Everyday Banking
You can earn up to 1.00% APY (annual percentage yield) on your checking account with direct deposit and up to 5% APY on your savings account. Members without direct deposit will earn a lower APY on their checking account balances.
When you set up direct deposit into your account, you are trusting your paycheck with us. We want to repay that trust by making sure that we give you the best of what Nevly has to offer, including up to 1.00% APY (annual percentage yield) on checking accounts, features like No-Fee Overdraft Coverage, 2-Day Early Paycheck, and our Unemployment Protection Program. All of this helps to make sure that your money is always safe with us.
There is no minimum direct deposit amount required for any of these benefits, however, we do require $1,000 of monthly direct deposit inflows to unlock Nevly Front Me Overdraft Protect.
With direct deposit, you can earn 1.00% APY on up to $25,000 in balances. After that, you will earn ---- APY on your checking account balance.
You can set up direct deposit and earn a 1% annual percentage yield (APY) on the first $25,000 of your checking account balance. On your savings account balances, you’ll earn 2.5% APY. This makes it easy to reach your financial goals. Plus, you can enjoy peace of mind knowing your money is safe and sound.
We're proud to say that Nevly has no account fees and no service charges. We're committed to keeping it this way, with no fees on overdrafts, account openings, minimum balances, dormant accounts, or for regular maintenance. Plus, we offer free ATM withdrawals at 55,000+ Allpoint ATMs worldwide and two (2) out-of-network ATM withdrawals per month.
To qualify for Front Me overdraft protection, a member would need to sign up for direct deposit and the coverage would not be effective until thirty (30) days after direct deposit signup. Front Me is an optional, no fee service that requires a single deposit of $500 or more in qualifying direct deposits to the Nevly Spending Account each month. All qualifying members will be allowed to overdraw their account up to $25 on debit card purchases and cash withdrawals initially but may be later eligible for a higher limit of up to $250 based on member's Nevly Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Nevly mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Nevly's discretion. Although there are no overdraft fees, there may be out-of-network or third-party fees associated with ATM transactions. Front Me won't cover non-debit card transactions.
Nevly Credit Builder Card
All that’s needed is an active Nevly Account and at least $250 in direct deposits. It takes less than two minutes from start-to -finish on our website or mobile app.
No! We know that everyone deserves a chance to build credit, so we don’t check your score when you apply.
Yes. We designed Credit Builder to work exclusively with the Nevly Checking Account so that you can move money instantly—across your Nevly accounts!
No way! No fees…period!
Credit Builder helps you stay on top of key factors that impact your credit score. Consistent use can help build an excellent payment history, increase the length over time and more! We report to major bureaus like TransUnion or Experian - which means no worries about being discreet when it comes down crunching numbers for loans (or anything else).
Unlike traditional credit cards, Credit Builder helps you build credit with no annual fees, no interest and no credit check required to apply.
Credit Builder is a secured credit card. The money you move into Credit Builder’s secured account is the amount you can spend on the card. Unlike other credit cards with high utilization rates, increasing how much money is put on this one will not cause problems for your reports since there are no preset amounts or limits.
Spending up to the amount you added won’t contribute to a high-utilization record on your credit history.
Yes, Credit Builder is a secured credit card that lets you build your own personal history. The money in this account will determine how much of an advance on future purchases can be given to use as security deposit; often times other companies' cards require users pay up front but Credit Builders reports live right alongside theirs so it's not just about building good habits - also, there are no fees if payments aren't made each month either!
Credit Builder is a great way to build your credit without the hassle of setting up an account. Instead, just move money into this secure account and then use that as spending limit on any card you want!
Credit builder is a great option if you have good credit and want to build it even more. This card doesn't report any of your available balance as used, so there's no risk involved with going over the limit! You'll also keep up good scores by making on-time payments each month - just like traditional cards but without all those negative impacts for paying late.
How much you can spend with Credit Builder is shown to you as Available to Spend in the Nevly app.
Nope. If you're looking for an easy way to build your credit, then look no further than Credit Builder. This app doesn't report percent utilization because it has no pre-set limit on how much money can be spent in order get higher scores from the major bureaus - meaning that all of those purchases will count towards building up good history!
Automated Credit Improvement
A credit score is a three-digit number between 300-850 that reflects items on your credit report and reflects creditworthiness as an individual. The higher the score, the more favorable and trustworthy you are to creditors.
Your credit score is determined by a variety of factors in your credit report. The most important factor is your payment history, which makes up 35%. This information can be used to help you get approved for future loans and lines of credit, so it is important for many reasons. Namely, it can help you get approved for loans.
