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Albert Review 2022

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Katy Ward
Katy Ward
May. 03, 20214 min read

Albert summary

Founded in 2015, Albert is a financial services app that enables you to combine saving and budgeting into a single platform. There is no minimum deposit requirement to open an account, and all funds are insured up to $250,000 through federally backed FDIC protection. Although the app is free to download, you can also upgrade to a Genius subscription, which will provide you with access to tailored financial help for between $6 and $16 per month.

Pros

  • Free to sign up
  • Automatically puts money into savings
  • Deposits insured up to $250,000 through FDIC insurance

Cons

  • 24/7 support not available
  • Phone support not available
Albertat a glance
4.6

Editorial score

Fees?

Most products are fee free

4.0

Security

FDIC insured, SSL/AES encription and supports 2 factor and biometric authentication

5.0

Customer service

Early morning, evening and weekend service with multiple communication options and a dedicated fraud team

4.0

Online experience

Excellent user friendly site with transparency of rates and full online banking capabilities

5.0

Mobile experience

Excellent mobile app with all mobile banking features enabled, including digital check deposits

5.0

Albert Albert Visit Albert

Advantages Over Traditional Banks

As an app-based solution, Albert offers easier account management than many traditional banks. Its Overview feature allows you to see all the information about your finances in one place. This includes: 

  • Spending broken down by category
  • Savings activity
  • Any subscriptions you may not be using
  • Hidden charges for any of your bills

This can allow you to plan your budget more effectively for the coming weeks, months, or years.  

Albert also charges lower fees than many of its traditional bank rivals, including no annual fees or direct-deposit charges.

Cutting-Edge Banking Services

By analyzing your income and expenditure, Albert’s Smart Savings feature can identify areas of savings for you.

Link an external checking account to your Albert app, and, when it has identified a potential saving, Albert’s algorithm will transfer this money from your checking account into your Albert digital wallet. If you later need access to this money, you can transfer it back to your checking account with no fees. You can choose to save a predetermined sum on a weekly, twice monthly, or monthly basis on top of this.

Rather than charging overdraft fees, the Albert app allows you to borrow up to $250 if cash flow is tight. This service is interest-free and doesn’t require a credit check. Albert will deduct the amount you’ve borrowed from your next paycheck before it’s deposited into your account.  

And, if you set up a direct deposit to have your paycheck paid into your account, you may receive your money up to 2 days early.

Traditional Banking Services 

In addition to its cutting-edge model, Albert has retained a number of the more useful features of traditional banking. 

You can, for example, use your Albert cash debit card to withdraw funds at more than 55,000 ATMs in the AllPoint network.

You can also earn between 5% and 20% cash back on purchases made on your Albert card at participating retailers such as McDonalds, Walmart, and Starbucks. This money will typically be deposited into your account within 3 business days.

Albert also offers a refer-a-friend bonus, which could allow you to both receive $150.

As your Albert cash debit card is part of the MasterCard network, you’ll also receive benefits such as the following.

  • ID theft protection: identity and credit monitoring alerts 24/7
  • Extended warranties: doubling the length of a manufacturer’s warranty by up to 2 years
  • Purchase assurance: up to $1,000 per claim
  • Cellular wireless telephone protection: covers the cost of repair or replacement on phones associated with your Albert account up to $200 (up to 2 claims per year)
  • Identity theft reimbursement: covers costs such as attorneys’ fees, court costs, lost wages, and notarization costs up to $2,500

Interest Rates and Fees

If you open an account you won’t pay any fees for monthly usage, card purchase, or direct deposits. The following will apply.

Savings bonus0.1% annual bonus (increases to 0.25% with Genius)
Genius subscriptionBetween $6 and $16 per month (pay what you think is fair)
ATM feeAllPoint network: $0
Out-of-network: $2.50
Cash advance fees
  • Advance to Albert card with direct deposit: $0
  • ACH transfer: $0
  • Instant delivery to Albert account: $3.99.
  • Standard delivery to bank account in under 10 minutes: $6.99
Foreign currency fee$0 through Albert (third party fees may apply)

Albert is currently offering $75 to customers who open an account and connect a qualifying direct deposit.

Customer Service and Online Experience

You can contact the company by email, text, or in-app messaging. When we contacted Albert over email, we received an extremely detailed response within 10 minutes.

