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Apache is functioning normally

May 25, 2023 by Brett Tams

Businesses pay market research companies to gather information on what customers like you think. Those market research companies, in turn, pay customers like you to provide that information.

The good news is, this is no longer limited to in-person focus groups. You can now participate in market research from the comfort of your home. You can sign up for apps and sites that will pay you to answer questions.

But some survey apps pay more than others, and they don’t all offer the same types of rewards. Here’s my selection of the best survey apps for money out there if you’re looking to make a little extra money.

What’s Ahead:

Survey Junkie

Rewards for: completing surveys, participating in focus groups, testing products, and sharing web behavior
Redemption options: PayPal credits, bank account transfers, and gift cards for brands like Amazon, Target, Walmart, etc.
Mobile app ratings: 4.6 App Store; 4.3 Google Play

Survey Junkie users start by filling out questionnaires and building their user profiles, which give the platform an idea of their interests and lifestyle. These profiles are then matched to survey opportunities.

Surveys show up in a user’s personal dashboard, and the user can choose which surveys they would like to participate in based on the survey’s pre-disclosed topic, point value, and estimated time of completion.

Completed surveys earn points, which can then be redeemed for PayPal credit, bank transfers, or gift cards. Those who complete three surveys per day can reportedly earn up to $40 worth of credits or gift cards per month. More time-consuming activities like focus groups can earn a higher number of points.

In addition to paid surveys, users can also elect to participate in ‘behavioral research,’ in which they share their web search, browsing, engagement, and shopping history with the platform to earn extra points.

SurveyJunkie is open to residents of the United States, Canada, Australia, and the United Kingdom, ages 16+.

Try Survey Junkie now.

MyPoints

Rewards for: taking polls, doing online surveys, watching videos, playing games, online shopping, downloading coupons
Redemption options: gift cards for Visa, PayPal, or a number of popular retailers
Mobile app ratings: 4.3 App Store; 3.4 Google Play

MyPoints pays you to give your opinion on a wide range of consumer topics, from cars to clothes to home and garden supplies. Payouts for completed surveys range substantially, with some of the more time-consuming surveys offering up to $50 worth of points. Short surveys might yield $1 in points.

Aside from surveys, MyPoints also rewards you for shopping online, which is actually my favorite aspect of the app. It links up to popular retailers I already use, like Amazon, Walmart, Target, and Home Depot, among many others. That means I’m earning points for money I’d be spending anyway.

Best of all, MyPoints helps you save. Not only can you apply coupons to your purchases with your favorite retailers, but you actually earn rewards for downloading them. When combined with the points you’re getting for shopping, you can quickly rack up rewards.

MyPoints lets you cash in your rewards in a couple ways. You can choose gift cards from popular brands like Bath & Body Works, Sephora, or Walmart, or you can convert points to PayPal cash.

Try MyPoints or read our full review.

Swagbucks

Rewards for: completing online surveys, in-home product surveys, playing games, shopping
Redemption options: gift cards from Amazon, Walmart, Target, and Visa or PayPal cash
Mobile app ratings: 4.4 App Store; 4.2 Google Play

If you want to earn dough just for browsing the internet, Swagbucks is a great option. You won’t be able to quit your day job, but it’s a great way to earn a little extra spending money each month. 100 Swagbucks points are worth $1, and most surveys pay out between 40 to 200 points each. Some active users report making a couple of hundred bucks a month with the app.

What I like most about Swagbucks is the variety of points-earning options. Sure, you can earn rewards for answering surveys and shopping, but you also earn by simply trading in Google for the Swagbucks search engine. You’ll be adding points to your total in the background while you search the web and browse various sites.

Once you’ve earned enough points, you can trade them in for gift cards at some of the most popular retailers. You won’t see as many gift card options as you get with other survey sites, but all the big names are there. For instance, Amazon, Apple, Walmart, and Target gift cards are usually available.

Try Swagbucks now.

YouGov

Rewards for: completing paid surveys
Redemption options: cash direct deposit, gift cards
Mobile app ratings: 4.7 App Store; 4.4 Google Play

What drew me to YouGov is the fact that the collected information is sometimes cited online and in news reports. Knowing I’m a part of the group that is referenced in, “According to a survey from YouGov” is an incentive to participate, especially if I’m paid for my feedback.

The biggest issue with YouGov is that it combines paid survey opportunities with those that pay nothing. You’re free to complete those just to take part in the information being collected and distributed. Some members found that paid opportunities were few and far between.

