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Ando

Earn up to 5% APY on savings and get 1.5% cash back on debit purchases while fighting climate change.

Ando is an online-only B Corp bank that embraces transparency and aims to make banking a revolutionary, customer-facing force for good. With unlimited 1.5% cashback on every debit card purchase and up to 5.00% APY, if you qualify, the bank also provides a compelling financial reason to make the switch.

Let's take a look at Ando's account features, along with some reasons you may want to sign up or pass.

Who is Ando?


Ando was founded by JP McNeill and launched in January 2021. Before starting Ando, McNeill was the Founder and CEO of Renovate America, a lender focused on energy-saving home improvements. Unfortunately, some of Renovate America's contractors were the subject of FBI investigations and the firm ultimately filed for bankruptcy in 2020.

Ando's banking services are provided by Community Federal Savings Bank, Member FDIC, meaning that all deposits are federally insured. The company offers checking and savings accounts with no monthly fees or minimum balance requirements. They also provide bill pay, checks, and ATM access through the MoneyPass network.

Some of the most notable features include:

  • Deposits are put to work helping the environment.
  • 1.5% cashback on all debit card transactions.
  • Up to 5.00% APY on savings accounts, if you qualify.
  • 37,000 free in-network ATMs nationwide.
  • Impact Center dashboard shows where your money is invested.
  • Round up your debit purchases to donate to climate charities.
  • FDIC insurance up to $250,000.
  • Zero-liability policy for unauthorized debit card purchases.

Why you might sign up


Ando invests your deposits into five high-level impact areas and more than 30 initiatives fighting climate change. By comparison, Aspiration and some other banks invest in ESG-friendly companies that aren't necessarily actively fighting climate change. The Impact Center also shows you exactly where your money is invested.

Aside from the environmental benefits, Ando provides some of the most compelling benefits among sustainable banks (seen above). You also access unique features like sending a check via their app—no checkbook, signature, or postage required—or sending money in real-time through the app to friends—without any extra transaction fees.

Why you might pass


Ando is the new kid on the block after launching in January 2021, meaning that it's still facing some growing pains. While the app has four stars on the App Store with 94 reviews, some negative reviews suggest struggles with customer service, limits for larger deposits (e.g., > $20,000), and some issues with deposit times and other features.

Ando also doesn't provide the instant gratification you get from planting a tree with each purchase (like Tree Card) or offsetting your gas purchases (like Aspiration). Instead, it's more like a retirement account where your impact builds up over time. The effect may be the same or greater, but some people prefer the instant gratification of trees and carbon offsets.

The bottom line


Ando earns four stars for its active investment in climate solutions as well as its attractive financial 1.5% cashback and up to 5.00% APY. While it has a limited track record, the $250,000 in FDIC insurance guarantees that you won't lose money, although there could be some hiccups with its mobile app and customer service.

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Dec 08, 2022

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Asset Class

Cash

Impact Focus

Renewable Energy

Tags

savings climate

Highlights

  • Deposits support green initiatives rather than funding fossil fuel projects.
  • See exactly where your money is allocated and the impact you're having on the environment.