Customer service hours are Monday to Friday, 6am-6pm (PT), and Saturday and Sunday, 9am-6pm.

If you upgrade to the Genius service, you’ll also have access to Albert’s financial advisors. Available via text, they can provide tailored financial guidance, which includes helping you build a portfolio of stocks from as little as $1.

Mobile App

To access any of the features described in this review, you’ll need to download Albert’s app from the Apple Store or Google Play. Alternatively, you can enter your cell number into the website and receive details of the app via text. 

Once the app is installed, you can:

  • Get direct deposits
  • View your overall financial health
  • Receive guided investment guidance from the Genius team
  • Deposit checks via mobile phone

Security 

With a dedicated fraud team, Albert offers a number of features to protect your data and your money. These include:

  • Password/username protection
  • Notification of unusual activity
  • Two-factor authentication
  • PIN code access 
  • Biometric logins
  • Protection of funds up to $250,000 through FDIC program

All your account and personal information is encrypted using a secure sockets layer (SSL), which offers the same level of security as all major banks.

There is also an extremely detailed privacy policyy on Albert’s website.

Summary

If you’re searching for a tech-friendly way to get your finances in order, Albert could be right for you. Its free-to-download app makes it easy to budget effectively and save money. In addition, upgrading to Genius could provide you with guidance tailored to your circumstances. Although Albert doesn’t offer phone support, this may not be an issue if you prefer digital money management.

Methodology

This review was compiled by using information on Albert’s website and provided by its customer service team.

Albert Albert Visit Albert

Katy Ward
Written byKaty Ward

Oxford graduate Katy Ward is a seasoned journalist and editor covering personal finance and software topics for Eleven Writing and Top10. Over a 15-year career, Katy has worked with several finance titans, including Barclays, Tandem Bank, and Yahoo! Finance. She writes for BestMoney and enjoys helping readers make sense of the options on the market.‎

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  • author
    Nizar Nassar
    May 15, 2022
    Horrible customer care

    Horrible customer care. I filed a dispute for "goods or services not received" and they closed my account. Wouldn't even file the dispute even though it was a valid claim and I have all the evidence to prove it. Also, they still have not provided me with the documents which led to their decision, which is required by law for them to do so. So not only do they not care about customers, but they willingly break the law. I will be seeking legal action against this company. Your money is not in safe hands with this institution. I had my Albert account for 5 years and they closed it the first time I file a legitimate dispute. Not right at all!

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  • author
    Jody
    May 15, 2022
    Falsely claimed that I approved funds from my bank. App is deceitful

    I wish I would have read these reviews before downloading. The app forces you to approve withdrawels from your back account. You cannot opt out or navigate backwards to avoid clicking the approval button. I was very careful not to hit it, and I got an email saying that I approved having anywhere from $1 to $100 removed from my bank account PER WEEK, based on what THEY THINK I CAN AFFORD. That's ludicrous, and I wouldn't think legal. Avoid this app

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  • author
    Ericka Bell
    May 07, 2022
    If I could give this app 0 stars

    If I could give this app 0 stars, then I would. I have money missing from my account, and I have tried contacting them in every way possible to get my money back. Then, when you qualify for an advance, they make up some lie that says you don't qualify. I will be taking this app to court over my missing money, and I am going to scream it from the rooftops to everyone not to use this app

    ...

  • author
    Julie
    Apr 13, 2022
    I set up an account just to tide me…

    I set up an account just to tide me over a bit . Paid it back then I noticed $37 withdrawn from my account I inquired about it and saw it withdrew it into a “rainy day fund “ which I didn’t set up then when I tried to transfer it back into my account they are saying it takes 6 business days ?!!! Excuse me ??!! How ? The money isn’t pending in my account and on the app it’s saying there’s $37 but I can’t get my money back !! The worst after I hopefully get it back I’m deleting it . Such a scam lesson learned .

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  • author
    Ryan
    Apr 09, 2022
    Has to be the Biggest POS financial…

    Has to be the Biggest POS financial institution in North America. What an absolute let down, and with no one, and I mean No one to talk with.... If you have issues you are SOL. I advise anyone to stay away from this place.

