These two little acronyms can have a big impact on your finances. Learn why.
It’s easy to get confused when the concepts of annual percentage yield (APY) and annual percentage rate (APR) are being tossed around. You’ve probably come across these acronyms when opening new financial accounts or reviewing the terms on your existing accounts, but what exactly do they mean? What is the difference between APY and APR?
In their simplest forms, APY refers to what you earn on the cash that’s stashed in a savings vehicle, while APR refers to what you owe when you borrow. While it may sound like something that belongs in an advanced finance class, understanding the difference between APY and APR can help you make smart financial decisions when it comes to saving for your financial goals and managing your debt.
Now, roll up your sleeves for a deep dive into APY vs. APR:
What is APY?
APY refers to the total amount of interest you earn on a deposit account each year. You may not think of yourself as a lender, but if you have a deposit account, you are. The bank is essentially paying you for lending them money. Bank accounts that are often associated with an APY include:
- Savings accounts
- Money market accounts
- Certificates of deposit (CDs)
APY is based on an account’s interest rate, and it also factors in how often the interest compounds. Justin Pritchard, an independent financial planner with Approach Financial in Montrose, Colorado, says one of the big differences between APY and APR is that APY takes compounding into account. (APR only shows the annual interest on an account, not whether the interest compounds or not.)
If you’re trying to answer the “what is APY?” question, understanding how compounding works is key. On some deposit accounts, interest compounds daily, meaning interest gets added to your account’s principal balance one day, and the next day the interest rate applies to that new principal balance. With other deposit accounts, interest may compound monthly, quarterly or annually. The compounding effect of APY can help you accumulate wealth faster because you are effectively earning interest on your interest. Nice, right?
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For example, if you open an online savings account with a 2.10% APY, interest compounds daily and you deposit $15,000, after five years you’ll have earned a total of $1,644 in interest.1 Your total interest earned each year would be as follows:
- 1 year: $315
- 2 years: $637
- 3 years: $966
- 4 years: $1,301
- 5 years: $1,644
“The magnitude of difference between APY and APR grows with more compounding periods,” says Erik Goodge, president of uVest Advisory Group in Newburgh, Indiana. “The only way APR and APY would be the same is if you were only getting paid or owed interest once per year,” Goodge says.
What to know when comparing APYs
Once you understand “what is APY?”, it’s time to compare the APY on different accounts to help you determine how much money your savings can earn over time. If the numbers start to make you dizzy, a savings calculator can come to the rescue. The Discover savings calculator, for example, can help you determine how much interest you’ll earn each year based on APY, your starting balance and for how long you plan to save.
When shopping around for a new account, don’t call it quits after comparing only the APY. While it’s a helpful indicator of the returns you’ll get, the APY won’t take potential fees into consideration.
“Minimum balance fees, or any type of activity-related fees, like ATM withdrawals, could eat into the interest you earn,” Pritchard says. “A higher APY might not be worth it if you’re going to pay fees.”
Learning how to avoid fees or finding bank accounts that don’t charge fees could help you maximize your interest earnings. Discover’s Online Savings Account, for example, has no monthly fees for maintenance and no balance requirement.
What is APR?
Now that we’ve answered “what is APY?”, it’s time to explain APR. The APR is the total amount of annual interest you pay on an installment loan or revolving line of credit. “If you’re getting a loan, that’s usually the number you’re going to see,” Goodge says of APR.
When you’re learning APY vs. APR, note that you may see an APR associated with:
- Credit cards and store cards
- Auto, home, personal and student loans
- Lines of credit, including home equity lines of credit (HELOCs) and personal lines of credit
When considering a new credit card or loan option, evaluating an account’s APR can be more telling than evaluating its interest rate. While APR is based on the interest rate, it may also include some of the lender’s fees, points and other costs associated with credit, Goodge says.
Say you’re comparing two lenders that both offer $1,000 loans with a 10.00% interest rate. Lender A charges a $50 fee and adds it to your loan’s balance. Lender B does not. If you compare the APRs, Lender B will likely have the lower APR. Come again?
This is because with Lender B, the 10.00% interest rate applies to your $1,000 loan. With Lender A, on the other hand, you may pay more in interest because the 10.00% interest rate applies to the $1,050 (the loan amount plus fee) you have to repay.
When considering APY vs. APR, know that in some cases a loan with a lower interest rate but high fees could have a higher APR than a loan with a higher interest rate and lower fees.
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How to Create or Claim Your Small-Business Listing on Manta
Manta.com is one of the most popular local business information websites in the United States. According to its own data, Manta draws about 11 million unique visitors per month and boasts more than 5 million small, mostly local businesses in its database — a significant fraction of all U.S.-based small businesses with physical storefronts.
Does this site’s popularity mean you, a small-business owner eager to reach more potential customers in your hometown (and perhaps beyond) should invest the time and effort necessary to create, optimize, and maintain a Manta listing?
Perhaps. It depends on what type of business you operate, how much effort you can devote to your listing, and whether business directory websites like Manta truly complement your marketing efforts — or whether you’d do just fine without them.
Pros & Cons of Creating a Listing on Manta.com
Does it make sense to create a small-business listing on Manta.com? This is the first question you need to ask before putting in the effort to create your Manta listing.
The truth is, Manta works better for certain types of businesses. Its most popular searches relate to customer-facing service businesses, such as retailers, restaurants, bars, entertainment venues, and others:
- Automotive businesses
- Hotels and travel services
- Beauty shops and spas
- Cleaning services
- Plumbing, electrical, and other trade services
- General contracting services
- Health and medical
Like many other business information directory sites, Manta sorts listed companies geographically, down to the municipality or neighborhood level. This is vital for location-bound businesses, such as restaurants and brick-and-mortar retailers, that cater mostly or exclusively to local customers.
Manta is less useful, although not entirely useless, for companies that don’t rely on physical locations or local marketing to drive sales. E-commerce businesses that sell through platforms like Shopify or Etsy and rely more on word of mouth and social media marketing aren’t guaranteed to find Manta and its ilk valuable.
Pros of Listing Your Business on Manta
Why create a business profile on Manta? Advantages include the inherent legitimacy of a claimed business listing, SEO benefits, and the importance of sites like Manta in customers’ research process.
1. Claiming Your Listing Makes Your Business Seem More Legitimate
Manta’s “Claim This Listing” button makes clear which of its listings are “claimed” — acknowledged and maintained by the featured business — and which are not.
The simple act of claiming your business, therefore, confers substantial legitimacy upon it, if only because doing so shows Manta-using consumers that you care enough about your establishment to take two minutes to make its listing your own. Rightly or wrongly, consumers might take an unclaimed listing as a sign you aren’t really interested in attracting new customers.
I’m guilty of this myself. All else being equal, I try to avoid businesses with unclaimed online directory listings unless I know of them by other means — such as word of mouth — or they’re part of a recognizable business franchise that I trust.
2. Manta Listings Are Good for SEO
Popular search engines’ ranking algorithms have a “black box” quality to them — no one knows exactly how they work except the people responsible for them — and maybe not even they do. Still, conduct 10 Google searches for 10 of your favorite local businesses and you’re liable to deduce that business directory sites like Manta rank well in organic search results — the list of results you see below the paid search ads on search engines like Google or Bing.
Moreover, Manta’s featured product or service pages often rank separately from the main directory pages. This means that your Manta listing could end up being responsible for several discrete search results, depending on how many featured products or service pages it appears on.
The bottom line is this: Unless your business’s name is easily confused with common or generic terms (“Quality Plumbing,” “Fast Oil Change,” “Tasty Sandwiches”), your Manta listing is likely to appear on Google’s or Bing’s first results page of a search engine. This is crucial because many consumers never venture past the first results page.
3. Consumers Rely Heavily on Directory Listings for Research
If you thought a PCMag study that found roughly 40% of online reviews to be fake would deter shoppers from relying on them, you’d be wrong. According to a 2017 ReportLinker survey, 60% of consumers give online reviews as much weight as recommendations from real-world acquaintances.
Setting aside the question of whether this is a wise policy for consumers to abide by, it’s a compelling case for taking the time to maintain listings on business directory sites with user-generated reviews, such as Manta.
