From a family robot assistant to a self-driving car, there are so many technological advancements to look forward to. In this article, we explore some of the most futuristic tech that could change your life in the next five years.
1. Enabot EBO X
The Enabot EBO X Family Robot is a versatile home assistant robot equipped with advanced features such as a built-in camera for home security, a speaker system and projector for entertainment, and functions such as vacuuming and mopping floors. It can also interact with voice commands and engage in conversations, making it a fun and interactive companion for your family. Overall, the Enabot EBO X is a cutting-edge technology designed to make your daily life easier and more enjoyable. The Enabot EBO X is expected to start shipping in 2023.
2. Hypershell Exoskeleton
You’ve always seen them in movies but it’s about to become a reality. With the Hypershell Exoskeleton, you’d be able to improve your mobility drastically. The Hypershell exoskeleton is a wearable technology designed to enhance human performance and mobility. It provides support to the legs, hips, and lower back, using advanced motors and sensors to provide assistance and reduce the risk of injury. The exoskeleton is controlled by a computer mounted on the waist and can be adjusted manually. It has the potential to improve the quality of life and independence for individuals with mobility impairments and those who perform physically demanding tasks.
3. SeeAir
The SeeAir tankless dive system is a portable and lightweight device that provides a nearly unlimited air supply for scuba divers. It uses a compact compressor to draw in air from the environment, eliminating the need for bulky tanks or hoses. The system is easy to use and maintain and features a rechargeable 5-hour battery, depth gauge, and timer. It is ideal for adventurous and novice divers and has a smaller environmental impact than traditional scuba diving equipment.
4. Geo Wallet
This is the world’s first MagSafe wallet with full Find My functionality. As they said on their product page, nothing ruins a vacation like losing your wallet with all your credit cards and IDs. The GeoWallet can hold up to 10 cards, features RFID-blocking technology, and is both scratch and water-resistant. With its GPS technology, it can be located using the Find My app, and users can activate Lost Mode to receive alerts if it is found. The Geo Wallet is a stylish and practical accessory for those who want to keep track of their belongings.
5. Heisenberg LawnMeister
The Heisenberg LawnMeister is an all-in-one robot lawn mower that uses Vision AI technology to create a detailed image of the lawn and guide the mower in a precise and efficient manner. It has a large-capacity battery, a built-in rain sensor, and comes with a user-friendly app that allows homeowners to set up a mowing schedule and monitor the mower’s progress. It also has plant-trimming and fertilizing capabilities and can mow up to one acre. The LawnMeister is a convenient and reliable solution for homeowners who want to simplify their lawn care.
6. TIMEMORE Electric Coffee Grinder
For all you coffee enthusiasts, watch out cause TIMEMORE is changing the Coffee grinding game. The TIMEMORE Electric Coffee Grinder is a high-quality coffee grinder that features a powerful motor and stainless steel burrs that produce a consistent grind size. It has adjustable settings for grind size, is easy to use with a user-friendly interface, and has a large capacity for multiple cups. It is durable, easy to maintain, and comes with a brush for cleaning hard-to-reach areas. Overall, it is a reliable and practical choice for coffee lovers.
7. AliSleep
AliSleep is a high-tech pillow that is designed to reduce snoring and provide a soothing massage while you sleep. It has built-in sensors that detect snoring and adjust the pillow’s height and position to reduce snoring, as well as built-in vibration motors that provide a gentle massage to the neck and head. The pillow has a memory foam core for optimal support and pressure relief and is made with breathable materials for temperature regulation. Overall, it is a potential choice for anyone who wants to improve their quality of sleep.
8. ARKH
ARKH is an augmented reality development platform that simplifies the process of creating AR applications by providing a visual editor, APIs, and SDKs. It is compatible with a range of devices and allows developers to add AR features to their existing applications. ARKH offers a powerful and flexible solution for creating cutting-edge AR experiences. With the ARKH AR controller, you could move around AR items in real-time.
9. Tesla Autopilot
If you’ve ever wanted to relax and let your car do the driving, Tesla has got you covered. Tesla’s self-driving technology, Autopilot, is a suite of advanced driver assistance systems that enables Tesla vehicles to operate semi-autonomously on the road. The system uses cameras, radar, and sensors to detect surroundings, navigate roads, change lanes, and park itself. Tesla’s Autopilot also includes safety features to prevent accidents and improve driver safety. The Full Self-Driving (FSD) system, currently in development, is designed to enable fully autonomous driving. It is expected to be ready and fully functioning in a few years.
10. Emake 3D Galaxy 1
The Emake3D Galaxy 1 is a large-scale SLA 3D printer designed for professional and industrial use. It offers a large build volume of 400 x 200 x 400 mm, a high-precision optical system that delivers a resolution of up to 25 microns, a user-friendly interface with a touchscreen display, and a built-in camera for remote monitoring. The printer supports a range of materials and features a resin management system with auto resin feeding for optimal resin usage and waste reduction.
The future is looking bright with these technologies on the horizon. From household robots to self-driving cars, cutting-edge technologies are poised to revolutionize the way we live, work, and play.
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Hawaii is an exciting place to call home. It offers incredible weather, scenic views, friendly people, and a slow-paced lifestyle. If you’re lucky enough to live or work in Hawaii, you might be looking for the best banks in the state.
While the Aloha State has fewer banks than other states, there are still plenty of reputable, member FDIC options available to you.
12 Best Banks in Hawaii
To make your search for a bank a bit easier, we’ve done some research and compiled this list of the best banks in Hawaii.
1. First Hawaiian Bank
First Hawaiian Bank, the oldest bank in the state, holds the distinction of having the most branches in Hawaii. This makes it a convenient choice for many people looking to open a checking account, as it provides three different options.
Their first option, Pure Checking, offers a straightforward, fee-free experience, complete with a complimentary debit card. The second, Priority Banking Gold, expands on these features by offering free checks and online bill pay, as well as discounts on loans.
For those seeking the most benefits, the Priority Banking Platinum provides an extensive list of perks, including a credit card with unlimited rewards and cash back, travel points, and no restrictions on redemption dates.
Beyond checking accounts, First Hawaiian Bank also caters to various other personal banking needs. They offer savings accounts, mortgage services, and wealth management solutions, among other things.
2. SoFi
SoFi serves as a top-notch alternative to traditional banking, catering to individuals seeking the convenience and flexibility of online banking. The SoFi Checking & Savings account offers a unique combination of checking account accessibility and high-yield savings account returns in a single, streamlined account.
There is no minimum balance requirement, no monthly fees, and no overdraft fees, positioning SoFi as a cost-effective solution for a broad spectrum of users. There’s also an enticing offer of earning up to $250 with qualifying direct deposits.
One of the most compelling aspects of SoFi is the impressive interest rates it offers. The savings account yields a 4.30% APY, while checking account balances earn 1.20% APY, both rates far outpacing those offered by most traditional banks. What’s more, deposits are insured by the FDIC up to $2 million, providing an added layer of financial security.
With SoFi Checking & Savings, accessing your money is both straightforward and convenient. Over 55,000 Allpoint® Network ATMs across the globe offer fee-free withdrawals, ensuring you can easily access your money whenever you need it.
3. Ally Bank
Ally Bank is an online bank that serves residents in every state, including Hawaii. It’s worth considering if you’re seeking an interest bearing checking account or competitive rates on high yield savings accounts, CDs, and money market accounts.
While deposit accounts are Ally’s bread and butter, the bank also offers mortgages, auto refinancing, and investment products. As an Ally account holder, you won’t have to worry about any monthly fees or minimum opening deposits.
Since Ally is an online-only bank, there are no local branches in Hawaii. Fortunately, it’s part of the Allpoint ATM network that will give you free access to more than 43,000 Allpoint ATMs. If you do use an out-of-network ATM, the bank will reimburse you up to $10 per month.
4. First American Trust
First American Trust operates one branch in Honolulu. If you have a particular interest in wealth planning, it should definitely be on your radar. It provides several wealth planning services, such as financial planning, retirement planning, and estate planning for individuals and families.
