Open a BMO Harris Premier™ Account online and get a $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Expires 9/15. Conditions Apply.
Most checking accounts don’t pay interest, but a growing number of high-interest checking accounts do. Some offer yields on par with the best high-yield savings accounts, though often with extra hoops to jump through.
Nationwide Advantage Checkingcan’t match the best savings account yields, but it nevertheless provides a reasonable return on your cash when you meet two qualification requirements. If you regularly use your debit card and receive recurring direct deposits each month, you should qualify for the full yield.
That said, Nationwide Advantage Checking has some important downsides to consider before opening an account. Weigh the pros and cons carefully.
What Is Nationwide Advantage Checking?
Nationwide Advantage Checking is a high-yield online checking account that earns up to 0.90% APY in any statement period where you meet the two qualifying criteria:
Receive direct deposits totaling $1,000 or higher each month (good for 0.45% APY)
Make at least 10 in-person debit card transactions, each totaling $3 or more (good for another 0.45% APY)
If you complete one qualifying activity but not the other in a given statement cycle, you earn the posted interest rate for that activity but not the maximum possible yield.
Nationwide Advantage Checking is backed by Axos Bank, one of the biggest online banks in the United States. In addition to potentially paying interest on balances, it has customer-friendly features like no monthly maintenance fee and no ongoing minimum balance.
What Sets Nationwide Advantage Checking Apart?
Nationwide Advantage Checking stands out for several reasons:
Pays interest with qualifying activities. You can earn up to 0.45% APY when you receive qualifying direct deposits and complete at least 10 in-person debit card transactions of $3 or more each.
No maintenance fees. Unlike some high-yield and rewards checking accounts, Nationwide Advantage Checking charges no monthly or annual maintenance fees.
Big ATM network. Nationwide Advantage Checking has more than 80,000 machines in its ATM network, which spans the entire United States. You pay no fees to withdraw cash from these ATMs.
Above-and-beyond security features. On top of standard security features like automatic timeouts and SSL encryption, Nationwide Advantage Checking goes above and beyond with protections like two-factor authentication and complimentary antivirus and malware protection.
Key Features of Nationwide Advantage Checking
Don’t open a Nationwide Advantage Checking without understanding its core features and capabilities, from its fees and minimums to the conditions it places on interest payments.
Account Yield & Requirements
Nationwide Advantage Checking’s maximum yield is 0.90% APY. You must complete both of the following qualification requirements to earn it in any given statement cycle:
Make 10 or more debit card transactions in person, each totaling at least $3
Receive at least $1,000 in qualifying direct deposits, not including transfers between bank accounts
The debit card transaction requirement qualifies you to earn 0.45% APY on your account balance. The direct deposit requirement qualifies you to earn another 0.45% APY.
If you complete only one or the other in a given statement cycle, you earn only the corresponding interest rate. If you complete neither in a given statement cycle, you earn no interest for the period.
Account Fees & Minimums
This account has no monthly or annual maintenance fee and no ongoing minimum balance. There is a $50 minimum required opening deposit.
ATM Access
Nationwide Advantage Checking has more than 80,000 ATMs in its fee-free network. Cash withdrawals are free at all machines in the network, but you may face surcharges if you venture outside it.
Security Features
All bank accounts come with certain standard security features, such as encryption and password protection. Nationwide Advantage Checking goes a bit beyond the typical security lineup with two notable nonstandard features:
Complimentary malware and virus protection for customers
Two-factor authentication, which means your password alone isn’t enough for intruders to gain access to your account
Mobile Features
Nationwide Advantage Checking has a user-friendly mobile app with all the main features of the regular online account dashboard. You can deposit paper checks on your phone, set up recurring and one-time bill payments, and transfer funds to external accounts or other individuals with a few taps.
Deposit Insurance
Nationwide Advantage Checking comes with FDIC insurance on balances up to $250,000. Should Axos Bank (Nationwide’s banking partner) go under, your deposits are guaranteed by the federal government up to this amount.
Pros & Cons
Nationwide Advantage Checking has some clear advantages and a few notable downsides as well.
No maintenance fees or ongoing minimum balance
Better potential yield than most checking accounts
Large ATM network
Must complete qualifying activities to earn interest
Lower yield than the best high-yield checking accounts
No debit card rewards
Pros
Nationwide Advantage Checking is a low-cost, low-balance checking account that has the potential to be at least somewhat rewarding.
No maintenance fees. Nationwide Advantage Checking charges no monthly or annual maintenance fees, so you won’t pay anything out of pocket to keep your account open.
No ongoing minimum balance. Once your account is open, you’re not required to maintain a minimum balance. Some interest checking accounts make you keep hundreds or thousands of dollars in the bank at all times.
Better potential yield than most checking accounts. Nationwide Advantage Checking has a higher yield than most checking accounts. After all, traditional checking accounts pay no interest at all.
Large ATM network. Nationwide (through Axos Bank) has more than 80,000 fee-free ATMs, more than many competing banks.
Above-average security features. Nationwide Advantage Checking has a few nonstandard but welcome security features, such as antivirus protection and two-factor authentication.
Cons
Nationwide Advantage Checking attaches important conditions to interest payments and isn’t among the highest-interest checking accounts on the market in any case.
Must complete two qualifying activities each statement cycle to earn interest. You need to make at least 10 qualifying debit card transactions and receive at least $1,000 in qualifying direct deposits to earn the maximum interest rate in any given statement cycle. While not totally outrageous, these requirements aren’t easy for every user to fulfill.
Maximum yield can’t match the best high-interest checking accounts. It’s nice that Nationwide Advantage Checking yields anything at all. But it’s a far cry from the top high-yield checking accounts, whose yields compete with the top high-yield savings accounts.
No rewards on debit card spending. Nationwide Advantage Checking has no debit card rewards program. If you want to earn rewards on spending, consider a rewards checking account or app like Go2Bank.
How Nationwide Advantage Checking Stacks Up
Nationwide Advantage Checking shares the spotlight with several other interest-bearing checking accounts. Before you apply, see how it compares to another popular option: Quontic Bank High-Interest Checking.
Nationwide Advantage
Quontic High-Interest
Maintenance Fee
$0
$0
Minimum to Open
$50
$100
Minimum Ongoing
$0
$50
Maximum Yield
0.90% APY
1.10% APY
Qualifying Activities?
Yes
Yes
Both Nationwide Advantage Checking and Quontic High-Interest Checking have no maintenance fees and low minimums. Both also require qualifying activities to earn interest, though Quontic is a bit more manageable with just one requirement. Quontic’s maximum interest rate also noses ahead of Nationwide’s, if not by much.
Final Word
Nationwide Advantage Checking uses a two-tiered interest rate to encourage you to make it your main checking account. Neither qualifying activity is a heavy lift if you have a steady, decent-paying job and regularly use your debit card in person. While the maximum interest rate (currently 0.90% APY) can’t match the top interest-bearing checking accounts, it’s way better than nothing.
That’s not to say Nationwide Advantage Checking is the best checking account on the market. For example, you can earn interest at a much higher rate in a Wealthfront Cash Account — without jumping through any hoops — and you can earn rewards on debit card purchases with Go2Bank (among many other rewards checking accounts and apps). Nationwide deserves to be in the conversation, but don’t open an account before seeing what else is out there.
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.
The Verdict
Our rating
Nationwide Advantage Checking Review
Nationwide Advantage Checking has a higher yield than most checking accounts, but you have to meet two qualification requirements to earn it. It’s also not as rewarding as some checking accounts with more relaxed qualification requirements (or none at all). But it’s still worth investigating if you’re in the market for a new checking account and appreciate the opportunity to earn a return on your cash.
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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.
Open a BMO Harris Premier™ Account online and get a $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Expires 9/15. Conditions Apply.
The most important feature of a high-yield savings account is its interest rate. But it’s nice when your account helps you manage your money too — or at least doesn’t get in the way of that.
The Marcus Online Savings account does both. It pays a yield that’s well above the national average for savings accounts (both online and at traditional banks) while offering some basic budgeting and money management tools, including automated savings. It also has an unusually large same-day transfer allowance, which could come in handy once in a while.
But Marcus Online Savings isn’t perfect, so take a few minutes to learn about its capabilities and shortcomings before opening one.
What Is the Marcus Online Savings Account?
Backed by Goldman Sachs, one of the biggest banks in the United States, the Marcus Online Savings account is a high-yield savings account that yields 4.15% APY on all balances. It has no monthly or annual maintenance fee and no minimum balance to open or earn interest.
Marcus Online Savings doesn’t come with an ATM card or person-to-person transfer capabilities, but it does have an unusually large same-day transfer limit ($100,000) and unusually robust money management features built into its online and mobile account dashboards. It complements a broader lineup of Marcus CDs and money market accounts.
What Sets the Marcus Online Savings Account Apart?
The Marcus Online Savings account has several standout features:
Excellent yield on all balances. Marcus Online Savings yields 4.15% APY on all balances, with no minimum required to earn interest at the headline rate.
No fees or minimums. This account has no minimum opening balance and no ongoing maintenance fees.
Useful tools for savers. Marcus offers useful money management tools, including automated savings, a built-in savings calculator that shows how much your cash could be worth at specific points in the future, and a comparison tool that shows how much you can earn with Marcus compared with other banks.
24/7 customer service. Marcus is one of the few banks of any size that still has 24/7 customer support by phone.
Key Features of the Marcus Online Savings Account
All things considered, Marcus Online Savings is a straightforward savings account from a straightforward online bank. But knowledge is power, so dig a bit deeper into its core features before deciding to apply.
Account Yield
Marcus Online Savings yields 4.15% APY on your entire balance, with no minimum required to earn interest.
Account Fees & Minimums
Marcus Online Savings has no monthly or annual maintenance fee. There’s no minimum balance to open or maintain an account either.
Money Management Tools
Marcus Online Savings has a handy savings automation tool that lets you deposit a set amount on a recurring basis — weekly, monthly, or another frequency. The mobile app and online dashboard also have useful savings calculators that show both how much you can earn on your balance over time and how that compares with potential earnings at another bank.
Deposit Options & Transfer Limits
You can deposit cash into your Marcus Online Savings account via:
Marcus Online Savings doesn’t have an ATM card or accept mobile check deposits. However, you can transfer up to $100,000 in or out of the account with same-day turnaround — just initiate the transfer by 12pm Eastern and your money moves by 5pm Eastern the same day.
