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Apache is functioning normally

June 2, 2023 by Brett Tams

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) permanently banned RMK Financial Corporation, which does business as Majestic Home Loans, from the mortgage lending industry by prohibiting RMK from engaging in any mortgage lending activities or receiving remuneration from mortgage lending. In 2015, the CFPB issued an agency order against RMK for, among other things, sending advertisements to military families that led the recipients to believe the company was affiliated with the United States government. Despite the 2015 order’s prohibition on these and other actions, the company engaged in a series of repeat offenses, including disseminating millions of mortgage advertisements to military families that deceptively used fake U.S. Department of Veterans Affairs (VA) seals, the Federal Housing Administration (FHA) logo, and other language or design elements to falsely imply that RMK was affiliated with the government. In addition to the ban, RMK will also pay a $1 million penalty that will be deposited into the CFPB’s victims relief fund.

“Even after the 2015 law enforcement order, RMK continued to lie to military families by falsely implying government endorsement of its home loans,” said CFPB Director Rohit Chopra. “Our action reflects our commitment to weed out repeat offenders, and we are shutting down this outfit for good.”

RMK is a privately held corporation with its principal place of business in Ontario, California. RMK is a nonbank that is licensed as a mortgage broker or lender in at least 30 states and Puerto Rico. RMK originates consumer mortgages, including mortgages guaranteed by the VA and mortgages insured by the FHA. However, RMK is affiliated with neither government agency.

In 2015, the CFPB took action against RMK to end its use of deceptive mortgage advertising practices, including advertisements that led potential homebuyers to believe that the company was affiliated with the VA or FHA. RMK sent these deceptive advertisements to tens of thousands of military families as well as to other holders of VA-guaranteed mortgages. In addition to paying a fine, RMK was required to end its illegal and deceptive practices.

The CFPB has previously warned about VA home loan scams. Many servicemembers, veterans, and military spouses receive fraudulent calls and mailers from companies claiming to be affiliated with the government, the VA, or their home loan servicer.

In the case of RMK, the CFPB found that the company disseminated millions of mortgage advertisements to military families that made deceptive representations or contained inadequate or impermissible disclosures in violation of the 2015 order, the Consumer Financial Protection Act, the Mortgage Acts and Practices Advertising Rule, and the Truth in Lending Act. Specifically, the company harmed military families and other consumers by sending millions of advertisements for mortgages that:

Tricked military families about the government’s role in sending the advertisements or providing the loans: RMK sent advertisements that misrepresented that RMK was, or was affiliated with, the VA or the FHA, that the VA or FHA sent the notices, or that the advertised loans were provided by the VA or FHA. Military families or others who view such advertisements may decide to purchase the advertised mortgage based on the trust they have in the government agencies.
Deceived borrowers about interest rates and key terms: RMK’s advertisements illegally disclosed a simple annual interest rate more conspicuously than the annual percentage rate, illegally advertised unavailable credit terms, and used the name of the homeowner’s current lender in a misleading way. Consumers who view such advertisements may be misled about the terms being offered or mistakenly believe their current lender is sending the advertisement.
Falsely misrepresented loan requirements and lied about projected savings from refinancing: RMK’s advertisements misrepresented that the benefits available to those who qualified for VA or FHA loans were time limited. Additionally, RMK’s advertisements misrepresented that military families could obtain VA cash-out refinancing loans without an appraisal and without incurring the cost of an appraisal, that an appraisal was not a condition of qualifying for VA cash-out refinancing loans, and that no minimum credit score and no income verification were required to qualify for VA cash-out refinancing loans. Finally, RMK’s advertisements misrepresented the amount of monthly payments, the annual savings under the advertised loans, and the cash available in connection with the advertised loans.

Enforcement Action

Under the Consumer Financial Protection Act, the CFPB has the authority to take action against institutions violating federal consumer financial protection laws, including the Truth in Lending Act, which is intended to ensure that consumers can compare credit terms more readily and knowledgeably. Today’s order requires RMK to:

Exit the mortgage lending business: RMK is permanently banned from engaging in any mortgage lending activities, including advertising, marketing, promoting, offering, providing, originating, administering, servicing, or selling mortgage loans, or otherwise participating in or receiving remuneration from mortgage lending, or assisting others in doing so.
Pay a $1 million fine: RMK must pay a $1 million penalty to the CFPB, which will be deposited into the CFPB’s victims relief fund.

Today’s action is one in a series of actions the CFPB is taking to halt repeat offenders, particularly those that violate agency and court orders. The CFPB recently proposed a registry to detect repeat offenders in the financial marketplace. The action also complements broader efforts, including rulemaking by the Federal Trade Commission, to deter government and business impersonator scams.

Read today’s order.

Read I am a servicemember or veteran and I have decided to purchase a home. How do I know if a VA loan is the right fit for me?

Apache is functioning normally

May 26, 2023 by Brett Tams

By Peter Anderson 12 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited August 19, 2022.

The last few years have been tough ones, with the economy going through recession, millions of people becoming unemployed and businesses going under left and right.

The economy has shown some signs of improving, but indications are we still have a lot of rough road ahead of us.

With the economy being so unsure, now is as good a time as any to start thinking about how to cut back on your regular monthly bills. For many, once you’ve cut out some of the more obvious expenditures, it doesn’t feel like there are that many other places that can be cut. The truth is, however, that most people have a lot of places that they can still cut back and save money.

Today I thought I’d look at some of the main areas of spending that people have every month – their regular monthly bills.

Often people take those monthly bills for granted, not even thinking about how they can save money on those regular expenditures, just taking it on faith that they can’t get those bills any lower.

So today’s post is all about how to save money on just about all of your regular monthly bills.

How To Save On Your Phone And Wireless Bills

There are a variety of ways that you can save on your cell phone, home phone and mobile internet charges. Here are a couple of the options that we’re using – or plan to start using in the coming year to save on our phone bills.

Landline phone service: For years we’ve had a landline because my wife prefers talking on that versus a cell phone, and also because we needed the landline for our home security system. We recently made changes that mean we can now opt for a cheaper VOIP option for our landline service. After doing some research a lot of other bloggers are talking about the Ooma phone service, which is apparently very good. All you have to do is pay upfront to buy an Ooma Telo device for around $140, which then allows you to make unlimited calls in the U.S. for free over your existing broadband connection! All you have to pay is local taxes in your area (about $4.50 for us). You can port your current landline phone number over as well, for a $39.99 fee. Read my full review of Ooma here, and my post talking about setting Ooma up here.
Prepaid Cell Phones: One way that we’ve been saving a ton of money over the years is by using prepaid cell phone service, instead of more costly contract plans. We have no contract phone service from Republic Wireless, and we pay on average about $40/month for two phones. Both of them are Android smartphones with tons of minutes and unlimited text with 1GB/data ($20/month). The only downside is the up front cost of the cell phone – it isn’t subsidized like on contract plans. There are a variety of other low cost prepaid cell services out there that many people recommend including Tello and a Gen Mobile. Check out the related content below for a full article talking about saving on your cell phone bill using prepaid services. Want to use a traditional phone service? Check out Bill Shark, BillFixers or Rocket Money to negotiate a reduction in your monthly cell phone bills.
Low Cost Hotspots: A while ago I had a need to have Internet access on the go while traveling. At the time I settled on buying a mobile hotspot from Virgin Mobile via their prepaid wireless broadband plan. You just buy the hotspot, and then pay $35/month for 1GB of data. I was in a rush so I bought the hotspot and used it while on my trip. When I got back I became aware that there are quite a few companies that offer mobile hotspots for much lower cost, or phones and phone plans that can be used as hotspots – for much less. Do your research.

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How To Save On Your Housing Costs

One place that you can save hundreds of dollars every month is in your housing costs. Most people are aware that they could probably save by refinancing, but there are other ways you can save as well.

Refinance your mortgage: The most obvious way to save on your housing costs is simply to refinance your home mortgage. Rates are so low right now, and by refinancing you can often save hundreds of dollars off of your regular monthly payment. I’m in the middle of looking for a refinance right now, and we stand to save in the neighborhood of $200-300/month.
Appeal your property taxes: A lot of people don’t realize that you can actually appeal your property taxes in many counties by appealing the county’s tax appraisal value. I have successfully appealed our value once a couple of years ago, saving $363/year. Find out how I did it below via the related content.
Get cheaper homeowner’s insurance: I go into this more in the insurance section below, but if you shop around you can often find hundreds in savings every year just by switching insurance companies. We saved almost $1000/year by doing this just a couple of months ago.
Remove mortgage insurance: If you’re paying mortgage insurance with your regular monthly payment, and you have already reached 20% equity in your home, you may want to look into having that insurance removed by your mortgage company. It isn’t there to protect you, but the bank. Often you can have it removed after getting 20% equity in the house, and in many cases it may be required that they remove it. In some cases, if you’re a high risk borrower or if you have a FHA loan, you may need to keep the mortgage insurance longer.
Downsize your house: If you’re really trying to lower your bills a sure fire way is to downsize your house. Not only will your payment go down, but your insurance, taxes, maintenance costs and other costs will go down as well. Of course any costs associated with moving also need to be taken into account.

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How To Save On TV, Movies And Entertainment

There are a lot of ways that you can cut costs when it comes to your entertainment dollar.

Shop around and sign up for deals on premium TV: First, if you’re determined to keep your premium TV because of sports or programming only available on cable, you can at least make sure that you get the best possible deal on your cable TV package. Make sure to shop around once your introductory deal runs out and you can usually end up saving hundreds every year by switching companies! Or you can use a bill negotiation service like Bill Shark, BillFixers or Rocket Money to negotiate a reduction in your monthly bills.
Cancel un-needed services: Another thing you can do is check to make sure you’re not doubling up on any services. When we were cutting back a while ago we realized that we were paying for both Netflix streaming and Amazon Prime – which has a good video streaming option. We realized most of the same TV shows and movies were available on both sources, so we canceled Netflix – saving us $7.99/month.
Cut the cord: If you’re a bit more ambitious and aren’t very particular about receiving certain channels or waiting to see content the night it airs, you might want to make this the year that you cut the cord. Cancel your cable or satellite TV packages and move to something more affordable. Instead of paying for a TV package you can use free or low cost video streaming services like Hulu or Philo, shows streamed by the networks, and more. Use a software like Playon to stream the shows directly to your TV using an existing gaming console like the Xbox One or Playstation 4, or a cheap device like the Fire TV or Roku. The options are pretty numerous, and we’ve used options like this in the past to get most of our TV entertainment. Check out the related content below for a couple of exhaustive posts on how to set this up.
Use cheap movie rental alternatives: Don’t really watch TV or movies too much – and a monthly Netflix or Amazon subscription doesn’t make sense for you? Use a cheap rental alternative like Redbox, where you can rent a new release movie for a dollar. You can often find coupon codes to get free rentals every now and then. If you rent infrequently enough for it to matter, use cheap pay per view video options on Itunes, Amazon and Xbox to rent movies without leaving the comfort of your home. Amazon often gives away free credits on social media for their MP3 and Video stores, so follow them on Twitter and Facebook to get deals!

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How To Save On Your Internet Costs

If you’re looking to save on your internet costs, the best thing you can do, similar as with TV deals, is to shop around, or use a bill negotiation company.

Search for the best deal: Find out where you can get the best deal. For us our internet options include DSL service from a couple of different companies and cable internet. You can usually find competing deals and introductory offers that you can use to hop from company to company and always have the best deal. Other times you can bundle with other services and save. It can be a pain, but it can save you a ton of money too.
Get reduced rate internet: Another thing you can do if you live in certain areas is us a free 4G internet service. Of course to do this you’d have to live in an area with good 4G coverage.

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How To Save On Insurance

The best way to save on your insurance costs is just to shop around on a regular basis. I like to do it at least every 1-2 years for my homeowner’s insurance, auto insurance, life insurance and less often for other types. We found our best deal by using an insurance broker because they were able to compare rates at multiple companies and compare quotes for us.

Within the past few weeks we shopped around for new homeowner’s insurance after the premium skyrocketed. We ended up saving almost $1000/year when we switched our homeowner’s and auto insurance to a new company. That’s not the first time we’ve been able to do that! We did the same thing about 4 years ago, comparing rates and saving over $1000 that time!

