Crew Family Banking Review

Parents teaching their kids how to manage money often have to jump through hoops to set up child accounts. They can also face obstacles in getting the proper level of access for everyone in the household.

Crew Family Banking is looking to solve these common problems. If you are looking for a streamlined way to handle your family finances, including your children’s accounts, then Crew Family Banking is worth a look.

We explore what you need to know about this new banking platform in our full review.

Crew is a financial technology company, not a bank. Banking services are provided by Bangor Savings Bank. The financial platform provides access to banking features and is set up to make managing your family finances easier. 

Let’s take a closer look at what Crew has to offer.

Interest-bearing Checking And Savings Accounts

As of writing, Crew offers a 3.95% APY on funds in its Crew Savings account. Additionally, funds in the Crew Checking earn 0.25% APY. Although interest rates will change over time, these rates are attractive.

Not only can you tap into these interest-bearing options with your own funds, but your children’s accounts also offer these APYs.

Feature-Rich Accounts For Children

When it comes to managing kids bank accounts, a bit of oversight from a parent is generally necessary. Through Crew, you’ll have easy access to features that help your child learn about money. And your child can lean on the features as they build smart money management skills. 

A few of the highlights include:

• Allowances: Children can automatically split their weekly allowance between spending and saving. 
• Individual debit cards: Each child can access a customizable debit card attached to their own spending account. 
• Freeze spending easily: You or your child can freeze and unfreeze spending from a debit card through the app.

As you teach your child to manage money, these real-life features can make it easier for your kids to learn the ropes of money management. 

Pockets

If you’re managing multiple savings goals, it helps to break up your savings into multiple savings categories, which Crew refers to as “pockets”. Crew offers an option to set up different pockets for different savings goals.

Of course, this feature is helpful for parents managing their own funds. But it’s also helpful for kids learning how to balance multiple savings goals. 

Cash Deposit Options Limited

As of writing, Crew does not support cash deposits. That means your kids won’t be able to deposit their birthday money into their savings account. This may be an issue for some. 

That said, Crew is actively working to add the ability to deposit cash in the near future. 

Crew does not charge a monthly service fee, nor are there any overdraft or NSF fees. While Crew does not have a fee-free ATM network, it reimburses the first 20 ATM withdrawals annually. However, it does charge a $20 fee for outgoing wires if your total Crew account balance is under $50,000. Crew makes its money on the deposits it holds with its partner banks, and on the merchant fees it collects when you spend with your Crew debit card.

If you are looking for a way to manage your family finances, including kid accounts, Crew isn’t the only option. Take a look at how it stacks up below.

FamZoo is a popular platform designed to help kids learn how to manage their own money. Instead of bank accounts on a single app, FamZoo includes prepaid debit cards that your child can use to pay for things with real money. Parents can move money to a child’s account and monitor their child’s spending through the app. But you’ll still need to manage your own finances somewhere else.

Greenlight is another option. Its debit card is designed to help kids learn to manage their funds, with a parent’s oversight. Through Greenlight, kids can earn interest on their savings and learn to practice good savings habits.

Head to Crew’s website to open an account. You’ll need to share your legal name, birthday, physical address, and Social Security number to get started. According to Crew, it should take just two minutes to set up your account. 

Although Crew isn’t a bank, it works with a bank to protect your money. The banking services are provided by Bangor Savings Bank, which means that your funds are FDIC-insured for up to $250,000 per person, per account type. 

If you want to get in touch with Crew, you can email [email protected]. Although Crew is relatively new, it’s earned positive reviews in both the Apple App Store and Google Play Store. Generally, users seem happy with the platform. 

For families looking to streamline their banking systems, including kid accounts, Crew offers a worthwhile opportunity. Parents can easily keep tabs on their kids’ accounts. And kids have the freedom to build good money management habits.

But for parents who don’t necessarily want to move their banking needs to an entirely new setup, Crew might not be a good fit. Luckily, there are plenty of options out there for parents looking to teach their kids smart money habits. If Crew isn’t a good fit, explore the alternatives today.