Despite its name, YouGov doesn’t just collect information on political issues. As with other survey sites, you’ll be polled about your thoughts on brands and services.

Try YouGov now.

Opinion Outpost

Rewards for: taking surveys, testing products, watching advertisements
Redemption options: PayPal cash, Visa prepaid cards, gift cards for popular merchants
Mobile app ratings: N/A

You can earn around 10 to 250 points per completed survey with Opinion Outpost, which can add up over the course of a day.

Rewards can be redeemed for a relatively limited selection of gift cards, but the selection at least usually includes major brands like Amazon, Apple, Target, Macy’s, Home Depot, etc. Most gift cards require 100 points for a $10 card value.

One downside to Opinion Outpost is that you’ll have to prequalify before you can take a survey. This is done by answering a few questions before the survey’s available. If you don’t qualify, you’ll be entered in a drawing for a quarterly prize, but it can feel like you put more time in to find a survey you can finally complete.

Another potential downside is that Opinion Outpost isn’t available as a mobile app, so if you’re on the go a lot you’ll have to access the platform from a web browser on your phone.

Join Opinion Outpost now.

Branded Surveys

Rewards for: completing paid surveys
Redemption options: Amazon or Visa gift card, or a PayPal payment
Mobile app ratings: 1.5 App Store

Formerly known as MintVine, Branded Surveys offers rewards for survey participants in the U.S., Canada, and the UK. It partners with some of the top names in the industry, including Nielsen and Harris Interactive. As such, you’ll have more confidence that your feedback will make an impact.

One thing that sets Branded Surveys apart is the volume of surveys. You’ll have to qualify for each one, but having a wider range of options makes it more likely that you’ll find one that’s a match. A great thing about Branded Surveys is if you put time into completing a survey, only to ultimately find out that you don’t qualify, you’ll still be paid a few cents.

Branded Surveys typically pays between $0.50 to $5.00 per survey. You can cash out once you reach 500 points. Aside from the usual gift cards or PayPal credits, with Branded Surveys you can also choose to direct your accumulated points toward a US charity, which is unusual among survey apps.

Join Branded Surveys now.

Pinecone Research

Rewards for: online surveys
Redemption options: PayPal cash payments, paper checks, prepaid cards, or gift cards
Mobile app ratings: 2.4 App Store; 3.0 Google Play

From respected industry leader Nielsen (of Nielsen Ratings fame), Pinecone Research is a great way to earn rewards while also feeling as though your voice is being heard. To get started with Pinecone Research, you simply sign up and wait for approval. Once you’re approved, you’ll start receiving invitations to participate in surveys.

After you’ve set up an account, you’ll be able to view the rewards available, as well as the points you’ll need to earn them. You can trade your points in on small rewards or save up for something bigger. As long as your account remains active, your points never expire. You can also opt to trade your points in for cash, deposited to your account.

One thing that sets Pinecone Research apart is that sometimes members are mailed physical products to try out. In many cases, you get to keep the items after you’ve completed the survey. Some brands ask that you send the products back, though.

Surveys and products are distributed based on the questionnaire information you provide. Many brands request specific audience demographics, so some members receive more offers than others. This makes the questionnaire you complete at signup especially important.

Join Pinecone Research now.

MySoapBox

Rewards for: completing surveys
Redemption options: gift cards from popular merchants, including Amazon, Walmart, and Starbucks
Mobile app ratings: N/A

MySoapBox focuses on surveys, rewarding you for answering questions about products, services, and experiences. It’s available as a web app only, not a mobile app.

1,000 points equate to a $1 value, and you’ll generally get between 750 and 1,500 points per completed survey. You need a minimum of 25,000 points to redeem for a gift card.

MySoapBox is a part of Interviewing Service of America (ISA), one of the largest US-based market research companies. They’ve collected data for businesses since 1982, historically through telemarketing and in-person focus groups, and today facilitating an online option via MySoapBox.

Join MySoapBox now.

Intellizoom

Rewards for: taking surveys
Redemption options: PayPal
Mobile app ratings: N/A

Intellizoom doesn’t mess with rewards and points; you’ll instead earn cash for completing surveys. They don’t send you actual dollar bills, of course. You’ll be paid electronically via PayPal within 21 business days of your survey responses being approved.

The amount you’re paid is based on the complexity of the survey. You can earn up to $10 for more challenging surveys, such as those that require you to record audio or video. Simple surveys usually pay around $2 each.

You may find yourself not as active as you want to be, though. As with other survey sites, you have to wait until you’re invited to participate. Typically, invitations are based on demographics, but you’ll also be graded on the quality of your surveys. You can boost your earnings by making an extra effort to provide useful, well-constructed feedback.