Not sure where to start in getting quotes? Check out our insurance page to get quotes from a bunch of different companies.

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Save By Getting A Better Bank Account

You may have had your old bricks and mortar checking or savings account since you were in high school, but have been noticing lately that they’ve started charging you fees for various things. You’ve also noticed that the fees for your brokerage account have gone up, and mysterious inactivity fees started popping up. Whatever the case, people often find that their bank account is no longer useful to them, and that they can save money on fees (or make more interest) by moving somewhere else.

Save money by closing old accounts: Often old accounts start charging inactivity fees for dormant accounts, or just start charging fees because they think they can get away with it. Closing an account can be a pain, but it can also save you money (and headaches) in the long run.
Sign up for better bank accounts: Signing up for a better bank account will mean not only savings because of no fees and no minimums, but also can mean you’ll end up making more money interest, cash back and other perks. For example, a while back we Chime a great online bank. We’ve saved quite a bit in account fees that we no longer pay. Our old account at a traditional bricks and mortar was charging us fees for all sorts of things, and customer service wasn’t great. We have also switched our savings account to online banks with accounts from Capital One 360 and CIT Bank Not only are we making more in interest, but the features available at those banks surpass our old bank.
Lower interest on your credit card accounts: If the interest on your credit card is getting unreasonably high, consider closing the account after signing up for a card with a lower interest rate, 0% balance transfer and no fees. Just be wary of big charges to actually transfer balances.

Different account types to consider closing if the fees or features aren’t up to snuff? Savings accounts, checking accounts, brokerage accounts, mutual fund company accounts, credit cards. Go down the list and figure out which ones just aren’t cutting it anymore.

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How To Save On Energy Bills

Saving on energy bills often can’t be done by switching to another provider because there is often only one option for water, gas or electricity in many areas. That means the savings usually has to come from being creative and saving in other ways.

Some ways to save on your energy bills:

Get a programmable thermostat: A good portion of your utility bills every month are going to come from your heating and cooling bills. By buying a programmable thermostat like the smart Nest thermostat, you can have your heat turned down at night, turned low when you’re gone and even control it remotely. They advertise an annual savings average of $173, so it may take about 18 months to pay back the $249 cost – unless you can find it for less. Other options include regular programmable thermostats which can run $50-70 or more.
Get (slightly) out of your comfort zone: Be willing to turn the temp down slightly in the winter, and up in the summer. You can save a ton of money just by turning the temp up or down even a few degrees!
Use a power saving device: A lot of the electronic devices we use these days have phantom power drain even when you’re not using them. Get around this by getting an auto-sensing power strip that will turn off all power when the unit is off, or energy saving power plugs that have on off switches for things like coffeemakers or toasters.
Save at your water heater: The water heater can account for 14-25% of your energy bills every year. Often the heat on your water heater is turned up higher than you need it to be. A temp of 120-140 degrees is hot enough, and every 10 degrees you lower it you’ll save 3-5% on your bill. Some experts say not to go below 120 degrees, however, because bacteria can grow in the tank. You can also save by putting a fiberglass insulating blanket on the water heater to save money on heat loss.
Get a home energy audit to find energy leaks: Local utilities will often come out to do a home energy audit free of charge or a small fee to help you find where your home is leaking energy. Plug up the leaks and save!
Maintain your appliances: Doing things like cleaning your AC condensor coils or changing furnace filters regularly can save you money on your energy. If you don’t, appliances can work harder than they need to, and drain more energy.

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Save On Bills By Negotiating Them

One way you can save money on your regular, recurring monthly bills is to negotiate them.

If you have the time to do a little research, and make a few phone calls you can often reduce your monthly bills by hundreds of dollars every year.

If you don’t have the time, there are quite a few companies that will do it for you, for a small cost.

Conclusion

So there you have it, how to save money on just about all your possible monthly bills. I could probably go on, but the point is there are no shortage of ways to save money on your regular monthly expenditures. You can save on your housing costs, your phone and wireless broadband costs, your insurance costs, your energy costs, your bank accounts and even on your spending on entertainment. You just have to be creative, find cheaper alternatives and cancel un-needed services.

So what ways to save on your regular monthly bills can you suggest? Tell us your money-saving strategies in the comments!

Source: biblemoneymatters.com

Apache is functioning normally

May 26, 2023 by Brett Tams

In the past, you had to drive to your bank and work with a teller to manage your deposit accounts. These days, however, you have the option to complete virtually any banking need with any device that has internet access. You can pull out your smartphone and deposit a check. Or you may use your laptop to check your account balance.

That’s where banks called neobanks come in. It’s no surprise that neobanks are more popular than ever before. Let’s take a closer look at what they are and how they work so you can decide whether a neobank makes sense for your particular situation.

20 Best Neobanks

While traditional banks take up more market share than neobanks, you can still find a good amount of them if you do your research and shop around. The right neobank for you will depend on your unique lifestyle, needs, and preferences. To help you hone in on the ideal option, here’s our list of the top neobanks of 2023.

1. Chime

Founded in 2012, Chime is a financial technology company that offers banking services from The Bancorp Bank, N.A. and Stride Bank N.A. The Chime Checking Account is free of monthly maintenance fees and no minimum balance requirements.

Its perks include early direct deposit, automated savings features, access to over 60,000 or more fee-free ATMs, and free debit card replacement. In addition, you can take advantage of SpotMe and get up to $200 in fee-free overdrafts.

There’s also a Chime’s Savings Account, which offers a competitive interest rate with no cap on the amount of interest you can earn. Other services include Secured Chime Credit Builder Visa® Credit Card that doesn’t require a credit check, making it a suitable option if you have limited credit. Chime should be on your radar if you prefer a one-stop-shop for all of your banking needs.

You can read our full Chime review to learn more.

2. GO2bank

For more than a decade, Green Dot Corporation has specialized in alternative banking products. In 2013, GoBank made its debut as the first digital bank offering digital financial services. Then, in 2021, the company launched GO2bank, its second online bank.

GO2bank stands out from other neobanks which require you to sign up online because you can pick up their debit cards in person at Walmart and other popular retailers. GO2bank’s bank account tends to be a popular product in addition to its secured credit card that can help you build credit.

For a comprehensive overview, read our full GO2bank review.

3. Current

Since its inception in 2015, Current, which is not a bank, but a fintech company based in New York City, has partnered with Choice Financial Group and Metropolitan Commercial Bank to offer banking services. Its flagship products are a personal checking and debit card you can access via a mobile app on any iOS or Android device.

Even though Current’s product line is limited, the neobank prides itself on no shortage of perks and benefits. You can get your deposit up to two days early and earn cash back for debit card spending from more than 14,000 merchants. Additionally, Current doesn’t charge minimum balance fees or bank transfer fees and offers fee-free ATM withdrawals from ATMs in the Allpoint network.

If you would like to learn more, take a look at our Current review.

4. Revolut

Founded in 2015, Revolut is one of the largest European neobanks, serving more than 16 million customers. It has expanded its footprint to the U.S. market and has plans to become one of the most reputable neobanks in the world.

Revolut is unique in that it offers a wide array of financial services, such as bank accounts, debit cards, peer-to-peer payments, cryptocurrency, and currency exchange. It supports both individual consumers and businesses with more than 30 currencies. For a neobank with a diverse lineup of offerings, Revolut has you covered.

To learn more, read our full Revolut review.

5. Quontic Bank

Quontic Bank is a full-service, FDIC-insured online bank that was founded in 2002. It offers a range of banking products and services, including checking and savings accounts, credit cards, mortgages, and business banking solutions.

They offer some of the best annual percentage yields (APYs) in the industry. Quontic accounts come equipped with no overdraft fees, no incoming wire transfer fees, no monthly service fees, and access to over 90,000 surcharge-free ATMs.

Quontic also has a savings accounts feature called “Roundup”, which makes saving money simple and easy. In addition, they have a responsive U.S. based customer service team available to assist with any questions or concerns.

Read our full Quontic review for more information.

6. Dave

When Dave began in 2017, its sole focus was paycheck advances. Over time, it evolved to offer a checking account with no minimum balance requirements. If you become a Dave customer, you can receive early access to your paycheck, without a credit check or interest charges.

Dave also offers handy built-in budgeting features and doesn’t charge overdraft fees or ATM fees, as long as you use an ATM from the MoneyPass network. Dave may make sense if you’d like the option for small cash advances to get you through a financial hiccup from time to time.

See also: Free Online Checking Accounts: No Opening Deposit Required

7. Albert

Albert began as a money management app in 2016, but is now a personalized banking service that has attracted over 6 million customers. This digital banking account offers cash back and a range of benefits.

These including no-interest cash advances of up to $250, integrated budgeting and savings tools, and annual savings bonuses of up to 0.10%. There are no minimum balance requirements or overdraft fees. However, there is a minimum monthly fee of $4. Keep in mind that you’ll need to have an external bank account to open an account with Albert.

8. Varo

Varo Bank began in 2015 as a fintech company that partnered with The Bancorp Bank. In 2020, it acquired its own national banking charter, making it different from other neobanks you might come across. Even though Varo operates as an actual bank, it focuses on online banking via its website and mobile app.

Its checking account is free of monthly fees and there’s no minimum balance requirement. Plus it comes with a debit card. In addition, Varo partners with more than 55,000 ATMs through the Allpoint ATM network.

We can’t forget its other perks, such as contactless payments, credit cards with reporting to the major credit bureaus, early direct deposits, and no foreign transaction fee or transfer fees. Varo might be worthwhile if you’re looking for a checking account with all the bells and whistles.

Read our Varo Bank review to learn more.

9. Aspiration

Aspiration was founded in 2013 under the motto “Do Well. Do Good.” It partners with financial institutions like Coastal Community Bank and Beneficial State Bank to offer cash accounts, savings accounts, and a few investment accounts.

Aspiration’s most popular product is the Aspiration Spend & Save Account, which is a hybrid of a checking account and savings account. There’s also the Zero credit card, which offers cash back and plants a tree every time you make a transaction. Aspiration can be a good fit if you’d like to get rewarded for your spending and like the idea of one account for your checking and savings goals.

Read our full review of Aspiration to learn more.

10. Bluevine

Bluevine made its debut in 2013 as a fintech company with a mission to improve banking for small and mid-sized business owners. Its flagship product is the Bluevine Business Checking. It’s completely free and comes with a competitive annual percentage yield and unlimited transactions. This is rarely seen in the world of business checking.

In addition to the business checking account, Bluevine offers financing products, such as lines of credit of up to $250,000. Bluevine should be on your radar if you’re a business owner in search of fast, convenient startup banking and financing.

11. SoFi

Social Finance or SoFi entered the market as a student loan refinance company. Recently, however, the fintech company received its own bank charter to offer digital banking services. You can use the SoFi Checking and Savings combo account to manage your spending and saving needs in one place.

Fortunately, SoFi doesn’t charge monthly maintenance fees, overdraft fees, and ATM fees. Additional perks and extras include no-fee overdraft coverage, sub accounts for various savings goals, and additional products like credit cards, cryptocurrency trading, and retirement accounts, like an individual retirement account.

Read our full review of SoFi to learn more.

12. Acorns

Acorns has a reputation as an easy-to-use micro investing app. Since 2012, many people have downloaded it on their iOS or Android devices to invest their spare change. Over time, Acorns has expanded to offer a checking account.

You can open Acorns Checking for free and enjoy perks such as no monthly or overdraft fees, early direct deposit, mobile check deposit, and access to a network of 55,000 ATMs.

The checking account seamlessly integrates into the Acorns micro investing feature. Plus when you use your Acorns debit card, you can earn cash back at participating retailers and use it to invest, along with your spare change. If you’d like to get started with investing, Acorns is worth considering.

13. One

One is a neobank owned by Walmart. It offers a budget-friendly overdraft program with customized budgeting and savings options for its customers. One’s banking account allows users to organize their money into subaccounts called Pockets.

Pockets offer saving rates of 1% on up to $5,000 for any customer and 1% on up to $25,000 for customers with direct deposit. Additionally, One provides fee-free overdraft coverage of up to $200 for customers with direct deposits of at least $500 per month.

14. Cheese

Cheese is a digital banking platform that was launched in March 2021 and caters specifically to the immigrant and Asian American communities. It offers up to 10% cash back at 10,000 businesses, including Asian-owned businesses and restaurants.