Cons of Listing Your Business on Manta
Manta is a useful part of many a business’s online presences, but it’s not appropriate for every enterprise. Drawbacks include the time and resources involved in maintaining a profile and the fact that listings display potentially sensitive information — which may, in turn, invite abuse.
1. Maintaining Your Profile Takes Time and Effort
Although the initial step of claiming your Manta listing takes just a few minutes, keeping your listing optimized and up-to-date requires real ongoing work. Uploading photos, analyzing user data, responding to reviews, changing listing information that’s no longer relevant — all these activities take time and effort.
If you have an online store, other business directory listings, and multiple social media accounts, staying on top of your digital presence could prove overwhelming.
And, if you’re a cash-poor small business without the means to hire a part- or full-time marketing employee or social media manager, or even work with an outside PR or marketing firm, you’ll need to do this work yourself. If you can — otherwise, there’s no shame in waiting until your business has grown a bit to invest in a first-rate directory profile.
2. May Not Be a Great Resource for User Reviews
Although Manta never experienced the sorts of high-profile fake review scandals that bedeviled Yelp in the late 2000s and early 2010s, the platform is certainly mindful of the potential for inauthentic reviews to interfere with and dilute genuine user feedback.
Indeed, Manta and reputable business directory sites like it take measures to combat fraudulent reviews that can at times be overzealous — filtering out real reviews that you might want your customers to see.
Separately but relatedly, many Manta business listings simply don’t have many user-generated reviews, making them less useful for consumer research. Many of my favorite businesses — enterprises I know to be legitimate — have zero Manta reviews, likely through no fault of their own.
If you want to ensure your customers see every review of your business, good or bad, you’re better off investing in a more “social” directory like Facebook or Yelp.
3. Directory Listings Contain Sensitive Information
Certain types of businesses, such as restaurants and brick-and-mortar retailers, have no choice but to reveal their business addresses, phone numbers, and other basic bits of important-if-sensitive information. Customer-facing businesses like these can’t survive in anonymity.
That said, other types of local businesses — including those that make house calls, like home service providers — might prefer to conceal their physical locations, and possibly contact information, from the public. For example, you might not want your clients to know that you work out of a home office or coworking hub rather than an office suite.
To be clear, if an unclaimed listing exists for your business, it may well list your true place of business, be it a residential address, coworking space, or virtual office. You’ll need to claim your listing to remove this information — but once that’s done, you can feel free to let it lapse.
4. Your Listing Could Attract Abuse
There’s a small but real possibility that your listing could become a forum for abusive or hateful reviews or feedback from misguided customers — and, potentially, members of the public with no connection to your business.
Unlike some online retailers, business directory sites like Manta tend not to require would-be reviewers to verify that they’ve patronized a listed business in the past. This makes it easier than it should be for people with a political agenda or personal grievances to single out individual businesses for criticism.
When they occur, such campaigns typically revolve around controversial actions or stances taken by the targeted business’s owners or employees. For example, in early 2015, the owners of an Indiana pizzeria made headlines for publicly announcing that they’d follow their state’s recently passed Religious Freedom Restoration Act, which was widely interpreted to condone discrimination on the basis of sexual orientation.
The stance prompted a backlash that saw thousands of comments, some of which were obscene and threatening, posted to the restaurant’s website. Citing safety concerns, the shop closed shortly thereafter, according to the Indianapolis Star.
Reasonable people can disagree with the restaurant owners’ politics without condoning threats to their and their employees’ safety. And, even if you have no plans to publicly announce your business’s support for controversial legislation, your digital presence might nevertheless become a venue for customers to air their grievances.
If you’d rather not deal with such backlash, perhaps it’s best to lay low.
How to Claim or Create Your Manta.com Listing
Follow these processes and tips to claim or create your Manta business listing.
Claiming an Existing Business Listing
Manta uses user-submitted and publicly available information to generate business listings, which legitimate owners can claim. Claiming your Manta profile allows you to do the following:
- Update Your Listing Information. Claiming your listing unlocks the ability to edit your business name, contact information, business hours, brands carried, payment accepted, business categories (such as “doctors’ offices”), and other basic information. You can also add a brief, customized description of what your business does and provide links to your company website or social media pages.
- Add Logos and Photos. You can upload your business’s logo or another representative photograph to appear at the top of your listing.
- Highlight Products or Services. Basic Manta profiles allow for three highly detailed product or service pages, which are useful for describing core or high-value offerings to prospective customers. You can add photos, list prices or price ranges, and include a “Purchase Info” button, which prompts visitors to take a specific action like “call for a free quote.”
Manta has a good primer on claiming a legitimate business listing. To finalize your listing claim and any changes you’ve made, you’ll need to create a user account with your email address, Facebook account, or Google account. If you create a listing with an email address, you’ll need to input your full name, email, and a unique username and password.
If desired, you can add a headshot. Your profile doesn’t contain a ton of personal information about you — it’s more about managing your own business listing, recommendations for other businesses, and account privacy.
Once your profile is created, you can find out whether your business is listed by searching Manta’s database for your exact business name and city. If a listing already exists, click the “Verify Now” button next to it to sync it with your personal profile.
Unlike Yelp, Manta doesn’t require verification of ownership, but you can follow a similar process to earn a “Verified” badge, which Manta claims confers legitimacy. With your listing synced to your profile, you can begin editing and improving to your heart’s content.
Creating a New Listing
If your business isn’t yet listed, simply click the “Add Business” button that appears at the top of every Manta page. Doing so leads you to a form to list your company, where you’ll fill out some basic information about your business: exact company name, exact location, and contact details. This unlocks your listing and syncs it with your personal profile.
How to Optimize Your Manta Listing
Use these tips and resources to optimize your Manta listing once it’s claimed or created:
1. Create a Compelling “About Us” Section
A detailed About Us section is great for boosting your page’s visibility on search engine results pages. Use Google Keyword Planner or a similar tool to identify keywords that your business already ranks for, and then sprinkle them into your About Us copy.
Make sure your About Us is comprehensive, but not awash in detail — the goal is to create a high-level look at your business that shows why you’re different from the competition without overwhelming the reader with granularity.
2. Take Full Advantage of the Product and Service Showcases
Manta lets you highlight up to three products, services, or packages on separate pages within your listing, and there’s no reason not to take full advantage. Focus on popular, preferably high-margin products and services that somehow stand out from what the competition offers. Include images, pricing information, and keywords — check Google Keyword Planner.
3. List as Many Contacts and Links as Possible
In addition to your main business phone number and company website link, include as many relevant contact numbers and web property links as necessary to provide one-stop access to your entire business.
If your business has multiple departments — such as a dining room, bakery, and catering service — provide names and direct lines for the manager of each. Likewise, link to each of your social media properties and your online store, if you have one.
4. Solicit and Curate Customer Recommendations
Manta doesn’t make customer feedback a core part of its appeal. Manta frowns upon customer feedback manipulation, so don’t offer special deals to customers who provide glowing recommendations.
However, it does still allow customers to leave what are essentially reviews on companies’ directory listings, so you can certainly ask and encourage customers to leave feedback if they wish.
5. Use Educational and Social Resources
Manta publishes educational articles on how to get the most out of your Manta profile, as well as general tips on running and marketing your business. It also hosts discussion forums that allow you to connect with other Manta users, talk about your experience on the platform, and seek out advice from more experienced users.
Final Word
Manta isn’t the only free business listing site that small-business owners like you should consider using. Dozens of other sites, including some you’ve probably heard of — Yelp, for example — can increase your company’s name recognition and promote its services to more potential customers than you’d reach via more expensive marketing channels.
Not all such sites are created equal, of course. Some are free or nearly so, while others require a one-time fee or monthly subscription. And many are ill-suited to certain types of businesses or have other drawbacks that might give you pause.
Instead of spending time and money chasing after every directory site that might possibly help your business, take some time to research the most popular options and develop a narrower, more manageable list that works within the constraints of your marketing plan and budget.
Along the way, feel free to speak with peers and competitors about their own experiences on these platforms, assuming they’re willing to talk. With so much else on your plate, you certainly don’t need to make an investment that has little chance of paying off.
Source: moneycrashers.com
5 IRA Mistakes You May Be Making
This article provides information and education for investors. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks or securities.
For some investors, IRAs may be long-term, hands-off investment vehicles. That doesn’t mean you should ignore them completely. This year, give a little love to your IRA and make sure you’re not making these common mistakes.