Without an app, you are limited to using the site in a browser. If you can get enough of the more challenging surveys, you could make a decent chunk of change from this site.

Join Intellizoom now.

How I came up with this list

Yes, some survey-for-cash sites can be scammy. It may even sound too good to be true. When I was researching top survey apps and sites, I first narrowed it down to the reputable ones, reading reviews and making sure people had actually gotten paid for their efforts.

Once I had a list of trustworthy sites, I further sharpened it to make sure you were getting the best of the best. Here are the features I considered in my research:

Options for earning points
Redemption options
Difficulty in earning enough points to get rewards
Turnaround time for getting paid after cashing in points

Keep in mind that scams aren’t the only thing to worry about with survey sites. You’ll find that with some sites, the amount of work you have to put in to get even a $10 gift card is far more than with other sites. You can speed up that turnaround time by choosing a site that lets you accumulate points for doing other things, including shopping, gaming, or participating in the site’s community.

How to take surveys for money

A survey app gathers information from consumers, often in exchange for a small amount of pay. You’ll sign up, provide some demographic information, then apply to complete surveys. Taking surveys that you qualify for might be rewarded with gift cards, prepaid cards, or PayPal transfers.

If you’re looking for a way to make a little extra money, a survey app can help. But some people sign up for the rewards, only to find that the real enjoyment comes from providing feedback. The information you provide is used to help businesses improve everything from product design to marketing efforts, so your opinion can be a huge benefit to all consumers.

Those with a little extra time on their hands will likely find a survey app is a great fit. If you’re looking to make hundreds of dollars a week, though, you’ll probably be disappointed.

Most important features of survey apps

Ready to get started? If so, here are some features to consider as you’re shopping around for a survey app.

Points-earning options

What do you have to do to earn points? Surveys are only one option. You can also find apps that will let you earn points for doing web searches, shopping online, watching videos, and more. Also, consider the types of surveys the site offers. Many will simply ask you about your feelings on products or services, but there are some that are political in nature.

Rewards offered

If you’re looking for cold, hard cash, you’ll need to first weed out the sites that only offer gift cards. Although if you’re like me, a gift card to a retailer like Amazon or Walmart can be as good as cash. Many survey apps also allow you to cash out via PayPal, which is accepted at a wide range of online retailers.

Ease of finding surveys

Ideally, you’ll sign up for a site and be able to complete as many surveys as you want. Unfortunately, that isn’t how it always works. Many companies are looking for data from a very specific demographic, so you’ll only be able to participate in some of the available surveys.

FAQs

Are paid survey apps legit?

Even when a survey site is legitimate, it may not pay as much for your time as you’d like. It’s important to note that you should never pay to participate in a survey site. You can find plenty that will let you sign up for free and will pay you, rather than the money flowing in the other direction.

Are survey websites worth it?

Paid survey websites can be a way to earn a little extra cash, but whether they are worth it depends on your personal situation and goals.

While taking surveys may not take a lot of effort, it can be time-consuming. You may need to spend a significant amount of time taking surveys to earn a meaningful amount of money. Most survey sites offer relatively low compensation, so it’s important to consider whether the payout is worth your time investment.

There may be quicker ways for you to make money.

How quickly do survey apps pay you?

Turnaround time can vary, but once you have your points, many of these sites will have your rewards to you within a few days of your request. Some sites that pay in cash may take as long as 21 days, so be sure to plan ahead if you’re depending on the money.

How do paid survey apps make their money?

For decades, companies have depended on focus groups to provide information on market sentiment. Survey apps simply take the process online, letting you participate in surveys without having to go to a designated physical location. Businesses pay market research companies to gather data and provide it, then use the information to inform their own business decisions moving forward.

How I came up with this list

Yes, some online survey sites can be scammy. It may even sound too good to be true. When I was researching top survey apps and sites, I first narrowed it down to the reputable ones, reading reviews and making sure people had actually gotten paid for their efforts.

Once I had a list of reputable survey apps, I further sharpened it to make sure you were getting the best of the best. Here are the features I considered in my research:

Options for earning points
Redemption options
Difficulty in earning enough points to get rewards
Turnaround time for getting paid after cashing in points

Keep in mind that scams aren’t the only thing to worry about with online survey sites. You’ll find that with some sites, the amount of work you have to put in to get even a $10 gift card is far more than with other sites. You can speed up that turnaround time by choosing a survey site that lets you accumulate points for doing other things, including shopping, gaming, or participating in the site’s community.

