Thrivent Bank Checking review: Fees, APY and features
If you’re looking for a checking account, you have many options at your disposal. For example, you may opt for a simple online account with low fees or a high-interest account with easy ATM access.
As you shop around, you might come across the Thrivent Bank Checking account, which doesn’t charge monthly fees or require a minimum balance. This basic account also includes a debit card and reimburses some ATM fees.
Keep reading to learn more about the benefits and drawbacks of Thrivent Bank Checking so you can decide if it makes sense for your unique situation.
Thrivent Bank Checking: Quick verdict and account snapshot
Thrivent Bank Checking is a straightforward online checking account from Thrivent Bank, a Utah-based, chartered industrial bank. Its deposits are FDIC-insured up to $250,000 per depositor, per ownership category.
With the Thrivent Bank Checking, you don’t have to worry about monthly fees or minimum balance requirements. Plus, you’ll get a debit card with tap-to-pay and digital wallet compatibility, along with $10 in ATM fee reimbursements each statement period.
The Thrivent Bank Checking account could be a solid choice if you prioritize low everyday account fees. However, if your goal is to earn as much interest as possible or you need more generous reimbursement for ATM fees, you should explore other options.
Thrivent Bank Checking fees and APY
Unlike some checking accounts, the Thrivent Bank Checking comes with minimal fees. You won’t owe any monthly maintenance, minimum-balance, overdraft, or ATM use fees. However, the account does charge a $30 ongoing domestic wire fee and $50 outgoing international wire fee.
You might also incur a $5 inactivity fee if you don’t use the account for 12 months. Additionally, the Thrivent Bank Checking only pays out 0.01%, so it’s not a good option if you hope to maximize your interest earnings.
Here’s a breakdown of the Thrivent Bank Checking fees and APY:
| Feature | Cost |
|---|---|
| Monthly account fee | $0 |
| Minimum balance fee | $0 |
| Overdraft fee | $0 |
| ATM-use fee | $0 |
| ATM-owner reimbursement fee | $0 |
| Ongoing domestic wire fee | $20 |
| Outgoing international wire fee | $50 |
| Inactivity fee | $5 if you don’t use your account for 12 months |
| APY | 0.01% |
How you can use and access the account
Once you open a Thrivent Checking account, you can access it through the online portal. You may use it to:
- Pay bills online: Use online bill pay to send recurring payments from your checking account so you don’t have to write physical checks to cover your mortgage or rent, utilities, internet, and other monthly expenses.
- Deposit checks: Deposit checks electronically without visiting a physical branch.
- Transfer and receive funds electronically: Move money between accounts and receive deposits, such as your paycheck via direct deposit.
- Make debit card purchases: Pay for everyday purchases with tap-to-pay and a compatible digital wallet.
- Withdraw ATM funds: Use your debit card to withdraw cash at any ATM.
If you do withdraw ATM funds, Thrivent Bank will reimburse you up to $10 for each statement cycle. To get reimbursed for international transactions, however, you’ll need to share receipts and may be subject to an international non-reimbursable surcharge from Visa.
Thrivent Bank Checking pros and cons
Thrivent Bank Checking pros
- No monthly account, minimum-balance, or overdraft fees
- ATM fee reimbursement of up to $10 per statement cycle
- Debit card with digital wallet support
- FDIC-insured
Thrivent Bank Checking cons
- Very low APY
- Cap on ATM fee reimbursement
- Outgoing wire and inactivity fees
- No debit card rewards
Who Thrivent Bank Checking may be a good fit for
The Thrivent Bank Checking is a no-frills checking account that should be on your radar if you:
- Like to manage your money online: Thrivent Bank Checking is an online checking account, so you’ll need to open and manage your account through the online portal rather than in person at a local branch.
- Want to avoid many fees: Thrivent Bank Checking advertises no monthly account management, minimum-balance, overdraft, or ATM fees.
- Prefer to get reimbursed for ATM withdrawals: You’ll get reimbursed for ATM fees, up to $10 per statement cycle.
- Need debit card access and digital wallet support: The account includes a debit card that’s compatible with digital wallets.
- Don’t want to maintain a minimum balance: You don’t need to meet any minimum balance requirements, so you can keep as much or as little money as you’d like in the account.
- Aren’t focused on maximizing interest earnings: Since Thrivent Bank Checking’s APY is only 0.01%, you won’t earn a lot in interest.
If you prioritize a higher checking APY or an account with more robust features, you may want to look elsewhere.
Frequently asked questions
Can I open Thrivent Bank Checking if I am not already a Thrivent client or member?
You do not need to be a Thrivent client or member to open a Thrivent Bank Checking account. The account is available to you as long as you’re at least 18 years old and can provide a photo ID and Social Security number.
What is the difference between Thrivent Checking and Thrivent Money?
While Thrivent Checking is a simple online checking account, Thrivent Money comes with both a checking and savings account. Thrivent Money also includes money management tools like Savings Pockets and Money Mentors.
Can I deposit checks and pay bills with Thrivent Bank Checking?
Yes, Thrivent Bank Checking lets you deposit checks and pay bills. You can do so online.
Is Thrivent Bank Checking a good fit if I regularly use out-of-network ATMs?
Thrivent Bank Checking isn’t the best option if you use out-of-network ATMs often. You should only consider it if you think you won’t need more than $10 worth of reimbursements each statement cycle.