1. Not taking enough risk
We often talk about risk as a bad thing, but it isn’t always a four-letter word, financial advisors say. A young investor who isn’t planning to touch their IRA for 20 or 30 years should have enough time to weather near-term market swings, meaning they could take on more risk in exchange for potentially higher long-term returns. Advisors say such a portfolio could comprise mostly stocks — or even all stocks — instead of splitting the allocation between stocks and bonds. (Learn more about how to choose investments for your IRA.)
“When it comes to investing, the most powerful commodity is time. However, time is only useful if you know what to do with it,” says Dejan Ilijevski, an investment advisor at Sabela Capital Markets in Munster, Indiana. “Investing in an asset allocation that’s not right for you can be detrimental for your investment success over the long term.”
Simply put, too conservative of a portfolio now could potentially limit returns down the road, making it more difficult to hit your retirement goals. However, it’s equally important to rebalance your portfolio away from those riskier assets as you get closer to retirement.
2. Failing to fully fund your IRA every year
We get it. Long-term IRA investing isn’t as exciting as trading in a taxable brokerage account. But if you’re investing more in a taxable account without first maxing out your tax-advantaged IRA, experts might want a word with you.
By not fully funding your IRA first (that means contributing $6,000 in 2021 if you’re under 50 years old), you’re forgoing enormous tax advantages and the potential opportunity for that money to compound tax-free, says Robert Johnson, a chartered financial analyst and CEO at Economic Index Associates in Omaha, Nebraska.
“Too often people fail to realize the huge advantages of a tax-deferred account, instead investing in a taxable account,” Johnson says. “These advantages are greatest for those with the longest time horizons to retirement.”
Speaking of taxes, it’s also important to know the differences between traditional and Roth IRAs. In short, traditional IRA contributions are tax-deductible, while withdrawals are taxable. Roth IRA contributions are not tax-deductible, but withdrawals in retirement are tax-free.
3. Contributing slowly instead of all at once
In many cases, making regular contributions to your investment account — a strategy known as dollar-cost averaging — is sound advice. However, if you’ve got the cash, maxing out your IRA as early in the year as possible may be the way to go.
Any time a large amount of cash is involved, investing it incrementally over time may feel like the responsible thing to do. However, according to John Pilkington, a chartered financial analyst and senior financial advisor with Vanguard Personal Advisor Services in Charlotte, North Carolina, those positive feelings are generally the only benefit.
“Dollar-cost-averaging equates to taking risk later. While you may mitigate short-term regret, you’re more likely reducing long-term returns,” says Pilkington. “A better exercise may be reevaluating your asset allocation target relative to your risk tolerance.”
In other words, dollar-cost averaging could help you avoid the stress that comes from stock market volatility, but more often than not, it leads to lower long-term returns than lump-sum investing, Pilkington says. And if you’re still uneasy about investing all $6,000 upfront, consider a less-risky asset allocation — such as investing more in bonds — instead of spreading out contributions, he says.
4. Failing to explore your investment options
If you started an IRA by rolling over a workplace 401(k), you probably noticed you were no longer confined to the investments offered through your 401(k). This is a pretty big deal, and the influx of options shouldn’t go unnoticed.
“A lot of the IRAs I see are invested in a default investment option,” says James DesRocher, a financial advisor with Park Avenue Securities in Middleton, Massachusetts. “An advantage of an IRA is the flexibility you have of what to invest in. You can really dial in on a specific investment strategy that is tailored to you, and most people do not take advantage of this.”
5. Maintaining multiple retirement accounts
There’s no rule that says you can have only one IRA. As long as your annual contributions don’t exceed the limit, you’re free to disperse those contributions across any traditional or Roth IRAs you’ve opened. But that’s probably not a wise strategy, DesRocher says.
“Keeping multiple IRA accounts rather than consolidating into one very often leads to overlap,” DesRocher says, referring to investing in the same assets in different accounts. “It also takes away from the positive effect of rebalancing, which can reduce your overall risks.”
This goes for hanging on to old 401(k)s instead of rolling them over to an IRA, too. Not only will you avoid overlap and find more investment options with IRAs, but it’s also possible you’ll pay less in fees. (Learn more about how investment fees work.)
Source: nerdwallet.com
Rising Bank expands into mortgage with new home loan offerings
Rising Bank, the online-only bank division of Leway, Mo.-based Midwest BankCentre, has expanded into the mortgage market with the launch of new home loan offerings on its digital platform.
The online bank announced Monday that it now offers conventional, VA, FHA, and USDA mortgage loans on its platform, which is currently available in 13 states, including Arkansas, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Ohio, Nebraska, Oklahoma, and Tennessee. It has also rolled out a wide variety of home, vehicle, and business insurance options. Rising Bank said it works with more than 40 carriers to match consumer and enterprise needs.
Additionally, the bank has brought Zelle payments to its customers to allow for person-to-person (P2P) payments. With Zelle, clients with a Rising Bank account can send and receive digital payments using only the email address or mobile number of the trusted recipient.
“As we expand into mortgage and insurance, we believe our customers will continue to be delighted by our great interest rates and a seamless digital experience,” said Rising Bank President Dale Oberkfell. “At Rising Bank, our work is about transforming lives through banking – offering a seamless customer experience that helps clients accumulate long-term wealth with tools that meet their needs.”
Source: mpamag.com
12 Best Business Bank Account Promotions & Offers – February 2021
Unfortunately for small-business owners, solopreneurs, and freelancers, most of the best bank account promotions on the market right now cater exclusively to consumers. Indeed, many of the United States’ best online banks seem to favor personal account holders rather than business owners and their lieutenants.
But not all banks give business owners short shrift. You just need to know where to look to find potentially lucrative bank account bonuses and referral opportunities. Let this list guide you to entrepreneur-friendly banks hungry enough for your business to pay you for it.
Best Business Bank Account Bonuses (February 2021)
These are the best business bank promotions this month. Unless otherwise noted, all are available to businesses of all sizes, including sole proprietors and freelancers without formal incorporation.
However, some accounts impose minimum balance requirements, monthly maintenance fees, and other requirements or restrictions that can impact their suitability. And all accounts must be open and in good standing when the bonus is paid.
1. Chase Business Complete Checking – $300 Bonus
A very attractive offer awaits Chase-curious entrepreneurs, including sole proprietors: $300 for new Chase Business Complete Checking customers who open an account and complete qualifying activities.
It’s not difficult to qualify for this opportunity. All you need to do is open a new Chase Business Complete Checking account with qualifying activities (described at the link above). No minimum opening deposit is required. Once your account is open, you’ll have multiple ways to waive the $15 monthly service fee.
Chase has ATMs and branches in the following states: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, TX, UT, WA, WV, WI. This offer is available online nationwide, except for residents of AK, HI, and PR.
Apply Now
2. Axos Bank Basic Business Checking — $100 Cash Bonus
Open a new Axos Bank Basic Business Checking account by the offer end date (March 31, 2021) using the promo code “NEWBIZ100” to earn a $100 welcome bonus. Here’s how it works:
- Apply for your new Axos Bank Basic Business Checking account by the offer end date with a minimum opening deposit of $1,000.
- Maintain an average daily balance of at least $5,000 during the first three months (new funds only).
- You’ll receive your $100 cash bonus within five business days of your third statement cycle date.
For more information, read our Axos Bank review.
Learn More
3. Huntington Unlimited Plus Business Checking — $750 Bonus Cash
Open a new Huntington National Bank Unlimited Plus Business Checking account by April 7, 2021, for the opportunity to earn $750 in bonus cash. Here’s how the promotion works:
- Open your new account by April 7, 2021.
- Deposit at least $20,000 in new money within 60 days of account opening.
- Keep your account open for at least 90 days.
Once you’ve completed these requirements, you should receive the $750 bonus in your account within 14 days.
Moving forward, the $40 monthly maintenance fee is waived for the duration of 2020 and thereafter when you maintain at least $50,000 in combined deposit relationship balances across all eligible Huntington accounts. “New money” is defined as any funds not currently deposited in any Huntington account, except maturing business CDs.
This offer is available in states where Huntington has physical branch locations, including Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia.
