Review Review [Pros, Cons, & Pricing 2022]

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Are you tired of all of the fees that come with traditional bank accounts? Are you plain fed up with your money not working for you?  If the answer to these questions is yes, then Eco may just be the answer you have been looking for. Eco is an alternative to traditional banking institutions. The Eco platform was developed recognizing that people were looking for more choices when it comes to managing their money than what traditional financial institutions currently offer. Over time, Eco has become a go-to place where customers can send, spend, and save their money. Overall, it is a highly convenient platform for consumers that are looking for an all-in-one option.

Here is everything you need to know about Eco, so you can determine whether or not this platform is a good fit for you.

Onto our review!

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Cryptohopper: Cryptohopper offers a powerful, world-class AI-powered crypto trading bot. Pros and Cons

Before we dive too deep into Eco and how it works, here are the key pros and cons you should definitely consider.


  • 2.5% APY – This is a much higher rate than you find at most banks, which are typically less than 1% APY. This is the interest that is accruing on the money sitting in your account. With an APY this high, Eco really helps to make your money work for you. Then it works to benefit the consumers instead of giving them the run around those banks usually do. 
  • Bill Pay – Eco partners with Papaya to help consumers pay bills through the platform. This is an advantage that many traditional bank accounts do not offer and brings more convenience to the app and its users.
  • No Fees – The average American has to pay over $300 in banking fees. This can become very stressful for the client. They often look for alternatives to the banks with fees. At Eco, there are no fees so that the client will never have to worry. 
  • 5% Cashback – Eco is able to provide users this great feature because the sale goes between the consumer and the merchant. At traditional banks, the transactions typically go through the middlemen, which generally adds 3% or more cost to the overall process. This makes it nearly impossible for traditional financial institution to match what Eco offers, since the platform works to drop the middlemen and then invests that money back into you. 


  • Not FDIC Insured – Unlike many traditional financial institutions, Eco is not FDIC insured. While that can be a drawback, many other types of financial accounts do not offer FDIC insurance protections either. Overall, as a consumer you will need to consider your risk tolerance when it comes to opening an Eco account.  
  • No Bank Account – Everything is connected through the card that the consumer receives. They receive this card when opening up an account. Unlike a bank account, it is hard to open up new accounts or loans with an Eco account.
  • Crypto Dependent – The cashback that Eco offers is connected to cryptocurrency investors. It is important to note that the crypto market is fluctuant. It can make users who are considering opening an account a bit wary when it comes to Eco. 
  • Small Operations – Since Eco is a relative upstart in the financial services industry, it is hard to tell which direction that it will move. People who are interested in a more established platform to use for their financial services may want to look elsewhere if newness makes you nervous.

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About Eco

Eco is described as “not a bank, checking account, or a credit card.” Instead, Eco is both an amalgamation and an alternative to all these things. It lets its users spend, send, save, and make money with their Eco accounts. The platform’s vision is to make it an all-in-one service for its users, so consumers can do everything they need in one place. They are all about making the product better for the users and helping people cut down on the need to have multiple financial accounts.

Eco does this by guaranteeing 2.5% cashback on the balance that is in the account. When making a purchase, the user also receives 5% cashback. It is designed so that it cuts out the middlemen in this scenario, as described in the Pros and Cons section above. By cutting out the middlemen, Eco is able to cut its own transaction fees and give that cash right back to the customers. 

The platform has also set up a feature called Bill Pay. They have that set up with Papaya that enables users to pay bills through them. This lets users pay for their utility bills, water bills, rent, mortgage, and any other bills that might come up. It is all about convenience for the end-user. 

Key Features of Eco

  • Eco App – The innovative Eco mobile app is designed to show the current balance in the account. The amount of cashback that the consumer has received will also show up. It also shows any other information that the consumer may have. It is a helpful tool.
  • Eco Points – These points are a fun way to spend and save money. There are currently researching what can be done with these points. For now, it is a fun way to see how savvy the consumer is. 
  • Eco card – This card is comparable to a debit or credit card. It can be used anywhere and is a Mastercard that is globally accepted. It is currently a digital card but will soon be transitioned into a physical card. 
  • Bill Pay – Eco has made it easy to pay for bills with their card. All bills can be paid through this and through their partner, the financial services company Papaya. It can be navigated through the app and site. Then the site will send the consumer an email once it has been sent and then once it has been received. 

How Eco Works

Eco is an alternative to traditional bank setups. Once the consumer opens up an account with Eco, they are given a digital card. They are able to use it at any of their favorite merchants that take MasterCard. Once they are a member of the institution, they are given cashback on the money that is sitting in their account. They receive this on the money that they spend with each transaction.