Cheese’s customer support is available in English and Chinese, with more languages to be added in the future. One of the benefits of opening an account with Cheese is that accounts earn interest and do not have monthly fees or ATM fees when using the national MoneyPass ATM network.

15. Unifimoney

Unifimoney is a money management and investment app that helps you manage your banking, investing, and borrowing needs all in one place. It caters to account holders who earn at least $100,000 per year but have significant amounts of student debt. You can download Unifimoney to pay bills, deposit checks, and write checks.

It’s unique in that it also allows you to refinance student loan debt and can create a diverse investment portfolio with particular stocks, cryptocurrencies, precious metals, stocks, and exchange-traded funds (ETFs).

In addition, you can turn to Unifimoney for insurance products, like car insurance and health savings accounts (HSAs). If you’d like to get started with Unifimoney, open the Unifimoney high-yield checking account with as little as $100.

16. NorthOne

Headquartered in New York and founded in 2016, NorthOne offers digital business banking services. If you’re a startup, entrepreneur, or small business owner, NorthOne can be a good fit. It differs from other banks that serve businesses in that there are no transaction limits that require premium upgrades.

You can open a business bank account for a flat $10 monthly fee and won’t have to worry about additional fees for deposits, transfers, ACH payments, or app integrations. In addition, you’ll get to create as many “Envelopes” or sub accounts as you want so you can save for payroll, taxes, and other business needs.

17. Oxygen

San-Francisco based Oxygen focuses on two accounts: the free thinker account for individuals and the pioneer account for business users. Even though it doesn’t charge fees, like monthly fees, ACH fees, and overdraft fees, you will have to pay an annual fee that can go up to a few hundred dollars.

While most neobanks don’t allow for cash deposits, Oxygen does. As long as you have an Oxygen bank account, you can make deposits at GreenDot locations, which are usually located inside popular retailers, like Walmart, Walgreens, and CVS. If you don’t mind paying an annual fee and like the convenience of being able to deposit cash, Oxygen is worth exploring.

18. Bella

Bella is a fairly new player in the neobanking space. Its partner bank is nbkc bank, which allows it to provide banking services. With Bella’s checking account rewards program, you can receive a random percentage of cash back on randomly selected purchases.

The cash back amount may be anywhere from 5% to 200%. Like most neobanks, Bella doesn’t charge monthly fees, ATM fees, and overdraft fees. You can also opt for a no-fee savings account. Bella accounts are FDIC insured for up to $5,000,000.

19. Lili

Lilli services small business owners and believes that managing two accounts is a hassle. That’s why this neobank offers a single account you can use for both your business and personal transactions.

Come tax time, Lili will eliminate financial stress and let you automatically save a certain percentage of your income into a “tax bucket.” Plus, it produces quarterly and yearly reports instantly, reducing your tax prep costs. While the Lili Standard account is free, Lili Pro will run you a couple dollars per month.

If you upgrade to Lili Pro, you’ll get cashback rewards on all your debit purchases and 1% interest on your savings accounts. Lili could be a solid pick if you’re a freelancer or solopreneur hoping to simplify your finances.

20. Monzo

Monzo is a UK-based neobank that just opened up to the U.S. market in late 2022. All accounts are insured by the FDIC for up to $250,000. Plus fee-free withdrawals are available at more than 38,000 ATMs.

Furthermore, Monzo is similar to Aspiration as it strives to protect the planet. Additionally, this neobank offers budgeting tools that can help you meet various savings goals.

What is a neobank?

Often called challenger banks, neobanks have recently entered the financial services industry and challenged banking norms. Most neobanks are financial technology or fintech companies that offer the same banking services you may find at traditional banks, like Bank of America or PNC.

But they promote innovation and act like digital only banks or online banks as they don’t have any physical branches and operate via apps. Most of these apps are user-friendly and loaded with a variety of handy features, such as early deposit and savings tools to simplify the banking experience. They are specifically designed to give you greater control of how you manage and spend your money.

Also since neobanks don’t have any physical branches, their overhead costs and customer acquisition costs are low and enable them to offer more affordable banking products and services. Many neobanks let you choose from a number of free and paid premium subscription services.

Are neobanks safe?

Since neobanks are fairly new and different from many traditional banks, you might wonder whether they’re safe. Fortunately, most of them are very safe because they operate within a regulated market.

These financial institutions typically work with U.S. banks to offer FDIC-insured accounts, which protect your money from potential bank failures and the losses that come with them. To help determine if a neobank is safe, check out their ratings and reviews on reputable websites like the Better Business Bureau (BBB).

Neobanks vs. Traditional Banks

To further explain neobanks and their modern spin on traditional banking, let’s take a closer look at how they differ from traditional banks.

Neobanks

Neobanks operate without physical branches. To take advantage of their offerings, you’ll likely need to download an app and provide some personal information.

While you can expect fewer banking and credit products than you’d find at traditional banks, you’ll reap the benefits of lower fees and extras that improve the overall banking experience.

Some neobanks have decided to expand their lineup of products and services to create more of a one-stop-shop you’d get from a traditional bank. Since most neobanks don’t earn money from lending, like incumbent banks, their business model depends on interchange fees or transaction fees, which usually come from debit cards. They might also charge for premium accounts and extra features.

Traditional Banks

Traditional banks often have brick-and-mortar locations across the country or in a specific geographic region or area. But many of them also have digital banking divisions in which you can perform banking services online.

Most banks focus on strong customer relationships and earning interest through loans as well as account fees from banking, lending, and investing. They typically target customers who appreciate customer engagement and a traditional in-person banking experience.

See also: Best Alternatives to Traditional Banks

Pros & Cons of Neobanks

Just like all types of financial institutions, neobanks have benefits and drawbacks you should consider, including:

Pros

Lower fees: Compared to traditional banks, neobanks offer lower fees. That’s because they don’t have the high overhead costs associated with the upkeep of physical branches.
Higher rates: Neobanks often pride themselves on higher interest rates on their checking and savings accounts. This can make it easier and faster for you to save money.
Convenience: Perhaps the greatest benefit of neobanks is the convenience they bring. You can perform a variety of banking tasks, like depositing checks or making payments from your smartphone device, round-the-clock.
Easy access: You can manage your banking 24/7 without ever having to leave your home and visit a local branch. All you have to do is download an app from the app store.
Simple setup: It’s usually fast and easy to open an account with neobanks. Many of them will approve you, regardless of your credit score or credit history.
Focused services: While most neobanks don’t offer all the services you might find at traditional banks, the few services they do provide focus on service quality and are typically loaded with perks and benefits. For example, you can get a no fee checking account with cash back rewards.

Cons

No bank charters: Neobanks don’t have bank charters. Instead, they often partner with traditional banks to insure their products. Before you move forward with a neobank, ensure they partner with a Federal Deposit Insurance Corp or FDIC-insured bank and offer their own FDIC insurance.
Customer service restrictions: Since neobanks operate on app instead of through physical branches, customer service can be a downside. You may have to turn to chatbots or social media for basic banking questions and support. If you notice fraud in your account, it may be more difficult to resolve the issue.
Fewer services: Traditional banks usually pride themselves on a long list of services, including loans, wealth management, and brokerage services. Neobanks, however, tend to limit their offerings to checking accounts and savings accounts.
Unproven track record: Neobanks are still in the startup phase as many made their debut within the last few years. This means that they may fail and force you to look elsewhere for your banking needs.
Require knowledge of technology: While most neobank apps are intuitive and designed for the average person to use with ease, they may still be inconvenient for some people. If you don’t consider yourself tech literate, a neobank might not make sense.

Bottom Line

There’s no denying that neobanks have revolutionized the banking industry and financial industry. If your primary goal is convenience and you prefer mobile or online banking, a neobank can be a great alternative to a traditional bank or legacy bank. Just make sure you explore all your options and read the fine print before you choose one.

Source: crediful.com

Apache is functioning normally

May 25, 2023 by Brett Tams

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Unless you opt for laser eye surgery, vision correction is part of your annual spending. According to contact lens manufacturer Acuvue, the yearly cost of contact lenses can range from $120 to $1,200, depending on your insurance and the type of contacts you need.

As with saving money on eyeglasses, if you want to save money on contacts, shopping for deals from the right retailers is crucial.

Thankfully, numerous retailers can help contact lens wearers save money. If you’re tired of overpaying for this necessary expense, you need to know where to buy affordable contact lenses.

Various in-store and online retailers offer affordable prices on a range of contact lens brands, especially if you buy in bulk.

Just remember: You must have a valid prescription to buy contact lenses if you live in the U.S., so have physical and electronic copies of your contact lens prescription ready.

1. GlassesUSA

Limited Time Offer: Save 25% off contact lenses plus free shipping with coupon code CONTACTS25.

Pros: 25% off first-time purchases; free shipping
Cons: Savings fall off after your first order
Verdict: Shop GlassesUSA to use the first-time discount, but explore other retailers for buying annual supplies

GlassesUSA offers affordable eyewear that starts at just $29. But it’s also an affordable way to order contacts online.

For starters, GlassesUSA often runs promo codes that grant 25% off all contacts. You can view its coupons and promotions page to find other ongoing deals as well.

Plus, GlassesUSA now sells its own private-label daily contact lenses called Vista plus. They may be inexpensive, but they’re not cheap. They’re made with hyaluronic acid to retain moisture and combat dryness, helping them stay comfortable all day. They also provide critical protection from harmful UV-A and UV-B rays, a must in both sunny and snowy climates. Vista plus lenses are FDA-approved and endorsed by health experts.

If the $1 free trial on the in-house brand isn’t enough to make you switch, you can also shop lenses from brands like:

Acuvue
Biofinity
Biomedics
Dailies
FreshLook
Miru
Proclear
SofLens

Lens categories include daily, weekly, and monthly disposables. Lens types include single-vision, multifocals, toric lenses for astigmatism, and color lenses.

The 25% discount helps cut costs for more expensive contacts. For example, GlassesUSA sells a 90-pack of Acuvue Oasys 1-Day for $97.17 per box. But with the discount, the price drops to $72.88 per box. At Walmart, these lenses cost over $75 per box unless you shop in bulk.

Shipping is free, and GlassesUSA works with over a dozen vision insurance providers.

If you can make use of the one-time 25% discount or other promo codes like a pair of free eyeglasses, GlassesUSA is one of the most affordable choices.

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2. Warby Parker

Pros: Free shipping; 15% off your first contacts order; $50 credit when you buy an annual supply; wide vision insurance network
Cons: Not always the cheapest contacts option
Verdict: Warby Parker is a trusted name that offers an excellent selection of contacts at reasonable prices and has many vision insurance partners

Warby Parker isn’t just an online contact lens retailer — it has a growing network of retail locations Across North America as well. And while it’s not always the cheapest option, it stocks the most trusted contact brands available, so you can rest assured you’re getting the quality you expect from your contact lens provider:

Acuvue
DAILIES
Biofinity
Biotrue
Clariti
AirOptix

Warby Parker also has its own house brand of daily contact lenses, called Scout by Warby Parker. If you’re looking for truly exceptional value from a trusted name, look no further.

When you shop contact lenses at Warby Parker, you’ll get 15% off your first order. Make an annual purchase and you’ll get a separate $50 eyewear credit that’s good for discounts on frames, lenses, and other qualifying eyewear purchases on the Warby Parker site.

That’s not all. Warby Parker has some other selling points that many competitors can’t match:

Free shipping on eligible orders
No hidden fees
Renew your prescription at home for just $5 (limited-time offer)
Schedule an eye exam at any Warby Parker store
Walk-in appointments available at many Warby Parker stores
Innovative flat-pack design for Scout lenses — uses 80% less material and is much easier to carry in a bag or purse
Try Scout lenses for free — get a 6-day supply with no obligation (by request)
Partners with several major vision insurance providers, increasing the chances that your purchase is eligible for insurance coverage or reimbursement

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3. DiscountContacts.com

Pros: Brand variety; 20% off on new orders and subscriptions; free online vision test
Cons: Doesn’t have the lowest possible prices
Verdict: Shop at Discount Contact Lenses if you want more brand variety or if you want to subscribe for 20% off reorders

As the name suggests, DiscountContacts.com sells contacts at a discount. The company says you can save up to 70% on contacts, and it also offers free shipping on orders over $99.