Apply Now
4. Huntington Unlimited Business Checking — $400 Bonus Cash
Open a new Huntington National Bank Unlimited Business Checking account by April 7, 2021, and you could earn $400 in bonus cash. Here’s how to take advantage of this opportunity:
- Open your new account by April 7, 2021.
- Deposit at least $5,000 in new money within 60 days of account opening.
- Keep your account open for at least 90 days.
You’ll receive the $400 bonus in your account within 14 days after completing these requirements.
Once your account is open, you’ll have the $20 monthly maintenance fee waived for the duration of 2020. Thereafter, maintain a combined deposit relationship balance (across all eligible accounts held with Huntington) of at least $20,000 to maintain the waiver in any given statement cycle. Bonus-qualifying funds must not currently be on deposit with Huntington, save for, maturing business CDs.
This offer is available in states where Huntington Bank has physical branch locations, including Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia.
Apply Now
5. Huntington Business Checking 100 — $200 Bonus Cash
Open a new Huntington National Bank Business Checking 100 account by April 7, 2021, for the opportunity to earn $200 in bonus cash. Here’s how this bonus opportunity works:
- Open your new account by April 7, 2021.
- Deposit at least $2,000 in new money within 60 days of account opening.
- Keep your account open for at least 90 days.
You should receive the $200 bonus in your account within 14 days after completing the requirements.
This account has a $3 monthly maintenance fee that’s easy to waive by signing up for e-statements. “New money” is defined as any funds not currently deposited in any Huntington account, other than maturing business CDs.
This offer is available in states where Huntington has physical branch locations, including Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia.
Apply Now
6. Bank of America Business Checking — Up to $750 Cash Bonus
For a limited time, open an eligible new Bank of America business checking account (Business Fundamentals Checking or Business Advantage Checking) for the opportunity to earn a cash bonus of up to $750. Here’s how the bonus opportunity works:
- Open a new Bank of America Business Checking account before the end of the offer period.
- Make qualifying deposits within 15 days of opening the account.
- Maintain a balance equal to or greater than the amount of your qualifying deposits for the following 60 calendar days (the Maintenance Period).
- Make at least five qualifying electronic payments during the Maintenance Period.
The qualifying deposit bonus thresholds are as follows:
- $500 Bonus: Make cumulative deposits of $20,000 to $49,999 within the first 15 days.
- $750 Bonus: Make cumulative deposits greater than $50,000 within the first 15 days.
Both eligible accounts charge monthly maintenance fees that can be avoided with qualifying activities. See Bank of America’s offer page for more information about the maintenance fees and how to avoid them.
This offer is available nationwide. Limit one offer per customer.
Apply Now
7. Brex Cash — 50,000 Bonus Points
Open a new Brex Cash account and spend $1,000 in purchases to earn 50,000 bonus points. Moving forward, enjoy no account fees or minimum daily balance requirements, a generous ongoing rewards program, and value-added perks worth $150,000.
Learn More
*Brex Treasury LLC is not a bank; Brex Cash is not a bank account.
8. BMO Harris Bank Business Advantage Checking — $500 Cash Bonus
Open a BMO Harris Bank Business Advantage Checking account by April 30, 2021, for an opportunity to earn a $500 cash bonus. Here’s how the bonus offer works:
- Open a new Business Advantage Checking account by April 30, 2021.
- Deposit at least $5,000 (cumulatively) within the first 30 days your account is open.
- Maintain a minimum balance of $5,000 or more for the following 90 days (between Day 31 and Day 120).
- Have at least 10 electronic transactions post to the account within the first 90 days your account is open.
Once you complete these qualifying activities, you should receive the $500 cash bonus within 10 days.
Eligible electronic transactions include ACH credits or debits, online bill payments, mobile deposits, wire transfers, or debit card point-of-sale (POS) purchase transactions. POS credit transactions and ATM withdrawals are not eligible.
Moving forward, avoid the $20 monthly maintenance fee when you maintain an average daily balance of at least $5,000 during the statement period or a $15,000 minimum balance across all eligible BMO Harris accounts.
This checking account bonus offer is available in states where BMO Harris Bank has physical branch locations. Limit one offer per customer.
Apply Now
9. BMO Harris Bank Essential Business Checking — $200 Cash Bonus
Open an eligible BMO Harris Bank Business Checking account by April 30, 2021, for an opportunity to earn a $200 cash bonus. Here’s how the bonus offer works:
- Open a new Essential Business Checking account by April 30, 2021.
- Deposit at least $1,500 (cumulatively) within the first 30 days your account is open.
- Maintain a minimum balance of $1,500 or more for the following 90 days (between Day 31 and Day 120).
- Have at least 10 electronic transactions post to the account within the first 90 days your account is open.
Once you complete these qualifying activities, you should receive the $500 cash bonus within 10 days.
Eligible electronic transactions include ACH credits or debits, online bill payments, mobile deposits, wire transfers, or debit card POS purchase transactions. POS credit transactions and ATM withdrawals are not eligible.
Avoid the ongoing $15 monthly maintenance fee when you maintain an average daily balance of at least $1,500 during each statement period.
This checking account bonus offer is available in states where BMO Harris Bank has physical branch locations. Limit one offer per customer.
Apply Now
10. PNC Bank Business Checking — Up to $500 Cash Bonus
Open an eligible new PNC Bank business checking account (Business Checking or Business Checking Plus) by March 31, 2021, for the opportunity to earn a $200 cash bonus. Here’s how the bonus offer works:
- Open an eligible account by March 31, 2021.
- Maintain an average cycle balance (account balance) of $5,000 or more for each of the first three statement cycles.
- Complete at least 20 total qualifying debit card transactions within the first three statement cycles.
Once you’ve completed the qualifying activities, you’ll receive a $200 cash bonus in your account within 90 days.
See the respective application pages for Business Checking and Business Checking Plus for more details on avoiding the monthly maintenance fees.
Alternatively, open a new Treasury Enterprise Plan or Analysis Business Checking account by March 31, 2021, for the opportunity to earn a $500 bonus. All you need to do is maintain a minimum average balance of $30,000 throughout the first three statement cycles, and you’ll receive your bonus.
These offers are available nationwide. Limit one offer per customer.
Apply Now
11. SunTrust Business Checking — $200 Bonus Cash
Open an eligible new SunTrust business checking account (Simple Business Checking, Primary Business Checking, or Business Advantage Plus) by March 31, 2021, for the opportunity to earn $200 bonus cash. Here’s how the offer works:
- Open your eligible new account by March 31, 2021.
- Enroll in the offer at application.
- Make cumulative qualifying deposits of $1,500 or more within 30 days of opening the account.
Once you’ve completed these activities, including the deposit requirement, you’ll receive your reward within eight weeks.
Moving forward, all eligible accounts waive monthly maintenance fees for the first two statement cycles. Refer to the offer page for information about avoiding each account’s monthly maintenance fees thereafter.
This offer is available in states where SunTrust has a physical branch presence and is limited to new customers only. Limit one offer per customer.
Apply Now
Final Word
Most of the banks mentioned here do not cater to small-business owners exclusively. They also offer consumer accounts — in some cases, generous and expansive lineups that include free checking accounts, rewards checking accounts, CDs with above-average rates, money market accounts, and high-yield savings accounts that might just keep your emergency fund on pace with inflation.
This matters. After all, every business owner is a person too — one with personal money management needs. That means every business owner needs a personal checking account, among other key personal banking relationships. If you’d like that relationship to involve the same bank you choose for your business banking needs, perhaps one of these promotions will seal the deal.
Source: moneycrashers.com
BMO Harris Bank Business Checking: 2021 Review
BMO Harris offers three main business checking accounts, including an interest-bearing option and a free checking account for nonprofit businesses. These options may appeal to a variety of business owners, especially if they can maintain a balance high enough to skirt the monthly maintenance fee. All BMO Harris business checking customers have access to free online and mobile banking.
BMO Harris business checking is best for small-business owners who:
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Want the benefits of branch access with the convenience of online banking.
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Run a nonprofit organization and can take advantage of the bank’s free checking option.
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Don’t anticipate large volumes of transactions.
Pros & Cons
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More than 500 branches across BMO Harris’ eight-state service area.
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Free checking account option for nonprofit organizations.
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Sign-up bonus for new customers who enroll in a BMO Harris Essential Business or Business Advantage checking account.
