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Lisa Frank: A Look Behind The Rainbow

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Ah, the ’80s and ‘90s; what a time to be alive. Any girl from that era will tell you all about her Tamagotchi pets, her My Little Pony toys, and, of course, her Lisa Frank everything.

In case you weren’t there, Lisa Frank was a massive brand created in 1979. The company is currently recognized for its nostalgic sparkles, unicorns, adorable pandas, and being 

the world’s sh*ttiest employer.

No, I’m serious.  That’s a true quote from Coraline, a Tuscon, Arizona resident. When she was looking for a new job, she happened to be near the headquarters. Fortunately for her, the locals had warned her about Lisa Frank Inc.’s constant rotating door.

 This colorful firm, it turns out, wasn’t all sunshine and glitter. A chaotic, drunken shitshow of a business was hidden behind those brilliant blue panda eyes.

If you don’t want to have your childhood ruined, I recommend skipping this article. But, let’s be honest here, your innocence has already been damaged if you’re on the internet. So, let’s find out what happened to turn this rainbow paradise into a technicolor travesty.

The Neon Rainbow Forms

Lisa Frank is not only a brand name, but an actual person. Born on April 21st, 1955, Frank always had a passion for arts and crafts. Growing up in Detroit, she was the epitome of the “girly girl” archetype. Coloring, painting, crocheting, and ceramics were among her favorite activities. Her parents, who came from an affluent background, encouraged her to pursue her artistic passions.

During her senior year of high school, Lisa Frank made a whopping $3,000 by selling her art at an event. This notes the very first time her artwork gained monetary success. She went on to the University of Arizona to further her education.

To make some extra cash, Frank stated that she would acquire low-cost ceramics and jewelry from local Native American communities  She’d then take them back home to Michigan, and slap a much higher price on them.

Yeah… kinda shady if you ask me. But I suppose from Lisa’s perspective; business was business! Of course, the overpriced artwork became a hit in her area, and she even began telling these indigenous artists exactly what to create. Chances are, they weren’t properly compensated. Regardless, Frank’s small business was her first step toward pursuing a career in entrepreneurship.

Around the age of 20, she launched the brand “Sticky Fingers,” which consisted of chunky jewelry with hand-crafted designs. This time, it was her own work, which was already being sold at places like Bloomingdales, and Neiman Marcus. Although Lisa was talented in her own right, her socioeconomic status provided a spotlight on said talent. Her family had connections to powerful people who saw the immense potential in her art style.

Lisa Frank soon renamed this brand after herself.  And thus, the legend was born.

Lisa Frank EVERYTHING

Along with the name change, the brand began to offer new products.  Lisa would tour a variety of museums and zoos, as well as speak with children. She was inspired to create something that reminded her of childhood; something that could transport people into a whimsical wonderland. 

Backpacks, folders, pencils, notes, and stickers were among the items sold by her company. They were all covered in the most flamboyant graphics you’ll ever see. I’m talking rainbows, dolphins, multicolored leopards, bears, and of course, sparkles. You cannot forget the sparkles. 

Lisa Frank, Inc. was a juggernaut. And that is putting it mildly. Not having anything Lisa Frank was social suicide in the 1980s and 1990s. At least, that’s how it went in the world of middle school girls. It was not uncommon in the ‘80s to come across a little girl decked out in Lisa Frank gear. Hell, you might’ve been one of them!

As for me personally, I, unfortunately, wasn’t around in the ‘80s or ‘90s. I was an early 2000’s kid. Regardless, shopping for back-to-school items meant coming across many Lisa Frank notebooks and folders. I may have not bought any myself (It was all about Bratz and Disney Princesses for me), but I saw plenty of classmates sporting them.

And if you were to ask 5-year-old me if she’d like to work for Lisa Frank, she would’ve jumped up for joy. 

Behind The Scenes

Back when it first started, Lisa Frank INC. was just like any other big corporate business. I’m sure employees had their regular ups and downs, but it was an overall decent place to work. 

That all changed, however, with the addition of Lisa’s then-husband, James Green.

James Green was originally the first in-house designer and illustrator. He worked in close proximity to Lisa Frank, and from there, they developed a relationship. Green rose through the ranks over time, eventually marrying Frank in 1994.

After having kids, Frank seemed to reconsider her business ventures. Longing to focus solely on her artwork and children, she decided to step down and let her husband take over as CEO. Doesn’t sound like a bad idea, right?