Its advisors can also help you set up a trust and protect your greatest assets. Additionally, First American Trust is a great resource if you’d like to build a diversified investment portfolio.
5. Bank of Hawaii
Headquartered in Honolulu, Bank of Hawaii is a regional bank and the second-oldest bank in the state. It serves local communities with a comprehensive suite of products and services as well as sponsorships and volunteerism. The bank’s lineup of personal banking products includes checking accounts, savings accounts, certificates of deposit (CDs), credit cards, personal loans, and insurance.
In addition, it supports small business owners with business deposit accounts, business credit cards, merchant services, and small business loans. The bank also specializes in investment services and long-term financial planning to help you meet your personal finance goals. If you’re interested in Bank of Hawaii, you can chat with a banker online or in-person at a local branch.
6. Central Pacific Bank
Central Pacific Bank has been around since 1954 and has physical locations in Hawaii, Oahu, Maui, and Kauai as well as mobile banking services. It was originally founded to help immigrants build a safe life.
Today, the Hawaii bank offers a wide range of products and services to individuals and small businesses in the Aloha State. Central Pacific Bank stands out for its diverse savings account options, high rates on CDs, and low minimum balance requirements.
It also provides personalized, high quality wealth planning services from a team of wealth advisors. You can download the bank’s mobile app to pay bills, send money through Zelle, check your online statements, set notifications, track your budget, and keep tabs on your financial activity.
7. CIT Bank
CIT Bank is a digital bank with several attractive products for Hawaii residents. Savings Connect is a savings account that offers a competitive interest rate you might not be able to find elsewhere.
Another savings account you may want to consider at CIT Bank is the Savings Builder. While the Savings Builder has a lower annual percentage yield or APY than Savings Connect, it can encourage you to save as you must deposit at least $100 per month from your paycheck or elsewhere to secure the highest APY.
Unlike many brick-and-mortar financial institutions, CIT Bank doesn’t charge monthly maintenance fees, overdraft fees, ATM fees, or excessive transaction fees. You can open a new account and manage it via the online portal or mobile app. If you have any questions or concerns, you can contact phone support on weekdays and Saturdays during select hours.
8. Hawaii National Bank
Hawaii National Bank is a local bank that made its debut in 1960 and has branch locations in Oahu, Maui, and Hilo. It offers several checking accounts, including the Household Checking, Personal Checking, 55+ Checking, Super NOW, and VIP Money Market Deposit. Even though some checking accounts come with monthly fees, the bank may waive them if you maintain a certain balance.
Savings account options include the traditional Personal Savings account with a variable, competitive interest rate, Kids’ Savings account for kids ages 5 to 17, and Christmas Savings account that can help you save for the holiday season.
In addition to checking accounts and savings accounts, you may turn to Hawaii National Bank for personal loans, credit cards, home loans, CDs, and retirement accounts. The bank also serves small business owners with deposit accounts, business loans, and commercial mortgages.
9. American Savings Bank
Known as the third-largest bank in Hawaii, American Savings Bank serves the Aloha State with a wide range of offerings. You can choose from three checking accounts, six savings accounts, and several credit cards with cash back rewards or points. American Savings Bank also offers CDs, student loans, mortgages, and credit cards.
If you open a checking account, you’ll reap the benefits of Overdraft Courtesy, which protects you from overdrafts that may occur from checks and electronic payments. Additionally, the bank’s advisors can assist you with investments and insurance.
If you become an American Savings customer, you may take advantage of online banking, which allows for mobile check deposit, automatic bill pay, Zelle payments, eStatements, and more.
10. Synchrony Bank
Synchrony Bank is an online bank you might want to explore as a Hawaii resident. With Synchrony, you can expect high interest rates on savings accounts and CDs, no monthly fees, a variety of credit card options from popular retailers, and reimbursements for out-of-network ATM access.
If you join the Synchrony Bank Perks Rewards program, you can earn elite status if you meet certain criteria. You’ll reach Diamond status, which is the top level if you deposit more than $250,000 or stay with the bank for five years. This status comes with perks like three free wire transfers per statement cycle and unlimited reimbursements for domestic ATMs.
11. Territorial Savings Bank
Territorial Savings Bank has served Hawaii customers since its inception in 1921. If you open a checking account, you’ll be able to earn interest as long as you deposit $100.
The bank also offers numerous CDs with competitive interest rates, special mortgage rates for first time homeowners, and discounts from local merchants, like hotels, car rental companies, and restaurants.
If you’re a small business owner, you may select from a number of business deposit accounts, business credit cards, and business loans.
12. Finance Factors
Headquartered in Honolulu, Finance Factors has 13 branches throughout the Aloha State. The bank’s deposit products are savings accounts, CDs, and retirement accounts.
It also specializes in a wide range of home loans like conventional mortgages, government-backed mortgages, jumbo mortgages, and investor mortgages. You can stop into a local branch or log into the online portal to manage your account.
Bottom Line
As you can see, there are a variety of banks in the Aloha State. Before you move forward with one, it’s a good idea to weigh the pros and cons of all your options. Factors like your particular banking needs and whether you prefer an online or in-person banking experience will help you make the best choice for your unique situation. Good luck with your search for the best bank in Hawaii.
Frequently Asked Questions
What is the largest bank in Hawaii?
First Hawaiian Bank holds the title as the largest bank in Hawaii, establishing a significant presence with a total of 49 branches scattered across the state. Founded in 1858, it boasts a long history and deep roots in the local community.
Should I choose an online bank or a traditional bank in Hawaii?
An online bank is your best bet if your goal is to land the best interest rate and lowest fees. However, if personalized service is important to you, you’d likely be better off with a traditional bank. Fortunately, most traditional banks offer mobile apps and online portals.
Is a credit union a good option in Hawaii?
If you find a credit union with the ideal loan or the products and services you need and qualify for membership, you may want to join it. But you may find a wider range of offerings at a bank.
Why are there no national banks in Hawaii?
National banks aren’t in the Aloha State due to its small population and the high cost of real estate. Smaller banks are your only option if you live or work in Hawaii. The good news is you’ll find many local banks that offer just as many products and services as big banks.
We all want to save as much of our hard earned money as we can. Luckily for those shopping for a mortgage, there are several steps you can take to ensure you are saving money and getting the best deal possible.
Step 1: Get Lots of Estimates
Home loans are available from many different types of lenders, such as credit unions, big commercial banks, private mortgage companies, and thrift institutions. It’s worth your time to contact various types of lenders to see which has a program that best fits your needs.
Most of these lenders have forms that you can fill out online to get a custom rate estimate. If they don’t, you can always shoot them a call to give them your information. Make sure you give each lender the same personal information so that you can compare rates directly. Most lenders will require you to give them different variations of the following information:
Your name
The loan amount
Your social security number (so they can get your credit score)
The address and price of the house you want to buy
Your income
When you compare rates, make sure that you are comparing the same type of loan (the rates for a 30-year fixed will be different than a 15-year adjustable loan). Also, rates change frequently so try to compare them on the same day to get the most accurate information.
Another thing to consider is working with a mortgage broker who will help you find a lender and arrange transactions. They usually have connections with lots of lenders and can provide you with a wide variety of products and terms—for a fee. However, like lenders, you should consider contacting more than 1 broker to ensure that you are getting the best deal.
Step 2: Know the Costs Involved With Taking out a Mortgage
Unfortunately, there are some lenders out there who play games. They might offer you a lower rate but compensate by giving you higher closing costs (or vice versa). Instead of falling for their tricks, it is important to know all of the fees involved with taking out a mortgage so that you can insure you’re getting the best deal.
Rates:
Every mortgage will have a mortgage rate, or the rate of interest that a lender will charge you on your loan. They normally come in fixed or adjustable options. With a fixed interest rate, you will be paying the same amount of interest throughout the life of your loan. With an adjustable rate, your rate will remain fixed for a certain period of time and then adjust at intervals according to the benchmark interest rate.