Mobile Features
Marcus has a comprehensive mobile app that can do just about anything the online dashboard can. You can schedule online bill payments and external transfers on your phone, and link your account with third-party money management apps like Quickbooks.
Deposit Insurance
Through Goldman Sachs, Marcus Online Savings balances are FDIC-insured up to $250,000. In the unlikely event that Goldman Sachs fails, you won’t lose any funds below that amount.
Pros & Cons
Marcus Online Savings has more positive attributes than negative ones. In fact, it’s difficult to find too much wrong with this account.
Excellent yields on all balances
No maintenance fees
Same-day transfers up to $100,000
24/7 customer support by phone
No mobile check deposit
No ATM access
Pros
Marcus Online Savings is a well-rounded savings account with a mix of features that appeal to would-be users across the income and wealth spectrum.
Well above-average yield. This account has an excellent yield (currently 4.15% APY on all balances) that puts it comfortably ahead of most competing banks.
No monthly maintenance fee. Marcus charges no monthly or annual maintenance fees on this account, so your savings won’t erode over time unless you withdraw.
No minimum balance. There’s no minimum balance to open (or keep open) this account. There’s also no minimum balance to earn the full advertised interest rate.
Same-day transfers up to $100,000. You can transfer up to $100,000 into or out of your account with same-day delivery. That’s an unusually high limit, especially for external transfers, which usually take one to three business days to clear.
Helpful budgeting and money management tools. Marcus offers some basic but helpful budgeting and money management tools, including set-it-and-forget-it savings automation and customizable savings calculators.
24/7 customer support by phone. You can reach a Marcus customer service rep by phone at any time of day (or night). You’re unlikely to take advantage of Marcus’ customer service very often because the account is so simple, but it’s nice to know it’s there.
Cons
Marcus Online Savings has some notable gaps in its feature lineup that could impact your ability to access or top up your balance.
No mobile check deposit. Marcus Online Savings has no mobile check deposit feature. That’s a notable gap in its menu of deposit options, and one that’s increasingly rare among well-funded online banks.
No ATM access. Marcus Online Savings doesn’t come with an ATM card, so you can’t directly withdraw cash from your account.
How the Marcus Online Savings Account Stacks Up
Marcus Online Savings is among the best online savings accounts around, but it’s not the only one you should consider if you’re looking for a new home for your long-term savings. Before you apply, see how Marcus compares to another popular option: Upgrade Premier Savings.
Marcus Online Savings
Upgrade Premier Savings
Maximum Yield
4.15% APY
4.81% APY
Minimum Yield
4.15% APY
None
Minimum Balance
$0
$0
Minimum Interest Balance
$0
$1,000
Maintenance Fee
$0
$0
With no minimum balance to open the account or earn interest, Marcus Online Savings is ideal for if you’re just beginning your savings journey. Upgrade Premier Savings is a better fit if you can clear the $1,000 minimum balance to earn interest, as its yield is significantly higher.
Final Word
The Marcus Online Savings account is an excellent online savings account because it has a yield well above the national average, no maintenance fees, and no minimums of any kind. Sometimes, simpler is better.
Not that Marcus Online Savings is perfect. The ability to deposit checks remotely rather than mailing them and an ATM card to directly withdraw cash from the account would both be nice. You can also find higher savings yields if you know where to look. But all in all, there’s more to like than dislike about this account.
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.
The Verdict
Our rating
Marcus Online Savings
Marcus Online Savings has an excellent yield relative to other banks and no minimums or fees to get in the way of growing your savings. It’s customer-friendly too, thanks to a generous same-day transfer allowance and 24/7 service. But it has some missing features that make it less flexible than some users might like.
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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.
Open a BMO Harris Premier™ Account online and get a $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Expires 9/15. Conditions Apply.
The most important feature of a high-yield savings account is its interest rate. But it’s nice when your account helps you manage your money too — or at least doesn’t get in the way of that.
The Marcus Online Savings account does both. It pays a yield that’s well above the national average for savings accounts (both online and at traditional banks) while offering some basic budgeting and money management tools, including automated savings. It also has an unusually large same-day transfer allowance, which could come in handy once in a while.
But Marcus Online Savings isn’t perfect, so take a few minutes to learn about its capabilities and shortcomings before opening one.
What Is the Marcus Online Savings Account?
Backed by Goldman Sachs, one of the biggest banks in the United States, the Marcus Online Savings account is a high-yield savings account that yields 4.15% APY on all balances. It has no monthly or annual maintenance fee and no minimum balance to open or earn interest.
Marcus Online Savings doesn’t come with an ATM card or person-to-person transfer capabilities, but it does have an unusually large same-day transfer limit ($100,000) and unusually robust money management features built into its online and mobile account dashboards. It complements a broader lineup of Marcus CDs and money market accounts.
What Sets the Marcus Online Savings Account Apart?
The Marcus Online Savings account has several standout features:
Excellent yield on all balances. Marcus Online Savings yields 4.15% APY on all balances, with no minimum required to earn interest at the headline rate.
No fees or minimums. This account has no minimum opening balance and no ongoing maintenance fees.
Useful tools for savers. Marcus offers useful money management tools, including automated savings, a built-in savings calculator that shows how much your cash could be worth at specific points in the future, and a comparison tool that shows how much you can earn with Marcus compared with other banks.
24/7 customer service. Marcus is one of the few banks of any size that still has 24/7 customer support by phone.
Key Features of the Marcus Online Savings Account
All things considered, Marcus Online Savings is a straightforward savings account from a straightforward online bank. But knowledge is power, so dig a bit deeper into its core features before deciding to apply.
Account Yield
Marcus Online Savings yields 4.15% APY on your entire balance, with no minimum required to earn interest.
Account Fees & Minimums
Marcus Online Savings has no monthly or annual maintenance fee. There’s no minimum balance to open or maintain an account either.
Money Management Tools
Marcus Online Savings has a handy savings automation tool that lets you deposit a set amount on a recurring basis — weekly, monthly, or another frequency. The mobile app and online dashboard also have useful savings calculators that show both how much you can earn on your balance over time and how that compares with potential earnings at another bank.
Deposit Options & Transfer Limits
You can deposit cash into your Marcus Online Savings account via:
Marcus Online Savings doesn’t have an ATM card or accept mobile check deposits. However, you can transfer up to $100,000 in or out of the account with same-day turnaround — just initiate the transfer by 12pm Eastern and your money moves by 5pm Eastern the same day.
Mobile Features
Marcus has a comprehensive mobile app that can do just about anything the online dashboard can. You can schedule online bill payments and external transfers on your phone, and link your account with third-party money management apps like Quickbooks.
Deposit Insurance
Through Goldman Sachs, Marcus Online Savings balances are FDIC-insured up to $250,000. In the unlikely event that Goldman Sachs fails, you won’t lose any funds below that amount.
Pros & Cons
Marcus Online Savings has more positive attributes than negative ones. In fact, it’s difficult to find too much wrong with this account.
Excellent yields on all balances
No maintenance fees
Same-day transfers up to $100,000
24/7 customer support by phone
No mobile check deposit
No ATM access
Pros
Marcus Online Savings is a well-rounded savings account with a mix of features that appeal to would-be users across the income and wealth spectrum.
Well above-average yield. This account has an excellent yield (currently 4.15% APY on all balances) that puts it comfortably ahead of most competing banks.
No monthly maintenance fee. Marcus charges no monthly or annual maintenance fees on this account, so your savings won’t erode over time unless you withdraw.
No minimum balance. There’s no minimum balance to open (or keep open) this account. There’s also no minimum balance to earn the full advertised interest rate.
Same-day transfers up to $100,000. You can transfer up to $100,000 into or out of your account with same-day delivery. That’s an unusually high limit, especially for external transfers, which usually take one to three business days to clear.
Helpful budgeting and money management tools. Marcus offers some basic but helpful budgeting and money management tools, including set-it-and-forget-it savings automation and customizable savings calculators.
24/7 customer support by phone. You can reach a Marcus customer service rep by phone at any time of day (or night). You’re unlikely to take advantage of Marcus’ customer service very often because the account is so simple, but it’s nice to know it’s there.
Cons
Marcus Online Savings has some notable gaps in its feature lineup that could impact your ability to access or top up your balance.
No mobile check deposit. Marcus Online Savings has no mobile check deposit feature. That’s a notable gap in its menu of deposit options, and one that’s increasingly rare among well-funded online banks.
No ATM access. Marcus Online Savings doesn’t come with an ATM card, so you can’t directly withdraw cash from your account.
How the Marcus Online Savings Account Stacks Up
Marcus Online Savings is among the best online savings accounts around, but it’s not the only one you should consider if you’re looking for a new home for your long-term savings. Before you apply, see how Marcus compares to another popular option: Upgrade Premier Savings.
Marcus Online Savings
Upgrade Premier Savings
Maximum Yield
4.15% APY
4.81% APY
Minimum Yield
4.15% APY
None
Minimum Balance
$0
$0
Minimum Interest Balance
$0
$1,000
Maintenance Fee
$0
$0
With no minimum balance to open the account or earn interest, Marcus Online Savings is ideal for if you’re just beginning your savings journey. Upgrade Premier Savings is a better fit if you can clear the $1,000 minimum balance to earn interest, as its yield is significantly higher.
Final Word
The Marcus Online Savings account is an excellent online savings account because it has a yield well above the national average, no maintenance fees, and no minimums of any kind. Sometimes, simpler is better.
Not that Marcus Online Savings is perfect. The ability to deposit checks remotely rather than mailing them and an ATM card to directly withdraw cash from the account would both be nice. You can also find higher savings yields if you know where to look. But all in all, there’s more to like than dislike about this account.
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.
The Verdict
Our rating
Marcus Online Savings
Marcus Online Savings has an excellent yield relative to other banks and no minimums or fees to get in the way of growing your savings. It’s customer-friendly too, thanks to a generous same-day transfer allowance and 24/7 service. But it has some missing features that make it less flexible than some users might like.
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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.
On the heels of the Federal Reserve pausing its rate hikes, mortgage demand increased, but only slightly.
For the week that ended June 21, mortgage applications only climbed 0.5% from the prior week, according to the Mortgage Bankers Association. This slow growth highlights that while demand is there and rates have fallen for three consecutive weeks, activity continues to be constrained by low levels of affordable inventory.
“The 30-year fixed mortgage rate declined for the third consecutive week to 6.73%, while other mortgage rates saw mixed results. Purchase applications increased, driven by a 2% gain in conventional purchase applications and a 3% increase in FHA purchase activity,” said Joel Kan, MBA’s vice president and deputy chief economist.