As it turns out, letting James Green take over was probably the worst mistake she’s ever made. With his attitude, illegal activity, and consistent drama, Green is credited for running his wife’s company into the ground.  

James Green ran his business as an abusive authority figure. He was rumored to house substance abuse issues, which he’d carry with him every day to the workplace. Communication was sloppy and overwhelming. While working for Lisa Frank, one would expect the office space to be filled with liveliness and color. Though while the headquarters were painted that way, employees were demanded to work in complete silence. A worker would not be brought aside to speak one-on-one if they stepped a bit out of line. James Green instead chose to shout, berate, and humiliate his staff in front of their coworkers.

To top it all off, despite the company being named after his wife, Green was also rumored to be having an affair. From the workers’ perspectives, it seemed rather obvious that he and his coworker, Rhonda Rowlette, had a less than professional relationship. 

I can’t confirm whether the infidelity rumor is true. Though what I can say is that he and Rhonda made the headquarters a living nightmare. Here are just a few of the horror stories from people who’ve worked for and with Lisa Frank.

  • Jeffrey L Buchanan stated that when partnering with Lisa Frank, Green would be “argumentative with my buyers and relationship sources.”
  • Lisa Decristofaro stated Green was responsible for canceling her health benefits. Conversations between herself and coworkers were also illegally recorded, and then played within Rhonda Rowlette’s office.
  • Betty Hack stated that emails and phone calls were hacked and monitored so that the CEO knew if anyone contacted Lisa.

Furthermore, many lawsuits arose from former employees who weren’t receiving proper and timely paychecks. 

Outside The Office

Unfortunately, Lisa Frank couldn’t keep their controversies inside the office. The batshit business practices found their way outside the revolving doors. 

Sure there has been some minor stuff over the years, such as Lisa Frank comparing her struggles, laughably, to Michael Jackson. Or the complaints surrounding the “sexualization” of Frank’s stylized human characters. 

But I’m not here to talk about those things. Lord knows every company gets its fair share of criticism. I care more about the exploitation of other creators

That’s right, we need to discuss the Lisa Frank Hotel. 

The Cloudland Catastrophe 

Amina Mucciolo is a visual artist, designer, and online personality. She also goes by TasselFairy on YouTube. She blew up for creating this kick-ass apartment complex. 

Just taking one glance at it, you can see the absolutely stunning color, the decorative artwork, and the fun furniture. It’s not hard to understand why she went viral. 

While Mucciolo may have taken inspiration from Lisa Frank, and other colorful aesthetics, it’s clear that the apartment was her own design. A design that she poured her heart and soul into. She called it “Cloudland.” 

Amina Muccio was a black creator living in her dream apartment, with her art being recognized by millions. And I mean millions. She was featured in multiple magazines and news articles.   

It wasn’t long before Lisa Frank’s Instagram account reached out to the artist on multiple occasions. They simply shouted her out, direct messaged her, and complimented Mucciolo on her creativity. 

Seems like harmless fun, right? Well, unfortunately, this is exactly where the pleasantries end. 

In 2019 (yes, that recently!), Hotels.com announced a collaboration with Lisa Frank. It included the creation of an entire apartment dedicated to her work. When photos of this “Lisa Frank flat” were posted, many people noticed how similar the layout was to Mucciolo’s.

To make matters worse, Amina Mucciolo received notice from her landlord that she would have to vacate her apartment by October of that year.  Interestingly enough, this new Lisa Frank flat was owned by Barsala, who just so happens to be affiliated with Hotels.com. 

So, I believe we can all agree that this landlord was looking to profit from Lisa Frank’s popularity. They tried to accomplish this by evicting Mucciolo from her apartment and repurposing it for similar reasons.

Now, to be fair, it’s unclear as to whether Lisa Frank Inc. had any direct involvement in evicting this creator. All I know is that it’s eerily similar to how this business began: by exploiting and capitalizing on smaller artists. POC artists, to be precise.

A Deserted Neon Rainbow

As I’m writing this in 2022, the Lisa Frank headquarters are deserted. The once colorful walls have faded, the outside statues have decayed, and the grass has grown out of control.

Though our nostalgia may be saddened by Lisa Frank’s downward spiral, the truth is that it was a rare diamond of its time.  And, as a result of its enormous success, similar products made by independent artists are now available. Artists who are satisfied with their work, are paid fairly and are not harassed by their superiors. 