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Limits on fee-free transactions for all checking account types.
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Overdraft and other incidental fees could prove expensive for some business owners.
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Monthly maintenance fees charged on Essential Business and Business Advantage accounts unless minimum balance requirements are met.
BMO Harris Bank business checking at a glance
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Essential Business Checking |
Business Advantage Checking |
Non-Profit Small Business Checking |
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Monthly fee: |
$15, waived with an average balance of $1,500 per monthly statement period. |
$20, waived with an average balance of $5,000 per monthly statement period or $15,000 in combined balances when linked with other BMO accounts. |
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Minimum opening deposit requirement: |
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Tiered interest rates based on collected balance. Must contact BMO Harris for current rates. |
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Transactions: |
Up to 200 fee-free transactions per statement period, including online banking transactions, then $0.40 per item. |
Up to 500 fee-free transactions per statement period, including online banking transactions, then $0.40 per item. |
Up to 200 fee-free transactions per statement period, including online banking transactions, then $0.40 per item. |
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$200 (with promo code) if you open your account at a branch. |
$500 (with promo code) if you open your account at a branch. |
How BMO Harris Bank business checking works
Headquartered in Chicago, BMO Harris has more than 500 branches across eight states — Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida and Wisconsin — but serves businesses in all 50 states via online banking.
You can open a BMO Harris business checking account over the phone or in person (if you’re located near a branch). The bank offers three main account options: Essential Business Checking, Business Advantage Checking and Non-Profit Small Business Checking.
To open an account, you’ll need to provide:
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Two forms of identification.
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A tax identification number (an EIN for businesses and nonprofits, a Social Security number for individuals).
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A physical address and date of birth for all owners, key executives and partners.
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Depending on your business type, you may also need to supply additional documents, such as articles of incorporation or partnership agreements.
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Nonprofit organizations need to provide a letter of authorization that notes who is authorized on the account. A certificate of good standing may also be obtained by BMO Harris for nonprofit corporations.
All BMO Harris Bank business checking accounts come with free online and mobile banking. Customers can use the bank’s app or online banking portal to pay bills and transfer money between accounts. Mobile check deposit is also available via the BMO Harris Bank mobile app, but will count toward your account’s transaction limit.
Where BMO Harris Bank business checking stands out
Sign-up bonus: New BMO Harris Bank business customers can earn a sign-up bonus of $200 (Essential Business) or $500 (Business Advantage) if they visit the bank’s website to request a promo code and redeem that code at a branch to open a new business checking account.
To get the bonus you must have at least 10 electronic transactions posted to the account within 90 days. You also need to reach a specific balance by day 31 and maintain it for an additional 90 days. The average monthly balance requirement is $1,500 for Essential Business customers and $5,000 for Business Advantage customers.
Branch and ATM access: BMO Harris has more than 500 branches across eight states, which can be appealing if you favor face-to-face banking. But research your closest branch before enrolling: In some states, BMO Harris branches are largely concentrated around major urban areas, like Chicago, Indianapolis and Kansas City, which could make it difficult for business owners in smaller cities to access brick-and-mortar locations. BMO Harris customers can also use more than 40,000 Allpoint and BMO Harris Bank ATMs for free.
Free checking for nonprofits: BMO Harris Bank’s Non-Profit Small Business Checking has no monthly maintenance fee, but otherwise mirrors the bank’s Essential Business Checking, with 200 free transactions, a $100 minimum opening deposit and up to $5,000 in free cash deposits.
Where BMO Harris Bank business checking falls short
Monthly maintenance fees: BMO Harris Bank offers a free checking account for nonprofit small businesses, but Essential Business and Business Advantage checking accounts are assessed a monthly maintenance fee of $15 or $20, respectively. You can avoid this fee by maintaining an average balance of $1,500 (Essential Business) or $5,000 (Business Advantage) per statement cycle. If monthly fees are a deal breaker, consider a free business checking account.
Transaction limits: BMO Harris Bank limits the number of free transactions allowed on its business checking accounts. Customers enrolled in Essential Business Checking are allowed up to 200 free transactions per cycle, while Business Advantage Checking customers are capped at 500. Nonprofit business checking account holders are also subject to a transaction limit of 200 items before fees kick in. Anything beyond your account limit is charged at 40 cents per item. Transactions that count toward your limit include non-ATM deposits, checks deposited, checks paid and ACH credits and debits. Digital banking transactions, such as transfers and online bill pay, count toward the limit.
While transaction limits are common on business checking accounts, there are several options that offer unlimited transactions. Consider Capital One Spark Business Checking or an online bank like BlueVine or Radius if you want to avoid transaction limits.
Incidental fees: Dig into the product disclosures for BMO Harris Bank business accounts and you’ll notice a slew of potential fees that could impact your account, should you request a stop payment ($35), use a non-BMO Harris ATM ($3 per transaction) or overdraw your account ($36).
Those overdraft fees kick in if your account is overdrawn by more than $5 after all items are posted to the account. No fee is charged if the account is overdrawn due to bank fees or service charges. A $7-per-day fee also applies if your account is overdrawn for three consecutive business days.
Additional charges include wire transfers — $15 per incoming and $30 per outgoing (domestic) for Essential Business Checking and Non-Profit Small Business Checking accounts. Business Advantage Checking customers enjoy free incoming wire transfers (domestic and international) but are charged $30 per outgoing wire transfer (domestic).
Compare business checking accounts
Source: nerdwallet.com
How the Heck Are There Icicles Inside Homes in Texas? The Scientific Answers, Revealed
The normally temperate state of Texas experienced some of the coldest weather ever earlier this week when snow blanketed most of the central part of the country, leading to widespread power outages and water shortages. Dallas–Fort Worth even saw temperatures dip to a teeth-chattering minus 2 degrees on Tuesday morning—a negative number not seen in North Texas for 72 years.
Just how cold did it get? Outside, the Texas deep freeze caused swimming pools and hot tubs to ice over. And those frigid conditions left uninsulated power grids struggling to keep up. Millions of Texans then suffered power outages or rolling blackouts as cold temperatures lingered for days. To add to the suffering, hundreds of thousands of North Texas homes with electric heat lost the ability to keep their homes warm.
please appreciate this photo of my dad standing on top of our frozen pool in dallas, measuring the thickness of the ice with a tape measure 😂 #DallasWeather #dfw pic.twitter.com/DanZ9fpRjc
— diana✨ (@xdianarose) February 17, 2021
And so what Texans had to endure went from bad to worse: To wit, icicles formed inside people’s Lone Star homes, with frozen water even hanging from ceiling fans.
How are these icy spikes that usually form on an outside eave ending up in Texan living rooms and bathrooms? And more importantly, how can you stop it from ever happening to you? We explain it all below.
What causes indoor icicles?
This is how cold it is at my Apartment.
As a Texan, yes, I’m certainly not built for this. I don’t even care. pic.twitter.com/FMt8imglJp
— ☩ (@ThomasBlackGG) February 16, 2021
Icicles form inside homes when water has somehow seeped inside and the indoor temperature has dropped to match the frigid conditions outside.
“Many times water comes through the roof, which can be caused by a frozen water pipe that has burst,” says Diana Rodriguez-Zaba, president of ServiceMaster Restoration by Zaba, a certified water damage restoration company in Chicago. “Or ice dam water could have melted and backed up into the home.”
(An ice dam is a frozen ridge that can form at a roof’s edge and stop melting snow from draining. Water can then back up behind the dam and seep inside.)
When you combine any leaking water with a poorly insulated home—that has no power for heat—the dripping water subsequently freezes into an icicle if the temperature is cold enough. (To put just how cold it is in some people’s homes in perspective, icicles usually form on days when the ambient temperature is below zero.)
Why is Texas particularly vulnerable to indoor ice?
Many Texas homes are built on slabs, and so water heaters, furnaces, and waterlines are in the attic instead of a basement. If homes can’t provide sufficient heating due to power outages, that water can become extremely dangerous.
“If the house is freezing, the waterlines can burst and rain down through the ceiling,” explains Deb Tomaro, a real estate professional serving South Central Indiana whose extended family lives in Texas.
According to the Dallas Water Utility, it responded to more than 1,000 busted, frozen pipes as of 10 a.m. Wednesday. And that dripping water then leaks through electric openings, ceiling, or walls, causing major damage—and icicles.