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  • author
    Michi Blake
    Dec 30, 2021
    I NEEDED EMERGENCY FUNDS TO HOLD ME…

    I NEEDED EMERGENCY FUNDS TO HOLD ME OVER TILL MY PAYDAY, I FOUND THIS APP AND IT STATED YOU CAN GET ADVANCES UP TO $250. SO I DOWNLOADED THE APP AND ANSWERED THIER QUESTIONS AND LINKED MY BANK ACCOUNT, THEN AFTER SETTING THE ACCOUNT UP, I BEGAN TO REALIZE THAT THEY ARE FORCING CUSTOMERS TO PAY A SUBSCRIBTION FOR TOOLS THAT I DID NOT NEED, WHEN I GET THOSE SAME TOOLS AND TRICKS FOR FREE THRU MY BANK AND JOB, WHEN THEY GAVE ME AN AMOUNT I KNEW THAT THIS APP WAS A SCAM!!!! THEY USE A HORRIBLE SOFEWARE TO MAKE THEIR DECISION OF HOW MUCH THE ADVANCE WILL BE. YOU LINK YOUR BANK INFORMATION UP AND THE SOFTWARE ANALYZE ALL THE WRONG THINGS INSTEAD OF ANALYZING THE DIRECT DESPOSITS THAT APPEARS IN YOUR ACCOUNT, YOU CAN BRING IN 4 THOUSAND A MONTH AND THIER SOFTWARE WILL STILL ANALYZE ANY THING OTHER THEN WHAT IT SUPPOSE TO. IT ANALYZE "YOUR FINANCIAL HEALTH" BUT WHAT THIS COMPANY FAILS TO UNDERSTAND IS A LOT OF PEOPLE COME LOOKING TO GET EMERGENCY FUNDS FOR EMERGENCIES, NO ONE IS INTERESTED IN ALL THIS EXTRA STUFF THIS COMPANY IS OFFERING! IM SURE THAT ALOT OF PEOPLE USE IT BUT ALOT OF US DONT!! SO THE APP APPROVED ME FOR 35 DOLLARS!!!! 35 DOLLARS WITH THE INCOME I BRING IN!! I BORROWED THE 35 DOLLARS AND TO MY DISMAY THE APP WILL NOT ALLOW YOU TO PAY THE LOAN BACK WHEN YOU WANT TO, SO IF IM TRYING TO PAY EARLY THE APP WONT ALLOW YOU, PLUS THAT HORRIBLE SOFEWARE THAT THEY ARE USING IS DELAYED HORRIBLY (PROOF OF THIS HAS ALSO BEEN ATTACHED) SO A 35 ADVANCE PLUS INTEREST PLUS A 6.99M FEE PLUS ANOTHER 8 DOLLARS FOR JUST 35!!!!! SERIOUSLY!!! PLUS REACHING OUT TO CUSTOMER SERVICE IS A HORRBLE THING AS WELL, YOU GET A LINK TO CLICK ON AND WHEN YOU DO IT SAYS "OOPS THE PAGE YOU LOOKING FOR DOES NOT EXIST" LIKE UMMM WHAT??!?!?, THE PROCESSING TO GET THE MONEY TAKES EXCESSIVELY TO LONG AND ALL YOU GET IS THE SAME LAME EXCUSE OVER AND OVER, SO ALL I WANT TO DO IS PAY THE REMAINING OF THIS ADVANCE I WANT ALL OTHER FEES REFUNDED!! I CANCELED THE SUBSCRIPTION, AND IM DONE WITH ALBERT!!!

    ...

  • author
    Helena
    Nov 05, 2021
    Non-existent customer service

    Non-existent customer service. The support number you are supposed to text does not respond and I have yet to receive an answer from their support email. Really unacceptable to think people will trust this app with their money when you can't reach anyone! Will be moving my money elsewhere and deleting

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  • author
    Nate D.
    Nov 05, 2021
    Simply awful

    Simply awful. There's no customer support. They say they're "humans, not bots" but at least a bot would be able to reply. If you have an issue, the is no phone number to call. Fraud on the account? Good luck getting your money back. Paycheck locked as "pending"? Good luck trying to pay bills. Sucks that the app is actually kinda nice, but if there's no Support, I absolutely will not trust them with my money.

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  • author
    naynay bourne
    Sep 27, 2019
    do not trust this app

    This is meant to be a app to help with saving and finances. It completely sucks. The “geniuses” don’t answer you text back. Nor does it calculate your expenses correctly. I was also charged a yearly membership fee even though I had requested my account to be closed 2 weeks into trying the app. This request was made over a year ago.

    ...

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