We use a credit engine that tracks, manages, and restores your credit on an ongoing basis. It is fully automated, meaning we can help 24/7 without you having to contact us. Our engine has a secret sauce for submitting disputes to credit bureaus. All you need to do is select the negative items you want us to dispute then sit back and watch your credit improve!
Every situation is different, but our goal is for you to see results as early as possible. Every month, our credit engine will analyze and prioritize your inaccurate items based on impact. Our data shows that submitting three disputes to the credit bureaus at a time is optimal to achieve the best results.
$1,500. Nope.
Credit bureaus are the companies that package all of your credit information and provide credit reports. that's information is then sold to businesses inquiring about your credit score and history. Some of the most influential credit bureaus in the United States are TransUnion, Experian, and Equifax.
- Payment History - comprised of whether you regularly pay your bills on time.
- Credit Age and Type - the average age of all your credit accounts and a mix of various types such as revolving debt (credit cards)and installment debt (student loans).
- Credit Utilization - the percentage of your credit limit that is outstanding.
- Balances - balances on your credit accounts which include current balances as well as all delinquent accounts.
- Inquiries - recent credit inquiries or new applications for credit.
- Available Credit - the amount of unused credit available.
Our credit improvement services are designed to help those who are most in need of removing inaccurate items and errors from their report. If you were ever denied a financial product such as a loan or credit card, made a late payment, suffered from identity theft, or had your credit checked recently – We can help improve your credit! If you don’t fit any of these categories but your credit isn’t exactly as good as you would like – check out our Rent Payment Reporting or our Credit Builder Debit Card, products that are also designed to help improve a member’s credit score.
Our goal is to provide this service for free to all of our members who meet our qualifying requirements. For users who would like to utilize our credit improvement services and use our FDIC insured debit card each month, the service is free every month where the user reaches the minimum monthly spend amount in the prior month. For all other users, you will pay $30 per month.
Rent Reporting
Yes, you can continue to make rent payments even if the original tenant who signed the lease agreement with the landlord or management company is no longer living in the property. As long as you have a written agreement with the primary landlord / management company or owner of the home, we can continue to report your rental payments. If you are not on the original lease agreement, please provide us with a copy of your current lease or rental agreement.
If you move frequently, Nevly can help by reporting your rental payments to the credit bureaus from each location. This will help build your credit history so you can get.
We rely on you and your landlord to keep us informed so that we can ensure accurate reporting to the credit bureau. If we receive notice from your landlord that you are no longer renting from them, we will reach out to you for confirmation and then close out your account.
Our goal is to provide this service for free to all of our members who meet our qualifying requirements. For users who would like to utilize our rent reporting service and use our FDIC insured debit card each month, the service is free every month where the user reaches the minimum monthly spend amount in the prior month. For all other users, you will pay $5 per month.
We are able to report the last 24 months of your past rental history (from today back 2 years). This helps to add age to your credit profile, which in turn provides a greater increase in your credit score. Of the five factors in determining your credit score, length of history contributes 15% to the mix. Upon enrolling, we will reach out to your landlord and confirm all information. Upon confirmation, you will receive credit for the last two years of your rent payments!
We are able to report the last 24 months of your past rental history (from today back 2 years). This helps to add age to your credit profile, which in turn provides a greater increase in your credit score. Of the five factors in determining your credit numbers, length of history contributes 15% to your score.
Upon enrolling, we will reach out to your landlord and confirm all information. Upon confirmation, you will receive credit for the last two years of your rent payments! Upon enrollment, we will reach out to your landlord and confirm all information. Upon confirmation, you will receive credit for the last two years of your rent payments!
We understand the importance of a strong credit profile. That's why we offer our rental history reporting service. We are able to report the last 24 months of your past rental history (from today back 2 years). This helps to add age to your credit profile, which in turn provides a greater increase in your credit score.
We know that a strong credit profile is very important and that's why we offer our rental history reporting service. We are able to report the last 24 months of your past rental history (from today back 2 years). This helps to add age to your credit profile, which in turn provides a greater increase in your credit score.
Absolutely! We can report up to the previous 24 months of your previous address and offer continuous monthly reporting for your current address.
No! TransUnion & Equifax only allows an address to be reported once on your credit report. If you have another company already reporting the address you want to enroll with us, we will not be able to report it for you.
$1,500. Nope.
Credit Monitoring
You can link your deposit account (checking, savings), investment, and retirement accounts as well as credit cards, student loans, mortgages, and other liabilities. If you’re not able to link your account, you will be able to manually add an account or asset (like an owned car or home) so that you’re able to see your entire net worth.
Nevly leverages the TransUnion VantageScore 3.0 model which includes several key components:
- Payment History - comprised of whether you regularly pay your bills on time.