“My parents just spoke to a neighbor who had two huge ceiling collapses,” says Tomaro.
What to do if you have icicles
“People typically break the icicles because they are dangerous when they melt and fall,” says Margine Biswas, a Texas-registered architect and owner of the Dallas architecture firm Archiphy.
The safest way to knock down icicles is with a large pole. Just exercise extreme caution when doing so. Stand where the icicles can’t hit and injure you. If you are uncertain what to do, call a professional water damage professional.
Also, have a specialist come pinpoint the source of moisture in your home that’s causing the icicles to form. If you have a frozen, burst pipe, it will need to be repaired. You will then have to address the water damage and reconstruction work necessary to restore your home.
How to prevent indoor ice
Stay safe y’all
Frozen faucet at my rental 😧😬❄️ #drip #frozenpipes #houwx #houstonfreeze #houstonpoweroutage #houstonweather pic.twitter.com/mIygHVrfu5— mb (@michaelbrom) February 17, 2021
If you can, keep faucets at a trickle to allow water to move and prevent pipes from freezing. If you can’t do that, the best advice to homeowners with frozen pipes is to turn the water completely off. Use this guide to figure out where the valve is in your home.
“My 78-year-old parents are trying to figure out how to turn their water off at the main for the night because they’ve had power during the day but no power at night,” says Tomaro.
And if you notice ice dams forming on your home’s roof, first remove them carefully right away either by yourself or with a professional. Waiting for ice dams to simply melt on their own will create all sorts of damage. And definitely contact a pro to see what’s causing the ice dams to form in the first place.
“If you notice any signs of water damage in your home, especially on the roofs and ceilings, get a water damage restoration specialist to pinpoint the source of the problem and stop the damage from spreading,” says Rodriguez-Zaba.
How to safely turn your water back on
KeyBank Business Checking: 2021 Review
KeyBank offers three small-business checking accounts with minimal frills, but also minimal fees, provided you’re able to avoid the bank’s hefty overdraft charges. The bank’s generous cash deposit limits — up to $25,000 at no cost, $50,000 in some locations — and strong brick-and-mortar presence make KeyBank an ideal option for cash-heavy business owners who want facetime with their banker.
KeyBank business checking is best for small-business owners who:
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Prefer in-person banking with online conveniences like mobile banking and online bill pay.
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Need to make regular cash deposits, up to $25,000.
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Are able to meet balance requirements to have monthly fees waived.
Pros and cons
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Free online banking and bill pay.
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Generous cash deposit allowance.
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More than 1,000 branch locations across 15 states and over 40,000 KeyBank and AllPoint ATMs across the country.
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Business checking accounts can be opened in person only.
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All accounts have transaction limits.
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Website issues make it difficult to access disclosures and rate information.
KeyBank business checking at a glance
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KeyBank Basic Business Checking |
KeyBank Business Interest Checking |
KeyBank Business Reward Checking |
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Monthly fee: |
$5, waived with $1,000 average monthly balance |
$15, waived with $5,000 daily balance |
$25, waived with $7,500 average balance |
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Minimum opening deposit requirement: |
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Transactions: |
Up to 200 fee-free transactions, then 40 cents per item. Bill Pay and ACH transactions do not count toward total. |
Up to 100 fee-free transactions, then 40 cents per item. Bill Pay and ACH transactions do not count toward total. |
Up to 500 fee-free transactions, then 40 cents per item. Bill Pay and ACH transactions do not count toward total. |
How KeyBank business checking works
Established nearly two centuries ago, KeyBank is based in Cleveland, and has more than 1,000 branches across 15 states: Alaska, Colorado, Connecticut, Idaho, Indiana, Massachusetts, Maine, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont and Washington.
KeyBank offers three business checking accounts: Basic Business Checking, Business Interest Checking and Business Reward Checking. All three offer unlimited bill pay and free online banking, but you have to apply for an account at one of the bank’s brick-and-mortar locations only.
To open a business checking account, you’ll need your business formation papers, Social Security number or employer identification number, two valid forms of identification and your minimum deposit ($25).
All of KeyBank business checking accounts allow cash deposits up to $25,000 per statement cycle at no cost (and up to $50,000 in some locations), making the bank a solid option for small businesses that make regular cash drops. While the bank does limit free transactions, customers can effectively extend their limit by taking advantage of online bill pay and ACH transactions, both of which are unlimited on all business checking accounts.
Where KeyBank business checking stands out
Branch access: KeyBank has a strong presence in the areas it operates with more than 1,000 brick-and-mortar branches across 15 states. This is great news for business owners who prefer in-person banking and those who need to make frequent cash deposits.
Free online banking and bill pay: All business checking customers get online banking and bill pay at no additional cost. With KeyBank Business Online, customers can view statements, transfer funds between accounts and make mobile check deposits. Additional features are available for a fee.
Cash deposits: KeyBank allows business customers to deposit up to $25,000 per statement cycle at no cost. In some locations, the cash deposit limit is even higher at $50,000. Some larger banks limit free cash deposits to $5,000 per month.
Civic recognition: KeyBank consistently wins awards for diversity and inclusion. The bank’s accolades include the Human Rights Campaign’s Best Places to Work for LGBTQ Equality, National Organization on Disabilities’ Leading Disability Employer Seal and DiversityInc’s Top 50 Companies for Diversity. KeyBank was also named to the Bloomberg Gender-Equality Index in 2020 and 2021.
Where KeyBank business checking falls short
No sign-up bonus: KeyBank occasionally offers incentives to new small-business customers but, as of this writing, there is no sign-up bonus to open a new business checking account.
Interest rates: While KeyBank does offer an interest-earning business checking account, the annual percentage yield is low compared with other similar accounts. Online banks like Axos typically offer higher interest rates, but there is a trade-off. Axos Business Interest Checking accounts, for example, can earn up to 0.81% APY, but customers receive 50 free transactions per month only, half as many as KeyBank’s Business Interest Checking account.
Transactions limits: KeyBank offers limited free transactions on all of its business checking accounts. This is common practice, and Key Bank’s limits are generous when compared with competitors. Still, transaction-heavy businesses may want to consider an online bank with unlimited transactions.
Overdraft charges: KeyBank assesses hefty fees if an account is overdrawn. Accounts are dinged up to $38.50 per overdraft and could be assessed a recurring overdraft fee of $28.50 if the account stays in the negative for five consecutive business days. Business customers can enroll in overdraft protection by linking a checking account to a KeyBank deposit or Business Cash Reserve Credit account.
Other fees: KeyBank business checking customers could be assessed additional fees, depending on their account activity. The bank charges $34 for stop payment requests and $3 per month for paper statements.
Business Basic and Business Interest Checking customers are also assessed $30 for each outgoing domestic wire transfer. Business Rewards Checking customers get three free per statement cycle, additional domestic wire transfers are $30 for each one sent. Incoming wire transfers are free with the Business Rewards Checking account and $20 each with the other two KeyBank business accounts.
Compare business checking accounts
Source: nerdwallet.com
How Much Nurses Get Paid in Every State
Nurses serve on the front lines of health care. Their work is tough, but fortunately it’s well-compensated. And if you are considering a career as a nurse, the good news is that the industry is growing and the pay tends to be good.
The federal Bureau of Labor Statistics estimates there are more than 2.9 million registered nurses across the country, pulling down an average annual wage of $77,460. Additionally, there are some 200,000 nurse practitioners, earning an average of $111,840, and some 697,000 licensed practical and vocational nurses, earning an average of $48,500.
But the pay varies greatly depending on where the nurse practices.
Following are the average annual wages for multiple types of nurses in all 50 states and the District of Columbia, according to the latest Bureau of Labor Statistics data, which is for 2019. The states are ranked based on pay for RNs.
51. South Dakota
South Dakota is one of several states predicted to have a shortage of registered nurses (RNs) by 2030, according to a report by the U.S. Department of Health and Human Services. The federal agency forecasts that the state will be short 1,900 RNs by 2030.
South Dakota is also among the majority of states forecast to have a shortage of licensed practical nurses by 2030, the report found.
