cards that automatically expire at the end of the month.
Another handy feature is the purchase cushion. This allows you to slightly over your balance ($10 or less) without covering an overdrawn fee.
It’s super easy to add funds to the Netspend card. Direct deposit is the main way people get money into their accounts. Just ask your paycheck provider to deposit wages directly into your account, and you have the benefit of accessing funds 2 days earlier than most banks.
You can also pay money via the participating retailers. Use the website’s retail locator to find the one nearest you. Furthermore, you can also deposit any tax referred directly into the account.
It isn’t surprising that the Netspend card is fast becoming the preferred way to manage money and stick to a budget.