“First-time homebuyers account for a large share of FHA purchase loans, and this increase is a sign that while buyer interest is there, activity continues to be constrained by low levels of affordable inventory.”
On Tuesday, U.S. Census Bureau data on new residential construction showed that housing starts rose 21.7% from April, and were up 5.7% from May 2022, to 1.63 million. It’s a hopeful sign that homebuilders will help offset an extremely low level of existing home inventory by getting a jump start on new projects.
The MBA data showed that the average 30-year fixed rate for conforming loans ($726,200 or less) decreased to 6.73% last week from 6.77% the previous week. For jumbo loan balances (greater than $726,200), the rate jumped to 6.80% from 6.79% in the same period, according to the MBA.
However, at Mortgage News Daily, mortgage rates were slightly higher on Tuesday, at 6.87%.
Refinancing applications decreased 2% last week compared to the previous week and were 40% lower than the same week one year ago. The refinance share of mortgage activity decreased to 26.9% of total applications from 27.3% the previous week. Meanwhile, the purchase index increased by 2% from one week earlier and was 32% lower than last year’s level on an unadjusted seasonal basis.
“The rate for jumbo loans exceeded the conforming rate for the second straight week – the last time jumbo rates were higher was in December 2021,” added Kan. “Tighter liquidity conditions have prompted jumbo lenders to pull back, increasing rates in the process.”
Regarding loan types, the adjustable-rate mortgage (ARM) share of mortgage apps decreased to 6.3% of total applications, the MBA data shows.
The Federal Housing Administration loans’ share increased to 13.3% from 13.0% the week prior. The U.S. Department of Veteran Affairs loans’ share decreased to 11.9% from 12.6% the week prior. And the U.S. Department of Agriculture loans’ share decreased one basis point to 0.4% of the total applications.
Today’s Millennials face challenges unique to their generation. With the cost of education on the rise, setting money aside for the future can be challenging.
That’s where Unifimoney can help. Combining banking and investing, you’ll get the all-in-one platform you need to save, as well as spend and invest with a unique combination of automation and easy access to alternative assets including cryptocurrencies and precious metals.
Ben Soppitt founded Unifimoney to make it easier for Millennials to manage their money and protect their long-term wealth.
What’s Ahead:
Why Unifimoney?
Based in San Francisco, Unifimoney serves the banking needs of young professionals in the United States. From high-yield checking, a robust multi-asset investment, a range of partner services including insurance and loans, and a credit card (launching in August!) – you can really manage most, if not all of your money in one app.
Unifmoney also has auto-transfer rules that you can set up to automatically move money from your old bank to your Unifimoney account on a schedule you determine.
But where Unifimoney really shines through is in its investment platform and automation features. The app includes both passive (robo) investing and active commission-free trading, 37 cryptocurrencies with more being added regularly, and even precious metals; gold, silver, or platinum can be delivered. The robo product builds a portfolio that fits your own goals and risk tolerance level.
Meet Unifimoney CEO – Ben Soppitt
Ben Soppitt has a long history in fintech leadership, including roles with Samsung Pay, Fitbit Pay, and Visa. He founded Unifimoney in 2019 and continues to serve as its CEO.
In addition to his work with Unifimoney, Ben is a member of the Forbes Business Council, an invitation-only organization for small and midsized business owners. He also performed a fellowship at On Deck, an accelerator that helps top talent accelerate their careers.
Recently, we spoke with Ben about his vision for Unifimoney and where he sees the field of finance going in the coming years. He also had a few great insights about personal finance for the Millennial generation.
Money Under 30’s interview with Ben Soppitt
What drove you to start Unifimoney? Do share any backstory about naming your company Unifimoney.
I had been in the financial services business for over two decades and witnessed the rapid increase in consumer Fintech companies launching bringing innovation, choice, and value to consumers. But I noticed a few things that the industry was not solving for and the wasted value to consumers was massive – over $20 trillion, money that could be going back to consumers and the wider economy.
These included ignoring the needs of mass affluent consumers including young professionals. These customers are in a very challenging position – they are high-earning but also high-debt from an extended period in education. They often live in high-tax and high-price areas like major cities. They have busy, stressful, and demanding jobs, and they have a lot going on in their lives. Managing money well is rarely high on their list of things to do, and it’s decisions that are made or more often not made at that time that can have an impact many years later – the opportunity cost of not managing your money is paid in the future and not today.
The other thing I noticed was that most Fintechs were solving for very specific and discrete parts of the financial ecosystem – active investing, Robo investing, cryptocurrencies trading, mortgages, loans, banking, etc., ironically with so many apps it actually makes it harder to manage your money than easier and that work falls on the consumer. Humans are not, on the whole, prepared to do hard, manual, repetitive work on a sustained basis, especially when the payoff may be decades in the future, so we put it off and that’s what managing your money can require. The result is that almost all mass affluent consumers suffer from three sins in managing their money:
Having too much money held in cash at a Big Brand Bank that pays little or no interest.
Having a credit card that does not maximize your return on spend.
Not dollar-cost averaging (in fact, less than 30% of Millennials are investing in the stock market at all).
If these were solved for the entire Millennial generation, it would create through their working lives and the power of compound interest over $20 trillion dollars of value by the time they retire. Solving for this is what we want to do at Unifimoney, and we do it through automation and product design so that our customers are automatically and by default solving for the three sins of personal finance and ensuring their money is working as hard for them as they do to earn it in the first place.
What sets Unifimoney apart from other investing apps?
We are an all-in-one app where you can manage most if not all of your investing and money management needs. We use automation to remove the manual work involved in managing money on a day-to-day basis. We have a comprehensive investment platform including Robo investing, Self Managed Commission Free trading, over 30 cryptocurrencies, and precious metals. We support fractional investing in equities and ETFs, crypto, and precious metals so any customer can get going with just a few dollars. We intend to progressively add more alternative investment assets over time like collectibles.
We have a full banking service – a hybrid high-interest checking account and are launching a credit card soon. This will be the only credit card in the world that pays rewards as Bitcoin, gold, or equities.
More important than the features and product functions, though, is that we enable our customers to truly automate their money. You can set rules to transfers funds automatically from your old banking institution into Unifimoney – move your money not your bank, we recognize that is a hassle. You can auto-invest any amount (the minimum is $25) each month into your Robo and trade in crypto, metals, and equities to the maximum in your account.
Deposit interest and credit card cash back are automatically rolled up and deposited into your Robo fund – unless gold or Bitcoin is selected for the credit card (this can be changed each billing cycle). We want to make saving and investing as easy and effortless as paying for an Uber.
You’ve shared that Unifimoney’s San Francisco-based team speaks 7 languages; tell us more!
We are a fully distributed team with both U.S. and international team members. At the last count, we can collectively speak seven languages. The Founders Ben and Ed are British and British/Australian respectively but both living in San Francisco. Whilst the U.S. is in many respects the leading Fintech market in the world, there are learnings and experiences from other markets that help inform our product design. Credit Cards, for example, is a very commoditized business in the U.S. – with almost no innovation in 30 years. Other markets in Asia and Europe are doing far more interesting things with Credit Card proposition design.
What advice do you have for a Gen Z and/or Millennial who hasn’t started investing at all yet but is interested in learning?
A few innovations have made the path to investing very easy, low cost and low risk. Fractional investing means you can buy into company stocks (or crypto or gold) for just a few dollars, you are buying a fraction of a share not the whole share. This reduces the barriers to entry considerably. Commission-free trading likewise makes it low cost to trade. Robo platforms can help create a portfolio based on your own risk profile, and auto invest means that you can set a schedule to invest even a very small amount of money regularly.
The average age to start saving for retirement is 32 in the U.S. – meaning for most, they have lost a decade of compound growth. Most people understand conceptually how compound growth but it’s hard to really imagine its power. We all almost all forget or ignore that compounding increases both our good decisions and our bad. Losing the first 10 years of your 30-40 year investing potential is a very hard blow indeed – these are the most important years – the early ones with the most compounding to benefit from.
When looking for a bank, what advice do you give Gen Z and Millennials? What features should they prioritize?
Well, we are a little biased to be fair.
Some things to consider we would suggest:
Whose interests are the banks really being run for? Customers vs Shareholders
The values of the institution should be considered.
How the institution is going to actually help you increase your wealth.
Try and actively think beyond the marketing – the top 10 Big Brand Banks spend over $15 billion a year on marketing – they are influencing your judgment, whether you realize it or not.
Be aggressively rational – e.g., metals credit cards are irrational and deflect focus from what you should really be looking at and assessing.
Unifimoney offers an all-in-one financial management solution. Do you find many of your members use it for all their banking needs, including checking and savings?
We are a complex answer to a complex problem – how to manage your money better without effort so it takes time for customers to really understand what we do plus we are still building and developing the platform.
We don’t expect our customers to give up their old bank and move to us immediately. It’s why we have created ways to automate funds flow from your old bank to Unifimoney. You don’t have to move bank, just the money.
We see two categories of customers so far – those who create an account, fund a few thousand dollars and then spend time learning about the services and increasing their funding over time. The second category is moving over larger portfolios of $100-500K either into the Robo or Self Managed platform. We hope our customers will develop and evolve alongside us, and we actively seek their feedback and incorporate that into our design roadmap.
Everyone is talking about cryptocurrency. How do you see digital currencies changing the financial landscape over the next decade?
It is clear we believe that blockchain technology and cryptocurrencies have vast future potential in many dimensions of life. Without any doubt, cryptocurrencies are a highly volatile investment choice, and we recommend that they are treated as such.
There are a few philosophies we believe largely hold true in investing for most people most of the time:
Spend less than you make.
Invest what you can.
Maintain a cash cushion appropriate to your needs.
The 85:15 ratio – 85% of your investments should be in a highly diversified portfolio matching your individual risk profile. 5-15% can be used for more high risk/high reward investments if you feel compelled to actively trade.
Dollar-cost average to manage market timing risk.
Cryptocurrencies and precious metals and indeed all forms of alternative asset we think have a role in diversification and the high risk 5-15% part of your active investing if that is of interest to you.
Equally important alternative assets – be they wine, sports memorabilia, collectibles, cryptocurrencies, gold coins, etc., tend to be much more interesting and engaging than ETFs for example.
They are a great way to get people interested in engaging in their wealth journey, and that is an important component we think to consider as well.
