Thrivent Review: Online Banking Made Simple

Thrivent has been around for over a century. It was originally founded as a member-owned fraternal benefits society helping Christians with financial planning, insurance, and investing. The company’s roots date back to the early 1900s, and it is headquartered in Minneapolis, Minnesota. While many people know the company for its financial advisory services and insurance products, it now offers digital banking with the launch of Thrivent Bank. 

Thrivent Bank’s online product lineup is straightforward, with two deposit products and some helpful savings tools. Here’s a closer look at what it has to offer: 

The Thrivent Checking account is a typical online checking account with no monthly maintenance fees and access to a large ATM network. You can manage your account entirely online, depositing checks with your mobile device, transferring money, and paying bills. 

I like that Thrivent doesn’t complicate matters with odd requirements or reward tiers. For example, some banks try to capture your attention with attractive bonuses and other perks, but you need to hit direct deposit minimums, debit card spending targets, or balance thresholds to unlock the best benefits. With Thrivent, what you see is what you get, and that feels refreshing. 

Thrivent Savings 

Thrivent offers an online high-yield savings account with a standard interest rate of 0.50% APY. The rate lags behind the top online checking accounts, but stronger than what you will find at many traditional brick-and-mortar banks. 

Thrivent Money Account + Savings Pockets

In addition to a standalone checking or savings account, you can open a Thrivent Money account, which offers a slightly higher savings APY, and a feature called Savings Pockets, which lets you split your savings account into separate goal-based categories. Instead of opening multiple savings accounts for different priorities, you can organize your money into individual “pockets” for things like travel, emergency savings, home repairs, or holiday spending.

Savings Pockets doesn’t just divide your savings; you can set up automations that make it easier to save. This includes a round-up savings feature that rounds up your purchases and transfers the difference to savings, a savings percentage of each deposit, and the ability to schedule savings through recurring transfers. 

This isn’t a new concept – many online fintechs offer similar goal-based savings tools, but it’s very useful for people who like to organize things visually. If you struggle to manage one large savings balance, Pockets can add some structure without the complexity. 

Like most online banks, Thrivent offers a low fee structure. Its checking, savings, and Money accounts don’t charge monthly maintenance fees. However, there are fees ranging from $30 to $50 for outgoing wire transfers, and you will be charged a $5 inactivity fee if you don’t use your account for 12 months. 

Unlike many online banks, Thrivent doesn’t seem to provide a network of fee-free ATMs. While it says it waives all domestic ATM fees and offers up to unlimited ATM owner-fee reimbursements, you may still incur fees from the ATM owner if you don’t have a Thrivent Money Account. This is because Thrivent only reimburses up to $10 per month in ATM owner fees on its checking account. 

How Does Thrivent Compare?

Compared to competitors like Varo Bank and Axos Bank, Thrivent takes a more traditional approach to online banking, with a simple checking and savings offer, and some basic savings tools. 

Varo tends to appeal more to younger users who want features such as cash back on spending, early access to direct deposits, and app-centric money management. If you want a more modern fintech-style experience with extra budgeting tools, Varo may be the way to go. 

Axos Bank offers a much broader range of financial products, including investment accounts, mortgages, business banking, and lending products. If you’re looking for a more fully featured online bank, Axos probably offers more flexibility.

To get started with Thrivent Bank, head to its website, select the type of account you wish to open, and click the blue “Open Account” button. You’ll need to provide some basic personal information, including your Social Security Number, address, and a government-issued ID. You’ll be able to connect an external bank account to transfer funds into your Thrivent account. 

Thrivent Bank is owned by a well-established financial institution, which has been around for over 100 years, so it should be considered safe to use. It is an FDIC-member institution, so your deposits will be insured up to applicable limits in the event of a bank failure. 

As with any online financial account, users should still practice good security habits, such as enabling multi-factor authentication and using strong passwords.

You can contact Thrivent Bank by telephone at (833) 347-1600 during the following business hours: Monday – Friday, 7 AM to 7 PM CST. 

If you need to report a lost or stolen card, you can call (888) 263-3370 and order a replacement outside of regular business hours. 

Thrivent Bank lists the following mailing address on its website: 

Thrivent Bank
PO Box 8920
Appleton, WI 54912-8920



If you’re looking for a clean, low-fee online banking account backed by an established financial institution,  Thrivent is worth considering. I like the simplicity of checking and savings accounts, as well as the Savings Pockets features for goal-based saving. 

Unfortunately, Thrivent’s savings APY is mediocre at best, and it doesn’t offer the broad product selection of competitors like Axos or Ally Bank. If you’re looking for a more fully-featured online bank, there are better options.

Check out Thrivent here >>