Summary

Survey apps can be a decent side hustle to make a little extra money within a low-stress framework. But even the highest paying survey apps don’t pay well enough to serve as a replacement for your regular job.

Aside from earning gift cards or cash for your completed surveys, participating in market research can be rewarding in other ways. You’ll know your feedback is being used to influence the direction businesses take, making any rewards you receive a bonus.

Source: moneyunder30.com

Apache is functioning normally

May 25, 2023 by Brett Tams

As rent prices continue to soar all over the country, you may be finding yourself entering your first real estate search.

You’re not alone. According to the National Association of Realtors, millennials are ending their leases and buying homes in large numbers. Those in their late 20’s to early 30’s now make up the fastest-growing segment of buyers today. But how to even shop for a home these days?

First-time buyers might remember being dragged to Sunday open houses with their looky-loo parents, but those days are gone. Everything is online, and many real estate apps have sprung up to help buyers find their dream homes.

The 7 Best Home Buying Apps

Zillow: Best for overall use
Trulia: Best for community insight
Homesnap: Best for convenience
Redfin: Best for multilevel support
Rocket Homes: Best for one-stop shop
Realtor.com: Best for reliability
Homes.com: Best for quicking listing updates

Best Home Buying Apps at a Glance

App	Best For	Details	Key Feature
Zillow	Overall usability	Virtual tours	Push notifications	SEE DETAILS
Realtor.com	Reliability	3D tours	Detailed descriptions	SEE DETAILS
Trulia	Community insight	34 map overlays	30M neighborhood reviews	SEE DETAILS
Rocket Homes	One-stop shop	Agents/lenders links	Area trend reports	SEE DETAILS
Homesnap	Convenience	High-definition photos	Optimized for mobile	SEE DETAILS
Redfin	Multilevel support	User-friendly interface	Calculates mortgage/fees	SEE DETAILS
Homes.com	Quick listing updates	Home showings via Zoom	Mortgage calculator	SEE DETAILS

Zillow

Pro

Between for-sale-by-owner and official properties, it provides users access to over 135 million property listings.

Con

The “Zestimate” algorithm uses tax records to produce home value estimates, which sometimes are inaccurate.

The Zillow house-hunting app app is the most downloaded real estate app on the Apple store and Google Play — and for good reason. Its database constantly updates and has 36 million users monthly. You can set up push notifications for new real estate listings that meet your search criteria so you’ll never miss out on your potential dream home.

The app allows you to filter real estate listings by price, ZIP code, square footage, must-have features and more. You can even coordinate your search with a partner or roommate by tagging home features and sharing your favorites.

Zillow provides 3-D tours and a scheduling feature to set up an in-person tour. One of its best features is self tours of Zillow-owned homes, a feature available in some markets that allows house hunters to stop by the property at their convenience and simply unlock the house with the app.

Newly added to the Zillow app is a “natural-language search” tool, which responds to user questions in direct fashion, rather than requiring users to type multiple search questions to get to where they want to go.

Realtor.com

Pro

It’s the official search portal for the National Association of Realtors, meaning its updates are the most accurate.

Con

Clicking on “contact agent” will not go to the listing agent, but instead to a local real estate agent who has paid for this lead service.

Realtor.com is one of the best home buying apps out there for on-market listings. Being the official search portal for the National Association of Realtors means you can trust the home listings that pop up in your search. The data is directly mined from the MLS (multiple listing service) and refreshes every 15 minutes.

The search features include a wide variety of filters and provides the most detailed real estate listing descriptions, which include things like crime rates, school ratings, property tax and history of home value estimates — even things like the neighborhood noise levels or whether a home is in a FEMA flood zone.

Because the app updates so often, setting up push notifications means you’ll quickly know when a new property hits the local market. You’ll also have the power of the “Sign Snap” tool in your pocket the next time you drive by a “for sale” sign. All you have to do is take a photo and Realtor.com pulls all of the home’s details instantly.

Trulia

Pro

Shows names and contact information for listing agents, so users know who they would be working with for each listing.

Con

You’re prompted to call or email the listing agent on any property you view, which can get in the way of casual browsing.

Acquired by Zillow in 2015, Trulia has access to most of Zillow’s database of over 135 million active listings and has become one of the best real estate apps. What sets it apart is the focus on community insight provided by those who are located in the area you are searching. You’ll not only get details on the property, but information on what it’s like to live in that specific neighborhood.