Another factor that adds to your monthly interest is the annual percentage rate (APR). APRs are based on credit charges, broker fees, and points. Be sure to ask your lender how much you will be paying per month in APR.
Points:
Points are fees paid to a lender for the loan. Each point is equivalent to 1% of the loan amount and there are two types.
Origination points are used to pay loan officers for their efforts in closing a loan for you. Ask lenders how many origination points you will have to pay for the loan as these will add to your total cost.
Discount points are paid up front in exchange for a lower interest rate. Usually if you buy one point the lender will lower the interest rate by around 0.25%. These can be used to decrease your long-term cost.
Private Mortgage Insurance:
Some lenders offer low down payment options. However, if you put less than 20% down, it is likely that they will make you get private mortgage insurance (PMI) to protect them from damage if you default on the loan. PMI will add to your monthly payment, so be sure to ask if you need to take it out.
Closing Costs:
Closing costs are all the fees related to getting your loan. These include title search and insurance, appraisal fees, government recording and transfer fees, and escrow charges. Lenders are required to estimate these closing costs accurately using a “good faith estimate” so be sure to ask for one.
Step 3: Compare Lenders and Choose One
Now that you know the fees involved with taking out a mortgage, compare your potential lenders. Though obtaining the best deal financially will likely be a priority, make sure you also consider these three things below.
Prepayment Penalties
Some lenders charge borrowers a fee if they pay off their loan early. There are two types of prepayment penalties. A “soft” penalty is only charged if the borrower pays back the loan early with a refinance while a “hard” penalty is charged if the loan is payed back for any reason. Be sure to ask if your loan has a prepayment penalty, especially if you don’t plan on staying in your house for the entire life of the loan.
Rate Lock Period
When a lender offers you a rate, they will usually designate an amount of time in which you have to close loan and receive the rate, called the “rate lock period.” A longer lock period will give you more time to complete the process, and since most of us are pretty busy, this can be helpful. Some lenders charge a fee if you ask to extend the rate lock period, so make sure you ask lenders if they do.
Comfort with a Loan Officer/ Lender
The mortgage process can be tedious, so you want to be sure that you are working with a loan officer that you trust to get the job done in a timely and accurate manner. A slightly lower rate might look appealing, but it may not be worth it if it comes from an untrustworthy source.
Step 4: Negotiate
Many prices that come with a mortgage can be negotiated, especially since you can use all the offers you got from other lenders to increase your bargaining power. Even if your lender doesn’t lower their prices, it doesn’t hurt to ask. You can’t negotiate about transfer taxes, appraisal fees, and government recording fees, however, you can negotiate interest rates and closing costs.
Now that you know how to find yourself the best deal, it’s time to get started. Be sure to check out what Total Mortgage can offer you at https://www.totalmortgage.com.
So you’ve been using the same outdated title production software for years and feel like you’re no longer getting the most bang for your buck. As your business grows, you need efficient software that can grow with you, but some questions hold you back. The four most common questions we hear from title professionals about their concerns with switching their software are:
What are the benefits of switching?
How will our team know how to use a new system?
Will our data be safe?
How much will it cost?
Follow along below for tips on addressing each of these questions and making a potential software transition as smooth as possible.
What are the benefits of switching?
New technology is changing the title industry at lightning speed. With a simple transition to new software, you can have all the tools you need to operate in this modern environment at peak efficiency. Some of the most sought-after benefits of the industry’s state-of-the-art technology are:
Out-of-the-box solutions that meet your immediate needs on day one
Customizable systems (with customizable prices) that can grow with your business as your needs expand
Automated processes to avoid repeating actions throughout the title process
Easy access to online tools like RON, eSign and secure wire transfers
Connections to all of your closing, title and escrow vendors in one place
If you’re considering making a switch to a different title production system, it’s important to determine if they have the technology and features you need to make your office more productive. And while the benefits of these added features may speak for themselves, you may still wonder about the process of actually switching and learning the new system. Follow along for more insight into how to make the transition process quick and easy.
How will our team know how to use a new system?
It may seem daunting, but getting to know your system can be broken down into three easy steps. The most important step toward mastering your new software system is gathering the input of your entire team to determine what tools and features everyone needs to succeed. Once your team makes those critical decisions, your software provider should create an easy roadmap for you to become an expert in no time.
Decide
There are many exciting decisions to make while switching or upgrading your software. It is essential for the entire team — from top managers to frontline employees — to be involved in the decision-making process. Taking the time to decide on the right features, tools and add-ons creates endless possibilities for your business. Though with the right software provider, there shouldn’t be any pressure to make every decision upfront, as you should always be able to add customizations down the road.
Learn
Once you decide what tools and features you need, it’s time to learn how to use them like a pro. Your software provider should have as many training opportunities as possible for you to be a pro on your first day using the new system. Studies show that in-person training is the most effective, but you should also have the option to participate in virtual sessions, especially if you need to accommodate remote employees in multiple locations.
Test
Testing your new software system is the final step before it goes live. Your new software should allow you to use sample files to test the new system before launching the real thing. This way, if you run into any problems during the test phase, you can fix them without interrupting your work.
These steps should allow you to overcome any learning curve before going live. Your customers and team members will only notice how much more efficient the process is rather than any bumps in the road.
Will our data be safe?
Title companies make extraordinary efforts to keep their client’s data safe. Your title software provider should place the same emphasis and importance on data security. But with outdated software, your client’s data may be vulnerable. Updating your software will give you access to the critical internal security measures that every software provider should have. These include:
Encrypted methods to transfer all data
Secure internal folder locations so only employees working on your account can access your information
Secure online meeting applications to communicate banking information
Ability to permanently delete any email containing sensitive information from the software provider’s system
A system of secure file transfers to move sensitive data internally
How much will it cost?
When switching software providers, the cost will heavily depend on:
The size of your organization
The number of states in which you operate
The number of employees who will use the software
Whether you complete both commercial and residential transactions
It’s a good idea to find a software provider that will allow you to start out with a standard framework that you can build on over time, especially if cost is a concern. Start small and make sure the software allows you to add more customized solutions later as your business grows. With a reputable software provider, you should never be surprised by hidden fees, sudden unreasonable increases or changes to the pricing structure of your title and escrow production system.
There should be no goodbye
Once your new system is fully implemented, you might think your software provider’s job is done. Not when you use SoftPro. We’re with you side by side the entire time you use our products. We’re your partners long after your implementation is complete to offer you any support you need. As your business grows, we’re here to grow with you. We take pride in building strong relationships with our customers and providing the best service in the industry. But don’t take our word for it, our customers speak for themselves. As your business grows, we’re here to grow with you.
If you’re ready for a new software partner or want to bring your SoftPro system to the next level, contact us or give us a call at 800-848-0143 today.
For a deeper look into all of the questions and answers above, click here to read SoftPro’s blog.
Hammered by inflation, recession fears and doubts about the future of Social Security, an increasing number of working Americans say they plan to claim their Social Security benefits early while staying on the job. Here are the factors driving this trend and the pros and cons of following suit.
Consider working with a financial advisor to create a retirement plan that fits your goals, risk profile and timeline.
More People Claim Social Security Early
42% of Americans said they plan to file for Social Security before their full retirement age while also continuing to work, according to a 2022 survey by the Nationwide Retirement Institute – up from 36% in 2021.
Workers who’ve paid into the retirement system can claim their Social Security benefits as early as age 62, but that decision can result in a monthly benefit check that’s as much as 30% less than the payment they’d receive at full retirement age, which is between ages 66 and 67 depending on what year you were born. By waiting beyond longer to file, a retiree can increase their Social Security payment by 8% each year beyond the full retirement age they wait to file, topping out at 70 years.
As of February 2023, the average monthly Social Security check among all retirees is $1,693.88, according to the agency. Meanwhile, the average check for a 62-year-old retiring this year would be $1,247.40, while the average payment at the full retirement age of 67 would be $1,782.