You did a fellowship with an accelerator called On Deck. What was that experience like? How has it helped you as you lead your company?
I did – it was early on in our journey, and it’s a community of Founders from all industries and levels of experience and career change. Coming out of a 20+ year corporate career, it was incredibly powerful and energizing to be around such a diverse group of people, all embarking on similar journeys to start new projects and companies that they believe so strongly in. I am still an active member of the online community and try and participate and support the community by giving back whatever I can. I have gravitated to more Fintech founders, which is natural, but I recently worked with a Founder from On Deck working on an education startup – teaching kids mechanical engineering skills starting with 3D Printing tech. My kids and I were part of his pilot.
As a business leader in a competitive market, what advice do you have for aspiring entrepreneurs?
I think there is a lot more randomness and luck involved that is generally talked about. Accepting that is very helpful. The most powerful force, though, I believe is serendipity “the occurrence and development of events by chance in a happy or beneficial way”.
As the old saying goes, the harder I work, the luckier I am. I work hard at having as many interactions with as wide a group of people as I can, and I find that the most powerful relationships often come from the most unlikely places and people, and they compound over time. Like money – smaller positive changes and actions done frequently compound to be very powerful. Same with relationships and people.
What is the biggest challenge you’ve faced in your career, and what did you learn from it?
I have been incredibly fortunate to have had the opportunity to travel and work in many countries during my career, including the UK, Kazakhstan, Indonesia, Singapore, and now the U.S. Very diverse environments and cultures, but I have often found the biggest challenge is always when people’s values and goals are not aligned. It’s hard to achieve that in a big corporate environment at the best of times, and some companies do it better than others. But when people are aligned, there is almost nothing that cannot be achieved.
Who in your life has been the most instrumental in teaching you about money management?
My Father who was very good with money, very disciplined, and thought long term – and my Mother who was truly awful with it. My parents divorced at an early age, so I saw the two paths evolve over time and in parallel to their natural conclusions. A hard and long lesson to be sure.
I have seen the long-term effects on physical and mental health and quality of life that money stress causes, and I will do anything I can to help as many people as possible avoid that fate.
What’s the best advice you’ve received (not necessarily money-related) that has shaped how you lead your life?
I am still learning – when I have reached a conclusion I will most assuredly let you know.
What’s your top personal finance tip?
Spend less than you earn, and invest the rest.
What is the financial book/website/podcast that has most influenced you?
I am really diverse in my personal finance media in part because so few of them can agree on really core things, so I try and read/watch as much as I can, and it’s a never-ending quest of learning, e.g. active vs passive, growth vs value, crypto vs gold, etc., but I take it all with a pinch of salt – I am personally very much following the boring but systematic approach in my investing whilst dipping into new things to learn and for fun – I recently invested in gold for the first time (via Unifimoney) and also sports collectibles via a third-party app just to learn.
The problem with a lot of financial media is that it’s interesting/informative, sometimes amusing, but ultimately fails because most people don’t act on it. The fact that less than 30% of Millennials are invested in the stock market is a shocking statistic to me, even lower below aged 30.
We as an industry collectively need to solve for the wasted trillions that are caused by poor financial management, and we are not there yet.
What piece of wisdom would you give your 20-year-old self about managing money?
Spend less than you earn, and invest the rest. I made my first equity investment at age 14 during Maggie Thatcher’s privatization of the UK’s government-owned utilities. I think it was in British Gas. I doubled my money.
I also placed my first bet around the same time, I think it was on the Grand National Horse race – held once a year in the UK. I lost all my money. That was a great lesson.
Summary
Unifimoney is a full-service financial platform offering all the tools necessary to efficiently manage your money. You’ll not only have the support you need to build a strong portfolio, but you’ll also learn positive financial habits that will carry you through the rest of your life.
Do you want to make extra money by renting out your storage space? This Neighbor Review will show you how it works and how much money you can make.
Are you looking for a way to make some extra money with the unused space that you have?
Neighbor.com is a platform where you can rent out your space to those who are looking to store their stuff, such as boxes of their belongings, furniture, and even their cars.
You can rent out your driveway, garage, closet, and more on Neighbor.com. It’s like Airbnb, but specifically for storage.
You’re not hosting any people and no one is spending the night. Just their stuff!
By becoming a host on Neighbor, you can make passive income from the space that you are not currently using.
The Neighbor website is easy to use, and you can list your space and get started today.
Click here to learn more about Neighbor.com and sign up.
If you are interested in renting out your unused space on Neighbor.com and making extra money, please continue reading my Neighbor Review below.
Quick summary:
Neighbor is a platform for renting your unused storage space to make extra money.
You can earn $100 to $400+ each month. This depends on demand in your area and the type of storage you are renting out.
As a Neighbor host, you get to choose who, what, and when things are stored.
Neighbor Review
What is Neighbor.com?
Neighbor.com is a platform that offers an alternative to self-storage. Neighbor connects people who have extra space (such as an unused closet) with those who need to store their stuff.
Neighbor was started in 2017 by Colton Gardner, Joseph Woodbury, and Preston Alder, and is based in Lehi, Utah. The Neighbor platform is available on both iOS and Android devices, allowing you to easily manage your rented spaces via the app and online.
You can rent out your garage, driveway, parking lot, basement, bedroom, shed, warehouse, carport, closet, attic, street parking spot, unpaved lot, and more.
As a self-storage alternative, Neighbor.com helps you make passive income by renting out extra space in your home.
In short, Neighbor.com offers a modern and efficient way for you to earn extra income by renting out the unused spaces in your home, while providing an accessible and cost-effective storage solution for others who need to store their stuff.
How much money can you make from the Neighbor app?
With the Neighbor app, your earnings depend on the demand and supply for storage space in your area.
Some places will have much higher demand than others, and you may be able to charge more for your storage space. And, the opposite may be true as well – there may not be much demand and due to that you may have to lower your storage rates.
You can make anywhere from $100 to $400 per month or more for renting out your space. The more desirable your available space is, the higher your potential earnings.
Some types of storage will earn you more money. I did a quick search and I found someone near where I currently am, and they are renting out indoor storage that is climate controlled for $1,000 a month that is big enough to fit a large RV, along with whatever else you want to store.
Why would a person store their stuff at a stranger’s home?
This is a great question. Why would a person want to store their stuff at your house instead of just going to a traditional storage facility?
Renters like to use Neighbor.com because it is an alternative to traditional storage units.
With Neighbor, that have more options, and it may be more convenient for them to store their stuff at your place. There’s no paperwork for them either, and it can all be done through an easy app.
Plus, many traditional storage facilities may be full and even have a waitlist (I have needed to store my RV in the past and many times the waitlist is years long, for example.
How Does Neighbor Storage App Work?
The Neighbor platform is easy to use.
The Neighbor Storage App connects people who have available storage space with those looking for a place to store their items. If you have unused space, you can list it on the platform, and if you need extra storage, you can search for suitable options nearby.
The Neighbor app allows you to list your space, set your price, and collect monthly rent. Communication between hosts and renters is all done through the app as well.
As a Neighbor host, you’ll need to create a listing on the Neighbor website for the storage space that you are wanting to rent out. You’ll give them details about the space, such as the size, type (is it a driveway or shed?), location (what town are you in?), and any specific requirements for potential renters. You should take pictures of the space too, as they can help a renter determine if the space is good for them or not.
After you’ve created your storage space listing and received a booking request, you can talk with the renter through the Neighbor app.
Once the booking is confirmed, you’ll coordinate with each other to have the belongings moved into the storage space. The platform also offers built-in tools for tracking and managing rental agreements, so that the transaction is easy for both hosts and renters.
Signing up and getting started with Neighbor is simple:
Download the Neighbor app or visit their website
Create a free account
If you’re hosting storage space, set up your listing with details and images
If you’re renting, search for suitable storage options and send booking requests
Communicate with your match and finalize arrangements
The steps to make money on Neighbor.com
To make money on Neighbor.com, follow these simple steps:
Create an account: Sign up for a free account on Neighbor.com using your email address, phone number, and basic personal information.
List your space: Provide details about the available space you want to rent out, including the dimensions, type of space (e.g. closet, attic, garage), and any unique features or restrictions. Upload clear, high-quality photos of the space to attract potential renters.
Set your price: Determine a competitive monthly rent for your listed space. You are in control of the price, so consider factors such as location, size, and demand in your area. Keep in mind that Neighbor.com will take a small percentage of your earnings as a service fee.
Review and accept bookings: Renters will send you booking requests for your storage space. Review their profiles and accept bookings from those who meet your requirements. You can even talk with potential renters through the Neighbor platform if you have any questions or concerns.
Get your storage space ready: Before the renter moves their belongings in, ensure your storage space is clean and easily accessible.
Maintain communication: Keep in touch with your renters throughout the rental duration. If they have any questions, make sure to get back to them in a timely manner. For the most part, it is fairly passive income, so you won’t normally need to talk very often.
Receive payments: After a successful booking, Neighbor.com will handle the payment process for you and they collect the rental earnings directly from the customer for you. Rent is collected monthly and automatically deposited into your chosen bank account or PayPal.
As you can see, it is easy to make passive income with Neighbor.com.
The types of storage you can rent on Neighbor.com
There are many different types of storage space that you can rent out on Neighbor.com.
Some common storage options you can rent on Neighbor.com include:
Garage: Renters may need to store a vehicle in your garage. This can be for reasons such as going on a long vacation, needing to temporarily free up space in their driveway, and more. They may even store furniture or other equipment. Garages are in demand because they can protect belongings from bad weather and also help keep items safe from theft.
Storage space: Smaller spaces within a house, such as closets, cabinets, or attics, can be rented out for storing smaller items or boxes that don’t require a large area. Neighbor even says that you can rent out a shelf in your home!
Driveway: For those in need of a place to park their cars, boats, or RVs, renting a driveway can be an affordable and convenient choice.
Shed: Outdoor sheds are perfect for storing gardening tools, bikes, or other items that can withstand the elements.
Things To Think About Before Renting Out Your Storage Space
To become a host on Neighbor.com, there are some things that you will want to think about.
Space Requirements – To become a host with Neighbor, all you need to do is clear a space in your property. Think about what you have available, even if that means that you may have to clear out some room and shuffle some of your belongings around. Remember, the more attractive and functional the space, the higher the chances of attracting renters.
Responsibilities – Your main responsibility as a host is to provide a safe and secure space for renters to store their belongings. You will want to keep the area clean and safe for a renter. You will also need to communicate with renters to coordinate pick-up and drop-off times, and answer any questions that they may have.