DiscountContacts.com also carries more brands than many other online options. You can find over 30 popular and niche brands, including:

Acuvue
Air Optix
Bausch + Lomb
Biofinity
Clariti
Dailies
Johnson & Johnson
MyDay
Polycon

Lens categories include conventional vial lenses and daily, weekly, and monthly disposables. Single-vision, multifocals, toric lenses for astigmatism, and colored lenses are available lens types.

DiscountContacts.com also sells rigid gas-permeable (RGP) lenses. These lenses are harder than soft contact lenses and allow more oxygen to pass through the lens material. RGP lenses last longer than soft lenses and provide sharper vision. However, it takes time for regular contact lens wearers to become comfortable with the lens type. RGP lenses start at $35 per lens, but they can last for years with proper care.

Overall, prices are competitive. For example, a 90-count box of Acuvue Oasys 1-Day costs $94.99 on DiscountContacts.com. However, there’s a 20% discount for new customers and reorders on subscriptions. Students and military members also qualify for a 20% discount on all orders. That reduces the price to $75.99. At Walmart, the same box is about $80 unless you order six or 12 months’ worth of lenses.

Unlike many online providers, DiscountContacts.com offers limited eye care via an online test and a remote eye doctor. The free online vision test is available to people between the ages of 18 and 55. You use your computer and smartphone to complete the vision test. Your computer displays letter charts like at the optometrist, and you complete vision test questions on your smartphone.

It takes one day for the optometrist to review the 15-minute test before you get a new contact lens prescription. If you feel your current contact lenses aren’t working, it’s a useful feature. However, it’s no substitute for in-person optometrist appointments since online tests can’t check eye health or for conditions like macular degeneration and glaucoma.

DiscountContacts.com is an out-of-network provider for most vision insurance plans, including Davis Vision, EyeMed, UnitedHealthcare, and VSP.

If you want to save even more money on contact lenses, you can also shop through Rakuten to earn cash-back rewards at DiscountContacts.com and other online retailers. It’s a simple way to get paid for shopping, and Rakuten pays your cash back quarterly through PayPal or check.

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4. AC Lens

Pros: 20% off subscriptions and first-time purchases; free online vision test; free shipping
Cons: AC Lens becomes less affordable than bulk shopping options after your first order if you don’t subscribe
Verdict: AC Lens is a solid option if you subscribe for contact lens delivery, but it’s not the most affordable choice for one-time purchases

If you’re a fan of subscription services, AC Lens is one of your best options for buying contacts online. If you subscribe for lens delivery, you receive 20% off future deliveries. You also get free shipping on all orders.

If you don’t like subscriptions, you can still shop directly for contacts. Additionally, new customers usually get 20% off their first order.

There are numerous brands, including:

Acuvue
Biofinity
Clariti
Dailies
Extreme H20
Novawet
Proclear
SofLens

Lens categories include daily, weekly, and monthly disposables. AC Lens carries single-vision, bifocal and multifocal lenses, toric lenses to correct astigmatism, and color lenses. You can also find conventional vial and RGP contacts.

Like some online contact lens suppliers, AC Lens offers a free online vision test if you’re between 18 and 55. It’s a 15-minute test, and you receive your new contact lens prescription within one business day.

To take the test, you read letters from a distance using your computer’s screen and record your answers on a smartphone. Online eye exams don’t examine eye health or work well for powerful prescriptions. If you have a strong prescription, it’s better to go to an optometrist than use an online vision test.

Standard U.S. shipping is free and takes five to seven business days. You can get faster shipping for $9.99 and overnight shipping for $19.99. AC Lens is an out-of-network provider for most vision insurance plans, including:

Davis Vision
EyeMed
UnitedHealthcare
VSP

AC Lens is worth it if you subscribe for the 20% discount and use free shipping. But without discounts, it’s priced too high for smaller one-time orders.

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5. ContactsDirect

Pros: Savings on annual supplies; multiple discounts and rebates; price matching; free shipping or pick up in store
Cons: $29.99 fee for online vision test
Verdict: ContactsDirect is one of the most affordable options for buying an annual supply of contacts, especially if you leverage discounts and cash-back options

If you want to buy an annual supply of contact lenses, ContactsDirect has some of the lowest prices on the market.

According to ContactsDirect, you can save up to $100 when you buy an annual According to ContactsDirect, you can save up to $125 when you buy an annual supply of lenses from certain brands. The website displays a product savings badge that shows how much you save purchasing a yearly supply, so it’s easy to spot deals.

ContactsDirect carries over a dozen brands, including:

Acuvue
Avaira
Biotrue
Biomedics
Dailies
Focus
MyDay
Optima
Ultra

Lens categories include daily disposables, two-week lenses, and monthly lenses. For lens types, ContactsDirect offers single-vision, bifocals and multifocals, toric lenses to correct astigmatism, and color lenses.

ContactsDirect doesn’t always have the best prices on bulk orders at first glance. For example, an annual supply of Dailies AquaComfort Plus 90-packs, which is eight boxes, drops the price per box from $65.99 to about $57 per box. But the same bulk shopping choice at Walmart brings the price per box to around $51.

Still, ContactsDirect separates itself from the competition with discounts and promo codes. For starters, it often runs a 15% off promo code. New customers can get 20% off when they sign up for the site’s newsletter. Additionally, ContactsDirect has a 15% discount for students, military service members, teachers, first responders, and U.S. government employees.

You can’t stack regular promo codes and unique student or employment discounts, but 20% off is nothing to scoff at. Better still, the site has a price match policy. If you find a better price at Walmart, Costco, Walgreens, 1-800 Contacts, or Coastal, call 1-844-5-LENSES and ContactsDirect will beat that price.

If that weren’t enough, ContactsDirect is a Rakuten partner, so you can earn cash-back rewards for your purchases.

Standard shipping is free, and you also have the option to pick up your order in person at a LensCrafters store. ContactsDirect accepts most major vision insurance plans. However, it is not an in-network provider for VSP.

ContactsDirect also offers a vision test to renew your prescription. You can take it with either a smartphone or a computer rather than needing to use both. But it costs $29.99, whereas some online sellers offer free vision tests.

It’s worth noting that online vision tests don’t check for eye health or conditions like glaucoma. Additionally, you need an existing prescription to take the test, so you can’t be a first-time contact lens wearer. If it’s been a year or two since you’ve taken a regular eye exam, go to an optometrist instead.

If you want to save money buying an annual supply of contact lenses, ContactsDirect is possibly the best online option. Just use promo codes, compare bulk prices between other retailers, and take advantage of price matching if necessary.

Shop Now

6. Lens.com

Pros: Brand variety; online vision test; excellent limited-time deals
Cons: No free shipping
Verdict: Shop at Lens.com if you’re willing to bargain-hunt for limited-time deals for massive savings

You don’t have to settle for cheap contact lenses and low-quality brands to find savings on Lens.com. Popular brands include Acuvue, Biofinity, Biomedics, Dailies, and SofLens. You can also find over a dozen other brands such as:

Boston
Clariti
Expressions
FreshLook
Optima
Vertex

For lens categories, options include daily, weekly, and monthly disposables. Single-vision, toric lenses for astigmatism, bifocals, RGP, silicone hydrogel, and color lens types are available. Lens.com also carries novelty lenses for changing the appearance of your eyes.

Lens.com runs limited-time deals that often beat the competition. For example, one recent deal featured a 90-pack of Dailies AquaComfort Plus for $53.44 per box, with a $135 rebate for buying four boxes. In comparison, Walmart was selling the same box for $65.86 per box, with a $120 discount for buying eight boxes. At Costco, the price was $81.98 per box, with a $50 mail-in rebate for buying eight boxes.

Plus, you can renew your prescription by taking a 10-minute online eye exam. You have to be 18 to 55 years old to take the exam, and it requires both a smartphone and a computer. The cost is $9.99.

The primary downside of Lens.com is that U.S. shipping costs a minimum of $9.95.

In terms of vision coverage, Lens.com is an out-of-network provider for most vision care providers, so if you have vision care insurance, reimbursement shouldn’t be an issue.

Because of the potential savings from deals, it’s always worth comparing Lens.com prices to wherever you typically shop, especially if you’re not in the market for bulk contact lenses.

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7. Costco Optical

Pros: Discounts for buying in bulk; free shipping on most orders
Cons: Requires a Costco membership
Verdict: If you already shop at Costco, you can purchase an annual supply of contact lenses to save

If you’re a Costco member, you can already take advantage of numerous Costco shopping tricks to save money on groceries and household products.

But Costco Optical also has low prices on eyewear and contact lenses. Costco also carries over a dozen brands, including:

Acuvue
Air Optix
Biofinity
Biotrue
Dailies
MyDay
Proclear
PureVision

Costco carries single-vision, toric lenses for astigmatism, multifocals, and color lenses. Lens categories include daily disposable lenses, two-week lenses, and monthly lenses.

Costco also has its own Kirkland Signature pack of 90 lenses for $58.99. But in true Costco fashion, there are usually offers for buying multiple boxes at once or purchasing larger packs that help you save money. For example, buying four boxes of Kirkland Signature contact lenses saves $35, and buying eight boxes saves $95.

Non-Costco brands can also offer mail-in rebates. For example, one offer is to buy eight (90-count) boxes of Dailies Total 1 multifocals to receive a $70 mail-in rebate. Each box is $109.87, so it’s a significant upfront expense. But in exchange for bulk shopping, you save $70 with the rebate.

You still need a Costco membership to buy contact lenses. It’s worth noting that Costco shipping is free for most orders, including optical purchases. Additionally, Costco accepts most vision insurance plans.

You should factor in Costco’s $60 annual membership fee to what you save on contact lenses and anything else you would shop for. But if you shop at Costco regularly, you can likely offset the membership fee with your savings.

Plus, you can also shop with the Costco Anywhere Visa card to earn cash back for shopping at Costco and travel, dining, and everyday spending.

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8. Walmart Contacts

Pros: Discounts for buying in bulk; free shipping
Cons: No discounts for using the subscription service
Verdict: Shop at Walmart if you want to buy at least six to 12 months’ worth of contacts and don’t have a Costco membership

Shopping at Walmart can help you save money on household items and everyday essentials.

Walmart Contacts is also a convenient way to save money when buying contacts. Aside from free shipping, Walmart carries popular contact lens brands like:

Acuvue
Air Optix
Clariti
Dailies
Eureka
FreshLook
SofLens
Ultra
Acuvue
Air Optix
Clariti
Dailies
Eureka
FreshLook
SofLens
Ultra

Walmart has daily, one- to two-week, and one- to three-month disposables. Lens types include single-vision, toric lenses for astigmatism, color and tinted, conventional (vial) lenses, and bifocal and multifocal lenses.

Prices can be slightly more expensive than Costco for larger orders. For example, Walmart’s 90-count box of Dailies Total 1 multifocals is $135 (or $127.50 apiece if you buy four boxes). Costco sells it for $109.87 per box with a $70 rebate for buying eight boxes that reduces the cost to $101.12 per box.

However, there are still numerous affordable options.Many packs of daily disposable lenses cost less than $1 per day. Two-week lens users can purchase Walmart’s own Equate brand for just $14 per box, or $0.33 per day.
Additionally, buying contact lenses for six- and 12-month periods often drops the price per box significantly. For example, a three-month supply of 1-Day Acuvue Moist lenses costs about $82 per box. But if you buy 12 months’ worth of boxes, the price drops to about $69 per box.

Plus, you can set up a no-hassle contact lens subscription to receive regular deliveries. Unfortunately, you don’t receive a discount for subscribing, but subscribing ensures you’re always stocked up.

As for vision insurance, Walmart Contacts is an out-of-network provider for:

Cole Managed Vision
Davis Vision
EyeMed
Spectera
VSP

Walmart has an impressive brand and inventory selection. If you want to buy in bulk or try the subscription service, Walmart is a worthy alternative to Costco.

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9. ContactLensKing.com

Pros: Savings on bulk purchases; $10 referral bonus
Cons: No free shipping; doesn’t work with all insurers
Verdict: ContactLensKing.com is another affordable option for buying a year’s supply of contact lenses, especially if you don’t have a Costco membership

Another bulk-shopping option to save money on contact lenses is ContactLensKing.com.