The main focus of this new financial technology product. This makes sure that the consumers get the most out of their money. They are doing this with their cashback offers while making sure that the app is set up in a convenient way. Eco is making their money work for them rather than sitting in a bank account accumulating less than 1% APY. 

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  • Savings Accounts – The biggest alternative to Eco are still those traditional bank savings accounts that most of us grew up with. This is what most consumers are trying to move away from as they realize that their money sits there. The bank tends to be the one that benefits from this money, not the user. However, there are some benefits to a bank account. There will be a time when opening up a credit card or getting a loan will be necessary, and banks continue to offer loan and credit card options which are not things that Eco offers now.  Additionally, having a brick-and-mortar bank location nearby remains a powerful advantage for these traditional financial institutions.
  • Credit Cards – In lieu of Eco, people often use credit cards for basic day to day transactions. There is always a risk to opening up a new credit card account as these can be dangerous to some as far as spending and debt accumulation go. Eco only lets its users spend money that they have in their account at the time of purchase. There is no risk of overdraft in this manner.
  • Checking Accounts – Checking Accounts are very similar as well. They only let you spend money that they have in their account. However, in many cases traditional checking accounts also come with a lot of fees. These include overdraft fees, ATM fees, and transfer fees. At Eco, there are no fees that will ever be paid by the consumer. 

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Eco Mission

According to Protocol, Eco has a very promising future. It has had a lot of backing from different pre-funding. It was able to raise $60 million in five months and then raised $26 million dollars before this. It shows a lot of promise among investors.

It satisfied a need to make the industry as simple as possible for the consumers to use. The banking industry has become so saturated which means that they can raise their fees. Consumers have become so frustrated with the market. They have looked to alternative ideas to get the most for their money.

Eco has been rolling out more and more features. They are working to roll out physical cards, for example, as it gets closer to fuller development.

Frequently Asked Questions (Faq)

Is Legit?

Eco is a completely legitimate financial platform. It has been rolling out on the digital platform as it is a startup. However, as stated earlier, legitimate or not, some potential users have concerns about the fact that it is not FDIC insured. Unlike many traditional financial institutions, it doesn’t offer any real walk-in locations for consumers either. However, the platform is up to date on compliance which should ease many consumers’ concerns. Additionally, Eco is completely compatible with any online merchant that accepts MasterCard. 

Overall, this upstart platform is designed to make financial transactions and accounts completely user-friendly. This is something that the market is lacking and needs desperately. Eco is trying to give back as much as possible to their clients helping them to get the most from the money they have, which is a key benefit that most consumers are looking for.

What Loan Amounts Would I be able to Get on Eco?

Eco is currently not offering loans through their platform, at least not yet. If you need a loan, it may make sense to look for a financial institution other than Eco, at least for now.  

Will using Eco Affect My Credit Score?

Just using Eco will not affect your credit score. Eco is designed to be like any other bank account or debit card. However, one benefit of Eco is that you don’t need to have a hard credit inquiry performed to open an account. While not a serious issue, the hard credit inquiries required at many other financial institutions can have a slight negative impact on your credit. You won’t have to worry about this at all with Eco. Overall, this is a planner that is easy to sign up for and put your money to work earning cashback on basic transactions.  

Is the Data Entered by Users on Eco’s Website Secure?

Eco is a completely secure site. They do partner with other service providers such as Papaya for bill pay. They will then share information with them. Outside of these providers, they do not share sensitive information. 

Conversely, many of the financial institutions that exist today will sell information. Often to clients they are in partnership with, or even to third-party competitors. Rest assured, everything that is shared on the Eco platform will remain confidential, and you do not have to worry about your sensitive personal and financial information.

How do I earn interest through Eco?

Eco is different than traditional banks. They use a cryptocurrency custodian and other lenders that are available to them. The reason that they are able to pay out the interest and cashback is that they pay interest on these funds. These funds are in the account and the interest is then passed back on to the consumer. 

Conclusion: An Innovative Platform that is Worth a Look

Eco is an account that works to benefit the individual user as much as possible. They use some very innovative means to offer cashback to their clients through cutting-edge cryptocurrency transactions. This ensures that their users can get the most that they can out of their money. The app, while new, is continuing to add more and more features to ensure that it’s the most convenient platform out there for consumers to use, too. So, if you are looking for a new platform to execute your financial transactions it is definitely worth checking Eco out.


Thank you for reading our review.

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