Over a 20-year retirement, the monthly difference of $534.6 would add up to more than $128,000 in retirement income, not counting any cost-of-living increases. These adjustments increase benefits by a set percentage calculated each year to keep retirement income paced with inflation.
Collecting benefits early isn’t always wrong, planners note. Many workers start taking Social Security benefits when they’re forced to retire because of corporate downsizing, age discrimination in hiring, illness or the need to care for a sick family member.
The Break-Even Point
Waiting to collect a higher benefit check later means the recipient is foregoing some cash flow. The “break-even” point – where the total benefits collected at full retirement are more than all the cash that could have been collected by starting early – usually comes somewhere around age 80, financial planners say.
Using this year’s average benefit amounts, someone who starts collecting benefits at 62 would collect a total of more than $254,000 over 17 years before they would have collected slightly more by waiting to claim the higher full-retirement benefit. By the year 2040, the higher benefit amount for waiting would produce slightly more than $2,000 in additional total cash (unadjusted for inflation).
Tax Considerations
Social Security benefits themselves aren’t taxable, but a downside of receiving Social Security payments early is that many of the beneficiaries will continue to work, which can make some or even much of their benefits taxable. In fact, that tax can apply to anyone collecting benefits who receives additional income.
A single tax filer receiving Social Security payments who makes more than $25,000 of what the IRS calls “combined income” will be taxed on 50% of his or her benefits, up to a limit of $34,000 in income. At that point, the tax apply to 85% of their benefits. The limits for joint tax filers are $32,000 and $44,000, respectively. Combined income is a taxpayer’s adjusted gross income, plus nontaxable interest income from bonds and half of their Social Security benefits.
Bottom line
The number of workers claiming Social Security early in their 60s is increasing, which may be due to a multitude of reasons. Everyone’s retirement path is different, so it’s important to calculate your needs and apply your Social Security accordingly. And if you continue to work while receiving benefits remember to estimate your tax penalty.
Tips on Retirement Planning
Deciding when to claim Social Security is only one part of retirement planning. A financial advisor can help you see and understand all the variables that go into a retirement plan. If you don’t have a financial advisor yet, finding one doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Use our no-cost retirement calculator to get a quick estimate of what your net worth will be when you retire.
For many travelers, our pets are part of our family. While we might not bring Fido along on a vacation, we don’t want to leave him behind for an extended stay or when we’re moving to a new place.
Checking a pet into the cargo area of a plane can cause anxiety — for both pets and their humans. So, the natural question many pet-owning travelers might have is: Can I buy my dog a seat on an airplane?
That answer depends on which airline you’re flying. Let’s take a look at airline policies on buying a seat for a pet, plus a workaround if the airline won’t let you buy your dog an airplane seat.
Size limitations for carry-on pets
Before we dig into specific airline policies, we need to address the biggest limitation of flying with pets: size requirements. Almost every airline restricts carry-on pets to a carrier that fits under the seat in front of you.
Additionally, airline policies generally require that there’s enough room for your pet to stand and turn around in their carrier. Plus, most airlines restrict which species can be carried on as pets.
Put together, these policies generally limit travelers to carrying on small dogs and cats.
There’s one notable exception, though. JSX lets you carry on medium-to-large dogs up to 79 pounds as long as you purchase an extra seat for them. Even better, JSX allows free travel for small-size cats and dogs that fit in a carrier under the seat in front of the owner.
Airlines that let you buy your dog a seat on an airplane
We could only find two airlines that will sell you an adjacent seat specifically for your pet: JSX and JetBlue Airways.
JSX
JSX passengers can bring up to a 79-pound dog on board with them after purchasing an additional seat.
Even better, the dog isn’t restricted to a carrier if you purchase an additional seat for them. You simply have to keep them leashed.
However, even though you bought the seat for your pet, your pet isn’t actually allowed to sit on the seat. Instead, they must sit in the floor space in front of the seat you purchased for them.
JetBlue
JetBlue also specifically allows travelers to purchase an extra seat for their pets, though the pet must still be small enough to fit in a carrier.
While your pet’s carrier must be stowed under a seat for taxi, takeoff and landing, JetBlue lets you place their carrier on your extra seat during the flight.
Alternative: Buy an extra seat
Although some airlines won’t let you technically buy an extra seat for a pet, you might be able to purchase an extra seat for yourself. These policies are typically intended for passengers looking for some extra space, comfort or privacy.
Here’s a brief list of airlines that let you purchase an extra seat and the terms the airline uses for this seat purchase:
Alaska Airlines: Comfort Seat.
American Airlines: Extra Seat.
Delta Air Lines: Extra Seat.
Even if you buy an extra seat for your pet, most airlines require that your pet stays in its carrier the entire flight. That means your dog won’t be able to sit directly on the airplane seat, even if you purchased that seat for them.
Still, buying an extra seat can let you stretch out a bit. You can place your pet’s carrier under the extra seat, or you can simply use the extra seat as a buffer from other passengers.
Earning miles for pet travel
At NerdWallet, we love earning and redeeming points and miles. So, we naturally need to address the question: Can your pet earn miles from travel?
We aren’t aware of any airline that rewards miles directly to your pet. However, some airlines reward humans for bringing their best friend along. For instance, JetBlue TrueBlue members get rewarded with 300 bonus points for a pet booking.
Overseas airlines are a bit more generous with rewarding pet travel. For example, Japan Airlines offers travelers 500 bonus miles per flight for their pets.
Meanwhile, the Korean Air Skypets program rewards travelers with stamps for purchasing pet travel. Those stamps can be redeemed for discounts on pet travel, up to a completely free flight for your pet.
You might also earn extra miles if you opt to purchase an additional seat for extra space. For example, Alaska Airlines passengers purchasing a Comfort Seat will earn miles for their own seat and the additional seat.
Likewise, Delta SkyMiles members can earn miles from an extra seat, but you’ll need to submit a request for mileage credit after travel. Just note that you won’t earn elite-qualifying miles from the extra seat.
Other considerations when flying with a dog
Confirm with the airline that your pet can be carried on your flight. Several types of airline seats don’t have adequate storage space for pets, particularly in premium cabins. Plus, many airlines limit how many pets can be carried onto the same flight. So, contact your airline to make a pet reservation and confirm your seat has appropriate storage for a carry-on pet.
Do your research before sedating your pet for travel. The American Veterinary Medical Association recommends against sedating your pet for travel in most cases. And several airlines won’t allow you to carry on a pet that’s been sedated or tranquilized.
Don’t show up at the last minute. Flying with a pet can make air travel even more difficult. You’ll potentially need to fill out or show paperwork at check-in, take extra time at security, plus don’t forget to work in one last bathroom break for your pet before boarding. Make sure that you arrive at the airport early enough that you have time for all of these steps.
Avoid grooming your pet during travel. Keep in mind that some of your fellow passengers may have pet allergies, and they likely wouldn’t have gotten notice that a pet is on their flight. Be considerate and avoid grooming your pet during travels to reduce the amount of dander put off into the airplane cabin.
More resources for traveling with dogs on planes
Different airlines have different policies with respect to traveling with dogs. Here’s a closer look at how pet policies vary across airlines:
If you’re considering flying with a dog
Most airlines only let travelers carry on small dogs and cats, and you’ll generally have to pay for the privilege of storing them under the seat in front of you.
If you want more space, some airlines let you buy an extra seat that you might be able to use to place your pet’s carrier on during the flight. However, your pet generally needs to stay in its carrier the whole trip.
JSX is the only airline we could find that lets travelers carry on a larger dog (up to 79 pounds) and travel outside a carrier. All you need to do is purchase an extra seat for your pet and keep them leashed at all times.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Traveling with kids can be a challenge for parents, especially when it involves international flights.
Experienced travelers know the benefits of Global Entry to reduce wait times at airport security and customs. But can kids get Global Entry? The answer is yes.
Unlike TSA PreCheck, which allows kids 12 and younger to use the expedited lanes with adults, Global Entry is required for travelers of any age.