If Lisa Frank’s story teaches us anything, it’s that we should respect our employees as individuals. A positive work environment is conducive to long-term success.

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3 Comments

3 Comments

  1. Robert A

    June 14, 2022 at 7:48 pm

    Very interesting read… didn’t know all of the behind the scenes details of the Lisa Frank story until now. My mom loved her stuff back in the 1980’s. Good stuff.

  2. Tracy

    June 18, 2022 at 6:39 pm

    Love this article I remember Lisa Frank 😊

  3. Nicky

    August 20, 2022 at 4:42 pm

    Well she’s blowing up all over again. Anything Lisa Frank co-branded such as Loungefly, Crocs, phone cases, Urban Outfitters, etc all sell out within minutes. Weird that the LF company doesn’t take advantage of the resurgence of interest & strike while the iron is hot.

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Business

What’s the Deal With Elomir? Is Axis Klarity a Scam?

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Surprisingly, MLMs have become one of the most lucrative scams in recent years. But to sum it all up, its structure is only beneficial for those at the top, as they are the ones making all the money. Meanwhile, the new recruits are at the bottom, waiting for scraps.

Although various efforts have been underway to expose these pyramid schemes, many people still fall for them. It seems that the trend has never really died down, as we often see a new trend of scrappy moms and fresh-outta-college girls going ga-ga over these weird products. One of the more controversial is Elomir’s Axis Klarity.

Before this was launched, many distributors posted videos and images of themselves with photoshopped Post-its on their tongues. And of course, they were passing it off as a real product. Soon enough, the hashtag #Changetheconversation was plastered all over social media.

So, what could have gone wrong? Let’s go over the story of Axis Klarity and its parent company, Elomir.

About Axis Klarity and Elomir

axis klarity from elomir
From https://www.bellevuereporter.com/

Axis Klarity is a product created by Elomir, making a buzz in 2022. It still exists today, but seems to be operating under the radar. That said, let’s get to know it better.

If you’re familiar with those Listerine strips that dissolve on your tongue, then you’ll find this product to be similar. Only, instead of making your breath smell minty fresh, Elomir claims that it’ll improve your mood, calm your mind, and increase your cognitive abilities. How does it do this, exactly? Who the f*ck knows? Their website doesn’t explain much.

It does offer a few testimonials, mostly from women who happen to be distributors. There is one testimonial from a 13-year-old girl, claiming that Axis Klarity had helped her in school. 

There’s only one problem with that: on the bottom of their website, in tiny print, Elomir states that their flagship product is not intended for those under 18. 

Strange. But I’m sure it’s nothing, right?

Red Flags… Red Flags Everywhere!

axis klarity from elomir
From https://onlinewealthchronicles.com/

Now, here’s the deal with Axis Klarity; the ingredients are alarming.

Before Axis Kalrity’s launch date, people searched their website for an ingredient list. Here’s what’s in these “cure-all” yellow strips:

  • Curcumin Conjugate
  • NAC Conjugate
  • Thiamine Conjugate

First off, there’s really nothing here that would cause a change in mood, clarity, or any other benefits listed by their distributors. But what’s even shadier is the ingredient “NAC Conjugate.” This is an antioxidant that should be inaccessible to the general public.

So how does Axis Kalrity, an unregulated supplement, include this ingredient? It seems that the FDA is pretty lax about NAC Conjugate, despite declaring that it is not a supplement. Unless a company is promoting their NAC Conjugate as a cure-all, they don’t have to worry about the FDA busting down their door. 

Still, I personally wouldn’t take prescription drugs from an unregulated source (unless I’m trying to party). 

Okay, so we now know the product is crap. But what about their business practices?

For the longest time, Axis Klarity was in this “pre-enrollment phase”. It’s basically like preordering a game on Origin, but surprisingly shadier. Because instead of preordering products, people were signing up as future sellers. Before making any actual sales, Elomir was already making millions off recruitments alone.

But that’s not all. When Elomir finally launched their knock-off dental strips, it was a MASSIVE flop. Hundreds of orders went unfulfilled, as the number of products they had in stock couldn’t cover the number of people buying them. Still, Elomir took the money from everyone who ordered, offering no refunds. 

The company later claimed that this ordeal was due to machinery issues. But anyone with a brain could tell that they were simply unprepared.

Elomir continues to push forward, promoting Axis Klarity with flaky testimonials while their distributors and customers lack compensation for their orders. 

