The process of opening new online savings accounts does not negatively impact your credit score.


There are two types of credit inquiries: "hard" inquiries and "soft" inquiries. Hard inquiries are often made when you open a credit card or apply for a loan, whereas soft inquiries can be made by a financial institution as part of a background check, or when you check your own credit score. Soft inquiries do not negatively impact your credit.


The online banks supported on the Max platform do not perform hard credit inquiries when you open new accounts. They either perform a soft inquiry or no inquiry at all.


See below for a list of the type of inquiry performed by each of the online banks supported on the Max platform (as of 6/2019):


BankType of Credit Inquiry
Radius BankNo inquiry
BarclaysNo inquiry
UFB DirectSoft Inquiry
Marcus by Goldman SachsSoft inquiry
Ally BankSoft inquiry
Sterling National BankNo credit check, but credit freezes may still impact approval process
Comenity DirectNo credit check, but credit freezes may still impact approval process
American Express Personal SavingsOccasional Soft Inquiry



If you have a credit freeze on your account via Equifax / Experian / TransUnion, it is possible that this might impact the bank’s ability to access this validating information. If you run into difficulty opening an account, you may temporarily lift your credit freeze in order to authorize one or more banks to validate your identity using a soft credit check. For your convenience, listed below please find contact information for each of the three largest credit reporting agencies in the U.S.:


Equifax: Call 1-800-349-9960 or go online


Experian: 1‑888‑397‑3742 or go online


TransUnion: 1-888-909-8872 or go online