Learn more about Global Entry, including how much it costs, how children can apply and what the interview is like for kids.
What is Global Entry?
Global Entry is a program from the U.S. Customs and Border Protection (CBP) that allows expedited processing of travelers through customs when returning from international travel.
Membership pre-approves low-risk travelers so they have access to expedited security lanes when returning through customs.
At Global Entry kiosks, returning travelers present their passports and answer a customs declaration. The kiosks also use fingerprints or facial recognition to identify the traveler and provide a transaction receipt they give to the customs agent.
Global Entry members also receive access to the TSA PreCheck lanes at airport security. They benefit from less invasive searches and body scans, and carry-on bags that streamline their way through airport security.
How much is Global Entry?
Global Entry is a membership program that costs $100 for five years. This breaks down to an average of $20 per year. There is no difference in price whether you’re an adult or a child.
A lower-cost option is TSA PreCheck, which is $78 for five years. However, it only covers domestic travel.
Credit cards that reimburse Global Entry application fees
Cards that reimburse Global Entry fees
Terms apply.
Most credit cards limit the reimbursement to once every four to five years. Check with your credit card for specific details on how often you can use this benefit.
If you have a credit card that reimburses these fees, you can use this benefit to pay for anyone’s application fees. It can be anyone you choose, including your spouse, children, siblings, parents and friends.
At what age are kids required to have their own Global Entry membership?
When returning from Cancun when my daughter was six months old, we learned the hard way that everyone needs Global Entry — even a baby.
Unlike TSA PreCheck, there’s no minimum age requirement. You must have a Global Entry membership to use the Global Entry security lanes.
My wife, son and I all had Global Entry, but our baby didn’t.
As we handed the customs agent our passports and interview slips, he asked for the baby’s documentation. I replied that she didn’t have an interview slip because she was so young. He said, “Sorry, but everyone needs Global Entry to use these lines.”
Fortunately, we plead ignorance, and the agent was sympathetic and let us through. However, we received a stern warning and were reminded that our baby needed a Global Entry membership.
When we returned home, I applied for that Global Entry membership. Then, we booked her interview appointment as soon as she was conditionally approved.
How to apply for Global Entry for kids
The Global Entry application for kids is the same as for adults. It starts by setting up an account and answering questions through the online application.
The application questions include identifying information, such as date of birth, home address and Social Security number. Additionally, you’ll need to provide information about recent travel, including listing the countries you’ve been to in the last five years.
When your application is complete, pay the application fee through the CBP website. This fee is nonrefundable (though, as discussed above, can be reimbursed by certain credit cards). The fee is charged to your debit or credit card whether you’re approved or not.
The CBP conducts a background search based on your child’s application. Once this process is completed, you’ll be conditionally approved and can book your child’s interview.
Booking an interview
Once your child has been conditionally approved, you can book their interview at an appointment location.
However, booking an interview for Global Entry can be a challenge. Many offices are understaffed, and appointment slots are in high demand. You may have to wait weeks or months for an appointment at your local interview office.
For example, there were no appointments available at the Nashville Enrollment Center for the next three months as I was writing this article.
One way around this is to drive or fly to another city that has more availability. When my wife first applied for Global Entry, we booked her appointment during a layover at New York-JFK. For my son, we drove about 90 minutes south to Huntsville, Alabama for his interview.
Enrollment on arrival
If you’re having trouble finding available appointment times, another option is to conduct an “Enrollment on Arrival.” These interviews are unscheduled and conducted at customs when you return from an international trip.
Simply go through the Global Entry line, walk up to an agent and let them know that you’d like to do an interview upon arrival.
We did this with my son a couple of years ago on a return flight from Cabo. Our Southwest Airlines flight had a stop in Phoenix. He answered a few questions from the customs agent, then he was fully approved. The entire process took just a few minutes.
What is the Global Entry interview like for children?
At your Global Entry enrollment interview, the agent asks numerous questions to verify your identity and the information on your application. Additionally, they’ll take your photo and fingerprints. However, the process is a little different for kids.
Depending on their age and comfort level, your child might be unable to respond to the interviewer’s questions. Parents or legal guardians are required to be present at the child’s Global Entry interview for this reason. Instead of the child answering the questions, the adult does so. Once again, the main goal of the interview is to confirm the data on the application.
At the conclusion of the interview, the interviewer takes a photo and fingerprints the child. However, the CBP does not fingerprint children under the age of four.
Global Entry for children recapped
Global Entry is an invaluable membership that saves time while traveling internationally. Unlike TSA PreCheck, you need Global Entry for kids of any age — even infants.
The program application and fees for children are the same as for adults. However, the interviews are often quicker, and your child may not need to be fingerprinted depending on age.
Frequently asked questions
How long does Global Entry last?
Global Entry membership is good for five years. With benefits lasting for multiple years, the average yearly cost is $20. Many credit cards also cover the cost, which makes it easier for travelers to benefit from this program.
Is Global Entry or TSA PreCheck better?
Global Entry and TSA PreCheck are two Trusted Traveler programs that can minimize your travel wait. TSA PreCheck provides access to special lanes at airport security for domestic travel. Global Entry members get access to TSA PreCheck and special kiosks that accelerate the U.S. customs process when returning from international travel.
At what age do you need Global Entry?
Global Entry is required for all international travelers, no matter how old you are. Whether you’re a senior citizen or a newborn, all travelers must have Global Entry to use the expedited customs lanes when returning from a foreign country.
Does a parent need to have Global Entry in order for the child to apply?
Children cannot apply for Global Entry on their own. They must have a parent or legal guardian’s permission to apply. However, the parent is not required to have Global Entry membership for the child to become a member.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
At a certain age, the future becomes more uncertain than it has ever been and there arises a need to provide for the well being of your family after you are gone.
An inexpensive $250,000 term life insurance policy can go a long way for both young people and for seniors.
No matter your age, having life insurance coverage goes quite a long way in providing for the financial security of your family.
Seniors are an essential market for many insurance providers. Most providers are developing customizable policies to match the specific needs of seniors. The prices for these policies are decreasing every year making them extremely inexpensive.
Because of their low cost, these policies can be more than just a financial back-up. In fact, that could be one of the most important decisions that you could make for you and your family. Here is a list of benefits these policies provide.
Low Cost
Term life policies are extremely inexpensive. Although the most common reason that people don’t take out a life insurance policy is that they think it costs too much.
As the table will show below, life insurance is cheap! There is no reason why any family with dependents should not have some sort of life insurance coverage.
The majority of applicants are surprised to see just how affordable a life insurance policy is.
20-year $250,000 Term Rates
Age
Male
Female
30
$13.05/mo
$11.96/mo
40
$17.84/mo
$15.88/mo
50
$43.28/mo
$32.41/mo
60
$113.32/mo
$77.87/mo
70
$418.35/mo
$269/28/mo
As you can see, having a $250,000 term life policy for a healthy 30 years-old will only cost around $11-$13 per month with one of the top life insurers in the country. Even for someone that isn’t in perfect health, a life insurance policy is well worth what you’ll pay
Buying Future Money
The final thing anyone wants is to become a burden on their own family. A term life policy keeps that from happening.
When you purchase a term life policy, you are really buying money that your family can use later. This money can be used for household bills, medical expenses or anything else they might need.
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Estate Planning
Term life policies for seniors are popular because they can be used as part of an estate plan. They can be used to pay estate taxes to insure that the property stays in the family instead of being sold to pay the government.
Term life insurance helps to ensure that your property and the value of your estate is not drained by taxes imposed after your death.
After you pass away, you want your heirs to be able to enjoy all of the funds that you’ve set aside. You don’t want all of those savings to be eaten alive by taxes and fees.
A simple life insurance policy can counterbalance those taxes and ensure that your family gets to use your estate in a way that benefits them, not Uncle Sam.
Survivor Benefits
Your spouse and minor children can receive survivor benefits for a specified period of time. These benefits will replace your pension or retirement income after your death.