ContactLensKing.com encourages you to buy your lenses in bulk. Almost every product on the website has an “as low as” price next to regular pricing that shows the potential discount you can score for buying a certain number of boxes.

ContactLensKing.com carries over a dozen brands, including:

Acuvue
Air Optix
Biomedics
Biofinity
Biotrue
Dailies
Proclear
PureVision

Lens categories are also standard, and you can buy daily, weekly, and monthly disposables. Other options include toric lenses to correct astigmatism, color, and bifocal and multifocal lenses.

If you’re only buying one or two boxes of contact lenses, it’s tough to score discounts on ContactLensKing.com. Additionally, shipping is at least $7.95 in the U.S. The focus on bulk shopping and lack of free shipping ultimately means Contact Lens King is best for buying at least six to 12 months’ worth of contact lenses.

ContactLensKing.com says vision insurance reimbursement varies depending on your provider and doesn’t include a list of insurance partners. So if you want to use vision insurance at ContactLensKing.com, call your provider first to see if your purchase is eligible for reimbursement.

On the bright side, ContactLensKing.com has a $10 referral program. Each time one of your referrals places their first order, you receive credit in your account. But it’s still best to use ContactLensKing.com for bulk shopping and other retailers for smaller orders.

Shop Now

10. 1-800 Contacts

Pros: 20% first-time order bonus; free shipping
Cons: A 5% subscription discount isn’t the best subscription deal
Verdict: 1-800 Contacts is worth it to leverage the 25% welcome discount for a first-time order, but it’s more hassle to get deals for the long term

For a limited time, new customers can receive a 25% discount at 1-800 Contacts (at other times, the discount is 20%). You can also subscribe for regular deliveries to save 5% off future orders. You can also subscribe for regular deliveries to save 5% off future orders.

For brands, 1-800 Contacts carries popular choices like:

Acuvue
Air Optix
Clariti
Dailies
FreshLook
Proclear
SofLens

Lens categories include vial lenses and daily, one- to two-week, and monthly disposables. You can find single-vision, bifocal and multifocal lenses, toric lenses for astigmatism, and color lenses.

The 25% discount helps 1-800 Contacts remain competitive for first-time orders. For example, a 30-pack of Dailies AquaComfort Plus costs about $20 with the discount. Discount Contact Lenses sells the same box for $23.99. If you spend more on a 90-pack, 1-800 Contacts’ price per box is under $75, whereas Discount Contact Lenses’ price per box is over $85.

If you need to renew your contact lens prescription, you can take an online vision test on your smartphone in 10 minutes. The site charges $20 for this service.

Online vision tests help you renew your prescription but don’t examine eye health. If it’s been a year or two since you went for an in-person eye exam, renew your prescription through an optometrist instead.

U.S. shipping is free, and 1-800 Contacts is an in-network provider for:

Davis Vision
Superior Vision
Spectera
Blue View Vision
Anthem BCBS

You can use it as an out-of-network provider with other vision insurance plans.

The site also has a best-price guarantee, promising to beat any publicly available deal from a U.S. competitor. However, you can’t combine this price match with insurance. Instead, the site compares your final price for both and gives you whichever one is lower. And to maximize your discount, the site also works with Rakuten.

The first-time discount makes 1-800 Contacts worth considering if you’re spending a lot of money on your first order. And the price matching makes it a decent value for recurring purchases, though it takes a little more work to use.

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11. LensCrafters

Pros: Up to $200 in annual contact lens savings; AAA and AARP member benefits; free shipping
Cons: Not the cheapest option if you aren’t shopping for annual supplies
Verdict: If you’re an AAA or AARP member and want to buy a yearly supply of contact lenses, LensCrafters is for you

While LensCrafters specializes in eyewear and carries many premium brands, it’s also an effective way to save money on contact lenses. LensCrafters even says you can save up to $200 on your annual supply of contacts by shopping online or in-store.

The website displays how much you save for buying an annual supply of certain contact lens boxes. Most boxes grant $30 or $100 in savings for bulk purchases.

As for brands, LensCrafters carries options like:

Acuvue
Biotrue
Biofinity
Dailies
PureVision
SofLens
Ultra

LensCrafters also has its own contact lens brand, but these are not the most affordable option. For lens types, it carries single-vision, toric lenses to correct astigmatism, multifocals, and color lenses. Daily, biweekly, monthly, and semiannual lenses are available.

For annual savings, LensCrafters is worth looking into. For example, a yearly supply (eight boxes) of Biotrue ONEday for presbyopia (age-related far-sightedness) costs $657.92. At Costco, the cost is $511.84, but you need a membership to shop at Costco.

Furthermore, AARP and AAA members can receive 10% off eligible contacts at LensCrafters, and this discount stacks with manufacturer rebates. Which means if you’re an AARP or AAA member and can stack your savings with a rebate, LensCrafters is surprisingly affordable.

LensCrafters’ shipping is free. And LensCrafters has an extensive network of vision insurance partners and accepts most plans for payment, in store and online.

Shop Now

12. WebEyeCare

Pros: Save up to 70% on contact lenses, even without a subscription
Cons: Expensive vision test; shipping is only free on orders over $89
Verdict: Great alternative to in-person buying without the pressure to commit

WebEyeCare offers deeply discounted eyewear and contacts from recognizable brands and budget-friendly alternatives alike. Top-selling names include:

Acuvue
Dailies
Biofinity
Clariti
Air Optix
Precision1

WebEyeCare also carries specialty goods at surprisingly affordable prices. For example, you can save over 5% off list price on a six-pack of Air Optix Colors and an extra $20 off if you buy an annual supply.

With up to 70% off name-brand contacts, it’s hard to find fault with WebEyeCare’s value. The only downside is the shipping cost, which is only free on orders over $89. Also, WebEyeCare charges $34.99 for its vision test, a service some sites provide for free.

Final Word

Vision care is expensive. But when it comes to buying contact lenses, you rarely have to pay full price considering how much competition there is in the market.

Try shopping online with shopping browser extensions and daily discount websites to take your savings even further. Websites like Rakuten and Capital One Shopping help you earn cash back and find coupon codes and are free to use.

And if you can use websites that offer free shipping instead of paying extra every time you buy contact lenses online, that’s another simple way to save.

Additionally, take advantage of other ways to save money on vision care. For example, most contact lenses and lens solutions are eligible purchases under your health savings account and flexible spending account, which help you save money when filing your taxes.

As long as you spend time looking for deals and use the discounts and tools at your disposal, you can put a dent in your annual vision care expenses without sacrificing quality.

Tom is a freelance writer originally from Toronto, Canada. Tom’s passion for finance and discovering methods to make money originally sparked in college when he was trying to make ends meet on a tight budget. Outside of freelance writing, Tom also manages the blog This Online World – a personal finance website dedicated to helping young adults make and save more money.

Source: moneycrashers.com

Apache is functioning normally

May 18, 2023 by Brett Tams

Save more, spend smarter, and make your money go further

Last month’s average temperatures nationwide were the second highest ever recorded, and July is showing no signs of relief. The hot weather paired with many large utilities already raising customer rates means that Minters could see their highest utility bills ever this year.

Luckily, there are steps you can take now to reduce the cost of cooling your home. So sit back, pour yourself a cold drink and take advantage of these tips to keep your utility bill from heating up.

Replace Your Air Filters

You should be replacing your air filters once a month, especially during the summer. Dirty filters restrict airflow, which means the air conditioner runs longer and uses more energy. Replacing a clogged filter will reduce your energy consumption by up to 15%! Buy several filters at once and create a recurring calendar reminder on your phone.

Cool Down Your Bed, Not The Room

Feeling hot when you try to fall asleep is uncomfortable at best, but running the air conditioning all night is the quickest way to a steep energy bill. Instead of turning down the temperature on your thermostat, consider purchasing a bed fan or cooling mat. Bed fans are special bed-height units that send cool air between your bed sheets, using much less energy than central air or a wall unit. Cooling mats use no energy at all! Just pop it in the refrigerator during the day, and place in your bed when you’re ready to turn in for the night.

Consider a Smart Thermostat

Your thermostat controls half of your energy bill, so any cost savings strategy deserves a long look at that tiny box on your wall. Thermostat innovator Nest reports that a correctly programmed thermostat – ones that make adjustments based on your activity – can save about 20% on your heating and cooling bill. In fact, average annual savings with the Nest Learning Thermostat is $173/year – with units costing around $250, you’ll see a return on your investment in your second year.

You can use Nest’s online tool to calculate how much money you can save based on your location, home size and system specifications. Even if you don’t have a smart thermostat, don’t forget: adjusting your temperature just one degree can cut your energy use up to 5%.

Get an Estimate for Radiant Barriers

If you live in a region with prolonged hot temperatures, updating your home’s insulation is a great option for reducing cooling costs for good. Radiant barriers – also known as reflective insulation – reflect heat away from the home.

Heat travels in three ways: conduction, convection, and radiation. Traditional insulation materials slow conductive and convective heat flow, but do not account for radiant heat that travels through your roof and into your house. Radiant barriers are easiest to install in new construction, but can be installed in your existing house, especially if it has an open attic. Studies show that radiant barriers can reduce cooling costs 5% to 10% when used in a warm, sunny climate.

What are some tips and tricks you use to keep things cool around your house? Share with us in the Comments or on Twitter with #MyMintTips.

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Apache is functioning normally

May 14, 2023 by Brett Tams

The Refi Party Continues

If you thought the refinance party was over, it’s not. It just seems to keep on going, which is a great thing for lenders that specialize in offering refis.

It has been surprising how long it’s gone on given the fact that most Americans already refinanced over the past few years. And interest rates aren’t as low as they once were in recent history, despite being pretty darn low.

Still, borrowers were able to cut their rate by more than a full percentage point during the fourth quarter, this according to the February 2016 Insight & Outlook report from Freddie Mac.

Refi Rate Is 110 Basis Points Lower

In fact, borrowers on average cut their mortgage rate by 110 basis points during the last three months of 2015, a whopping 23% rate reduction.

For example, someone who previously had a rate of 5.125% on their 30-year fixed was able to lower it to 4% when they refinanced.

That’s a pretty compelling reason to refinance, and above the historical norm in terms of rate reduction.

On average, the typical rate reduction is just 13% during refinance, per Freddie Mac, so homeowners who refinanced in the fourth quarter were nearly doubling their benefit.

[The Refinance Rule of Thumb]

It Got Even Better in 2016

Amazingly, rates marched even lower at the start of 2016, and now sit about 40 basis points below levels seen in the fourth quarter.

So that same borrower with the 5.125% rate can now get a rate closer to 3.625% on the 30-year fixed today.

That represents about a 30% discount in rate to the homeowner. On a $300,000 loan, the monthly payment drops from $1,633.46 to $1,368.15, roughly $300 lower per month.

I’m sure that $3,600 in annual savings will come in handy. A lower rate means more of the payment will go toward principal as well, allowing the borrower to gain equity faster.

Higher Refinance Share Projected in 2016

Speaking of equity, Freddie also noted that increases in home equity coupled with low rates should incent more borrowers to refinance.

As a result, the 2016 refinance share of originations has been boosted to 40%. It currently runs around ~60%, per the Mortgage Bankers Association, but purchases are expected to ramp up as home buying season gets in full swing.

Borrowers are also tapping their equity at a higher clip, with 43% of borrowers increasing their loan balance by at least five percent when refinancing (their minimum definition of cash out). That’s up four percentage points from the earlier period.

For the record, fixed-rate mortgages remain king, with more than 95% opting to go with a fixed loan, regardless of what they had prior.

And 83% of borrowers with a hybrid ARM chose a fixed loan in the fourth quarter, with just 17% choosing to jump into another ARM.

I actually mentioned the benefit of an ARM the other day if you’re planning in move in the next five years. You can get a lower rate and not worry about the rate adjustment, knowing the loan will be paid off before it ever adjusts.

Of course, I can see where folks just go with a fixed mortgage seeing how cheap they are at the moment.

Freddie expects the 30-year fixed to average 4.1% in 2016 and 4.8% in 2017, so the refis should continue to roll on in.