Conclusion

axis klarity from elomir
From https://www.bellevuereporter.com/

It’s an MLM, through and through – ‘nuff said. If you’re thinking about buying Axis Klarity or becoming a seller, just… don’t. I recommend saving your time and money by purchasing some of those Listerine strips. You’ll actually get what you pay for.

Featured image from Elomir

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Business

The Best Ways to Recession Proof Your Business

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How can you recession-proof your business?

This is a common question among business owners who are concerned about how well they will fare in an unpredictable economy.

Whether or not we’re officially in a recession, many companies are feeling the pressure—rising costs, shifting consumer habits, and ongoing market uncertainty. While no business is completely immune to downturns, there are practical strategies you can adopt to strengthen your resilience.

But what is a recession-proof company?

A recession-proof company is a business that can maintain stable revenue and demand even during economic downturns. These ventures typically offer products or services that consumers continue to need regardless of financial conditions.

In this guide, we’ll explore key ways to make your business more recession-proof and help you navigate today’s challenges with confidence.

Are We in a Recession?

30 Rock Matthew Broderick "We're not in a recession" GIF recession proof your business

The term “recession” often sparks panic, but its technical definition is more specific. A recession typically refers to two consecutive quarters of negative gross domestic product (GDP) growth.

As of 2025, many economies have shown signs of slowing down, like higher inflation, cautious consumer spending, and volatile markets. However, most experts agree we are not currently in a formal recession.

Key indicators, such as GDP growth, employment rates, and consumer demand, remain relatively stable in the U.S. and many parts of the world. Still, uncertainty looms due to persistent global conflicts, supply chain disruptions, and high borrowing costs.

Even if we’re not in a recession by definition, businesses are feeling the squeeze. That’s why preparing now and building a recession-proof business is crucial to staying strong through future economic shifts.

Will There Be a Recession?

Predicting a recession is tricky, and even seasoned economists debate its timing. While the economy may not be in a technical recession today, many experts warn that a downturn could still happen in the near future. High inflation, fluctuating interest rates, and global instability keep businesses on edge.

That’s why building a recession-proof business now is a smart move. Some industries can weather economic storms better than others. What business does well in a recession, and what sells best in a recession? If we look back at history, the ventures that thrived in the 2008 recession included:

  • Discount retailers
  • Repair services
  • Healthcare
  • Essential goods providers

These businesses focused on solving everyday problems and offering cost-effective solutions, something customers prioritize when money is tight.

On the flip side, the worst businesses to start during a recession are often those that rely on: 

  • Luxury spending
  • Large capital investments
  • Non-essential services (high-end travel, event planning, niche hobby stores, etc.)

These ventures typically struggle when consumers cut back on discretionary spending.

Even if the next recession doesn’t arrive tomorrow, building flexibility and resilience today will help you prepare for whatever comes next.

5 Ways to Recession-Proof Your Business

If you’re a business owner concerned about the economy, these 5 tips can help.

1. Find Low-Cost Solutions

Survive a recession by saving money. Brilliant, right? But this isn’t just about cutting temporary costs to weather the storm. To truly recession proof your business, you need to set up for the future.

Some businesses choose layoffs and department closures when times are tough, but this shouldn’t be your first resort. For starters, think about scaling back your operating costs. Consider migrating to cloud storage, or finding cheaper software alternatives.

For example, many businesses rely on freelancers to supplement their creative team, which can start to add up when you need a lot of designs.

Recession proof your business by turning to low-cost services like Penji
Penji’s website

You might find that you save money by switching to a subscription-based graphic design service like Penji. Check out our review to see why we recommend it. You can also sign up with our special 35% off promo code — PREP35.

2. Put People First

In a recession, you may have to scale down your business operations, and that can mean letting people go. But if you intend to survive the recession, mass layoffs may do you more harm than good.

Recession proof your business by prioritizing your people
Image by StockSnap on Pixabay

A business is made up of people, and each worker plays a role in developing your brand’s unique personality. Layoffs can sour long-term relationships, but they can also change who your company is on a fundamental level.

In a recession, some downsizing might be inevitable. But to recession proof your business, aim for transparency. Talk to employees about your difficult decisions, let them know where you’re cutting costs and what prospects may look like down the road.

3. Rethink Your Architecture

Every application has an architecture. If you produce tech, you can recession-proof your business by rethinking how you deliver it.