Liability coverage – To give you peace of mind, Neighbor offers liability coverage for hosts up to $1,000,000. In case a renter’s belongings are damaged or lost under your care, you won’t be held liable for the damages.
Identity Verification – For the safety and security of both hosts and renters, Neighbor requires all users to verify their identity when signing up. This process entails providing your legal name, date of birth, and proof of identity, such as your driver’s license. By verifying your identity, this creates a safer community.
Theft Protection – You should take measures to protect the items stored on your property, such as using locks or installing security cameras. Also, renters’ items are covered up to $25,000 in case of theft.
Managing Renters and Payments
Neighbor strives to provide a safe and secure platform for hosts and renters. When a potential renter expresses interest in your space, you have the chance to review their profile and approve or deny the request.
Once a renter is approved, Neighbor handles all the payments by charging the renter’s debit card monthly and depositing the funds directly into your bank account.
Payment Methods
Neighbor offers various payment methods for both hosts and renters. As a host, you will receive your earnings via direct deposit to your bank account.
Renters can pay for their storage space using a credit card, debit card, or other supported payment methods.
Service Fees
Neighbor charges a service fee of 4.9% + $0.30 on each payment from the renter.
So, if your rental fee is $100, then Neighbor will withhold $5.20 as their service charge, and you will receive the remaining amount ($94.80).
Refund Policy
Neighbor does have a refund policy and cancellation policy. This means that a customer can decide not to store their stuff at your home.
In case a renter decides to cancel the contract before moving in, they might be eligible for a full refund depending on the timing. However, if a renter cancels after moving items into your space, they may only receive a partial refund, depending on the remaining paid rental period.
Insurance and Liability Protection
As a platform for storing strangers stuff in your home, you probably have questions about safety and security.
Neighor offers insurance for both hosts and renters, protecting you from potential losses due to theft or damage. As a host, you’re eligible for a $1 million host guarantee, giving you peace of mind when you’re sharing your space with others.
As a renter, Neighbor provides a $25,000 protection plan (their rental guarantee) for your stored items as well.
Prohibited Items and Restrictions
Now, you are probably wondering – “But what if someone wants to store things that I am not okay with?”
This makes complete sense, as you, of course, don’t want someone storing illegal drugs or garbage in your home, of course.
To maintain a secure environment for everyone using the platform, Neighbor has set guidelines on prohibited items and restrictions. Keep in mind that certain items are not allowed to be stored in Neighbor storage spaces.
Prohibited items include, but are not limited to:
Hazardous materials
Explosives
Pesticides
Firearms and ammunition
Illegal drugs
Waste
Animals
Perishable goods
Are Neighbor.com reviews positive?
Neighbor has received many reviews on Trustpilot, which have been a mix of both positive and negative reviews.
Some reviewers write about the excellent service they have received by renting out their space on Neighbor, while I did see some negative reviews with specific Neighbor hosts, for example.
Also, some people have had good experiences as renters and hosts, while others have faced issues with billing and customer service.
Common Questions About Neighbor.com Storage
If you have more questions about renting out your unused space on Neighbor.com, please read the FAQs below.
Is Neighbor.com legitimate?
Yes, Neighbor.com is a legitimate company that connects people looking for storage space with those who have extra space available.
It is a peer-to-peer marketplace, where hosts can list their garage, spare bedroom, attic, basement, driveway, or any other space that someone else can use to store their belongings.
Is Neighbor safe to use?
Yes, Neighbor is safe to use for both renters and hosts. The platform gives $1,000,000 in liability coverage for hosts and $25,000 in insurance coverage for renters.
Plus, they have a prohibited items list, so that can help protect you as well.
Are the fees on Neighbor reasonable?
Neighbor does charge a fee. This is because they have created a platform to make sharing your storage space easy.
As a host, Neighbor charges a 4.9% processing fee and $0.30 for every reservation. For renters, there is around a 15% service charge in addition to the rental price.
How does payment work?
On Neighbor, renters pay through the platform, and hosts receive their payments directly from Neighbor. This ensures a secure transaction for both parties, with agreed-upon terms.
Is Neighbor.com BBB accredited?
Neighbor.com is not currently BBB accredited. However, BBB accreditation does not guarantee a better experience or whether a company is legitimate or real.
Can I make money with Neighbor? Is Neighbor a good way to make money?
Yes, you can make money with Neighbor by renting out your extra space to others who need storage. As a host, you set the price for your space, and the platform helps connect you with potential renters.
You can make anywhere from $100 to $400 per month or more in passive income for renting out your space.
Related: 30 Best Money Making Apps
Neighbor Review – Is the Neighbor app worth it?
If you are looking to make passive income, then renting out your unused storage space on Neighbor.com may be something that you are interested in.
To understand how Neighbor.com works, think of it as an Airbnb of storage; you offer your spare storage space (garage, basement, shed, etc.) for renters as temporary storage units without having to deal with the work of hosting guests.
Instead, you are just storing their stuff and then they leave! So, all you need to do is clear out a space for them to put their belongings.
For hosts, one of the main positives of using the Neighbor app is how easy the website makes everything. As a host, you can list your storage space with a description, pictures, and price. You can also decide on the length of time you want to rent it out – whether it’s for a month, a few months, or even longer.
For renters, the Neighbor app provides an affordable and/or convenient alternative to traditional storage units. Renters can browse listings and find storage spaces near their location that fit what they are looking for. Once they find a storage space that they are interested in, they can rent it from you and start storing their items.
Neighbor does charge a fee for using their website, but they are relatively low. As a host, you set the price for your storage space and the platform takes a small commission from the rent you receive for the convenience of using the Neighbor platform.
If you have an unused storage space and are looking to earn some passive income, the Neighbor app can definitely help you make some extra money.
Click here to learn more about Neighbor.com and sign up.
Would you rent out your extra space? Why or why not? What other questions would you like me to answer in this Neighbor Review?
Hawaii is an exciting place to call home. It offers incredible weather, scenic views, friendly people, and a slow-paced lifestyle. If you’re lucky enough to live or work in Hawaii, you might be looking for the best banks in the state.
While the Aloha State has fewer banks than other states, there are still plenty of reputable, member FDIC options available to you.
12 Best Banks in Hawaii
To make your search for a bank a bit easier, we’ve done some research and compiled this list of the best banks in Hawaii.
1. First Hawaiian Bank
First Hawaiian Bank, the oldest bank in the state, holds the distinction of having the most branches in Hawaii. This makes it a convenient choice for many people looking to open a checking account, as it provides three different options.
Their first option, Pure Checking, offers a straightforward, fee-free experience, complete with a complimentary debit card. The second, Priority Banking Gold, expands on these features by offering free checks and online bill pay, as well as discounts on loans.
For those seeking the most benefits, the Priority Banking Platinum provides an extensive list of perks, including a credit card with unlimited rewards and cash back, travel points, and no restrictions on redemption dates.
Beyond checking accounts, First Hawaiian Bank also caters to various other personal banking needs. They offer savings accounts, mortgage services, and wealth management solutions, among other things.
2. SoFi
SoFi serves as a top-notch alternative to traditional banking, catering to individuals seeking the convenience and flexibility of online banking. The SoFi Checking & Savings account offers a unique combination of checking account accessibility and high-yield savings account returns in a single, streamlined account.
There is no minimum balance requirement, no monthly fees, and no overdraft fees, positioning SoFi as a cost-effective solution for a broad spectrum of users. There’s also an enticing offer of earning up to $250 with qualifying direct deposits.
One of the most compelling aspects of SoFi is the impressive interest rates it offers. The savings account yields a 4.30% APY, while checking account balances earn 1.20% APY, both rates far outpacing those offered by most traditional banks. What’s more, deposits are insured by the FDIC up to $2 million, providing an added layer of financial security.
With SoFi Checking & Savings, accessing your money is both straightforward and convenient. Over 55,000 Allpoint® Network ATMs across the globe offer fee-free withdrawals, ensuring you can easily access your money whenever you need it.
3. Ally Bank
Ally Bank is an online bank that serves residents in every state, including Hawaii. It’s worth considering if you’re seeking an interest bearing checking account or competitive rates on high yield savings accounts, CDs, and money market accounts.
While deposit accounts are Ally’s bread and butter, the bank also offers mortgages, auto refinancing, and investment products. As an Ally account holder, you won’t have to worry about any monthly fees or minimum opening deposits.
Since Ally is an online-only bank, there are no local branches in Hawaii. Fortunately, it’s part of the Allpoint ATM network that will give you free access to more than 43,000 Allpoint ATMs. If you do use an out-of-network ATM, the bank will reimburse you up to $10 per month.
4. First American Trust
First American Trust operates one branch in Honolulu. If you have a particular interest in wealth planning, it should definitely be on your radar. It provides several wealth planning services, such as financial planning, retirement planning, and estate planning for individuals and families.
Its advisors can also help you set up a trust and protect your greatest assets. Additionally, First American Trust is a great resource if you’d like to build a diversified investment portfolio.
5. Bank of Hawaii
Headquartered in Honolulu, Bank of Hawaii is a regional bank and the second-oldest bank in the state. It serves local communities with a comprehensive suite of products and services as well as sponsorships and volunteerism. The bank’s lineup of personal banking products includes checking accounts, savings accounts, certificates of deposit (CDs), credit cards, personal loans, and insurance.
In addition, it supports small business owners with business deposit accounts, business credit cards, merchant services, and small business loans. The bank also specializes in investment services and long-term financial planning to help you meet your personal finance goals. If you’re interested in Bank of Hawaii, you can chat with a banker online or in-person at a local branch.
6. Central Pacific Bank
Central Pacific Bank has been around since 1954 and has physical locations in Hawaii, Oahu, Maui, and Kauai as well as mobile banking services. It was originally founded to help immigrants build a safe life.
Today, the Hawaii bank offers a wide range of products and services to individuals and small businesses in the Aloha State. Central Pacific Bank stands out for its diverse savings account options, high rates on CDs, and low minimum balance requirements.
It also provides personalized, high quality wealth planning services from a team of wealth advisors. You can download the bank’s mobile app to pay bills, send money through Zelle, check your online statements, set notifications, track your budget, and keep tabs on your financial activity.
7. CIT Bank
CIT Bank is a digital bank with several attractive products for Hawaii residents. Savings Connect is a savings account that offers a competitive interest rate you might not be able to find elsewhere.