Source: thetruthaboutmortgage.com

Apache is functioning normally

May 11, 2023 by Brett Tams

Buying a home is one of life’s most rewarding milestones. However, as a prospective homebuyer, you may have noticed how much the real estate landscape has changed over the past few years.

Let’s take a look at how a temporary mortgage buydown concession could reduce your interest rate and make your initial monthly payments more affordable.

What Is a Temporary Buydown on a Mortgage?

A temporary buydown is a mortgage financing strategy that allows a homebuyer to lower their interest rate and payment for a predetermined amount of time through the payment of mortgage points at closing (whether by the lender, homebuyer or seller).

What’s a mortgage point? A mortgage point, also known as a mortgage discount point, equals 1% of your total loan amount. For example, a mortgage point on a $200,000 loan would be $2,000. When you purchase points in a mortgage buydown, you’re essentially prepaying interest upfront at closing in exchange for a lower rate, i.e., “buying it down.” Typically, a lender may offer a .25% rate reduction in exchange for one point.

How long could the rate and payment reduction last? Up to three years.

How much could the rate be reduced? A maximum of 3%. The rate is lower in the introductory period and increases over time — a maximum increase of 1% per year — to the original quoted rate.

What happens to those mortgage point payments? The money will typically go into an escrow account. Those funds temporarily subsidize your interest rate for the agreed-upon time period.

According to Scott Bridges, senior managing director of Pennymac’s consumer direct lending division, the benefit of a buydown is simple. “In short, the buydown allows a buyer to combat higher market rates,” he explains. “The first year of the loan, your rate and payment will be based on a rate that is 1% lower than the market rate. So if current rates are 6%, your first year of payments would be based on a 5% rate. That reduced rate for year one can save the average consumer several thousand dollars in payments (depending on loan amount).”

While interest rate discounts, loan terms, and conditions vary by lender, a buydown can be a good option for temporarily lowering your monthly mortgage payments at the start of your loan.

What Are the Benefits of Buying Down an Interest Rate?

There are several reasons you may want to buy down your mortgage rate. Here are a few potential budget-friendly benefits:

Lowers initial monthly mortgage payments. If you have a temporary buydown, those points you pay for upfront can make your initial mortgage payments more manageable, which can be especially helpful if you’re at the beginning of your career and expect your income to rise in the future. Those early savings will also add up to less interest paid over the life of your loan.
May boost your buying power. A reduced interest rate and the subsequent lower monthly mortgage payment may help you qualify for a higher mortgage, enabling you to purchase a more expensive home.
Can be arranged for both purchases and limited cash-out refinances. Whether you’re buying a new home or doing a limited cash-out refinance and replacing your current mortgage with a new, slightly larger mortgage, you may qualify for a temporary interest rate buydown.
Potential tax write-off. While a seller, builder, or lender may cover the buydown to facilitate a sale, the points may be deductible as home mortgage interest if you’re the buyer and pay for the buydown.¹
Reduces rates for fixed-rate and adjustable-rate mortgages (ARM). You can purchase points to lower your interest rate on a fixed-rate mortgage and during an ARM’s introductory fixed-rate period. Depending on the buydown structure, rates may be reduced up to 3% for a maximum of three years.
More money in your pocket. A lower mortgage payment at the start of your loan could free up cash to pay bills or make home improvements.
Allows you to watch the market. A buydown gives you an opportunity to watch the market while saving on your monthly payments. “As rates move up and down during and after that first year, you can refinance into a lower rate with the knowledge you had a full year of reduced mortgage payments,” Bridges notes.

How Much Does It Cost to Buy Down the Interest Rate?

Generally speaking, the approximate cost for a temporary mortgage buydown equals how much you’ll ultimately save in interest. But several factors will be taken into account:

How much money you’re borrowing
How many points you’re buying; each point costs 1% of the mortgage amount
Type of buydown structure

Who funds a temporary mortgage buydown? In most cases, the buyer will pay the mortgage points, but in some instances, the buydown could be fully or partially funded by the seller, lender, or third party, such as a realtor or builder.

How long will the reduced interest rate be in effect? The lower rate and payment will be in effect for up to three years, depending on the rate buydown structure. Below are a few different types of mortgage buydowns.

Rate Buydown Structures

There are several types of rate buydown structures. If your lender offers you a buydown — most, but not all, lenders do — you will have the opportunity to negotiate pricing and determine which structure suits your financial needs. The following are the most common types of temporary mortgage buydown structures.

3-2-1 Buydown

A 3-2-1 buydown is a home financing arrangement that will reduce a homebuyer’s interest rate for the initial three years. The lowest interest rate is in the first year, increasing to the permanent quoted rate after the third year.

3-2-1 Buydown Basics

Reduces rate by three percentage points in the first year of the mortgage
Reduces rate by two percentage points in the second year
Reduces rate by one percentage point in the third year
Borrower pays full interest rate after the completion of the third year and is fixed for the remainder of the loan

3-2-1 Buydown Example

This chart shows how a 3-2-1 rate buydown could potentially work if you were to qualify for a 30-year, $200,000 mortgage at a rate of 7%:

Mortgage Year	Interest Rate	Monthly Payment (Principal and Interest)	Monthly Savings	Annual Savings
1	4%	$954.83	$375.77	$4,509.24
2	5%	$1,073.64	$256.96	$3,083.52
3	6%	$1,199.10	$131.50	$1,578
4 – 30	7%	$1,330.60	$0	$0

In this scenario, the total buydown cost would be approximately $9,171, the amount equal to the first three years of interest savings. The chart amounts don’t include insurance or taxes, and you will want to assume no points contribution from the seller, builder, lender, or a third party.

2-1 Buydown

A 2-1 buydown is a type of home financing arrangement that reduces the interest rate on a mortgage for the first two years, after which the rate rises to the permanent quoted rate.

2-1 Buydown Basics

Reduces rate by two percentage points in the first year of the mortgage
Reduces rate by one percentage point in the second year
Borrower pays full interest rate after the completion of the third year for the remainder of the loan

2-1 Buydown Example

This chart shows how a 2-1 rate buydown could potentially work if you were to qualify for a 30-year, $200,000 mortgage at a rate of 7%:

Mortgage Year	Interest Rate	Monthly Payment (Principal and Interest)	Monthly Savings	Annual Savings
1	5%	$1,073.64	$256.96	$3,083.52
2	6%	$1,199.10	$131.50	$1,578
3 – 30	7%	$1,330.60	$0	$0

In this scenario, the total cost of the buydown would be approximately $4,661.52, the amount equal to the first two years of interest savings. The chart amounts don’t include insurance or taxes, and assume no points contribution from the seller, builder, lender, or a third party.

1-0 Buydown

A 1-0 buydown is a type of home financing arrangement that reduces the mortgage interest rate by 1% in the first year, increasing to the permanent quoted rate after that initial year.

1-0 Buydown Basics

Reduces rate by one percentage point in the first year of the mortgage
Borrower pays full interest rate after the completion of the first year for the remainder of the loan

1-0 Buydown Example

This chart shows how a 1-0 rate buydown could potentially work if you were to qualify for a 30-year $200,000 mortgage at a rate of 7%:

Mortgage Year	Interest Rate	Monthly Payment (Principal and Interest)	Monthly Savings	Annual Savings
1	6%	$1,199.10	$131.50	$1,578.00
2 – 30	7%	$1,330.60	$0	$0

In this scenario, the total cost of the buydown would be approximately $1,578, the amount equal to the first year of interest savings. The chart amounts don’t include insurance or taxes and assume no points contribution from the seller, builder, lender, or a third party.

Who Can Buy Down a Mortgage?

In most cases, the buyer will buy down the mortgage, but there are times when the seller, builder, or lender will offer to purchase points and pay for the buyer’s mortgage buydown. Let’s take a look at each scenario.

Buyer-Funded Buydown

When a buyer negotiates a buydown with a lender, they pay a certain amount of points upfront at closing in exchange for a reduced interest rate. Depending on the buydown structure, the rate could be temporarily lowered for up to three years or the entire loan term. Most mortgage buydowns are buyer-lender arrangements.

Seller-Funded Buydown

A seller-funded buydown is when a highly motivated seller purchases points and buys down the homebuyer’s interest rate. This seller concession can help “seal a deal” by incentivizing and speeding up a home sale. Subsidizing a mortgage buydown can:

Give a seller a competitive advantage without having to lower the listing price
Help increase the borrower’s purchasing power
Make it easier for buyers to qualify for financing
Expedite the home sale process

A possible win-win for both the seller and the buyer. The seller could make a faster sale while holding on to more profits than they would if they lowered the asking price. The buyer saves money with a lower interest rate.

Builder-Funded Buydown

Homebuilders can offer mortgage buydowns to attract prospective homebuyers. As interest rates climb and the new-home market slows, builder buydowns are becoming an increasingly popular selling strategy. A recent survey found that 75% of nationally surveyed home builders confirmed they are buying down buyers’ mortgage rates to make payments more affordable.² Builder buydowns can:

Lure buyers in a competitive and high mortgage market
Make new homes more affordable to a broader range of buyers
Be offered as part of a package, such as an upgrade or closing cost contribution

A builder buydown arrangement may require the buyer to go through the builder’s mortgage company for the mortgage.

Lender-Funded Buydown

Lenders may offer to subsidize a buydown by contributing all or some of the funds for the mortgage points. This concession option could help increase your negotiating and purchasing power as a borrower.

Is Buying Down an Interest Rate Right for You?

A temporary lower interest rate is certainly enticing, but mortgage buydowns aren’t for everyone. Buying mortgage points in exchange for a rate reduction may not be in your best interest if you are…

Having trouble meeting loan qualification criteria: You must qualify for the standard loan terms without the benefit of the buydown. This also includes:
- Having a minimum 660 FICO score
- Meeting the applicable Fannie Mae requirements
- Submitting mandatory documentation
Purchasing an investment property or manufactured home: A mortgage buydown can be arranged for a principal, owner-occupied home, or a second home. It’s not available for investment properties or manufactured homes.
Planning on selling soon: There are substantial upfront costs involved with buying a new home, including the down payment and closing costs. Add mortgage points to the mix and it will take time to “break even,” meaning the time it will take for your savings to outweigh those costs to lower your interest rate. If you sell in the near future, you may not have been in the home long enough to recoup those point costs.
Doing a regular cash-out refinance: Mortgage buydowns are allowed on purchases and limited cash-out refinances only. Limited cash-out refinances follow Fannie Mae guidelines restricting the cash-back amount to $2,000 or 2% of the new loan principal balance, whichever is less.³
Short on cash: If you have limited cash, the high upfront costs may deplete your savings, leaving you short on funds you may need to cover other future expenses. Instead of buying points, you may want to allocate those funds to paying down high-interest debt or building an emergency fund.
Making a small down payment: If you’re purchasing a home and contributing less than 20% to the down payment, or if you’re refinancing and have less than 20% equity, you’ll likely have to pay for private mortgage insurance (PMI) on your conventional loan.⁴ The premium will be added to your regular monthly payment. Rather than pay for points, consider using that money to make a larger down payment.

When can a mortgage buydown make sense? This home loan strategy is worth exploring if…

You have enough liquid cash: If your savings is enough to cover the down payment, closing costs, and mortgage points — and you have a cash reserve left over — a temporary mortgage buydown can be a great option for reducing your interest rate for up to three years.
You expect your income to rise: Starting your career? Re-entering the workforce? If you anticipate that your income will rise within the next few years, a temporary mortgage buydown can help you ease into homeownership with a lower initial interest rate and payment.
The seller, builder, or lender is paying for the points: If you’re a homebuyer and the seller, builder, or lender offers to purchase the mortgage points for you, a temporary buydown can be an easy way to save money without any point-related, out-of-pocket expenses.

“Lots of people avoid buying a home when rates are higher,” says Bridges, “but this program allows you to at least achieve some reduced payments and real savings for a year.”

Higher rates can also significantly slow down home buying demand. That means, Bridges adds, “You will likely pay less for the house than you would in a low rate market when multiple buyers tend to bid over asking.” With a buydown, you set yourself up to win on multiple fronts. “You get a deal on the house you want, save money on the purchase price of the home in this higher rate market, save money on the monthly payment in year one, and refinance when rates drop.”

The Permanent Mortgage Rate Buydown Option

Want to lower your interest rate and monthly mortgage payment for your entire loan term? In addition to a temporary buydown, you may be eligible to negotiate a permanent buydown with your lender.

