Sustainable living and responsible financial tools don’t always mix well.
You might, for example, find limited options if you want to avoid working with a bank that funds fossil fuels. But Ando Money is changing that. You will find a straightforward platform that steers clear of fossil fuel investments while providing a streamlined digital banking experience. Ready to see what Ando Money has to offer? Let’s explore this purpose-led banking option.
What Is Ando Money?
Ando Money is a neobank that offers banking services that promise to fight climate change. Ando Money works with Community Federal Savings Bank to provide secure banking products. Ando’s mission is to change the face of banking towards to become more climate-friendly. That means the platform actively invests in clean energy, sustainable agriculture, and other green initiatives. But you won’t have to give up a great banking experience to work with Ando.
What Does It Offer?
Ando is hoping to make big changes to the banking industry. Here’s more about what you need to know about this option.
Focus On Climate Change
As a customer of most banks, you might be promoting the fossil fuel industry without your knowledge. When you make a deposit at your bank, the bank in turn lends it to a borrower. In many cases, the bank is more than willing to make a loan to a business that’s contributing to climate change. So your funds could be indirectly contributing to a cause you may disagree with. But now Ando Money is offering you another option. Instead of sticking with the status quo, Ando has made their lending practice eco-friendly. The platform actively uses your deposits to fund green initiatives that align with its financial obligations. You’ll not only get Ando’s promise that your funds will be used for good. But you’ll also have access to your personal Impact Center. Within the Impact Center, you can see where your money is going and how it is impacting the world.
Related: What Is Socially Responsible Investing?
Ando’s Spending Account serves as a useful checking account. You won’t need to make a minimum deposit to open your account. Once set up, there are no monthly fees to keep up with. In some cases, you may be able to receive your paycheck up to two days early through this account. A big positive with this account is the ability to earn 1.5% cash back on all of your debit card purchases. You’ll can also receive up $200 in fee-free overdraft protection by setting up Direct Deposit and will access to over 34,000 fee-free ATMs. You won’t get any physical checks. But you can send a check through the app at any time. One of the few downsides to Ando is that it doesn’t currently offer joint accounts. Without a secondary debit card option, that can make it difficult for households that want to share expenses.
Ando’s Saving Account heavily markets that customers earn, at the least, around three times the national average on savings. That sounds great, but the national average is only 0.05%. So while Ando’s base savings rate of 0.16% APY is over three times higher than that, it’s still much lower than many high-yield savings accounts today, which often offer rates of 0.50% or higher.
You can, however, earn up to 5% APY on your savings with Ando. Now that really is a great deal, but it can be difficult to qualify for. To receive this rate, you’ll need to successfully refer five friends and they’ll need to keep their accounts active for at least 60 days. And even if you meet this requirement, you can only receive the 5% APY on balances up to $5,000. As you work towards savings goals, Ando can help with a round-up feature that transfers any spare change from transactions directly into your savings account.
Are There Any Fees?
Neither the Ando spending nor savings account have a monthly fee attached. But there are a couple of other fees that you may encounter along the way.
- A $2.95 fee per transaction for out-of-network ATM transactions.
- A $4.95 fee for your second replacement debit card.
Beyond that, you should be able to bank effortlessly with Ando without encountering too many annoying fees.
How Does Ando Money Compare?
The rise of consumer awareness has led to a recent proliferation of eco-friendly products. Eco-friendly banking is becoming more popular as consumers voice their opinions on this topic. With that, Ando is not the only option for consumers. Aspiration is another digital bank that promises a climate change friendly experience. However, there may be more fees involved if you choose Aspiration. Here’s a quick look at how Ando compares to Aspiration:
How Do I Open An Account?
Is It Safe And Secure?
Yes, Ando works with Community Federal Savings Bank to provide secure banking products. The funds held in your deposit account will be FDIC-insured. That means that the funds will be safe for up to $250,000. If you need to freeze your card, you can do so anytime within the app.
How Do I Contact Ando Money?
You can reach out to Ando via phone at 1-844-960-3939. Or send an email through the contact form on their website. Additionally, you can connect via Facebook or Instagram @ando.money.
Is It Worth It?
Ando Money could be a great option for banking customers who are seeking a green alternative to the traditional options. You’ll even be able to track your impact directly through the app. However, you won’t have access to physical branches with Ando and many other banks offer a higher baseline APY on savings. If you’re wanting to compare your options, check out our full list of the top banks for 2022.
Ando Money Features