Are you tired of earning little to no interest on your cash savings?
With an NEA Smart Money Account you can earn greater returns on your money without credit checks or monthly fees.
how it helps
Maximize your money with investment-level returns that you can save or spend right away. No waiting periods or early withdrawal penalties.
With full-featured digital banking, you can pay with your NEA Smart Money debit card and bank through the app, ATMs and online.
Pay your bills, set aside money for goals and invest for a better future all at once.
This program is only available through partnerships with organizations such as the NEA.
Make your money work harder for you! As an NEA member, you have exclusive access to a low risk and high reward alternative to traditional checking and savings.
How It Works
What is the NEA Smart Money Account?
The NEA Smart Money Account is an integrated banking, investment, and payments account—noting you have the option but no obligation to invest. The NEA Smart Money Account provides immediate access to both your Federally Insured Account and investment accounts to create a unique, optimal form of cash management that empowers you to earn far greater returns on your money than the average bank account provides.
The traditional bank model invests your money and keeps the investment returns. The NEA Smart Money Account is simple but different: you invest your money—and you keep the investment returns. Your money generates wealth, and the NEA thinks you should keep it.
There are no monthly services fees, overdraft fees or NSF fees. Plus no credit checks are required. Please refer to the fee schedule below for additional details.
|Card purchase||$0||There is no card purchase fee.|
|Monthly fee||$0||There is no monthly fee.|
|Direct deposit||$0||There is no fee for Direct Deposits.|
|Cash reload||N/A||Cash reloads are not permitted.|
|Bill payment (regular delivery)||$0||Bill pay is available when you log in to your account or using the NEA Smart Money Account mobile app. Regular bill pay transactions will be completed within 3 Business Days for electronic payments and within approximately 7 days if we have to mail a paper check to your bill.|
|ATM withdrawal (in-network)||$0||“In-network” refers to Allpoint ATM Network. Locations can be found at www.allpointnetwork.com. There is no fee for withdrawals at Allpoint ATMs.|
|ATM withdrawal (out-of-network)||$2.50||“Out-of-network” refers to all the ATMs outside of the Allpoint ATM Network. You may be charged a fee by the ATM operator, even if you do not complete a transaction.|
|Customer service (automated)||$0||No fee for calling our automated customer service line, including for balance inquiries.|
|Customer service (live agent)||$0||No fee for calling a live agent.|
|ATM balance inquiry (in-network)||$0||“In-network” refers to the Allpoint ATM Network. Locations can be found at www.allpointnetwork.com.|
|ATM balance inquiry (out-of-network)||$0||“Out-of-network” refers to all the ATMs outside of the Allpoint ATM Network. You may be charged a fee by the ATM operator.|
|Teller Cash Withdrawal||$3||Teller cash refers to cash withdrawals done at a teller at a bank branch.|
|Using your card outside the U.S.|
|International transaction||3%||Of the U.S. dollar amount of each transaction.|
|International ATM withdrawal||$3.50||You may be charged a fee by the ATM operator, even if you do not complete a transaction.|
|International ATM balance||$0||You may be charged a fee by the ATM operator.|
|Inactivity||$0||There is no inactivity fee for the card.|
|Lost/Stolen card replacement fee||$10||If your card is lost or stolen, please contact us at 1 (844) 333-3102 and we will reissue your card. A card replacement fee will be debited from your account.|
|Expedited delivery of lost/stolen card replacement||$25||This fee is in addition to the Lost/Stolen card replacement fee.|
The NEA Smart Money Card uses patent-pending technology developed by the NEA’s partner, Investor Cash Management (ICM). A Smart Money Card is a debit card linked to both a Federally Insured Account and investment accounts linked to specific securities, such as ultrashort and short duration bond funds (for example mutual funds and/or ETFs (Exchange Traded Funds, which are collections of securities)). Accordingly, the NEA Smart Money Card provides you immediate access to both your FDIC and invested funds for routine debit card spending—all at no cost to you. You get both the convenience of a debit card and may receive significantly greater returns on your money.
Your funds in the Federally Insured Account are insured by the Federal Deposit Insurance Corporation (FDIC). The Federally Insured Account pays a higher rate than the average checking or savings account.
Your accounts are linked to a Federally Insured Account and—only if you choose to invest—a brokerage account linked to specific investments such as ultrashort and/or short bond funds. The funds in your Federally Insured Account are federally insured. The funds in your investment accounts are invested and therefore are subject to market fluctuations; there is a risk of loss and these funds are not federally insured. Your first account is intended for funds that you plan to use for routine expenses, such as groceries, gas, utility bills, and mortgage payments. Your second account is suited for funds you can invest for 6-12 months. Your third account is suited for funds you can invest for 12+ months. You can access or transfer funds whenever you like and in the amount you choose without paying penalties or fees. You determine how much to put into each account depending on your spending and investing needs. You can access all of your funds in the event of an unexpected expense.
Why use the NEA Smart Money Account?
The NEA Smart Money Account empowers you to optimally manage your cash. Rather than leaving your money in no/low interest bank checking and savings accounts, the NEA Smart Money Account enables you to optimize your returns on your cash. Multiple accounts provide flexibility to move money among a Federally Insured Account and investment accounts.
A traditional bank benefits from paying you little to no interest on your money, and then lending that money at a higher interest rate: the bank makes a profit off your money. By contrast, the NEA Smart Money Account enables you to place your money in a Federally Insured Account and investment products, and you keep the higher returns.
How does the NEA Smart Money Account work?
You use your NEA Smart Money Account in the same way as a traditional bank. You can transact via your Smart Money Card, ATM, online bill pay, peer-to-peer transfers, and ACH payments. In all cases, you have immediate access to your funds.
You fund your NEA Smart Money Account in the same way as a traditional bank account: direct deposit, bank transfer, or wire transfer. Bank transfers are capped at $3,000 per transfer. Direct deposit and wire transfers are limited to $30,000 per transfer. Refer to the instructions in your app for direct deposit and wire transfers.
After you complete enrollment, you can expect your card to arrive in approximately 7 business days.
Protecting your account information and privacy are the NEA’s priorities. The NEA Smart Money Account uses fraud prevention tools to help us verify your identity, which ensures that only you have access to your account. Furthermore, the NEA Smart Money Account also uses advanced encryption technologies to guard the information sent between you and ICM.
The NEA works with ICM to offer Visa Smart Money Cards issued by Sutton Bank. NEA Smart Money Account investments are managed by SEC-registered asset managers.
Funds held in your Federally Insured Account are insured by the FDIC. Funds swept into your investment accounts are not federally insured.
Only those funds in the investment accounts are invested.
There is no cost to you of placing funds into or taking funds out of the investment accounts.
Yes: all securities have a risk of loss; however, funds held in your Federally Insured Account are guaranteed against loss.
Your transferred funds will be available within 2-4 business days to accommodate the settlement of securities. Your funds will be reflected in your total balance but not in your available balance. Wires will become available on the day that we receive the funds.
Yes. When you pay at the pump with your card, the gas station may place a hold of $100 or more on your funds. The hold typically expires in less than 24 hours.
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