You’ll be alerted about price reductions and upcoming open houses, and the app will recommend new listings. Insights sourced straight from locals and 34 neighborhood map overlays offer details on commute times, nearby businesses, crime rates, nearby schools, and more.

Two other features added in 2018 distinguishes the Trulia app from others. “What locals say” and “local legal protections,” combine local feedback and public data to provide information about what a neighborhood is like, from level of dog-friendliness, day-in-the-life details, and even how folks decorate for the holidays.

You’ll also be able to see whether there is legislation in the area to protect against discrimination for gender identity or sexual orientation in employment, housing or public accommodations.

Rocket Homes

Pro

Lets you access your TransUnion credit report, which is updated every week.

Con

Does not provide a home value estimate.

Similar to Trulia, Rocket Homes puts an emphasis on getting to know your soon-to-be neighborhood, but from a market statistics perspective.

This real estate knowledge will come in handy when searching for a home. You can compare properties in the area, seeing how long they’ve been on the market and what they sold for. If you’re not planning on living in your first home forever, this will help give you an idea of what kind of return on investment you can expect from your purchase in the future.

Rocket Homes is a product of Quicken Loans, giving you the opportunity to shop for homes from new and updated listings and have access to lending services all in one place.

This real estate app also helps you stay on track when it comes to some of the more boring parts of purchasing a home, like tracking your credit score. Rocket Homes gives you access to a free TransUnion credit report that is updated frequently, so you know exactly where you stand before starting the mortgage application process.

Homesnap

Pro

Get extensive details on a home just by snapping a photo of it.

Con

Lack of coverage in some areas; Homesnap must partner with individual multiple listing services.

The Homesnap real estate app is perfect for the on-the-go house hunter. You can simply snap a photo of a home and get all of the data available. This feature means you have real-time connection to your local multiple listing service from the road.

If you choose to search from the comfort of your home instead, the Homesnap app allows you to search for open houses by date, and even provides live-broadcast, virtual showings if you want to avoid mingling with other buyers in person.

You can collaborate with your real estate agent through a built-in private messaging function that automatically saves your listings for quick reference. Like most real estate apps, you have a ton of customizable filters for efficient searching, and will be provided with up to date information about the home and neighborhood like commute times, satellite photos and more.

Redfin

Pro

Updates every five minutes so you never miss a new listing.

Con

If you don’t live in one of the 90 U.S. and Canada markets where Redfin has agents, you won’t be able to connect with one.

Redfin’s out-of-the-box-business model combines the convenience of a high-performance app and the expertise you can only get by working with a real estate agent directly. Because Redfin is also a brokerage firm, you’ll have access to their top-quality real estate agents.

Working with a real estate agent gives you more in-depth market insights so you can make smart home buying decisions. And through the “Hot Homes” feature you’ll know which homes are more likely to sell fast so you don’t miss your chance of putting in an offer while house hunting.

Redfin also recently updated its data on climate risk, school ratings and neighborhood amenities.

Homes.com

Pro

Most of 2020 was spent updating the speed and user-friendliness of the app.

Con

Limited information on neighborhood and demographic data.

The Homes.com app is partnered with the MLS to bring you quality leads on your home buying search. The app offers a plethora of filter criteria like the other apps, such as square footage, ZIP code, number of bedrooms and bathrooms, but has an emphasis on lifestyle. Not only will you find the best house, but in the neighborhood that’s right for you.

The exclamation icon makes it easy to spot new real estate listings when scrolling through your search results. You also have the option to “favorite” or “block” certain properties in your feed so you can revisit the ones you love and eliminate the ones you don’t.

The mortgage calculator on Homes.com includes specific financing options like FHA (Federal Housing Administration) loans and special rates for active military members or retired veterans.

Frequently Asked Questions (FAQs) About Home Buying Apps

There’s a lot of home buying apps to pick from when you are seriously or even casually looking for a home. We’ve rounded up answers to some of the most common questions about home buying apps.

Which App is Best for Buying a House?

The best app for buying a house is the one that fits your needs. But Zillow is the most popular because it does a lot of things right, including allowing users to filter information by price, ZIP code, square footage, must-have features and more. Zillow also lists for-sale-by-owner homes. Zillow is the most downloaded real estate app on the Apple store and Google Play. It gets a 4.7 rating out of 5 from 475K reviews on Google Play. In the Apple App store, more than 6 million reviews get Zillow a 4.8 rating.

What are Home Buying Apps?

Home buying apps are mobile tools accessible on various digital devices that let users see listings to buy, sell or rent a property. Different apps have unique features but all of them include multiple photos of properties, prices, property tax and loan information and the ability to connect with real estate professionals.

