RBMAX Simple Access Checking Account 2024 Review

RBMAX is a division of Republic Bank that offers online checking and savings accounts. Simple Access Checking offers convenient banking with no minimum balance requirements and a low opening deposit. 

RBMAX Simple Access Checking is an online banking account that includes all the features you'd expect in a checking account. This account's best features include no overdraft or returned item fees and access to a sizable ATM network.

You might consider opening this checking account if you:

• Don't need branch banking access to manage your money
• Would like to be able to withdraw cash at ATMs fee-free
• Prefer a checking account with no minimum balance requirements
• Want to avoid overdraft fees

RBMAX makes it easy to open an account online with as little as $10. It's worth noting that this is a checkless checking account, so you won't get paper checks. If that's something you're interested in, you may need to consider another checking account elsewhere.

Compared to Other Checking Accounts

LendingClub Rewards Checking

LendingClub Rewards Checking pays you back a percentage of what you spend on eligible purchases. You'll need to keep a minimum average balance of $1,000 in your account or have $1,000 in direct deposits each month to qualify. There are no monthly fees or overdraft fees and LendingClub refunds foreign ATM surcharges. 

Read our full editorial review of the LendingClub Rewards Checking account

Chime Spending

Chime Spending is an online checking account with no monthly fees or overdraft fees. Similar to Simple Access Checking, this is a checkless account. You can use your debit card to withdraw cash at more than 60,000 ATMs fee-free and you can deposit cash to your account fee-free at Walgreens and Duane Reade locations.

Read our full editorial review of the Chime Spending account

nbkc Bank Everything Account

The nbkc Bank Everything Account allows you to spend and save in the same place. You can make purchases or withdraw cash with your debit card and earn competitive rates on savings balances. Withdrawals are fee-free at MoneyPass ATMs and nbkc Bank refunds up to $12 in foreign ATM surcharges each statement period. 

Read our full editorial review of the nbkc Bank Everything Account

Current Account

Current helps you manage your money with convenient online banking while also building credit. There are no annual fees or credit checks required and you can earn a solid APY on savings balances. You can also get up to a $500 payday cash advance with your Current account or trade crypto through the Current app. 

Read our full editorial review of the Current Account

Interest and Rewards

RBMAX Simple Access Checking is not a rewards checking account, nor does it earn interest. 

Whether that's a pro or a con for you depends on your reasons for opening a checking account. 

It's possible to find checking accounts that pay you back some of what you spend or pay interest on balances. 

Rewards programs and interest are nice incentives to open a checking account. If you're looking for interest or rewards checking, online banks are a good place to start your search. 

Remember to consider:

• How you'll earn rewards
• Redemption options
• APY and interest rates
• Minimum balance, minimum spending, or direct deposit requirements

The best rewards checking or interest checking account offers the most benefits with the least effort required to earn them. 

Fees

RBMAX doesn't charge overdraft fees but there are some other fees to know. Any time you're comparing checking accounts from online or traditional banks, it's a good idea to review the fee schedule to see what you'll pay. 

Here are some of the notable fees to know.

Other Service Fees - RBMax Simply Access Checking Account

RBMAX Simple Checking isn't a free checking account, since there's a $4.95 monthly maintenance fee. You can waive it with:

• One direct deposit per month, OR
• One debit card point-of-sale (POS) transaction, OR
• One online bill pay transaction per statement cycle

If you're actively using your checking account it shouldn't be hard to avoid the fee. You don't need to meet any minimum balance requirements, which is a plus. 

Branch and ATM Access

RBMAX is an online bank so there are no branches to visit. You can, however, access your money at more than 90,000 ATMs in these networks:

• Republic Bank
• Presto
• SUM
• MoneyPass
• Allpoint

Remember, there are no checks for this account but you do get a debit card for withdrawals and purchases. RBMAX doesn't mention any ATM fee reimbursements in its account agreement. 

Account Access

You'll be able to manage your account at ATMs and use online or mobile banking. If you need to deposit funds, you can choose from:

• Direct deposit (which can help you avoid the monthly fee)
• Mobile check deposit
• ACH transfers

Withdrawal options include ACH transfers to an external bank account and getting cash at ATMs. 

If you want to make fee-free payments to friends and family from your account you can do that through the Zelle app. Keep in mind that Zelle transfer limits determine how much you can send and receive weekly and monthly. 

FDIC Insurance

FDIC insurance is a safeguard against bank failures.

If a bank fails the FDIC can step in to make sure that depositors get their money back, up to certain limits. The current FDIC coverage limit is $250,000 per depositor. 

RBMAX accounts are FDIC-insured through Republic Bank. So on the off chance that the bank folds, you don't have to worry about losing all your money. 

What You Need to Open

It takes just a few minutes to open an RBMAX Simple Access Checking account online. Here's what you'll need to get started:

• $10 opening deposit
• Government-issued, unexpired photo ID
• Social Security number

RBMAX does run ChexSystems reports. ChexSystems is a credit reporting agency for banks and bank accounts. If you have negative items on your ChexSystems report that you've since corrected, you may need to provide documentation showing that to open an RBMAX account.  

It's free to check your ChexSystems report before applying for an account to make sure your record is clean.

Frequently Asked Questions

Is RBMAX a legit bank?

RBMAX is the online banking division of Republic Bank, an FDIC member financial institution. It's a legitimate bank offering two types of accounts: basic checking and a high-yield savings account. 

Is RBMAX a good choice for checking accounts?

RBMAX is a good fit for people who want a simple checking account with no overdraft fees. There is a monthly maintenance fee but it's fairly easy to get around it. This account isn't a great choice if you need to be able to visit a branch or write paper checks. 

How does a checkless checking account work?

Checkless checking accounts don't offer paper checks; instead, you have a debit card that you can use to pay bills, make purchases or withdraw cash at ATMs. You may be able to get an official check or money order but there's usually a fee for that.