Another savings account you may want to consider at CIT Bank is the Savings Builder. While the Savings Builder has a lower annual percentage yield or APY than Savings Connect, it can encourage you to save as you must deposit at least $100 per month from your paycheck or elsewhere to secure the highest APY.
Unlike many brick-and-mortar financial institutions, CIT Bank doesn’t charge monthly maintenance fees, overdraft fees, ATM fees, or excessive transaction fees. You can open a new account and manage it via the online portal or mobile app. If you have any questions or concerns, you can contact phone support on weekdays and Saturdays during select hours.
8. Hawaii National Bank
Hawaii National Bank is a local bank that made its debut in 1960 and has branch locations in Oahu, Maui, and Hilo. It offers several checking accounts, including the Household Checking, Personal Checking, 55+ Checking, Super NOW, and VIP Money Market Deposit. Even though some checking accounts come with monthly fees, the bank may waive them if you maintain a certain balance.
Savings account options include the traditional Personal Savings account with a variable, competitive interest rate, Kids’ Savings account for kids ages 5 to 17, and Christmas Savings account that can help you save for the holiday season.
In addition to checking accounts and savings accounts, you may turn to Hawaii National Bank for personal loans, credit cards, home loans, CDs, and retirement accounts. The bank also serves small business owners with deposit accounts, business loans, and commercial mortgages.
9. American Savings Bank
Known as the third-largest bank in Hawaii, American Savings Bank serves the Aloha State with a wide range of offerings. You can choose from three checking accounts, six savings accounts, and several credit cards with cash back rewards or points. American Savings Bank also offers CDs, student loans, mortgages, and credit cards.
If you open a checking account, you’ll reap the benefits of Overdraft Courtesy, which protects you from overdrafts that may occur from checks and electronic payments. Additionally, the bank’s advisors can assist you with investments and insurance.
If you become an American Savings customer, you may take advantage of online banking, which allows for mobile check deposit, automatic bill pay, Zelle payments, eStatements, and more.
10. Synchrony Bank
Synchrony Bank is an online bank you might want to explore as a Hawaii resident. With Synchrony, you can expect high interest rates on savings accounts and CDs, no monthly fees, a variety of credit card options from popular retailers, and reimbursements for out-of-network ATM access.
If you join the Synchrony Bank Perks Rewards program, you can earn elite status if you meet certain criteria. You’ll reach Diamond status, which is the top level if you deposit more than $250,000 or stay with the bank for five years. This status comes with perks like three free wire transfers per statement cycle and unlimited reimbursements for domestic ATMs.
11. Territorial Savings Bank
Territorial Savings Bank has served Hawaii customers since its inception in 1921. If you open a checking account, you’ll be able to earn interest as long as you deposit $100.
The bank also offers numerous CDs with competitive interest rates, special mortgage rates for first time homeowners, and discounts from local merchants, like hotels, car rental companies, and restaurants.
If you’re a small business owner, you may select from a number of business deposit accounts, business credit cards, and business loans.
12. Finance Factors
Headquartered in Honolulu, Finance Factors has 13 branches throughout the Aloha State. The bank’s deposit products are savings accounts, CDs, and retirement accounts.
It also specializes in a wide range of home loans like conventional mortgages, government-backed mortgages, jumbo mortgages, and investor mortgages. You can stop into a local branch or log into the online portal to manage your account.
Bottom Line
As you can see, there are a variety of banks in the Aloha State. Before you move forward with one, it’s a good idea to weigh the pros and cons of all your options. Factors like your particular banking needs and whether you prefer an online or in-person banking experience will help you make the best choice for your unique situation. Good luck with your search for the best bank in Hawaii.
Frequently Asked Questions
What is the largest bank in Hawaii?
First Hawaiian Bank holds the title as the largest bank in Hawaii, establishing a significant presence with a total of 49 branches scattered across the state. Founded in 1858, it boasts a long history and deep roots in the local community.
Should I choose an online bank or a traditional bank in Hawaii?
An online bank is your best bet if your goal is to land the best interest rate and lowest fees. However, if personalized service is important to you, you’d likely be better off with a traditional bank. Fortunately, most traditional banks offer mobile apps and online portals.
Is a credit union a good option in Hawaii?
If you find a credit union with the ideal loan or the products and services you need and qualify for membership, you may want to join it. But you may find a wider range of offerings at a bank.
Why are there no national banks in Hawaii?
National banks aren’t in the Aloha State due to its small population and the high cost of real estate. Smaller banks are your only option if you live or work in Hawaii. The good news is you’ll find many local banks that offer just as many products and services as big banks.
Check cancellation, also known as a ‘stop payment request’, is a procedure initiated by an account holder instructing their financial institution to prevent payment on a check that has yet to be processed.
There are a variety of reasons why one might choose to cancel a check. From preventing a fraudulent check cashing, misplaced personal checks, to stop payments to an erroneous recipient, each scenario can merit a cancel request.
Risks and Limitations of Canceling a Check
Before initiating a stop payment, it’s important to understand the risks and limitations associated with this action. The most immediate consideration is the stop payment fees. Most banks and credit unions charge a fee for this service.
Additionally, there’s a time limitation for canceling a check. If the check has already been cashed or deposited into the recipient’s account, you may not be able to stop the payment. Therefore, it’s essential to act in a timely manner to ensure the effectiveness of your request.
How to Cancel a Check
Canceling a check can feel like a daunting task, especially if it’s your first time doing so. Fortunately, the process is relatively straightforward. Here’s what you need to do to cancel a check:
Verify the Check’s Status – Has It Cleared Yet?
Before initiating a stop payment request, your first step should be to determine whether the check in question has already cleared. A check that has cleared has been cashed or deposited by the recipient and the funds have been deducted from your account.
You can verify the status of your check by reviewing your transaction history through your online account or mobile banking app, or by calling your bank’s customer service. If the check has already cleared, it’s too late to stop the payment. However, if it hasn’t, you can proceed with the stop payment process. This crucial step can save you from unnecessary stop payment fees if the check has already cleared.
Contact Your Bank or Credit Union
The first step in canceling a check is to contact your financial institution promptly. Whether you bank with a credit union or a traditional banking institution, you’ll need to initiate the stop payment process as soon as you realize the need to cancel a check. Time is of the essence when it comes to preventing the payment of a potentially lost, stolen, or miswritten check.
Most financial institutions offer a variety of ways for you to contact them. This includes phone, in-person visits, online banking portals, or even mobile apps.
Information You’ll Need
Regardless of the method you choose to cancel a check, you’ll need specific information to initiate the process. Be prepared to provide the following:
Account Number
Your account number is essential in helping the bank or credit union identify which account the check is drawn from. You can typically find your account number on your bank statements, within your online account, or at the bottom of your checks.
Check Number
The check number helps the financial institution identify the exact check you wish to cancel. It can be found in the top-right corner of the check and is also printed at the bottom, right next to the account number.
Amount and Payee
You’ll need to know the exact amount the check was written for, as well as who the check was made out to, i.e., the payee. These details ensure that the bank cancels the correct check.
Confirmation of Stop Payment Request
Once you’ve provided the necessary information and initiated the stop payment request, your bank or credit union will typically provide a written confirmation of your request. This may be given in person, sent via mail, or provided digitally, depending on your chosen method of request.
This written confirmation serves as proof that you’ve requested the stop payment. It will typically include details such as the date and time of the request, the check number, and the stop payment fee (if applicable). Make sure to keep this document in a safe place for future reference.
How to Avoid Needing to Cancel a Check
While knowing how to cancel a check is important, preventing the need to do so in the first place is even more critical. Implementing safe practices when writing and issuing checks and using secure alternatives can greatly minimize potential problems.
Safe Practices When Writing and Issuing Checks
Confirm the Recipient’s Details
Before writing a check, double-check the recipient’s details. Confirm that you have spelled their name correctly and that you have the correct address if you’re mailing the check. This can prevent checks from going to the wrong address or being unable to be cashed because of a misspelled name.
Encourage Prompt Cashing
Once you’ve written the check, encourage the recipient to cash or deposit it as soon as possible. The longer a check is uncashed, the higher the risk of it being lost or stolen. Also, an uncashed check can make accounting and balance tracking more challenging, as you need to remember to account for that uncashed check in your available balance.
Use of Electronic Payment Methods
Electronic payment methods are a convenient and secure alternative to physical checks. They reduce the risk of checks being lost or stolen and eliminate the need to write checks manually. Here are a few options:
Direct Deposit
Direct deposit is a popular method for paycheck distribution but can also be used for other types of payments. It eliminates the need for a physical check and ensures that the funds reach the intended recipient’s bank account directly.
Online Banking Services
Most banks and credit unions now offer comprehensive online banking services, which include the ability to send money directly from your bank account to another. These transactions are secure and can be done from the comfort of your home or on the go. Many financial institutions even offer the ability to set up recurring payments, making it an excellent option for paying bills.
Mobile Payment Apps
Mobile payment apps have soared in popularity in recent years. Services like Venmo, PayPal, and Zelle allow users to send and receive money quickly and securely. These apps can be linked directly to your bank account or credit card and provide a convenient way to transfer funds without needing to write a check.
How much does it cost to cancel a check?
The cost to cancel a check varies by financial institution. Some banks may waive stop payment fees for premium account holders, such as those with America Advantage Relationship Banking or Citi Priority. However, for regular checking accounts or money market accounts, the stop payment fee can range anywhere from $15 to $35.
How long do you have to cancel a check?
The time frame to cancel a check depends on the specific bank or credit union. However, most financial institutions recommend that you initiate a stop payment request as soon as you realize a check needs to be cancelled. The sooner you can report a lost or stolen check, the better your chances of preventing unwanted transactions.
Can you cancel a cashier’s check?
Stopping payment on a cashier’s check is generally more complicated than stopping a regular check. Because cashier’s checks are guaranteed by the issuing bank, they are often treated as cash. However, if a cashier’s check is lost or stolen, the bank may issue a stop payment after a waiting period, typically 90 days.
Conclusion
Canceling a check is an essential skill for anyone who writes checks. It requires understanding your bank account policies, knowing how to navigate your financial institution’s website or customer service, and being proactive about spotting any potential issues with your personal checks.
Remember to keep a close eye on your transaction history and balance in your checking account or high-yield savings accounts. This will help ensure your hard-earned money stays right where it belongs. Remember, it’s not just about knowing how to cancel a check, but also knowing how to prevent the need for cancellation in the first place.