This gives your family the time and ability to adjust to life without you. The bills will be paid and they won’t have to deal with financial insecurity in an already grievous time.
More than likely, if you were to pass away tomorrow, you would leave behind A LOT of debt. Most people have a mortgage, car payment, student loans, credit card bills, and other debts that they would pass on to family members if something tragic were to happen.
For a grieving family, all of these bills can be difficult or even impossible to pay for. Instead of leaving this financial strain on your loved ones, a $250,000 policy can relieve that stress and give your family the funds they need to pay off any final expenses.
Continue Providing
Everybody always wants to do more for their families but we can’t always get everything done in one lifetime.
A $250,000 term life insurance policy will allow you to continue to take care of your family after you are gone. You can still pay off the house, send the kids the college and take care of whatever else needs to be done.
Getting Cheaper Insurance Rates
As we mentioned earlier, a $250,000 policy is much more affordable than you might think, but that doesn’t mean you can’t save money on monthly premiums. There are a couple of things that you can do to keep a couple of extra bucks in your wallet every month.
The best way to save money is to shop around with different insurance companies before you purchase a plan. Each company has different rates and looks at each applicant’s health differently, which can translate into drastically different premiums.
We suggest getting AT LEAST five different quotes before you pick the one that works best for you.
Aside from shopping around for a policy, there are a few lifestyle changes that you can make to save money. The best way to keep more money in your bank account is to quit smoking.
Being categorized as a smoker on your insurance application will make your premiums double or even triple, even if you’re in perfect health. Using tobacco products is the worst thing you can do. It’s worth it to take several months to kick the bad habit. Not only will your doctor thank you, but your wallet will too.
Aside from quitting smoking, losing weight by getting regular exercise and a healthy diet can have a huge impact on your waistline and your insurance premiums. One of the other factors that the company will look at is your weight.
Being overweight or obese greatly increases your risk of having severe health complications, which means you pose more of a risk to the insurance company. Losing a couple of pounds can also save you money, it’s a win-win.
The Importance of Life Insurance
Earlier we gave several examples of why most applicants purchase a life insurance policy, but one of the most important is to provide protection for your loved ones.
There are millions of families every year that lose a family member and find themselves with thousands of extra dollars in debt
$250,000 Life Insurance Policy
For most people, a $250,000 plan won’t be enough, but there are a lot of people that can benefit from a policy this size.
Because these life insurance policies are so affordable, they are a great purchase. You can’t put a price tag on the peace of mind knowing that your family will be covered if you were to pass away.
The gig economy was just beginning to blossom pre-pandemic. Between 2010 and 2020, the number of gig workers or side hustlers increased by 15%. Unlike many aspects of life, which stagnated during the pandemic, freelancing only grew. Statista reported that 73.3 million people work as freelancers in the U.S. right now, an increase from 57.3 million pre-pandemic.
Freelancing has tremendous benefits for many people. Freelancing or gig work can provide:
Flexibility
A better work-life balance
Increased income potential
But it can come with some financial complications, too.
As a freelancer, you’ll need to manage cash flow so that you’ll have money in your account to pay your bills. You’ll be responsible for paying your own taxes. And, with that in mind, you’ll want to track expenses carefully so that you can deduct the costs of running your freelance business from your bottom line.
That’s where having a business bank account can come in handy.
Why You Need a Bank Account If You Have a Side Hustle
According to tax laws, you don’t have to have a business bank account to run a side hustle or a freelance business. You can file your taxes using your Social Security number and receive a 1099 form as a sole proprietor.
But as your business grows, you may want to incorporate under a tax ID number. You may choose to register as a corporation like an S-Corp or, more commonly, a limited liability corporation or LLC. This can get confusing, so it’s important to speak to a tax account before you take this step.
If you incorporate your business, you’ll need a business checking account to keep your personal finances separate from your business expenses. You would pay yourself a salary out of your business account and use your personal bank account to pay for your daily living expenses, entertainment, and anything that isn’t considered a business expense.
Benefits of Business Accounts
Most small business owners, freelancers and side hustlers prefer to open a business account even if they aren’t incorporated. Having a dedicated business checking account makes it easier to track your business income and expenses, which makes filing taxes – and making quarterly estimated tax payments – easier. If you ever get audited, you’ll have a clear record of your personal and business finances.
Plus, if you do any sales and marketing for your freelance business, your business debit card can often pique people’s interest. You’d be surprised how having a debit card with your business name on it can help you generate leads in odd places, whether you’re at your favorite bar or paying for groceries.
If you’re ready to open a separate business account, it’s important to find one that will meet your needs.
Freelancer vs. Side Hustler vs. Entrepreneur
Before you choose a business account, you may be wondering about the differences between entrepreneurs, freelancers, and side hustlers. Which category do you fit in?
These are all loose terms to describe anyone who owns their own business or is self-employed. Self-employed is a tax designation, which means you are a 1099 contractor for other companies. This term would apply to most freelancers and side hustlers.
On the other hand, if you start your own business, you might consider yourself an entrepreneur. The dictionary defines an entrepreneur as someone who starts a business and is willing to take a financial risk in hopes of great success.
A freelancer may also take financial risks, including leaving a steady paying job. In a lot of cases, whether you describe yourself as an entrepreneur, small business owner, freelancer or side hustler is up to you.
Compare the Best Freelancer Checking Accounts
In most cases, business owners, freelancers and side hustlers can all benefit from a good business bank account. Read on as we compare the best business checking accounts for freelancers, gig workers, and entrepreneurs.
1. Lili Bank: Overall Best Bank for Freelancers
Lili calls itself “the one-stop shop for all your small business financial needs.” An online financial services company that provides business banking, accounting for freelancers, invoicing, and tax support, Lili is backed by Choice Financial Group Inc.
As a US-based bank, Choice is a member FDIC, which means your funds deposited in Lili are protected by the federal government up to $250,000 per account.
What sets Lili apart as one of the best bank accounts for freelancers?
In addition to all the other services it offers to business owners, Lili has no minimum balance requirements, no monthly fees for basic checking, and a network of 38,000+ fee-free ATMs nationwide. You can also open a business savings account and earn 1.50% APY at Lili.
Lili’s basic business checking account has no monthly fee, expense categorization for your purchases, and the ability to generate quarterly expense reports.
Alternatively, for $9 per month, you can earn 1.5% on savings, get a Visa business debit card with cashback rewards, overdraft protection up to $200 and tax, invoicing software, and accounting support.
Lili integrates with third-party services that gig workers may use, including Etsy, Shopify, Venmo, QuickBooks, and your PayPal business account.
When you compare the prices of other invoicing and online accounting services, you may find that Lili offers tremendous value for the money as one of the overall best banks for gig workers you can find.
Bluevine: Best for Business Interest Checking Account
Like Lili, Bluevine is a financial technology company. It is backed by Coastal Community Bank, Member FDIC to protect your deposits. The Bluevine business checking account offers 2.0% interest, which sets it apart from competitors.
To take advantage of the interest, you’ll need to either spend $500 per month with your Bluevine Business Debit Mastercard or receive $2,500 per month in customer payments to your Bluevine business checking account.
There are no monthly fees or minimum balance requirements and you can make unlimited transactions with no fees. Like Lili, Bluevine also offers other services for business owners.
If you are looking for a business interest checking account with value-added services, consider Bluevine. Your account integrates easily with QuickBooks, with no fees involved. Plus, you can set up sub-accounts to easily manage your money, add authorized users, and pay bills via ACH or wire transfer from your Bluevine account.
While many credit providers offer business credit cards, Bluevine is one of only a few business checking accounts that offers a business line of credit. You may qualify for a credit line of up to $250,000, with a rate as low as 6.2% interest. This interest rate is much lower than the national average of 20.46% for business credit cards right now, as reported by The Balance. Plus, you could get approved in as fast as five minutes, according to the Bluevine website.
