What is MAGNUM?
MAGNUM® is an advanced credit-building product powered by CreditStrong. Credit Strong is a registered trademark and division of Austin Capital Bank, an independent community bank and member of the FDIC.
The MAGNUM Story
More than 100 million Americans have a low or no credit score. These Americans are either locked out of the traditional finance system or pay higher fees and interest rates for access to credit. Additionally, they often pay more for insurance and other services.
As an FDIC insured bank, we developed and powered the first nationwide credit builder bank accounts almost a decade ago, and we launched our own CreditStrong brand of credit building services in 2019. The accounts we developed have helped millions of Americans improve their credit and their financial prospects.
While most traditional credit builder accounts are limited to $500 to $1,000, we had a set of customers who regularly requested larger and longer credit builder accounts.
We created MAGNUM for this group of discerning consumers that have “cash but not credit”. With MAGNUM credit builder accounts, you can now reliably build a credit profile that includes amounts of bank issued credit up to $10,000.
The Bank Behind MAGNUM
Austin Capital Bank is a Federal Deposit Insurance Corporation (FDIC) insured community bank headquartered in Austin, Texas. Austin Capital Bank serves its customers nationwide from a position of strength and innovative leadership. The bank is consistently recognized as one of the best performing financial institutions in the nation and in 2021 was ranked as the top performing consumer lending bank in the United States for banks of its size.
Because MAGNUM accounts are backed by an FDIC insured bank, you can have confidence knowing your money and your personal financial information are safe and secure. We’ve been established for almost two decades, and as a bank we are subject to regular audits and examinations by federal and state banking regulators.
By using .BANK we can provide you with additional fraud protections. We use MAGNUM.bank for your security. In the United States. only an FDIC insured bank can own a .bank website and there are strict controls in place to prevent anyone other than a bank from obtaining a .BANK domain address.
If you receive an email about your MAGNUM account and it’s not from MAGNUM.bank, it’s not from us.