Apparently, our loft has nine lives. Just when you thought we couldn’t redecorate yet again – I got pregnant! My first thought upon hearing that le bebe was on the way after the initial shock wore off!?? How the heck would we cram a baby in our loft! With our new/old house months away from completion, I knew we had to find a way to make our 1-bedroom space work for our suddenly growing family. Thankfully, I think we’ve managed to do it, and quite well if I do say so myself!
In order to make way for baby, we did have to say so long to the Apartment 34 Studio wah!!. It was in the only room in our space that has a door that closes other than bathrooms of course. I also decided climbing up and down from our loft bedroom to the nursery two flights below would be less than ideal – so we decided to combine the two. I’m rather thrilled with how our bedroom + baby room turned out – but quickly, here’s a reminder of where we started:
And here’s how the room is looking NOW!
If we’d had room for a separate nursery I would have been all for it, but since we had to go with co-sleeping, I set out to create a combined master bedroom/nursery that was functional for baby, but also aesthetically pleasing for us grown-ups! The key was to keep the space from feeling too childlike. This was accomplished in three ways: 1) sticking with neutral color palette, 2) using black as our accent color and 3) relying on modern pieces throughout the space – even the stuff for the baby.
The room really started around the alphabet print above. We stumbled upon it in a shop in St. Helena. I immediately loved the muted tones and unique animals narwal anyone?!. Confession: we actually originally bought it as a baby present for some friends, but then one thing led to another and it never got sent! Whoops! So it became the main inspiration for our color palette and overall vibe.
I was also thrilled I could repurpose many of the existing design elements in the room, including our floating Ikea shelves that once served as our office bar as you may have noticed in the before pics above. They are now our changing table. Carter loves looking up at his Ladies & Gentlemen Chime from his changing pad. Diapers and all other changing accoutrements are at arms reach but incognito in the woven basket. Everything else – wipes, onsies and burp clothes are all tucked neatly away. Fun side note: I’ve had that felt Mariners mini-pennant since I was about six!
My favorite creative idea in the room? Using a chic modern towel ladder designed by Norm Architects to hang swaddle blankets you go through a ton! and display modern books and toys. My killer woven leather basket that used to house my magazine collection organized, now holds all of Carter’s little stuffed friends. I used sheepskins throughout the room to add warmth and a cozier feel – since we have a concrete floor!
I also tossed some DIYs into the room. Yes I said DIY! For example, rather than hang faux stuffed animal heads or a baby-themed gallery wall above the crib, I found a set of geometric metal sculptures on Amazon. I simply spray-painted them white with one left black to pop and tacked them to wall. It’s a completely malleable art installation that cost less than $25! I love that it gives some visual interest without being overbearing.
I did have to say good-bye to one of my favorite DIYs – our gorgeous gold bookcase see the before image for reference. It was just entirely too girly for my hubby – and even for me these days. So back to bright white the bookcase went. Instead of office supplies, I styled out the shelves with a mix of grown-up elements like design books and my collection of Kinfolk Magazines. I combined those with some childhood treasures like my collection of Mariners bobbleheads and my husband’s Boy Scouts rally car. I can’t wait to see Carter play with it one day!
Sure, there are a few whimsical touches in room. My clouds and stars mobile by Baby Jives came from my similarly themed baby shower. Yes, there are some overly sacchrin stuffed animals in the room. But other than that, we intentionally kept the baby decor as paired down as possible. It is only temporary after all. And it’s amazing how quickly things you “must” have for baby can accumulate. But now that we’re almost three months into this whole parenthood thing, I’ve narrowed down my newborn nursery must-haves to the absolute essentials. When you’re dealing with a small space, I highly recommend sticking with the basics. Baby stuff will take over if you’re not careful! Thankfully, I found quite a few of my favorite well-designed baby accessories from Munchkin. Carter particularly loves their Latch bottles – which was great because I surprisingly had a lot of anxiety about bottle selection. They even make a travel bottle warmer, making naps on the go so much easier! So many new things to worry about as a lady with a baby… But I digress.
Here are the rest of my nursery faves. I think they’re as aesthetically pleasing as they are functional!
GET YOUR SHOP ON:
> Latch Bottle by Munchkin > Nuna Leaf baby Lounger > Wipes Warmer by Munchkin > White noise, Baby Log & Wonder Weeks iPhone apps > Diaper Pail > Video Baby Monitor > Crib > Latch Pacifier
So do you like?? I bet you didn’t think we could switch things up any more after this office makeover, and then this one, and this living room makeover and then this one but I was determined to make the loft as functional and fantastic as I could for the short time that we’ll continue to be here. A space I love is SO critical to my sanity. And let’s be real – I’ll jump at any excuse to redecorate! I’m dying to hear what you think of the space! And if you like what you see be sure to come back. We updated what was our bedroom and made a few changes to our living room too. I’m going to be revealing those spaces next week!
Nursery/Master Bedroom Resources:
west elm platform bed // cedar & moss sconces // h&m linen bedding // jm generals wool bed throw // original art by bianca sotelo // stokke mini crib // aden & anais baby bedding // jessie black felted sheepskin // baby jives mobile // menu towel ladder // serena & lily stool // sheepskin rugs // vintage turkish rug & felt rug pad // ladies & gentlemen studio chime // onefortythirty wall lamp // pottery barn kids nesting floor baskets
Original photography for Apartment 34 by Aubrie Pick
This post is in partnership with Munchkin. Munchkin rids the world of the mundane by developing clever, innovative solutions that make family life safer, easier, and more fun. You can find Munchkin products at Munchkin.com, Target, Babies’R’Us, Walmart, and Amazon. It’s the little things! All opinions expressed in this post are 100% my own. Thanks for supporting collaborations that we’re excited about and keep the Apartment 34 doors open!
The gig economy was just beginning to blossom pre-pandemic. Between 2010 and 2020, the number of gig workers or side hustlers increased by 15%. Unlike many aspects of life, which stagnated during the pandemic, freelancing only grew. Statista reported that 73.3 million people work as freelancers in the U.S. right now, an increase from 57.3 million pre-pandemic.
Freelancing has tremendous benefits for many people. Freelancing or gig work can provide:
Flexibility
A better work-life balance
Increased income potential
But it can come with some financial complications, too.
As a freelancer, you’ll need to manage cash flow so that you’ll have money in your account to pay your bills. You’ll be responsible for paying your own taxes. And, with that in mind, you’ll want to track expenses carefully so that you can deduct the costs of running your freelance business from your bottom line.
That’s where having a business bank account can come in handy.
Why You Need a Bank Account If You Have a Side Hustle
According to tax laws, you don’t have to have a business bank account to run a side hustle or a freelance business. You can file your taxes using your Social Security number and receive a 1099 form as a sole proprietor.
But as your business grows, you may want to incorporate under a tax ID number. You may choose to register as a corporation like an S-Corp or, more commonly, a limited liability corporation or LLC. This can get confusing, so it’s important to speak to a tax account before you take this step.
If you incorporate your business, you’ll need a business checking account to keep your personal finances separate from your business expenses. You would pay yourself a salary out of your business account and use your personal bank account to pay for your daily living expenses, entertainment, and anything that isn’t considered a business expense.
Benefits of Business Accounts
Most small business owners, freelancers and side hustlers prefer to open a business account even if they aren’t incorporated. Having a dedicated business checking account makes it easier to track your business income and expenses, which makes filing taxes – and making quarterly estimated tax payments – easier. If you ever get audited, you’ll have a clear record of your personal and business finances.
Plus, if you do any sales and marketing for your freelance business, your business debit card can often pique people’s interest. You’d be surprised how having a debit card with your business name on it can help you generate leads in odd places, whether you’re at your favorite bar or paying for groceries.
If you’re ready to open a separate business account, it’s important to find one that will meet your needs.
Freelancer vs. Side Hustler vs. Entrepreneur
Before you choose a business account, you may be wondering about the differences between entrepreneurs, freelancers, and side hustlers. Which category do you fit in?
These are all loose terms to describe anyone who owns their own business or is self-employed. Self-employed is a tax designation, which means you are a 1099 contractor for other companies. This term would apply to most freelancers and side hustlers.
On the other hand, if you start your own business, you might consider yourself an entrepreneur. The dictionary defines an entrepreneur as someone who starts a business and is willing to take a financial risk in hopes of great success.
A freelancer may also take financial risks, including leaving a steady paying job. In a lot of cases, whether you describe yourself as an entrepreneur, small business owner, freelancer or side hustler is up to you.
Compare the Best Freelancer Checking Accounts
In most cases, business owners, freelancers and side hustlers can all benefit from a good business bank account. Read on as we compare the best business checking accounts for freelancers, gig workers, and entrepreneurs.
1. Lili Bank: Overall Best Bank for Freelancers
Lili calls itself “the one-stop shop for all your small business financial needs.” An online financial services company that provides business banking, accounting for freelancers, invoicing, and tax support, Lili is backed by Choice Financial Group Inc.
As a US-based bank, Choice is a member FDIC, which means your funds deposited in Lili are protected by the federal government up to $250,000 per account.
What sets Lili apart as one of the best bank accounts for freelancers?
In addition to all the other services it offers to business owners, Lili has no minimum balance requirements, no monthly fees for basic checking, and a network of 38,000+ fee-free ATMs nationwide. You can also open a business savings account and earn 1.50% APY at Lili.
Lili’s basic business checking account has no monthly fee, expense categorization for your purchases, and the ability to generate quarterly expense reports.
Alternatively, for $9 per month, you can earn 1.5% on savings, get a Visa business debit card with cashback rewards, overdraft protection up to $200 and tax, invoicing software, and accounting support.
Lili integrates with third-party services that gig workers may use, including Etsy, Shopify, Venmo, QuickBooks, and your PayPal business account.
When you compare the prices of other invoicing and online accounting services, you may find that Lili offers tremendous value for the money as one of the overall best banks for gig workers you can find.
Bluevine: Best for Business Interest Checking Account
Like Lili, Bluevine is a financial technology company. It is backed by Coastal Community Bank, Member FDIC to protect your deposits. The Bluevine business checking account offers 2.0% interest, which sets it apart from competitors.
To take advantage of the interest, you’ll need to either spend $500 per month with your Bluevine Business Debit Mastercard or receive $2,500 per month in customer payments to your Bluevine business checking account.
There are no monthly fees or minimum balance requirements and you can make unlimited transactions with no fees. Like Lili, Bluevine also offers other services for business owners.