For entrepreneurs seeking to purchase tools or resources, or freelancers in need of business equipment, Bluevine’s line of credit could provide you with the financial security you need to grow. Take note that you’ll need a credit score of 625 or more to qualify and $40,000 in monthly revenue. This is probably not a service for a gig worker, but for a seasoned entrepreneur.
Even so, it’s never too early to get started with a business checking account, especially one with no monthly fees.
Amex: Best for Debit Card Rewards and Bonus Offer
American Express is a renowned name in business and consumer rewards credit cards. But you might not be aware that the company also offers a business checking account with 1.30% APY on balances up to $500,000.
American Express also has no monthly maintenance fees, no fees on domestic ACH payments, and no fees at MoneyPass ATMs. The American Express Business Blueprint app makes it easy to manage your account.
Amex stays true to its credit card rewards roots with a rewards business debit card. Earn 1 Membership Reward point for every $2 on eligible purchases. You can combine points earned with Membership Rewards points accrued with other Amex cards, and use those points for travel, gift cards, or cash back. You can also convert those points into cash deposits directly into your new business checking account.
Amex’s bonus offer stands out to us. Earn 30,000 Membership Rewards points after you deposit $5,000 or more within the first 30 days of account opening, maintain that balance for the next 60 days, and make five or more qualifying transactions within those first 60 days.
NBKC Business Checking: Best for No Fees
If finding a business bank account with no fees is most important to you, a nbkc Business Checking account might fit the bill. The bank offers unlimited transactions with no fee, no minimum balance requirements, no monthly fees, and no opening deposit requirements either. You can also have out-of-network atm fees reimbursed for up to $12 per month.
If you are a freelancer just getting started or just looking to supplement your full-time income with a side hustle, you’ll find nbkc bank a low-cost and convenient option among free business checking accounts.
NBKC lacks some of the bells and whistles of the top choices on our list. You won’t get integrations with common business software or invoicing and accounting support. But a nbkc business checking account is free with your personal account and provides an easy way to keep your business and personal funds separate.
Novo: Best for Payment and P2P Money Transfer App Integration
Novo is another choice with no monthly maintenance fee, no monthly fee, free ACH transfers, and no minimum balance needed. Like many of the business bank accounts on this list, Novo is a financial technology company. It’s backed by Middlesex Savings bank, a Member FDIC, which means your money is protected up to $250,000 per account.
Novo is the best for business owners looking for an easy way to process payments or transfer funds. You’ll get free ACH transfers from another checking or savings account and refunds on all out-of-network ATM fees.
Novo integrates with many P2P payment apps, including Square, Shopify, and Stripe, as well as Etsy, eBay, Amazon and more.
When you use Novo Boost, you can get paid 95% faster through Stripe, or two business days before the funds would ordinarily appear in your account.
Plus, it’s quick and easy to open an account online, with approval as fast as 10 minutes – rather than days with some other online bank accounts.
Axos Bank: Best for New or Scaling Businesses
Many freelancers don’t think about opening a business account until they have incorporated their company to make that transition from self-employed to entrepreneur. If this sounds like you, Axos Bank could have the best bank accounts for you. The online bank is offering business owners who incorporated after June 2020 an extra $200 in their new business bank account.
If you aren’t newly incorporated, you can earn a $100 bonus.
Like many of the best business accounts on this list, Axos has no monthly fee, no minimum monthly average balance to hold, ATM fee reimbursements for all domestic transactions, and no minimum opening deposit. The bank accepts cash deposits or you can transfer money from other checking accounts via ACH.
Unlike many online banks, Axos offers business owners a dedicated relationship manager to help point you to the products and services that are best for your growing business.
Chase Business Complete Banking: Best for Credit Card Processing
As the largest U.S. bank, with assets of $3.31 trillion, Chase is a traditional bank that offers all the convenience of online banks. This includes personalized service, stellar fraud protection, and a host of other features and benefits we’ve come to expect from any financial institution.
The Chase Business Complete Banking account is ideal for entrepreneurs, offering unlimited transactions and no monthly fee (if you meet certain requirements). These requirements are relatively easy to meet with a $2,000 minimum balance, $2,000 in purchases on your Chase Ink Business credit card, a link to a Chase Private Client Checking account, or $2,000 in deposits from QuickAccept or Chase eligible merchant services.
The best aspect of Chase Business Complete Banking is the ability to process credit card transactions and receive funds the same day through Chase QuickAccept. (Additional fees apply.)
You can open an account with no minimum deposit to get started.
Wave Money Business Banking: Best for Free Business Banking
Wave Money integrates a free checking account with easy bookkeeping for freelancers and solopreneurs. Wave is best for those who want to improve cash flow with instant pay and want bookkeeping tools to make tax prep easier.
Wave has no monthly fee or transaction fees, so you keep more of what you earn. You can use the mobile check deposit feature for convenience, and make ACH transfers easily. There are no transaction limits with Wave, and you can also connect third party payment processors.
Wave is another fintech company, with banking provided by Community Federal Savings Bank, Member FDIC. That means your funds are insured for up to $250,000 per account.
TIAA Bank: Best for Business Investments
Besides checking accounts, TIAA Bank offers a variety of banking products for entrepreneurs and gig workers that sets it apart.
If you’re considering business savings accounts, TIAA offers CDs and money market accounts to earn interest at a rate higher than you may get with another account. Currently, TIAA’s one-year business CD offers an APY of 3.75%.
TIAA’s checking accounts offer easy online banking and mobile check deposit, along with personalized service from a business solutions specialist.
LendingClub Bank Tailored Checking: Best for Earning Checking Account Rewards
The LendingClub Bank tailored checking account for freelancers is one of the few banks on our list where you can earn interest on your checking balance, plus 1% cash back rewards when you use your debit card.
Account holders earn 1.5% APY on balances up to $100,000 and 0.10% APY on the portion of your balance that exceeds $100,000.
LendingClub Bank reimburses fees if you use an out-of-network ATM. The bank also supports QuickBooks, Quicken and Mint for budgeting and bookkeeping. You can also send digital invoices and get paid directly to your LendingClub account, making LendingClub Bank Tailored Checking one of the more robust and affordable online banks for freelancers.
Just make sure to maintain an average daily balance of at least $500 to have the monthly fee waived.
How to Choose the Best Bank Account for Your Business
When you’re evaluating business bank accounts, you’ll want to consider your needs and the features that are most important to you.
It should go without saying that you want an account with no monthly fees or no monthly fees. Unless you’re an established business owner, you may also want no minimum balance requirements. You don’t want to get saddled with fees if your business runs into cash flow problems or you have a down month.
If you run a high-volume business, look for a bank account with no transaction limits, no in-network ATM fees, and unlimited ATM fee rebates.
Need a way to manage contracts, collect invoices, and help with taxes?
Your business bank can represent much more than just a place to deposit cash and a means to pay your bills. Many of the best bank accounts on this list also offer freelancer invoicing, tax assistance, and ways to manage contracts.
Budgeting and Savings Features to Look For
When you’re a freelancer, it’s convenient to have an easy way to track your expenses and budget for not just expected costs, but surprise opportunities or financial emergencies.
Just as you should have a personal bank account established with emergency savings, you want a business savings account. In fact, you may want multiple business savings accounts or the ability to divide money into various buckets for known costs – like taxes – and unexpected expenses, such as car repairs or a new phone.
Some budgeting and savings features are nice to have, such as an interest-earning checking account and cash back on debit card purchases.
Why We Chose Lili as the Best Business Bank Account
Lili graces the top of our list because the fintech company offers so many value-added services for entrepreneurs that it’s virtually a one-stop shop for freelancers. However, the other banks on our list for best business accounts have their own benefits you might want to consider.
Should You Use Different Banks for Personal and Business Finance?
If you already have a separate bank account for your personal finance, there is something to be said for opening a business account through the same bank. You may get extra perks and benefits or waived fees. Best of all, it’s easier to use one app to manage all your personal and business banking.