Protects against rate hikes. The lower rate will never increase during the loan term as long as you have a fixed-rate mortgage.
How much does it cost? The rate typically costs between six and eight points. Costs are added to the closing fees.

Ready to learn more about how Pennymac can help you find the right home loan? Begin your online application now, and if you still have questions, contact a Pennymac Loan Expert. We’ll help you evaluate your mortgage buydown options and decide the best course of action for your unique situation.

¹ https://www.irs.gov/taxtopics/tc504

² https://www.realestateconsulting.com/the-light-rate-buydowns-help-buyers-purchase-new-homes/

³ https://selling-guide.fanniemae.com/Glossary/1044658971/What-is-the-definition-of-a-limited-cash-out-refinance.htm

⁴ https://www.consumerfinance.gov/ask-cfpb/what-is-private-mortgage-insurance-en-122/

Source: pennymac.com

Apache is functioning normally

May 9, 2023 by Brett Tams

Louisiana is a unique state, packed with interesting attractions, delicious food, and beautiful landscapes. But the state is also home to millions of residents in need of banking services. The best banks in Louisiana offer plenty of amenities, including low-fee checking accounts and ATM access where you need it.

10 Best Banks in Louisiana

Whether you’re looking for a national bank or a small regional bank, the best banks depend on the features that matter most to you. Here are some of the top banks in Louisiana to help you narrow down your options.

1. Hancock Whitney Bank

Based in nearby Gulfport, Mississippi, Hancock Whitney Bank has branches in Louisiana, Mississippi, Alabama, Florida, and Texas. If you’re looking for a regional bank with plenty of physical branches, Hancock Whitney could be a great choice. The checking accounts do come with monthly maintenance fees and a minimum deposit, but you’ll get competitive rates on CDs and personalized customer service.

Fees:

$7 monthly service fee
No overdraft fees

Balance requirements:

$25 minimum opening deposit
No minimum daily balance required

ATMs:

Fee-free at Hancock Whitney ATMs from Florida to Texas
$2 per out-of-network ATM transaction

Interest on balance:

Up to 5.00% APY on CDs

Additional perks:

Great rates on small business loans
IDProtect ScoreTracker helps you track your monthly credit score

2. Chime

Chime is an online banking option that has no local branches. You’ll get a totally free checking account and an online savings account that pays 2.00% APY. As long as you have at least $200 directly deposited into your account each month, you can qualify for Spot Me, which covers you for up to $200 in overdrafts.

Fees:

No monthly service fee
No overdraft fees

Balance requirements:

No minimum opening deposit
No minimum daily balance required

ATMs:

Fee-free at more than 60,000 AllPoint and MoneyPass locations
$2.50 per out-of-network ATM transaction

Interest on balance:

Up to 2.00% APY on savings accounts

Additional perks:

3. Gulf Coast Bank

Gulf Coast Bank is a local bank with branches in Baton Rouge and New Orleans. You’ll get personalized customer service and a checking account with no monthly fees. You can get fee-free ATM access at any Gulf Coast or Community Cash ATM nationwide.

Fees:

No monthly service fee
$35 overdraft fee

Balance requirements:

$20 minimum opening deposit
No minimum daily balance required

ATMs:

Fee-free at Gulf Coast ATMs
Fee-free at Community Cash ATMs
$1.50 per out-of-network ATM transaction

Interest on balance:

Up to 0.60% APY on savings accounts

Additional perks:

Nearly Virtual Mortgage provides a mostly paperless lending process
Check your credit score at any time in the Gulf Coast Bank dashboard

4. CIT Bank

CIT Bank is a mobile and online banking option with checking and savings accounts. Although the bank has no branches or ATMs, the interest-bearing checking account offers 0.10% APY on your checking balance, which bumps up to 0.25% APY once your balance reaches $25,000. CIT’s savings accounts and CDs come with impressive rates as well.

Fees:

No monthly service fee
No overdraft fees

Balance requirements:

$100 minimum opening deposit
No minimum daily balance required ($25,000 to earn higher interest rate)

ATMs:

No ATMs provided, but no CIT Bank fees for ATM use
Up to $30 in third-party ATM fees reimbursed monthly

Interest on balance:

Up to 0.25% APY on checking
Up to 4.50% APY on savings
Up to 5.00% APY on CDs

Additional perks:

Set travel alerts to avoid issues while away from home
Award-winning customer service

5. Red River Bank

With branches and ATMs across Louisiana, Red River Bank is a great local bank. You’ll get excellent customer service and checking accounts with no monthly fees. Red River offers ATM access at its own ATMs across Louisiana. You can also withdraw cash at Hancock Whitney ATMs in Louisiana and across the U.S.

Fees:

No monthly service fee
$34 overdraft fees

Balance requirements:

$50 minimum opening deposit
No minimum daily balance is required

ATMs:

Fee-free at Red River and Hancock Whitney ATMs throughout Louisiana and the U.S.

Interest on balance:

0.10% APY on checking

Additional perks:

Penny RoundUP moves money from each debit card purchase to your savings account
Wide variety of personal loans

6. GO2bank

Another mobile banking option with competitive offerings is GO2bank. You’ll get a fee-free checking account as long as you have at least one payment directly deposited to your account each month. But the real winner is GO2bank’s savings accounts, which offer 4.50% APY. Unlike other online banks, GO2bank also allows you to deposit cash at retail locations nationwide for a small fee.

Fees:

No monthly service fee with qualifying direct deposits
$15 overdraft fee

Balance requirements:

No minimum opening deposit
No minimum daily balance required

ATMs:

Fee-free at AllPoint ATMs nationwide
$3 per out-of-network ATM transaction

Interest on balance:

4.50% APY on savings accounts

Additional perks:

Cash deposits at nearly 90,000 retail locations nationwide
Secured credit card that helps you build credit

7. First Horizon Bank

It may have started as First Tennessee Bank, but First Horizon Bank has expanded to locations across the U.S., including Louisiana. It’s one of the best banks in Louisiana for those looking for a free checking account with local branches in 12 states. The interest rates are fairly low, but there is a money market savings account that offers up to 1.75% APY.

Fees:

No monthly service fee
$35 overdraft fee

Balance requirements:

$50 minimum opening deposit
No minimum balance requirements

ATMs:

Fee-free at First Horizon ATMs
$3 per out-of-network ATM transaction

Interest on balance:

Up to 1.75% APY on money market savings accounts
0.30% APY on traditional savings accounts
Up to 0.10% APY on CDs

Additional perks:

Wealth management services available
Account recommender helps you choose between checking accounts

8. Chase Bank

There are some perks that come with a national bank, and Chase Bank is a good example of that. You’ll get a full suite of banking services, including multiple checking options and a free debit card that you can use at ATMs across the nation. If you prefer a bank with in-person service, Chase has 4,700 branches.

Fees:

$12 monthly service fee (waived with minimum deposit)
$34 overdraft fee

Balance requirements:

No minimum opening deposit
No minimum balance requirement ($1,500 or $500 direct deposits to waive $12 service fee)

ATMs:

Fee-free at more than 15,000 Chase ATMs
$3 per out-of-network ATM transaction

Interest on balance:

0.01% APY on savings accounts

Additional perks:

$200 bonus on new checking accounts
Overdraft Assist gives you extra time to repair overdrafts

9. Regions Bank

One of the best regional banks in Louisiana is Regions Bank, which has branches in Louisiana, as well as Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.

The basic checking account’s requirements to avoid monthly service charges include maintaining a $1,500 minimum balance or $500 in direct deposits.

Fees:

$8 monthly service fee (waived with minimum deposit)
$36 overdraft fee

Balance requirements:

$50 minimum opening deposit
No minimum balance requirement ($1,500 or $500 direct deposits to waive $12 service fee)

ATMs:

Fee-free at more than 2,000 Regions ATMs
$3 per out-of-network ATM transaction

Interest on balance:

Up to .01% APY on savings
Up to 4.75% on CDs

Additional perks:

$50 Visa Reward Card for referring new account holders
1% annual savings bonus for connected savings account

10. Ally Bank

Ally Bank’s online banking options include an interest checking account that earns 0.25% APY. You’ll also get competitive interest rates on your savings account and CDs. Although there are no physical locations, you’ll have access to ATM withdrawals at 43,000 ATMs. If you regularly need to make cash deposits, though, Ally might not be the best bank for you.

Fees:

No monthly service fee
No overdraft fee

Balance requirements:

No minimum opening deposit
No minimum balance

ATMs:

Fee-free at more than 43,000 AllPoint ATMs
Refund of up to $10 in out-of-network ATM fees per cycle

Interest on balance:

0.25% APY on checking
3.75% APY on savings
Up to 4.50% on CDs

Additional perks:

Advanced investment services including Robo Portfolios
Spending buckets help you manage your finances

Bottom Line

Whether you’re looking to avoid monthly service fees or enjoy the conveniences of an online bank, it’s important to compare multiple accounts. The best banks in Louisiana may not be the ones that have the lowest fees. Instead, you may find that the convenience of a bank with higher fees makes it worth the extra cost.

Source: crediful.com

Apache is functioning normally

May 8, 2023 by Brett Tams

Our rating

Minimum Balance/Deposit: $5
Maximum Balance: None
Monthly Fee: $0
Rewards: Varies based on prize entries
Yield: 2.70% APY on average
Additional Benefits: Early direct deposit, mobile check deposit, secured credit card
Banking Services By: Evolve Bank & Trust, member FDIC

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It’s nice to earn predictable interest on your savings account balance or rewards on your debit or credit card transactions. But it’s not as fun as doubling your paycheck or earning tens of thousands of dollars in cash prizes for everyday financial activities.

Yotta leans into the idea that money management should be fun. Rather than pay interest or rewards points at set rates, Yotta doles out daily prize entries and instant variable cash back. With Yotta, you can earn a great deal more than you would with a traditional savings or checking account on any given day, but you’ll also come up empty quite a bit.

Over time, things even out and you’ll most likely earn at a rate that’s higher than traditional banks but not quite as good as the best online and mobile alternatives. But there’s a lot you need to know before you sign up for Yotta.

What Is Yotta?

Yotta is a financial technology app backed by Evolve Bank & Trust, member FDIC. It includes a checking account with debit card, a savings account with multiple goal-based subaccounts, and a secured credit card with no interest or fees. It also has social features, including a product roadmap that incorporates user feedback into new features and capabilities.

Unlike most traditional checking and savings accounts, Yotta’s deposit accounts don’t earn interest or rewards on balances. Instead, everyday financial activities like debit card transactions and paycheck deposits earn opportunities to win cash prizes.

Actual winnings vary, but Yotta claims the average user can earn an amount equivalent to 2.70% annual interest (APY). Yotta draws prizes daily with a maximum potential daily prize of $1 million (though this is extremely rare).

What Sets Yotta Apart?

Yotta does things differently from most financial apps. It really stands out from the competition for:

Prizes on balances and transactions rather than interest or points. Yotta’s most unusual feature is its prized-based rewards program. Debit card purchases, paycheck deposits, and other activities earn you prize entries or instant cash rewards, but there’s no way to say for sure how much you’ll earn until those entries or rewards hit your account.
Social features like the Yotta Roadmap and prize pools. Yotta is more social than the typical fintech app, and certainly more so than traditional banks. Yotta Roadmap is a standout feature that gives users a peek into Yotta’s future plans and takes user feedback. Prize pools allow groups of users to pool prize entries and share the winnings, increasing their chances of winning (and overall winnings).
Secured credit card with no interest or fees. Yotta offers a secured credit card with no annual fee or interest charges. It’s secured by your Yotta account balance and uses that balance to pay off charges automatically each month. In other words, it’s a low-risk, low-cost way to build credit.

Is Yotta Legit?

Yes, Yotta is legitimate. You can safely hold as much as $250,000 in your Yotta account because Yotta offers banking services through Evolve Bank & Trust, an FDIC member institution with full FDIC insurance coverage.

You can also count on Yotta to pay out promised prizes. Yotta’s website is thick with testimonials from real users who’ve won real money through the app. While your overall odds of doubling your purchase or paycheck value are quite low, and the average return on Yotta balances is actually a bit lower than the top high-yield savings accounts, Yotta isn’t a scam.