If you are looking for a business interest checking account with value-added services, consider Bluevine. Your account integrates easily with QuickBooks, with no fees involved. Plus, you can set up sub-accounts to easily manage your money, add authorized users, and pay bills via ACH or wire transfer from your Bluevine account.
While many credit providers offer business credit cards, Bluevine is one of only a few business checking accounts that offers a business line of credit. You may qualify for a credit line of up to $250,000, with a rate as low as 6.2% interest. This interest rate is much lower than the national average of 20.46% for business credit cards right now, as reported by The Balance. Plus, you could get approved in as fast as five minutes, according to the Bluevine website.
For entrepreneurs seeking to purchase tools or resources, or freelancers in need of business equipment, Bluevine’s line of credit could provide you with the financial security you need to grow. Take note that you’ll need a credit score of 625 or more to qualify and $40,000 in monthly revenue. This is probably not a service for a gig worker, but for a seasoned entrepreneur.
Even so, it’s never too early to get started with a business checking account, especially one with no monthly fees.
Amex: Best for Debit Card Rewards and Bonus Offer
American Express is a renowned name in business and consumer rewards credit cards. But you might not be aware that the company also offers a business checking account with 1.30% APY on balances up to $500,000.
American Express also has no monthly maintenance fees, no fees on domestic ACH payments, and no fees at MoneyPass ATMs. The American Express Business Blueprint app makes it easy to manage your account.
Amex stays true to its credit card rewards roots with a rewards business debit card. Earn 1 Membership Reward point for every $2 on eligible purchases. You can combine points earned with Membership Rewards points accrued with other Amex cards, and use those points for travel, gift cards, or cash back. You can also convert those points into cash deposits directly into your new business checking account.
Amex’s bonus offer stands out to us. Earn 30,000 Membership Rewards points after you deposit $5,000 or more within the first 30 days of account opening, maintain that balance for the next 60 days, and make five or more qualifying transactions within those first 60 days.
NBKC Business Checking: Best for No Fees
If finding a business bank account with no fees is most important to you, a nbkc Business Checking account might fit the bill. The bank offers unlimited transactions with no fee, no minimum balance requirements, no monthly fees, and no opening deposit requirements either. You can also have out-of-network atm fees reimbursed for up to $12 per month.
If you are a freelancer just getting started or just looking to supplement your full-time income with a side hustle, you’ll find nbkc bank a low-cost and convenient option among free business checking accounts.
NBKC lacks some of the bells and whistles of the top choices on our list. You won’t get integrations with common business software or invoicing and accounting support. But a nbkc business checking account is free with your personal account and provides an easy way to keep your business and personal funds separate.
Novo: Best for Payment and P2P Money Transfer App Integration
Novo is another choice with no monthly maintenance fee, no monthly fee, free ACH transfers, and no minimum balance needed. Like many of the business bank accounts on this list, Novo is a financial technology company. It’s backed by Middlesex Savings bank, a Member FDIC, which means your money is protected up to $250,000 per account.
Novo is the best for business owners looking for an easy way to process payments or transfer funds. You’ll get free ACH transfers from another checking or savings account and refunds on all out-of-network ATM fees.
Novo integrates with many P2P payment apps, including Square, Shopify, and Stripe, as well as Etsy, eBay, Amazon and more.
When you use Novo Boost, you can get paid 95% faster through Stripe, or two business days before the funds would ordinarily appear in your account.
Plus, it’s quick and easy to open an account online, with approval as fast as 10 minutes – rather than days with some other online bank accounts.
Axos Bank: Best for New or Scaling Businesses
Many freelancers don’t think about opening a business account until they have incorporated their company to make that transition from self-employed to entrepreneur. If this sounds like you, Axos Bank could have the best bank accounts for you. The online bank is offering business owners who incorporated after June 2020 an extra $200 in their new business bank account.
If you aren’t newly incorporated, you can earn a $100 bonus.
Like many of the best business accounts on this list, Axos has no monthly fee, no minimum monthly average balance to hold, ATM fee reimbursements for all domestic transactions, and no minimum opening deposit. The bank accepts cash deposits or you can transfer money from other checking accounts via ACH.
Unlike many online banks, Axos offers business owners a dedicated relationship manager to help point you to the products and services that are best for your growing business.
Chase Business Complete Banking: Best for Credit Card Processing
As the largest U.S. bank, with assets of $3.31 trillion, Chase is a traditional bank that offers all the convenience of online banks. This includes personalized service, stellar fraud protection, and a host of other features and benefits we’ve come to expect from any financial institution.
The Chase Business Complete Banking account is ideal for entrepreneurs, offering unlimited transactions and no monthly fee (if you meet certain requirements). These requirements are relatively easy to meet with a $2,000 minimum balance, $2,000 in purchases on your Chase Ink Business credit card, a link to a Chase Private Client Checking account, or $2,000 in deposits from QuickAccept or Chase eligible merchant services.
The best aspect of Chase Business Complete Banking is the ability to process credit card transactions and receive funds the same day through Chase QuickAccept. (Additional fees apply.)
You can open an account with no minimum deposit to get started.
Wave Money Business Banking: Best for Free Business Banking
Wave Money integrates a free checking account with easy bookkeeping for freelancers and solopreneurs. Wave is best for those who want to improve cash flow with instant pay and want bookkeeping tools to make tax prep easier.
Wave has no monthly fee or transaction fees, so you keep more of what you earn. You can use the mobile check deposit feature for convenience, and make ACH transfers easily. There are no transaction limits with Wave, and you can also connect third party payment processors.
Wave is another fintech company, with banking provided by Community Federal Savings Bank, Member FDIC. That means your funds are insured for up to $250,000 per account.
TIAA Bank: Best for Business Investments
Besides checking accounts, TIAA Bank offers a variety of banking products for entrepreneurs and gig workers that sets it apart.
If you’re considering business savings accounts, TIAA offers CDs and money market accounts to earn interest at a rate higher than you may get with another account. Currently, TIAA’s one-year business CD offers an APY of 3.75%.
TIAA’s checking accounts offer easy online banking and mobile check deposit, along with personalized service from a business solutions specialist.
LendingClub Bank Tailored Checking: Best for Earning Checking Account Rewards
The LendingClub Bank tailored checking account for freelancers is one of the few banks on our list where you can earn interest on your checking balance, plus 1% cash back rewards when you use your debit card.
Account holders earn 1.5% APY on balances up to $100,000 and 0.10% APY on the portion of your balance that exceeds $100,000.
LendingClub Bank reimburses fees if you use an out-of-network ATM. The bank also supports QuickBooks, Quicken and Mint for budgeting and bookkeeping. You can also send digital invoices and get paid directly to your LendingClub account, making LendingClub Bank Tailored Checking one of the more robust and affordable online banks for freelancers.
Just make sure to maintain an average daily balance of at least $500 to have the monthly fee waived.
How to Choose the Best Bank Account for Your Business
When you’re evaluating business bank accounts, you’ll want to consider your needs and the features that are most important to you.
It should go without saying that you want an account with no monthly fees or no monthly fees. Unless you’re an established business owner, you may also want no minimum balance requirements. You don’t want to get saddled with fees if your business runs into cash flow problems or you have a down month.
If you run a high-volume business, look for a bank account with no transaction limits, no in-network ATM fees, and unlimited ATM fee rebates.
Need a way to manage contracts, collect invoices, and help with taxes?
Your business bank can represent much more than just a place to deposit cash and a means to pay your bills. Many of the best bank accounts on this list also offer freelancer invoicing, tax assistance, and ways to manage contracts.
Budgeting and Savings Features to Look For
When you’re a freelancer, it’s convenient to have an easy way to track your expenses and budget for not just expected costs, but surprise opportunities or financial emergencies.
Just as you should have a personal bank account established with emergency savings, you want a business savings account. In fact, you may want multiple business savings accounts or the ability to divide money into various buckets for known costs – like taxes – and unexpected expenses, such as car repairs or a new phone.
Some budgeting and savings features are nice to have, such as an interest-earning checking account and cash back on debit card purchases.
Why We Chose Lili as the Best Business Bank Account
Lili graces the top of our list because the fintech company offers so many value-added services for entrepreneurs that it’s virtually a one-stop shop for freelancers. However, the other banks on our list for best business accounts have their own benefits you might want to consider.
Should You Use Different Banks for Personal and Business Finance?
If you already have a separate bank account for your personal finance, there is something to be said for opening a business account through the same bank. You may get extra perks and benefits or waived fees. Best of all, it’s easier to use one app to manage all your personal and business banking.
But if you opt for an online financial services company, instead, it is typically easy to transfer funds between accounts. Also, companies like Lili and Bluevine specialize exclusive in business accounts, which means they have services tailored specifically to your needs.
Bottom Line
A lot of factors go into choosing the best bank account for your business checking needs. Knowing your must-haves, nice-t0-haves, and those features that don’t really matter to you can help make the decision easier.
FAQs
What is a business bank account?
A business bank account is a dedicated account separate from your personal accounts that you use to deposit cash, checks, or other customer payments earned through your business. You should also use your business checking account to pay for business expenses.
Do You Need a Business Bank Account if You’re a Freelancer?
Freelancers are not required by law to have a separate business banking account. But if your business is incorporated as an S-corp, C-corp, or LLC, you are required to keep your business and personal accounts separate.
Should You Have a Separate Bank Account If You’re a Freelancer?
Even though it’s not required by law, it’s a good idea to have an account separate from your personal checking account to help you keep track of business income and expenses.
What Makes a Business Bank Account Ideal for Freelancers?
Business bank accounts often have many of the same features as some of the best personal bank accounts. That would include low or no minimum balance requirements, no monthly maintenance fee, no transaction fees, and no hidden fees.
You may also look for features like mobile check deposit, unlimited electronic deposits, and low wire transfer fees if you have a lot of customers, clients, or vendors outside the U.S.
Methodology: How We Select the Best Bank Accounts for Freelancers and Side Hustlers
We evaluated the best bank accounts for freelancers based on the ability to earn interest, monthly maintenance fees, minimum balance requirements, the ease of making cash deposits, customer service, and more.
Some banks are better for freelancers who don’t maintain a high balance or only have a few transactions per month. Entrepreneurs with fast-growing businesses looking to scale may prefer a business checking account with unlimited transactions and the ability to accept credit card payments through the same bank.
Some business owners may want to be able to integrate their Quickbooks accounting system through their bank.
We have banks on this list designed for small business owners, freelancers and side hustlers at every stage of business growth.