For example, you may consider a microservices architecture, which is sometimes less expensive than a singular (“monolithic”) setup. This considers each element of your service as its own mini-service.

For instance, an ecommerce site might use different services for accessing a user’s account, their shopping cart, and processing their payment. The user still sees one website, but under the hood, they’re accessing different services.

4. Demonstrate Your Value

Chances are, you’ve already given a lot of thought to what, exactly, your business offers. It should be at the core of all your marketing materials, your whole brand strategy.

Recession proof your business by demonstrating your business value
Image by This_is_Engineering on Pixabay

But to recession-proof your business, you’ll need to double down. It’s not just, “What can we do for you?” It’s, “Why do you need us?”

Some of the best ways to demonstrate your business’ value include:

  • Money saved
  • Life improved
  • Everyday problems solved
  • What sets you apart from competitors

5. Be Flexible

On the one hand, you want to hold onto your business fundamentals to survive a recession. Your people, your values, your product. But when something needs to change, you can’t afford to be too precious about your current processes.

Recession proof your business by being flexible
Image by expresswriters on Pixabay

Be willing to make changes, but make informed ones. Test out new messaging, new products, new pricing models. If your ads are losing ROI, it might just be a sign of the times, but it’s worth looking into different strategies that could give you a boost.

You might think that in order to recession-proof your business, you need to avoid showing signs of weakness. The fact is, the most stubborn businesses are often the first to go.

Markets change a lot during a recession. When you come out the other side, you want to be ready to meet whatever new challenges come your way.

The Lowdown

Learning how to recession-proof your business isn’t about avoiding risk but creating stability in an unstable economy

While you can’t control the economy, you can control how you prepare. Focus on cutting unnecessary costs without sacrificing your team, demonstrate clear value to your customers, and stay flexible with your strategies.

Businesses that survived the 2008 recession didn’t just hold on; they evolved. The best way forward? Start building resilience now so your business can thrive, no matter what the market throws your way.

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Business

Discover 2025’s Top 10 Online Banks for Smart Savings

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best online banks

McKinsey & Company reveals that 73 percent of bank transactions worldwide now take place online, such as in digital banks and payment systems. The increasing demand of customers for more flexible banking options is attributed to the rise in online banking channels. People prefer online banks because they offer simple tools and resources to manage their money. With this trend, online banking is here to stay. 

Best Online Banks: A Quick Guide

money and finance

Image Source: Tima Miroshnichenko from Pexels 

An online bank should cater to your financial needs like any traditional alternative. Here are a few factors to consider when choosing online banks:

Annual Percentage Yield (APY)

The annual average yield offered under each account will tell you how much interest your money will earn. When comparing online banks, consider one that offers competitive rates across all of its deposit accounts. 

Products and Services

Some online banks offer a complete package of banking products, including checking, savings, certificates of deposit (CDs), and money market accounts. They also offer loans and credit cards. So, look at the products and services offered by online banks before making a decision. You may also combine the services of an online bank with a traditional brick-and-mortar bank. 

Account Access

Typically, online banks offer 24/7 access to your account through their website or app. However, you should also consider how the bank handles deposits and withdrawals. It is crucial to know the restrictions, if any, on transfers, the limitations on withdrawals, and whether the bank accepts free cash deposits. 

ATM Network

An ATM network is essential if you frequently withdraw or deposit cash. An extensive ATM network will help you avoid transaction fees. If the bank is not associated with a large ATM network, you should look for one that will reimburse out-of-network ATM fees.  

Digital Tools

The best online banks offer innovative digital tools to help you accomplish financial goals. For example, Ally will help you organize your savings goals with savings buckets and analyze your spending habits to safely transfer available funds from your checking to your savings account.

Fees

You should avoid any bank, online or otherwise, that charges monthly fees or has extensive requirements to avoid them. Many online banks offer no-fee deposit accounts, require a low or $0 initial deposit to open the account, and don’t need a minimum balance to avoid maintenance fees. However, make sure you know whether the bank charges excessive withdrawal fees, paper statement fees, or fees for other services that you may want to use regularly.

Customer Service

Since you won’t have access to in-person customer service with an online bank, determine how you can contact a customer service representative if needed. Most online banks offer telephone support, live chats, or assistance via email. Some online banks also offer access to live support via extended hours or 24/7.