Average annual wage for a registered nurse: $59,540
Average annual wage for a nurse practitioner: $102,230
Average annual wage for a licensed practical or licensed vocational nurse: $38,760
50. Mississippi
Nurses aren’t the only front-line workers with relatively low average wages in Mississippi. The state ranks dead last for its average annual wages for elementary-school teachers, for police officers and sheriff’s deputies and even for cashiers, as we have reported.
Average annual wage for a registered nurse: $59,750
Average annual wage for a nurse practitioner: $110,740
Average annual wage for a licensed practical or licensed vocational nurse: $39,020
49. Alabama
In Alabama and nationally, nurse practitioners earn more money than multiple other types of nurses, on average. To become an NP, you must first be a registered nurse and also pursue specialized graduate education, according to the Bureau of Labor Statistics.
Average annual wage for a registered nurse: $60,230
Average annual wage for a nurse practitioner: $99,570
Average annual wage for a licensed practical or licensed vocational nurse: $39,310
48. Iowa
Different types of nurses are most likely to work in different types of health care settings, according to the Bureau of Labor Statistics. RNs most commonly work in hospitals, and NPs in physicians’ offices. Meanwhile, licensed practical and vocational nurses most often work in nursing care facilities, also referred to as skilled nursing facilities.
Average annual wage for a registered nurse: $60,590
Average annual wage for a nurse practitioner: $109,910
Average annual wage for a licensed practical or licensed vocational nurse: $44,220
47. Arkansas
Average annual wage for a registered nurse: $61,330
Average annual wage for a nurse practitioner: $105,840
Average annual wage for a licensed practical or licensed vocational nurse: $40,760
46. Kansas
Average annual wage for a registered nurse: $62,450
Average annual wage for a nurse practitioner: $100,550
Average annual wage for a licensed practical or licensed vocational nurse: $44,260
45. Tennessee
Average annual wage for a registered nurse: $62,570
Average annual wage for a nurse practitioner: $96,510
Average annual wage for a licensed practical or licensed vocational nurse: $41,270
44. West Virginia
Average annual wage for a registered nurse: $63,220
Average annual wage for a nurse practitioner: $103,170
Average annual wage for a licensed practical or licensed vocational nurse: $37,500
43. Kentucky
Average annual wage for a registered nurse: $63,750
Average annual wage for a nurse practitioner: $99,560
Average annual wage for a licensed practical or licensed vocational nurse: $42,740
42. Missouri
Average annual wage for a registered nurse: $64,160
Average annual wage for a nurse practitioner: $105,050
Average annual wage for a licensed practical or licensed vocational nurse: $43,410
41. Oklahoma
Average annual wage for a registered nurse: $64,800
Average annual wage for a nurse practitioner: $113,200
Average annual wage for a licensed practical or licensed vocational nurse: $42,090
40. South Carolina
South Carolina is one of seven states projected to have a shortage of registered nurses by 2030, according to the report from the U.S. Department of Health and Human Services. The federal agency forecasts the Palmetto State will be short 10,400 RNs by that year.
South Carolina is also among the majority of states forecast to have a shortage of licensed practical nurses by 2030, the report found.
Average annual wage for a registered nurse: $64,840
Average annual wage for a nurse practitioner: $100,680
Average annual wage for a licensed practical or licensed vocational nurse: $42,190
39. Louisiana
Louisiana is home to more than 19,000 licensed practical nurses and licensed vocational nurses, according to the federal Bureau of Labor Statistics. Consequently, Louisiana has a higher concentration of this type of nursing job than any other state in the nation.
Average annual wage for a registered nurse: $65,850
Average annual wage for a nurse practitioner: $106,240
Average annual wage for a licensed practical or licensed vocational nurse: $40,300
38. North Dakota
Average annual wage for a registered nurse: $66,290
Average annual wage for a nurse practitioner: $110,950
Average annual wage for a licensed practical or licensed vocational nurse: $46,760
37. North Carolina
Average annual wage for a registered nurse: $66,440
Average annual wage for a nurse practitioner: $105,890
Average annual wage for a licensed practical or licensed vocational nurse: $45,880
36. Indiana
Average annual wage for a registered nurse: $66,560
Average annual wage for a nurse practitioner: $106,380
Average annual wage for a licensed practical or licensed vocational nurse: $46,050
35. Nebraska
Average annual wage for a registered nurse: $66,640
Average annual wage for a nurse practitioner: $105,450
Average annual wage for a licensed practical or licensed vocational nurse: $44,450
34. Florida
Average annual wage for a registered nurse: $67,610
Average annual wage for a nurse practitioner: $101,510
Average annual wage for a licensed practical or licensed vocational nurse: $45,580
33. Utah
Average annual wage for a registered nurse: $67,970
Average annual wage for a nurse practitioner: $105,240
Average annual wage for a licensed practical or licensed vocational nurse: $49,660
32. Ohio
Ohio is home to the Cleveland Clinic — which U.S. News & World Report ranks as the nation’s No. 2 hospital overall, and the No. 1 specialty hospital for cardiology and heart surgery, as we report in “The 20 Highest-Ranked U.S. Hospitals in 2020.”
Average annual wage for a registered nurse: $68,220
Average annual wage for a nurse practitioner: $103,780
Average annual wage for a licensed practical or licensed vocational nurse: $45,020
31. Wyoming
Average annual wage for a registered nurse: $68,690
Average annual wage for a nurse practitioner: $118,110
Average annual wage for a licensed practical or licensed vocational nurse: $46,980
30. Montana
Average annual wage for a registered nurse: $69,340
Average annual wage for a nurse practitioner: $109,120
Average annual wage for a licensed practical or licensed vocational nurse: $44,730
29. Idaho
Average annual wage for a registered nurse: $69,480
Average annual wage for a nurse practitioner: $110,860
Average annual wage for a licensed practical or licensed vocational nurse: $46,430
28. Georgia
Georgia is one of several states predicted to have a shortage of registered nurses by 2030, according to an analysis from the U.S. Department of Health and Human Services. The federal agency forecasts that the Peach State will be short 2,200 RNs by that time.
Georgia is also among the majority of states forecast to have a shortage of licensed practical nurses by 2030, the analysis found. The state is projected to be short 10,500 LPNs by that year.
Average annual wage for a registered nurse: $69,590
Average annual wage for a nurse practitioner: $105,670
Average annual wage for a licensed practical or licensed vocational nurse: $42,570
27. Maine
Average annual wage for a registered nurse: $69,760
Average annual wage for a nurse practitioner: $106,960
Average annual wage for a licensed practical or licensed vocational nurse: $46,930
26. Vermont
Average annual wage for a registered nurse: $70,240
Average annual wage for a nurse practitioner: $105,840
Average annual wage for a licensed practical or licensed vocational nurse: $50,210
25. Pennsylvania
Average annual wage for a registered nurse: $71,410
Average annual wage for a nurse practitioner: $101,950
Average annual wage for a licensed practical or licensed vocational nurse: $49,200
24. Virginia
Average annual wage for a registered nurse: $71,870
Average annual wage for a nurse practitioner: $109,110
Average annual wage for a licensed practical or licensed vocational nurse: $46,070
23. Wisconsin
Average annual wage for a registered nurse: $72,610
Average annual wage for a nurse practitioner: $112,130
Average annual wage for a licensed practical or licensed vocational nurse: $46,550
22. Michigan
University of Michigan Hospitals-Michigan Medicine ranks among the top 20 hospitals in the United States. Like the University of Michigan itself, the hospital is located in the city of Ann Arbor.
Average annual wage for a registered nurse: $73,200
Average annual wage for a nurse practitioner: $108,660
Average annual wage for a licensed practical or licensed vocational nurse: $50,300
21. New Mexico
Average annual wage for a registered nurse: $73,300
Average annual wage for a nurse practitioner: $111,930
Average annual wage for a licensed practical or licensed vocational nurse: $48,330
20. Illinois
Chicago is home to two of the top 20 hospitals in the United States — Northwestern Memorial Hospital and Rush University Medical Center — according to the rankings of U.S. News & World Report.
Average annual wage for a registered nurse: $73,510
Average annual wage for a nurse practitioner: $107,860
Average annual wage for a licensed practical or licensed vocational nurse: $53,290
19. New Hampshire
Average annual wage for a registered nurse: $73,880
Average annual wage for a nurse practitioner: $110,680
Average annual wage for a licensed practical or licensed vocational nurse: $54,220
18. Delaware
Average annual wage for a registered nurse: $74,100
Average annual wage for a nurse practitioner: $112,430
Average annual wage for a licensed practical or licensed vocational nurse: $53,520
17. Texas
Texas is one of several states facing a serious shortage of registered nurses by 2030, according to an analysis by the U.S. Department of Health and Human Services. It’s also among the majority of states forecast to have a shortage of licensed practical nurses by 2030.