Key Features of Yotta

Yotta works differently than a regular old checking or savings account. To make sure it suits your needs, take a few minutes to understand how its features and capabilities fit together.

Yotta Debit Card

Yotta comes with a Mastercard debit card accepted wherever other Mastercard products are. You can use this card to withdraw cash with no surcharge at about 55,000 ATMs in Yotta’s network.

Early Direct Deposit

If your employer or benefits provider qualifies, and most do, you can get your direct deposit up to two days early with Yotta. So if you normally get paid on Friday, you get your money on Wednesday.

Yotta Credit Card

Yotta offers a secured credit card that can help you build credit over time with responsible use. It’s secured by your account balance, which is also the maximum credit limit. To increase your credit limit, just deposit more cash into your Yotta account.

Unlike most credit cards, the Yotta card charges no interest or fees. At the end of each statement cycle, Yotta automatically pays off your card balance out of your cash balance, so there’s no risk of a late payment.

Yotta Boxes (Cash-Back Rewards)

Yotta’s answer to cash-back rewards is the Yotta Box.

Every time you make a debit or credit card purchase or receive a direct deposit, you get a box with a pre-assigned amount of cash in it. You don’t know the amount until it’s in your account.

Each box can have as much as 100% of the transaction or deposit amount in it — or nothing at all. Yotta isn’t totally transparent about how it sets box amounts, but it does provide app-wide data for the past 30 days.

According to the most recent figures available (as of early May 2023), about half of all debit and credit card transactions earned some amount of cash back. About 1% earned the full transaction amount, meaning the transaction cost nothing out of pocket. About 0.3% of direct deposits earned the full deposit amount, effectively doubling the winners’ paychecks.

Yotta Tickets (Prize Drawing Entries)

Tickets are the second way Yotta rewards users. Each ticket is a separate entry into Yotta’s daily prize drawing, which doles out prizes worth up to $1 million to multiple recipients.

Most winners earn far less — a few dollars at a time — but some earn hundreds, thousands, or even tens of thousands. Yotta keeps a running winners list with testimonials from actual big-money winners.

You get tickets for simple financial activities you already do regularly:

Making debit or credit card transactions
Receiving a direct deposit
Paying bills from your Yotta account
Making a one-time or recurring savings deposit

Like the contents of each Yotta Box, the number of tickets you receive for these actions varies seemingly at random. For example, you can earn up to twice the dollar value of debit and credit card transactions in tickets, but the average is lower — about 1.15 times the transaction value, according to Yotta. On a $100 purchase, that’s 115 tickets.

Prize Pools

Yotta’s prize pools feature lets users band together to combine their tickets ahead of each daily drawing. Each pool member’s prize share is proportional to the number of tickets they allocate to the pool. You can customize your allocation as you wish — reserving some tickets for yourself and the rest for the pool, or contributing them all to the pool.

Yotta allows public and private pools. Private pools are limited only to authorized participants, like members of your immediate family or a work group. Public pools are open to anyone with a unique invite code that any member is free to share.

Savings Buckets

Yotta offers savings subaccounts called buckets. You can set up as many as you wish, each with its own goal or purpose but all with the same basic features.

Transfer funds from your Yotta spending account or a linked external bank account to an individual bucket
Split inbound transfers between as many buckets as you wish
Transfer funds between buckets
Set up recurring transfers into one or more buckets
Lock individual buckets to prevent withdrawals before you reach your goal

Mobile Features

When it first came out, Yotta was only available as a mobile app, and the experience is still better on a mobile device. Notable mobile features include mobile check deposit and peer-to-peer payments using Yotta Pay.

Yotta Roadmap

The Yotta Roadmap is a social feature that takes feedback from users, incorporates that feedback into new Yotta features (or not), and provides a look ahead at new or updated Yotta capabilities. Yotta doesn’t incorporate every user suggestion it receives or provide total visibility into its operations, but it’s still far more transparent than your standard fintech app or bank account.

Advantages

Yotta is mobile-friendly and fun to use, and it offers multiple ways to earn valuable prizes for everyday financial activities.

No maintenance fee and only a token minimum balance. Yotta has no monthly maintenance fee. The only catch is that you need to keep at least $5 in your account, otherwise Yotta reserves the right to close it. That should be no sweat for most users.
Potential to win truly valuable prizes. Yotta offers the possibility, if not the guarantee, of earning far more in prizes and random cash back than you would with a traditional rewards credit card or savings account. The daily prize jackpot is $1 million, though most winners receive a small fraction of that.
Prize pools boost winning odds. Just like pooling cash to buy lottery tickets with friends, family, or colleagues, Yotta’s prize pools increase members’ odds of winning something in each drawing. Even if you don’t win, it makes the experience more fun.
Partial transparency around prizes and winners. Yotta’s ticket allocations, box amounts, and prize drawing process are proprietary. Ordinary users have no visibility into them. But to its credit, Yotta does keep a running list of prize winners, ticket allocations, and box amounts. This builds confidence and ensures you have at least some idea of what you’re getting into.
Users have a say in Yotta’s future plans. The Yotta Roadmap is another social feature that gives users the sense that they have a stake in Yotta’s future. Even if you have no big ideas for Yotta, seeing its future (and already executed) plans mapped out is super-useful (though not all are guaranteed to come to fruition).
Mobile-first approach. Yotta is a mobile-first platform. Its mobile app came out before its desktop version, and it still looks better on a small screen. That’s good news for anyone who does some or all of their banking on the go.
Secured credit card can build credit at lower cost and risk. With no interest or fees and an automatic payment process, Yotta’s secured credit card is legitimately innovative — and consumer-friendly. If your credit needs work, it’s a good place to start.

Disadvantages

Yotta has a few important disadvantages, some of which might not be obvious to would-be applicants.

Lower yields than the top savings accounts. Yotta says its average annual savings reward works out to 2.70% APY. Basically, this is what you can expect to earn, combined, from Yotta prizes and instant cash. While better than the big banks, it’s not up to par with current yields on the best high-yield savings accounts.
Earnings aren’t predictable. Because they’re random prizes and cash rewards, Yotta account earnings aren’t as predictable as fixed interest or rewards rates. There’s no reliable way to calculate your monthly earnings in advance, as is the case with a traditional bank account or credit card.
Not all debit card and credit card purchases earn rewards. Another downside to Yotta’s rewards structure is that about half of all debit and credit card purchases earn no rewards at all. If you use your account only occasionally, you could go days or weeks without earning any cash or prizes.

How Yotta Stacks Up

Yotta is markedly different from traditional bank accounts and even most new fintech apps, but it still competes against them. Before you open an account, see how it compares to another popular mobile money management platform: Current.

	Yotta	Current
Balance Requirement	$5 minimum	None
Monthly Fee	$0	$0
Yield	2.70% on average, but highly variable	4.00% APY on eligible balances
Spending Rewards	Variable, based on prize entries and instant cash	Up to 7x rewards on debit card purchases
Early Direct Deposit	Yes	Yes
Credit Card	Yes	No
Deposit Insurance	Yes, up to $250,000	Yes, up to $250,000

Final Word

Not all bank accounts are the same, but it can feel that way sometimes. That makes choosing your next bank account — or mobile money management app — a more difficult, overwhelming prospect.

Yotta is different. There’s no mistaking it for a traditional bank account, and its unusual prize-based rewards structure sets it apart from fintech apps that are otherwise quite innovative. If you’re looking for a truly novel banking experience that’s social, fun, and rewarding, it should be on your short list.

Then again, the same features that make Yotta so fun and interesting can also negatively impact your experience with it. It’s impossible to predict how much your balance or spending earns from month to month, and even by Yotta’s calculation, the expected annual return is lower than the best savings accounts. If you value predictability over serendipity, Yotta might not be right for you.

The Verdict

Our rating

Minimum Balance/Deposit: $5
Maximum Balance: None
Monthly Fee: $0
Rewards: Varies based on prize entries
Yield: 2.70% APY on average
Additional Benefits: Early direct deposit, mobile check deposit, secured credit card
Banking Services By: Evolve Bank & Trust, member FDIC

Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

Source: moneycrashers.com

Apache is functioning normally

May 1, 2023 by Brett Tams

There’s been speculation pretty much ever since the last cut that the FHA would lower insurance premiums once more.

And the rumor mill has been really busy the past few weeks, signaling a possible cut in the next month or so.

The latest rumor comes via a bulletin from Inside Mortgage Finance, which revealed that industry chatter points to a 25 basis point cut in FHA premiums after the presidential election in early November.

That means the typical FHA borrower who puts down 3.5% and takes out a 30-year fixed mortgage will pay an annual MIP of 0.60%.

The decrease would return annual premiums to just above their pre-crisis levels of 0.55%, which would make perfect sense given the fact that we are now well beyond the most recent crisis and back to square one for the most part.

In case you haven’t been keeping score, the FHA’s annual MIP was 1.35% before the 50 basis point drop in early 2015.

Actually, it was as high as 1.55% if you had a loan amount above $625,500 and an LTV north of 95%.

But this rumored change will bring things back down to earth.

The argument for the change is that the FHA’s Mutual Mortgage Insurance Fund has been beefed up thanks to the higher premiums collected over the past few years and lower mortgage defaults during that span.

Is It Enough to Justify a Refinance?

While the change will be welcome news to most, it may not sway the decision to refinance.

The 25 basis point change on a $200,000 loan would amount to annual savings of roughly $500.

Currently, such a borrower would be paying about $142 per month in MIP costs. It would drop to $100 with the change.

The problem with FHA is the upfront MIP, which is set at 1.75% and probably not going to change.

If you refinance from an existing FHA loan into another FHA loan, you might be entitled to a partial refund of the upfront premium if the loan isn’t older than 36 months.

If you can snag a lower mortgage rate in the process, the argument is a lot more compelling. For some, just paying a lower MIP might be enough, assuming their loan isn’t very old and much of the upfront premium can be recouped.

Another problem with FHA loans these days is the fact that mortgage insurance is in force for the life of the loan, instead of just the first five years or once the LTV drops to 78%.

That’s why it often just makes sense to refinance out of the FHA and into a conventional loan if your LTV dips to 80% thanks to recent home price appreciation. You can avoid the mortgage insurance entirely and get a similarly low interest rate.

FHA Premium Cut Is Good News for New Home Buyers

Of course, the change will be great news for those looking to purchase homes with FHA financing.

As noted, savings of nearly $50 per month for relatively small loan amounts is nothing to sneeze at. And it just gets better as your loan amount rises.

Aside from the savings, it could help more borrowers qualify with lower monthly payments that could push the all-important DTI ratio to acceptable levels.

It will also make the case for an FHA loan vs. a conventional loan more interesting. You’ll still have to do the math to see which type of loan is best for your situation.

And remember, this is just a rumor. It’s not fact yet. But if it does happen, it’s supposedly going to take place after the election. Of course, the decision could be swayed by the outcome.

Source: thetruthaboutmortgage.com

Enforcement Action

How To Save On Your Phone And Wireless Bills

How To Save On Your Housing Costs

How To Save On TV, Movies And Entertainment

How To Save On Your Internet Costs

How To Save On Insurance

Save By Getting A Better Bank Account

How To Save On Energy Bills

Save On Bills By Negotiating Them

Conclusion

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20 Best Neobanks

1. Chime

2. GO2bank

3. Current

4. Revolut

5. Quontic Bank

6. Dave

7. Albert

8. Varo

9. Aspiration

10. Bluevine

11. SoFi

12. Acorns

13. One

14. Cheese

15. Unifimoney

16. NorthOne

17. Oxygen

18. Bella

19. Lili

20. Monzo

What is a neobank?

Are neobanks safe?

Neobanks vs. Traditional Banks

Neobanks

Traditional Banks

Pros & Cons of Neobanks

Pros

Cons

Bottom Line

1. GlassesUSA

2. Warby Parker

3. DiscountContacts.com

4. AC Lens

5. ContactsDirect

6. Lens.com

7. Costco Optical

8. Walmart Contacts

9. ContactLensKing.com

10. 1-800 Contacts

11. LensCrafters

12. WebEyeCare

Final Word

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Cool Down Your Bed, Not The Room

Consider a Smart Thermostat

Get an Estimate for Radiant Barriers

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