10 Top-Performing Online Banks

person counting money

1. Alliant Credit Union

Alliant Credit Union is an NCUA-insured online credit union offering members competitive deposit account rates and minimal fees. Most accounts don’t charge maintenance fees, but these can be waived if you sign up for e-statements. Membership is available for current or former employees of Alliant’s partner businesses in the US. You can also become an Alliant Credit Union Foundation digital inclusion advocate to become eligible for membership. Signing up costs $5, but Alliant will pay the one-time fee on your behalf. 

Alliant’s certificates earn solid APYs, with terms ranging from one year to five years. Its savings account earns a respectable yield of 3.10% APY on balances of $100 or more, but there are plenty of higher-yielding savings accounts with APYs over 5%. We like that Alliant’s High-Rate Checking account pays a better yield than other checking accounts and doesn’t require a minimum balance or charge service fees.

2. Varo Bank

Varo offers checking and savings accounts but doesn’t offer deposit certificates. Savings account comes with an APY starting at 2.50%. That rate becomes 5.00% for the first $5,000 if a customer meets the monthly requirements of the bank.

Cash deposits have limits and fees, and Varo customers can only deposit cash at a 3rd party retailer that joins the Green Dot network, including CVS, 7-Eleven, or Walgreens. On the other hand, cash withdrawals can be made through an ATM in the Allpoint network for free.

3. Ally Bank

Established in 2009, Ally Bank is full-service online bank that offers competitive rates on all deposit accounts. Customers can enjoy the highest rates for all balances, regardless of tier. Overall, the high APYs, minimal fees, and reliable customer service support makes Ally an excellent banking solution for millenials who want better savings and retirement plans.

4. Discover Bank

Discover Bank offers deposit accounts, credit cards, personal loans, and student loans. We like that Discover offers deposit accounts, such as CDs, savings, and a money market account, at competitive rates with no fees. While its $2,500 minimum deposit requirement for its CDs is steep, there is no minimum deposit required to open and maintain a savings, money market, or checking account.

5. Laurel Road 

Laurel Road, powered by KeyBank, helps healthcare and business professionals achieve their financial goals. They offer student loan refinancing, mortgages, personal loans, credit card, and specialized savings accounts. Laurel Road also offer Loyalty Checking with a low APY. New customers can earn a sign-up and monthly bonus with qualifying direct deposits. In addition, both savings account and checking account has no monthly free or minimum balance requirement.

6. Capital One

capital one logo

Capital One offers an above-average 3.80% APY on its savings account, strong rates on its certificates of deposit, and 0.10% APY on all checking balances. All accounts are free, and customers can access over 70,000 free ATMs.

7. American Express National Bank

This bank offer High Yield Savings Account with a 3.80 APY. Likewise, certifcate deposits (CDs) have competitive rate and there is no minimum opening deposit. You don’t have to worry in case you encounter banking-related issues because American Express National Bank has 24/7 phone support and online chat support.

8. Marcus by Goldman Sachs

Launched in 2016, Marcus is the online-only banking arm of Goldman Sachs, one of the 15 largest banks in the US. The bank’s savings accounts and CDs offer competitive yields and no monthly maintenance fees.

While some online banks offer no minimum deposit requirement to open an account, Marcus requires a $500 deposit to get started with a CD. There’s no minimum deposit requirement for its high-yield savings account. Marcus doesn’t offer a checking account or money market account.

9. My Banking Direct

My Banking Direct is the online-only arm of Flagstar Bank, N.A., which New York Community Bancorp owns. The bank is a lean financial service that offers only savings, checking, and a five-month CD term. The APYs on its savings account and CD are among the best available today.

In addition, the bank doesn’t charge monthly or overdraft fees and provides surcharge-free ATM access through a 55,000 Allpoint and Presto network. To open a savings account, you must deposit $500. Checking accounts can be opened with just $1. During the week, you can access extended customer service hours until 8 p.m. ET and 2 p.m. ET on Sundays.

10. SoFi

SoFi (short for Social Finance) was the brainchild of Stanford Graduate School of Business students who created an alumni-funded lending source initially focused on refinancing student loans. Since then, SoFi has expanded into a variety of loan categories and now offers online checking and savings accounts.

Conclusion 

Online banks lets manage your money and account via a website, mobile device, or app. Also, online banks generally offer higher interest rates and fewer fees than traditional banks. You should remember that while technology makes everything accessible, online banks also have some limitations. For instance, online-only or internet-only banks lack in-person interaction. However, if you are comfortable managing your money online, online banks are a convenient and low-cost option.

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