Family banking used to be reserved for the elite, but now, a new fintech startup called Crew is bringing new meaning to this term. Crew is a family banking app that provides your entire family with high-yield checking and savings accounts. 

If you've been researching different debit cards and allowance platforms for your kids, Crew is a new company that’s bringing something unique to the marketplace.

What is Family Banking?

The CEO of Crew, Gentry Davies, describes family banking as a new concept. Another name for family banking, he says, is multiplayer banking. Essentially, this type of banking enables families to have a joint bank account between parents and kids.

Davies created the concept based on his own frustrations with typical banking institutions. He noticed that many parents didn’t have an easy way to send money to their children. Additionally, traditional banks have outdated, cumbersome processes for opening accounts that aren’t conducive to today’s lifestyle.

Davies realized there was an opportunity to provide a much more flexible bank account that would enable families to bank together in a way that was organized, accessible, and provided a high-yield account return.

In January 2024, Crew officially launched after raising $2.5 million in pre-seed investment funds led by Kickstart Seed Fund. Davies brought on his former colleague at Divvy, Steve Domino, to be his co-founder and the Head of Engineering.

Together, the Crew team is on a mission to provide all the banking services a family needs within one beautifully designed app.

How Crew Is Making Family Banking Easier

Crew is making family banking easier in many ways.

High Yield Savings

Several companies cater to families wanting to teach their kids about money. However, because Crew offers accounts that currently earn 3.7% APY to all family members (without fees), they offer something the others don't. Crew combines checking and savings accounts in one so there's no need to transfer or worry about getting a lower interest rate on your checking.

Online Experience

Another thing that sets Crew apart is that you can bank completely online and set up accounts remotely. Most traditional banks, especially banks that cater to families, are cumbersome to use at best. Many of them require you to set up accounts in person. Families today want a more convenient option, and Crew provides that.

Debit Cards And Dashboard For Kids

With Crew, kids get their own debit cards, and each family member who logs onto the account sees their dashboard. Allowing kids to use their own accounts and debit cards helps to teach them about money. 

Easy Transfer Of Money Within The Family

You can use the accounts to transfer their allowance money from doing chores, birthday cash, and more. Kids can even deposit their own money that they earn from working different jobs. All of this empowers kids to manage their own finances. With help from parents, kids can start learning how to spend, save, and give in a way that’s meaningful to them.

It's Free

With Crew, it's free to set up an account for parents and kids. Everyone in your family gets their own debit card. Again, many competitors charge parents monthly usage fees and debit card fees to set up accounts for kids. However, with Crew, it is all included as part of their family banking system. 

Crew Family Banking Reviews

Crew is a new company, but there are currently 70 ratings on the Apple store, averaging 4.8/5 stars. One review says, “The interface is simple and intuitive, just great!” Another says, “This is a great app with an incredibly smooth onboarding process.”

Additionally, the reviews mention that the customers didn’t want to pay the fees competitors charged and that Crew offered “really common-sense features” they didn’t know they needed.

Frequently Asked Questions Around Family Banking With Crew

Here are some frequently asked questions about using Crew for your family’s banking needs.

Is Crew a bank?

No, Crew is not a bank. It is a fintech platform that enables families to bank together. However, Crew does partner with a bank to provide accounts for their customers.

Is Crew FDIC Insured?

Yes, deposits that families make with Crew are FDIC-insured.

What is the interest rate with Crew?

The Crew interest rate for all accounts is currently 3.7% APY. Keep in mind, interest rates are based on the overall market and can change at any time.

Where is Crew based?

The Crew team is based in Lehi, Utah. However, because Crew is a financial technology company offering digital banking services, customers across the country can set up an account with Crew.

What is Crew's relationship with Bangor Savings Bank?

Crew works in partnership with Bangor Savings Bank. This bank's infrastructure allows Crew to offer FDIC-insured bank accounts.

Can I withdraw physical cash from my Crew bank account?

Yes, you can use your Crew Mastercard in the Mastercard, Maestro or Cirrus networks. Crew even offers reimbursements on ATM fees (up to 20 per year.)

Does Crew have good customer service?

Yes, Crew has excellent customer service, including an in-app chat option. You can also send their support team an email at [email protected].

Final Thoughts On Family Banking With Crew

Crew is a financial services company offering something new to the marketplace. While many competitors offer products that help kids learn how to manage their own money, Crew is disrupting the industry by offering family banking. 

Family banking is a multiplayer banking experience that allows parents and kids to easily manage an account together. Crew is especially focused on having a beautiful, easy-to-use app experience that helps families manage money in a convenient and simple way. 

Because Crew does not charge any fees and offers a competitive 3.7% APY interest rate on its accounts, it is a current standout in the marketplace and something families should consider for their banking needs.

Learn more about Crew here and see how you can earn an extra 0.5% APY for 3 months.

---