But if you opt for an online financial services company, instead, it is typically easy to transfer funds between accounts. Also, companies like Lili and Bluevine specialize exclusive in business accounts, which means they have services tailored specifically to your needs.
Bottom Line
A lot of factors go into choosing the best bank account for your business checking needs. Knowing your must-haves, nice-t0-haves, and those features that don’t really matter to you can help make the decision easier.
FAQs
What is a business bank account?
A business bank account is a dedicated account separate from your personal accounts that you use to deposit cash, checks, or other customer payments earned through your business. You should also use your business checking account to pay for business expenses.
Do You Need a Business Bank Account if You’re a Freelancer?
Freelancers are not required by law to have a separate business banking account. But if your business is incorporated as an S-corp, C-corp, or LLC, you are required to keep your business and personal accounts separate.
Should You Have a Separate Bank Account If You’re a Freelancer?
Even though it’s not required by law, it’s a good idea to have an account separate from your personal checking account to help you keep track of business income and expenses.
What Makes a Business Bank Account Ideal for Freelancers?
Business bank accounts often have many of the same features as some of the best personal bank accounts. That would include low or no minimum balance requirements, no monthly maintenance fee, no transaction fees, and no hidden fees.
You may also look for features like mobile check deposit, unlimited electronic deposits, and low wire transfer fees if you have a lot of customers, clients, or vendors outside the U.S.
Methodology: How We Select the Best Bank Accounts for Freelancers and Side Hustlers
We evaluated the best bank accounts for freelancers based on the ability to earn interest, monthly maintenance fees, minimum balance requirements, the ease of making cash deposits, customer service, and more.
Some banks are better for freelancers who don’t maintain a high balance or only have a few transactions per month. Entrepreneurs with fast-growing businesses looking to scale may prefer a business checking account with unlimited transactions and the ability to accept credit card payments through the same bank.
Some business owners may want to be able to integrate their Quickbooks accounting system through their bank.
We have banks on this list designed for small business owners, freelancers and side hustlers at every stage of business growth.
Today we’ll take a look at “Legacy Home Loans,” a mortgage lender whose purpose is to increase homeownership rates for African American communities across America.
They recently noted that Black homeownership is at an all-time low of 46% (per U.S. Census Bureau data), so they’re trying to change that by positioning themselves in states where the Black population is 25% or higher.
The company is helmed by President & CEO Ben Slayton, a 54-year mortgage industry veteran who also happens to be the first Black REALTOR® in America.
To reach their goal, Slayton has strategically opened branch offices in select areas of the country, including Atlanta, GA, Chicago, IL, Dallas, TX, Las Vegas, NV, Oakland, CA, and Columbia, SC.
Legacy Home Loans Fast Facts
Direct-to-consumer retail mortgage lender
Offer home purchase loans, refinances, and multifamily financing
Licensed in 40 states and the District of Columbia
Founded in 2018, headquartered in Las Vegas, Nevada
Nation’s largest Black-owned mortgage company
A dba of Panorama Mortgage Group LLC
Parent company funded roughly $1.5 billion in home loans last year
Most active in California, Nevada, and the South
Legacy Home Loans is a direct-to-consumer retail mortgage lender that operates as a dba of Panorama Mortgage Group LLC.
They refer to themselves as the nation’s largest Black-owned mortgage company, and want to play a key role in the National Association of Real Estate Brokers (NAREB)’s initiative to have two million new African-American homeowners by 2022.
As noted, their plan is to open new offices in predominantly Black cities nationwide, including Baltimore, Birmingham, Charlotte, Jacksonville, and St. Louis.
Other locations include Tucker, GA, Houston, TX, Sacramento, CA, and most recently Florence and Greenville, South Carolina.
They appear to be most active in California, Georgia, Illinois, Louisiana, Nevada, and South Carolina, but are licensed in 40 states and the District of Columbia.
It seems they aren’t yet operating in Alaska, Arkansas, Hawaii, Idaho, Massachusetts, Montana, New York, Rhode Island, Vermont, or West Virginia.
Legacy Home Loans is big on home purchase lending (which is their goal), as their parent company does about 90% of total volume in purchase transactions, with the remainder refinance loans.
Interestingly, Panorama Mortgage also operates the 100% Hispanic-owned Alterra Home Loans, so it’s clear they’re working to increase homeownership rates for all minority groups.
How to Apply with Legacy Home Loans
You can call them up, visit a local branch, or apply online
Their easy-to-use digital loan application is powered by Ellie Mae
It allows you to link bank accounts and income/employment information
eSign important disclosures and check loan status from a secure online portal
Legacy Home Loans is big on technology, seeing that their goal is to become one of the top five independent mortgage lenders in the country that also happens to be 100% minority-owned.
To that end, they work with Ellie Mae to provide their borrowers with a seamless, and perhaps more importantly, paperless home loan process.
You can get started in a variety of ways – either visit their website and fill out a lead form from their homepage, at which point a loan officer will get in touch.
Or check out their branch directory, click on an office nearest you, then select a loan officer to work with. If you go this route, you can apply online all by yourself without getting in touch with anyone first.
Alternatively, you can simply call them up on the phone, or visit a local branch if one is located near you.
It might be in your best interest (literally) to call and get a mortgage rate quote first, then if you like what you hear, proceed with the online application.
Speaking of, it’s powered by Ellie Mae, and allows you to link financial accounts, scan/upload documents, eSign disclosures, and manage your loan via a secure online borrower portal.
You can also check loan status via their free smartphone app called Pronto, which lets you manage your financial information, invite co-borrowers, and chat with your lender/real estate agent in one place.
Loan Programs Offered by Legacy Home Loans
Home purchase loans
Refinance loans: rate and term, cash out, and streamline
Renovation loans: FHA 203k and Fannie Mae HomeStyle Conforming loans
Jumbo loans
FHA loans
USDA loans
VA loans
ITIN loans
Non-conventional loans: foreign nationals and non-warrantable condos
Multifamily loans (5+ unit properties)
Legacy Home Loans offers a wide array of home loan programs, including purchase, refinance, and renovation loans such as the FHA 203k.
So whether you’re a first-time home buyer or an existing one, they should have a product for you.
All different types of loans are available, including conforming loans backed by Fannie/Freddie, and government-backed ones like FHA loans, USDA loans, and VA loans.
Additionally, you can take out an ITIN loan if you lack a social security number, and they also work with foreign nationals.
Lastly, they’ve got a multifamily loan department for investors interested in financing 5+ unit properties.
Legacy Home Loans Mortgage Rates
You won’t find mortgage rates posted on the Legacy Home Loans website.
Instead, you’ll either need to fill out their online lead form by clicking “Apply Now!” and wait for a call back, or simply make a phone call to a loan officer to discuss pricing.
It’s unclear where they stand pricing-wise relative to other lenders out there, so take the time to gather multiple quotes to ensure you’re getting a good deal.
The same goes for lender fees – since they’re not listed online, you’ll need to know what they charge to compare their quoted mortgage APR with other banks, lenders, and brokers.
Legacy Home Loans Reviews
They don’t have a ton of online reviews since they’re a newer company, but I was still able to track down several hundred.
On SocialSurvey, they’ve got a 4.79-star rating out of 5 from over 600 customer reviews, which is an excellent score.
You can also search local branches and loan officers by name to find Google and Yelp reviews if you’re trying to determine which individual to work with.
While not an accredited business, they currently have an ‘A-’ rating with the Better Business Bureau rating based on customer complaint history.
All in all, they could be a good choice for a first-time home buyer looking to support the company’s mission of increasing African American homeownership.
Just take the time to ensure they are competitive and easy to work with compared to other mortgage companies.
Legacy Home Loans Pros and Cons
The Good
Can apply for a mortgage from any device without assistance
Digital mortgage application and loan portal powered by Ellie Mae
Lots of loan programs to choose from including multifamlly
Excellent customer reviews from past customers
A- BBB rating
Physical branches in many areas that they serve
Free smartphone app
Their goal is to increase African American homeownership