- Credit Age and Type - average age of your credit accounts and mix of various types such as revolving debt and installment debt. An example of revolving debt is a credit card and an example of installment debt is a student loan.
- Credit Utilization - the percentage of your credit limit you currently have outstanding.
- Balances - balances on your credit accounts including current balances as well as delinquent accounts.
- Inquiries - recent inquiries or applications for new credit.
- Available Credit - amount of available credit that is unused.
Checking your own credit report is considered a soft inquiry, which does not impact your credit score.
Your credit score is used by lenders, among others, as they review your applications for credit and determine your creditworthiness which might influence if they are willing to extend credit and at what terms. It might also be used by landlords, utility providers, and prospective employers.
Budgeting & Spending
Nope. Our tool uses historical banking and credit card data to automatically display budget categories for you and will suggest budget amounts based on your past banking data. The app automatically tracks your spending by category and sends notifications to help you stay on track to improve your financial health.
Our notifications will tell you when you are near a budget or going over it so you can make better spending decisions. You can also sent spending limits on your Nevly debit card and link those limits to your budget to ensure you stay on track.
Yes it sure can. You can set up an automated savings goal or multiple goals in our Nevly Vaults and set up a specific amount that will be deducted from your paycheck to fund each savings goal and the best part about it is once you set up an automated goal you can forget about it until the goal is reached. Start small…log wins…build confidence…save more. That’s doing money different!!
Nope it's completely free and we encourage every member to give it a test drive. It’s pretty awesome!!
Member Benefits
There’s no catch. Nevly benefits are available to all eligible members at no cost—yes, really!
Yes. Download the Nevly app to take advantage of your benefits anywhere, anytime. You can access all of your Nevly member benefits through your Nevly login in the app or on the web in your Profile section.
As a Nevly member, you'll have access to benefits that can help you with your money, invest in your community and shape your future - all at no cost.
Your Money: With Nevly, you can get personalized financial advice tailored to your unique situation. You can also take advantage of referral bonuses, rewards and loyalty programs.
Investing in Your Community: Nevly members can invest in their community through a variety of programs. These programs include things like micro-lending, community support and more.
Shaping Your Future: Nevly can help you shape your future with tools and resources that can help you plan for retirement, start a business and more. We also offer members exclusive discounts on products and services.
Nevly Brain Trust
We often reach out to ambassadors to be part of our marketing initiatives. During your time as a Nevly ambassador, you may have the opportunity to apply to be featured.
Nevly Ambassadors may have the opportunity to host events on behalf of Nevly. However, this is not a requirement, it’s totally up to you!
You must be engaged with Nevly on one of its social media channels at least once a month. Nevly defines engagement as liking, commenting or sharing/resharing posts on social media.
Asset Growth Program
No you do not. The focus of the management team is to deliver innovative products that solve real world challenges for our members or make their lives a little bit better than they were before they got here. While the receipt of a tip is a way for us to evaluate how we are doing the primary benefit of receiving tips is that we get to reinvest nearly all of them back into our community of members.
90%.
Each member who completes their download of the app receives a Nevly Coin, a cryptocurrency token that represents each members ownership in the pool of assets. The assets are invested, and the balances are updated in real time.
At this time, we have made the decision to restrict the sale of Nevly Coins.
Yes, you are permitted to. How much of those assets you are permitted to borrow will change over time based on a number of factors. You will be able see your advance rate in your wallet.
Yes. We use ten percent of the tips allocated to members to also fund our Rebuilding Communities, Referral and Unemployment Support programs.
Financial Planning
The first step in this process is to take our financial health assessment to get your score and a plan. We than use those items to guide your progress and to hold you accountable. A members score and plan will change over time and we encourage members to take another assessment once their existing plan has been completed.
Definitely not! We’re all humans, and humans make both wise and questionable decisions related to their own finances. Talking about money can be pretty stressful, so relax and know that this company was founded to hold your hand through every step of your journey.
We leverage technology to keep track of where you are on your journey and will communicate with you through the app, email, by text message or even carrier pigeon to make sure you know where you are and that we are right there with you.
Unfortunately, not at this time. We believe that our market leading technology is sufficient to meet your needs but are constantly innovating to allow you to continue to do money different and if your needs begin to require more human interaction around financial planning, we won’t hesitate to look into added them.
Rebuilding Communities
We ask that each member limit their submission to one per nomination period but are free to submit a project or the same project in multiple nomination periods.
No there isn’t. The cost and complexity of a project will not factor into the decision making on which projects make the finalists, but the complexity and cost of a project will factor into how many projects we do per year.
The company currently has accounts on Facebook, Instagram, Twitter and TikTok that support the posting of videos and a member is free to select any of these networks as long as they are able to post or embed the nomination period #hashtag and tag the company.