Additionally, Texas has a larger share of uninsured residents than any other state, as we detail in “16 States With the Worst Rates of Health Insurance.”
Average annual wage for a registered nurse: $74,540
Average annual wage for a nurse practitioner: $115,440
Average annual wage for a licensed practical or licensed vocational nurse: $47,370
16. Colorado
Average annual wage for a registered nurse: $76,230
Average annual wage for a nurse practitioner: $106,760
Average annual wage for a licensed practical or licensed vocational nurse: $53,180
15. Maryland
Baltimore is home to the Johns Hopkins Hospital, which U.S. News & World Report ranks as the top hospital in the country for multiple specialties — from ear, nose and throat care to psychiatry — as we report in “The 20 Highest-Ranked U.S. Hospitals in 2020.” The publication also ranks Johns Hopkins Hospital the No. 3 hospital in the country overall.
Average annual wage for a registered nurse: $77,910
Average annual wage for a nurse practitioner: $111,800
Average annual wage for a licensed practical or licensed vocational nurse: $55,020
14. Arizona
Average annual wage for a registered nurse: $78,330
Average annual wage for a nurse practitioner: $111,480
Average annual wage for a licensed practical or licensed vocational nurse: $54,290
13. Minnesota
The city of Rochester, Minnesota, is home to the Mayo Clinic — which U.S. News & World Report ranks as the No. 1 hospital in the nation, as we detail in “The 20 Highest-Ranked U.S. Hospitals in 2020.” The Mayo Clinic also is ranked No. 1 for multiple types of specialty care, from diabetes and endocrinology to pulmonology and lung surgery.
Average annual wage for a registered nurse: $80,130
Average annual wage for a nurse practitioner: $122,850
Average annual wage for a licensed practical or licensed vocational nurse: $48,460
12. Rhode Island
Average annual wage for a registered nurse: $82,310
Average annual wage for a nurse practitioner: $115,310
Average annual wage for a licensed practical or licensed vocational nurse: $59,860
11. Connecticut
Average annual wage for a registered nurse: $83,440
Average annual wage for a nurse practitioner: $115,140
Average annual wage for a licensed practical or licensed vocational nurse: $57,380
10. New Jersey
New Jersey is one of seven states expected to have a shortage of registered nurses by 2030, according to an analysis by the U.S. Department of Health and Human Services. The federal agency predicts that the state will be short a whopping 11,400 RNs in about a decade.
Average annual wage for a registered nurse: $84,280
Average annual wage for a nurse practitioner: $123,810
Average annual wage for a licensed practical or licensed vocational nurse: $57,510
9. Washington
Average annual wage for a registered nurse: $86,170
Average annual wage for a nurse practitioner: $126,920
Average annual wage for a licensed practical or licensed vocational nurse: $57,940
8. New York
Nurses aren’t the only front-line workers with relatively high average wages in New York. The state ranks No. 1 for its wages for grade-school teachers, as we report in “Here’s How Much Teachers Are Paid in Every State.”
Average annual wage for a registered nurse: $87,840
Average annual wage for a nurse practitioner: $122,550
Average annual wage for a licensed practical or licensed vocational nurse: $49,860
7. Nevada
Average annual wage for a registered nurse: $88,380
Average annual wage for a nurse practitioner: $115,970
Average annual wage for a licensed practical or licensed vocational nurse: $58,470
6. Alaska
Alaska is one of seven states facing a shortage of registered nurses in the near future, according to the report from the U.S. Department of Health and Human Services. The federal agency forecasts that by 2030, the state will be short 5,400 registered nurses.
Alaska is also among the majority of states forecast to have a shortage of licensed practical nurses by 2030, the report found.
Average annual wage for a registered nurse: $90,500
Average annual wage for a nurse practitioner: $115,890
Average annual wage for a licensed practical or licensed vocational nurse: $63,850
5. Oregon
Average annual wage for a registered nurse: $92,960
Average annual wage for a nurse practitioner: $113,430
Average annual wage for a licensed practical or licensed vocational nurse: $54,740
4. Massachusetts
Massachusetts has a larger share of insured residents than any other state in the country, as we detail in “15 States Where the Most People Have Health Insurance.” A mere 3% of Massachusetts’ population is without insurance.
Average annual wage for a registered nurse: $93,160
Average annual wage for a nurse practitioner: $122,240
Average annual wage for a licensed practical or licensed vocational nurse: $60,340
3. District of Columbia
Nurses aren’t the only front-line workers with relatively high average wages in Washington, D.C. The nation’s capital ranks No. 1 — beating out all 50 states — based on its pay for the heroes behind cash registers, as we report in “How Much Cashiers Earn in Every State.”
Average annual wage for a registered nurse: $94,820
Average annual wage for a nurse practitioner: $111,950
Average annual wage for a licensed practical or licensed vocational nurse: $54,220
2. Hawaii
U.S. News & World Report named Hawaii the No. 1 state for health care in general. In the analysis, Hawaii leads the nation in health care quality, is third for health care access and fourth for public health.
Average annual wage for a registered nurse: $104,060
Average annual wage for a nurse practitioner: $124,000
Average annual wage for a licensed practical or licensed vocational nurse: $51,010
1. California
California may pay its nurses well, but it is one of seven states forecast to have a shortage of registered nurses by 2030, according to an analysis by the U.S. Department of Health and Human Services. The federal agency predicts that the state will be short 44,500 full-time RN jobs — far more than any other state — by that year.
Average annual wage for a registered nurse: $113,240
Average annual wage for a nurse practitioner: $138,660
Average annual wage for a licensed practical or licensed vocational nurse: $60,240
Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.
Source: moneytalksnews.com
Hereâs the Best Place to Play Bingo Online for Money
A well-designed bingo app really hits the sweet spot. It’s a great way to pass the time and have some fun.
It’s even better when you can win real money.
An app called Blackout Bingo lets you do just that. This free app lets you play a game you already know and love, plus it matches you with players in your skill level, so you can go head-to-head in tournaments where you can win real money. Plus, the games are quick — about two minutes each, and you can play them on the go.
How to Win Real Money Just for Playing Bingo on Your Phone
You might be thinking this sounds too good to be true. But here’s the thing: It’s really not.
Here’s how it works: Download the free app and create an account, then you can play some practice games to get the hang of it. If you don’t already know how to play, this is an easy way to learn. Then, when you’re ready, Blackout Bingo will pair you with one of thousands of other online players at your same skill level. Beginners play beginners; experts play other experts. You and your opponent will both get the same board, so winning is totally skills-based.
The app is free to download, but if you want to play for money, you’ll need to deposit at least $10. Then you can play head-to-head in large pools and live tournaments — some tournaments have even paid out prizes as big as $350,000. You can make deposits and get paid via PayPal, credit card or Apple Pay — cashing out is just a matter of seconds.
Blackout Bingo has a 4.5-out-of-5-star rating from more than 40,000 users in Apple’s App Store. As for Skillz, the platform that hosts the game, it operates hundreds of games and has paid out more than $2 billion in prizes so far. Take Shay, from Georgia, for example, who won $10,000 playing Skillz games. The company has invested years into its player-matching technology, ensuring you only compete with players of the same skill level.
Win or lose, you always receive “ticketz” that you can redeem in Skillz’ Ticketz store for cash or prizes, like Amazon gift cards, a 65-inch TV — even a BMW or a Porsche. Seriously. The higher stakes you play for, the more ticketz you receive.
For bingo players, here’s the most important part: The game is well designed, a classic bingo experience. To get started, just download the free app and start playing your first game immediately. What could you win in a two-minute bingo game?
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder. He is familiar with the lure of bingo.
Unfortunately, you can’t play for money in the following states: Arkansas, Arizona, Connecticut, Delaware, Indiana, Louisiana, Maine, Montana, South Carolina, South Dakota or Tennessee. However, in those states, you can still play for fun with the game’s virtual currency.
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Source: thepennyhoarder.com