Home buying apps provide many benefits to users because of their national coverage and even global offerings. Users can see maps and learn about neighborhoods, too. Best of all, they are free.

How Accurate are Home Buying Apps?

Because home buying apps take information from various sources, there will always be a margin of error in valuations. Estimated values are made from information gathered from county and tax assessor records, multiple listing services and real estate companies.

For properties on the market, the apps should have accurate asking prices or rental amounts. Where there is more variation is on property estimates, including for properties not on the market. You should consider these ballpark figures and not 100% accurate especially in a hot market when prices are jumping seemingly daily.. The apps are a good place to start but most people follow that information with a call to a real estate professional.

What is the Best House Hunting Site?

Zillow is the best overall site with its massive listing bank while Realtor.com is tops for reliable information. Trulia is excellent if you want more information about the community around a home. Homesnap is tops for photos and it is optimized well for mobile. If you want to connect with a Realtor, check out Redfin and if you want a direct line to a lending service, Rocket Homes may be the right pick for you.

Which App is Better: Zillow or Redfin?

Zillow edges out Redfin because of its massive reach. Redfin is not available in every market. However, Redfin is a brokerage which connects directly to the massive database of real estate listings commonly called MLS. Zillow does not do that. Zillow allows for sale by owner listings and Redfin does not.

What is the Most Popular Real Estate Website?

Zillow is the leading real estate website with more than 36 million unique visitors a month and about 135 million live listings. Trulia, which Zillow has owned since 2015, comes in second with 23 million unique visitors. Zillow was founded in Seattle in 2006 and claims to be the most accurate at price estimates, called ‘Zestimates” though there are lots of claims otherwise.

The Bottom Line About Home-Buying Apps

As you can see, if you’re ready to break up with your landlord, calculate what down payment you can afford and start your journey to home ownership, you have plenty of house-hunting apps to take advantage of.

Along with all the other details involved in this adventure, it may take some trial and error to find the app that hones in on your specific house-hunting search criteria. But it’s worth spending the time if it helps you get everything you want in your first home.

Contributor Tiffany Beyer is a social media coordinator and marketer specializing based in St. Petersburg, Florida. She specializes in real estate and lifestyle issues stories. Freelancer Kent McDill contributed to this post.

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Source: thepennyhoarder.com

Apache is functioning normally

May 25, 2023 by Brett Tams

Hello! Today, I have a great debt payoff story from Sarah. Sarah is a Southern California mom of 3. She blogs over at Let’s Talk Mom Business about the budgeting and frugal living strategies she and her husband used to crush $100,000 in debt while living on one income.

Shortly after having our second child 6 years ago, my husband and I decided that we wanted to get serious about paying off our debt.

We had been making our monthly payments, but we weren’t really making any progress. Some months we were even adding to our total debt by paying for unanticipated expenses on our credit card.

I am a stay-at-home mom so we were living on one income, and we knew that carrying such a large amount of debt was dangerous, especially without much of a savings.

We outlined a strategy to budget by paycheck using a zero-based budget, and I created a budget binder to help us track our finances.

This strategy helped us pay off $100,000 in 4 years on a single income while growing our family (and we’re NOT rich!).

Other debt free stories to read:

Where Did Our Debt Come From?

When my husband and I got married, I was completely debt free thanks to my parents’ help with college and a car. My husband’s debt wasn’t over the top, but he did have around $35,000 in school loans.

The rest of the debt was accumulated in the first several years of our marriage. My husband needed to have $20,000 worth of dental work done over a 3 year period.

We also moved quite frequently for my husband’s job, and we sold a home after only owning it for a short period of time. We took a fairly substantial loss on the home after all of the real estate fees.

And we can’t forget credit cards and car loans on two new cars. We had essentially been living slightly above our means month after month causing us to rack up around $12,000 in credit card debt.

In total, we had just slightly above $100,000 in total debt.

How to Create a Plan that Works for Your Family

I truly believe that there is no one size fits all approach to budgeting, because every family has different priorities and resources. There’s no set amount you should spend in a specific category or save as an emergency fund. Those things are very different from family to family.

The very first thing we did was to sit down and talk about our goals and priorities along with what we were willing to give up.

Like most couples, my husband and I are different in the way we view finances and how we prioritize things, so we needed to compromise on things like eating out, clothing purchases, leisure activities and vacations.

This conversation helped us outline spending categories and set realistic goals around how long it would take us to pay off our debt. You may decide to be more or less aggressive on your debt payoff time table than us based on your own goals.

