Neobank describes Ando as a financial platform which operates its banking functions through an FDIC-insured bank foundation. The banking operations of Ando are conducted through Community Federal Savings Bank (FDIC# 57129) which maintains its headquarters in Woodhaven, New York.
A business operated by an owner may have any range of industrial activities. The majority of local banks prefer maintaining their funds inside business operations within their region.
Socially responsible lending is the core mission of Ando because the bank exists to make environmentally responsible investments. The bank invests funds that actively lower carbon emissions at rates that are comparable to industry standards. Users gain access to modern bank account features such as real-time transaction alerts and complete app capabilities while benefiting from environmentally friendly lending options.
The key features are familiar
Ando functions as a banking service which provides all essential features found in online banking systems. Ando maintains a fee-free service as well as complete freedom from minimum balance requirements. Customers can benefit from bill payment services as well as checks and MoneyPass ATM network access at $2.95 for non-bank transactions. Ando allows customers to access early access to direct deposit paychecks twice in advance of the official release date. No overdraft fees.
Through its banking app features you receive instant notifications about your transactions which helps stop fraud before it happens. You get absolute protection from fraud because this debit card works as a Visa product. Every standard feature you find in an online bank exists in this institution.
What makes Ando different
Ando stands unique because their missions state they will fund businesses that work to fight climate change. Ando stands apart from other banks which back climate change initiatives by integrating climate protection directly into its business structure.
Through their Ando Impact Center customers can track the various financial activities. The system shows you where funding goes so you can monitor its movement. Your Ando debit card features half the plastic content of regular debit cards while employing a biodegradable material. Socially responsible lending features prominently along with elevated interest rates which resemble reward checking accounts. Your deposits will earn higher interest when you activate reward checking through minimum debit card usage. Higher interest rates they provide are funded through the transaction fees that customers generate.
The Grow Your Savings package from Ando features 5% interest matching which functions similarly to reward checking account requirements.
5% grow your savings offers
As an Ando savings account holder, you can earn up to 5% APY for your first $5,000 deposited while supporting the bank’s environmental mission. The savings offer comes with several important requirements for taking advantage of it.
The first requirement for program entry consists of inviting (up to) five friends who must become “active users”. Each active user earns you 1% APY. Users qualify as active when they perform five debit card transactions and receive bank deposits totalling $100 within their first sixty days of account operation. To receive the higher APY you must execute at least five transactions through your debit card together with $500 in qualifying month-to-month deposits. A deposit qualifies when it comes from your employer or payroll provider or benefits payer. Account transfers that lack qualifying criteria do not count.
$15 referral bonus
After successfully referring a friend to join Ando you will get $15 while they also receive $15 provided they complete the specified requirements. Your friend gets $15 too. New customers can earn their $15 referral bonus by making a qualifying direct deposit of $100 or more and performing at least 5 debit card transactions over their first 45 days as an Ando member.
This type of referral follows standard protocol since new account holders must not have existing Ando accounts. They must join through your specific link while their deposits need to come from the employer payroll provider or benefits payer. Your maximum earnings from referral bonuses through the program amount to $1,000 per calendar year. In addition to the 5% Grow Your Savings program the bank offers.
Conclusion
Individuals concerned about climate change should strongly consider Ando as their banking solution. You should select Ando for its environmental practices and also its referral program benefits if you think you can gather enough friends who will meet the requirements for higher APY. When you successfully refer five people who complete the requirements you will receive $15 each adding up to $75 total. The financial incentives of the referral program remain unexceptional throughout the industry. When people you refer join Sofi Money they only need to deposit $500 into their account to earn both of you $50 rewards. No spending requirements at all. Your savings account can benefit from up to 5% APY after satisfying certain requirements though this rate has a yearly maximum of $250. Again, not remarkable.
You may also find these articles helpful
Everything you need to know about SoFi Automated investing Robo-Advisor
Everything you need to know about Gemini exchange
Best way to transfer money from Canada to the United States