Our Community forum inside the app allows members to do nearly everything that a user could do on Twitter, Facebook and Instagram – post, Go Live, recruit new members…the world is your oyster!
You don’t have to but it is our goal to lead from the front here. The company’s management team will be right alongside you and our local partners swinging hammers, painting stairs or whatever else is needed to get your project done and will love every minute of it.
About Nevly
At Nevly, we’ve created a new approach to personal finance that allows you to do everything relating to your financial health and your money in one place that doesn’t rely on all of those excessive fees. When you open an account through Nevly, you get your choice of either our Visa Debit Card or our Nevly Credit Builder Debit Card, a Spending Account and all of our financial health and money management tools – all of which can be managed entirely from your smartphone! The Nevly mobile banking app is available on both Android and iOS.
Our mission is to help people improve their financial health and achieve financial freedom. Nevly’s business was built on the principle that we believe technology can fundamentally improve the financial lives of every money marginalized person in the world. We’ll never profit from your misfortune or mistakes and everything we build is focused on improving our member’s lives.
Nevly makes money in a few different ways - the interchange fee charged on card transactions, transfer fees when you send money to your friends and family, transaction fees on certain investment activities and a small percentage of your tips. These fees allow Nevly to continue building new and better products that help members get the most from their money.
Yes! Nevly’s Front Me feature lets you make debit card purchases and cash withdrawals that overdraw your account with no overdraft fees. Limits start at $25 and can be increased up to $250. We’ll spot you when you need that little extra cushion to cover an expense.
The Nevly Credit Builder Debit Card is our no fee, no interest, secured credit card that helps you build your credit. Unlike traditional credit cards, Credit Builder helps you build credit with no fees and no interest. There’s also no credit check to apply. The money you move into your Credit Builder secured account is the amount you can spend on the card. Unlike other secured credit cards, that money can be used to pay off your monthly balances. Since Credit Builder doesn’t have a pre-set limit, spending up to the amount you added won’t contribute to a high-utilization record on your credit history.
After you open a Checking Account, we get started on personalizing your new debit card. Your card is usually placed in the mail within one (1) business day after you open your Checking Account. It can take 5 to 10 business days for your card to arrive at your home address.
If you don’t have your card within 10 business days after opening your Checking Account, please contact our Member Services team at: support@nevly.com.
Nevly is not a bank. Nevly is a financial technology company that offers banking services provided by Synapse Financial Technology partner banks. Nevly members can have a Spending Account with an optional Savings Vault and can grow their credit history by applying for a secured Nevly Credit Builder Debit Card – all while enjoying the other benefits of. Eligibility requirements apply for the Nevly Credit Builder Debit Card.
Nevly is a financial technology company, not a bank. Banking services are provided by Synapse Financial Technology partner banks. Nevly is also not a prepaid card. Through its bank partners, Nevly offers a full-service spending account with a Nevly Visa® Debit Card for spending and using at 60,000+ fee-free in-network ATMs. Out of Network ATM fees apply. See nevly.com for more details.
Referral Program
The member would have to be a member of the community for a minimum of ninety (90) days, have recruited a minimum of three (3) additional members to the community over their first ninety (90) days or over any consecutive sixty (60) day period and have spent a minimum of $1,000 on their Nevly debit card each month during this ninety (90) day period or over any consecutive ninety-day (90) day period.
Unemployment Support Program
A member must have been signed up for direct deposit for a minimum of six (6) months, must have tipped an average of $15 per month and must have started to federal or state unemployment benefit payments.
A member must their Nevly checking account as their primary account for receiving their 1099 deposits for a period of at least nine (9) months, must have tipped an average of $15 per month and must sign up for the company’s rent reporting services if they are a renter or make their mortgage payments out of their Nevly checking account.
After signing up for direct deposits or designating their Nevly account as the primary account for receipt of 1099 payments (in the case of GIG workers or contractors) a member earns a support credit amount of $62.50 per month up to a maximum amount of $750. A members benefit payment amount is calculated as of the first of each month and is equal to the lesser of (i) 25% of the average monthly net payroll amount for the previous six (6) months and (ii) the amount equal to the aggregate support credit amount multiplied by 3 and divided by 9.
Up to a maximum of nine (9) months but will cease as of the month in which a member begins receiving direct deposit payments.
$250 per month.
Yes, and the recipient of such a gift is eligible to immediately begin receiving support benefit payments if the member whose benefit is being gifted would be eligible to immediately receive support benefit payments. A recipient may only receive one gift inside of a 12-month period.
Their support credit balance shall be reduced to $0. The member shall begin earning support credits upon securing employment and re-enrolling in direct deposit.