Our main priority was that I continue to stay home with our kids, so we had to outline our budget in a way that allowed us to pay off debt but also add to savings to protect ourselves from things like unexpected job loss or large emergency expenses.

Next, we printed out 3-6 months worth of financial statements to include checking account, savings accounts, credit cards, and loans. We wanted a realistic picture of what we were actually spending each month in our budget categories. For example, we thought that we were spending $800 per month on groceries, but we found out we were actually spending around $1400.

I find that a lot of people, ourselves included, believe they spend far less than they actually do in many areas of their lives. Looking at our spending history over several months gave us a more accurate picture of our spending habits.

The Budgeting Method We Chose

We are paycheck budgeters who use a zero-based budget to track our finances. I am the one in charge of our family’s finances, and I have been a pen and paper person over budgeting apps since the beginning. We could never figure out an app that both of us could stay consistent with.

Budgeting by paycheck means that you create a mini budget for each individual paycheck. When you receive a paycheck, you essentially write out all of the bills that fall within that given paycheck. You then take the amount that’s left over and assign that to your variable expenses like groceries, entertainment, dining out, and so on. You can adjust how much you spend in these variable categories to open up income to allocate towards debt and savings.

You assign every single dollar of that paycheck a job until you have zero dollars left to plan for, which is a zero-based budget.

Who does Paycheck Budgeting Work Best For?

I honestly think that we will always be paycheck budgeters, even if we have a lot leftover at the end of the month some day in the future. I believe in assigning a job to every single dollar and being intentional with finances.

That being said, paycheck budgeting is amazing for people living paycheck to paycheck like us. I really struggled with a monthly budget, because if you give me $800 to spend on groceries for a month, I’ll spend $600 of it in the 10 days leaving nothing leftover at the end of the month.

With paycheck budgeting, you’re setting goals for a shorter period of time, which I find much easier to track and stick to.

The System We Set Up for Our Finances

When we first started budgeting by paycheck, I had a sticky note on my desk that listed the paycheck amount along with all of the bills that needed to be paid with that paycheck.

When it came to our variable expenses, savings, and debt, I was kind of flying by the seat of my pants tracking everything and tallying totals. I decided to create my own budget binder to track all of our personal finances in one place. I ended up with a 25 page budget binder that I use to track and manage all of our money.

I follow the same steps every month to track and document our progress towards various financial goals.

How We Track Our Finances Step-by-Step

Step 1: Print Out a Blank Monthly Calendar

Each month we print out a blank monthly calendar and write down which days we receive paychecks along with due dates and amounts for our fixed bills. This helps me see which bills I will need to pay within a specific pay period.

I also write down any special events where we may need to spend money outside of our normal budget. This could be things like holidays, birthdays, scheduled date nights, kids’ extracurriculars, scheduled car maintenance, or pretty much anything that’s anticipated but not typical to every single month.

This gives me a really good picture of what to expect for that month so I minimize surprises.

Step 2: Outline a Monthly Budget

I know I said that we budget by paycheck, but I still outline a monthly budget at the beginning of every single month. Seeing the bigger picture of a month helps me set up more realistic spending goals in our variable categories.

I use the monthly calendar that I created to account for any unusual expenses and adjust our budget accordingly for the month.

A monthly budget is also really helpful if your rent or mortgage is a very large portion of your budget. We have been in positions over the years where our housing expense has been 40-50% of our monthly income. That means a mortgage or rental payment will take up most or all of an entire paycheck. A monthly budget helps plan for how much you need to roll over from a previous paycheck to cover all of your expenses.

Step 3: Break Your Month Into Pay Periods by Paycheck

Once I have a good picture of our monthly income versus expenses, I can budget by paycheck. We receive paychecks every other week (bi-monthly), so I set up two mini budgets within each month.

For each paycheck, I write down the amount of income received and list all fixed expenses such as utility bills with their amounts. I then calculate how much we have leftover after fixed expenses to allocate to our variable expenses including: groceries, dining out, entertainment, and miscellaneous.

Once I’ve assigned a budget to our variable expenses, I calculate how much we have leftover in that paycheck to assign to debt payments and savings. After I’ve accounted for these, we should have zero dollars leftover in our calculation.

Step 4: Set Up Systems to Follow-Through

Of course it’s amazing to have our budget outlined and ready to go, but it’s only a bunch of numbers on some paper without a plan to actually stick to it.

The first thing we did was to automatically withdraw our savings from each paycheck. This went towards a retirement account and an emergency savings. The amounts were taken out of each paycheck automatically so that we weren’t tempted to spend that money. We basically adjusted to a new paycheck amount.

As soon as the paycheck hit our checking account, I immediately made our debt payments. We found that if we waited until the end of a pay period, we overspent on variable expenses and weren’t able to pay off as much as we wanted.

Once our savings was transferred and our debt payment was made, we were left with the money that would go towards fixed expenses and variable expenses.

The Simple Method We Use to Track Our Spending

When we were in the midst of our debt journey, things were really tight. We set up a realistic plan that we felt we could both stick to, and we knew that if we swayed from that plan we would be living outside of our means.

Cash envelopes were (and still are) all the rage at the time, but I did not like the idea of carrying a large sum of cash around me with me. I was scared I would lose an envelope and our entire grocery budget would just vanish.

I also didn’t want to have a several different check accounts with their own debit card linked to it to create a digital version of cash envelopes. It just felt too complicated.

To track our variable spending each pay period, I created my own cashless envelope system. I created three envelopes to track our spending:

One was marked food and covered our grocery spending and dining out as a family.
The second was considered miscellaneous and covered any family entertainment, random purchases at the store, or anything that didn’t fit within a category.
The third was my husband’s lunch and coffee budget for work. He liked to go out occasionally, so this gave him the freedom to do that.

I put the ‘food’ and ‘miscellaneous’ envelopes in my minivan. I’m the one doing the bulk of the shopping, and we’re typically all together as a family in that vehicle on the weekends. I used these envelopes to collect receipts and track spending on the outside of the envelope. This made it easier to transfer everything over to my budget binder.

How to Communicate as a Couple

Before jumping into our debt journey, my husband and I hardly ever discussed our finances unless something major was happening. About every 2-3 months we would take a look at our accounts and wonder why our debt was adding up so quickly when we didn’t feel like we were overspending.

The way we worked to improve our communication was to start weekly money meetings. These weekly money meetings became a part of our budget binder and walked us through our progress and any challenges each week.

We were able to identify areas we were overspending sooner so that we could make adjustments before it got out of hand. It also reduced arguments since there were never any surprises.

Each of us has an area where we struggle to reign in our spending, so it helps us hold each other accountable. Also, seeing all of the numbers on paper regularly really helps to keep our motivation levels up.

Related content: Family Budget Meetings – Yes, You Need To Have Them

What About When Debt is Paid Off?

After 4 years we were finally able to say that we were debt-free! It would be so easy at that point to loosen up, but we set our sights on new goals. We don’t have debt anymore, but we are still living on tighter margins where we have to be really intentional about saving money.

Our goals have shifted to more specific savings goals, and we are using the same paycheck budgeting method to do that. This method really helps us avoid lifestyle inflation and falling back into the debt trap.

Related content: What To Do After You Pay Off Debt

Final Thoughts

Paying off a large amount of debt often feels like a huge mountain you’ll never be able to overcome. I can still remember feeling slightly hopeless that our financial situation could actually change just a few years ago.

You can create a budget that is easy to track and allows you to live a little. Long periods of feeling deprived make it hard to stick with it. Prioritize your goals and find a system that works for your family.

It is so worth it on the other side when you’re able to plan for the future rather than paying for what happened in the past.

Do you have debt? What are you doing to eliminate it?

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Source: makingsenseofcents.com

Apache is functioning normally

May 25, 2023 by Brett Tams

Editor’s note: This is a recurring post, regularly updated with new information and offers.

Summer is just around the corner — and it’s shaping up to be a bumper travel season with big crowds, flight delays, and high temperatures (and tempers!)

You’ve probably booked your flights and hotels by now (if not, you should do that right away). However, one part of your trip may be lacking: tips on how to make your trip more comfortable.

This could include anything from zipping through the airport to avoiding crowds, taking advantage of more comfortable seats on your flight and getting freebies or upgrades along the way.

Today, let’s look at the best credit cards for making your next trip more enjoyable.

Premium credit cards that improve your travel experience

Having a premium credit card can offer a lot of perks. You can breeze through airport security, skip the line at rental car facilities and wait comfortably at an airport lounge simply by having a premium credit card in your wallet.

Here’s how these cards can make your travel experience better:

The Platinum Card® from American Express

The Platinum Card® from American Express provides access to numerous travel benefits to make your next trip more comfortable.

First, you can access numerous lounges while waiting for your flight at the airport. These include American Express Centurion lounges, Delta Sky Club lounges (when flying Delta that day), Priority Pass Select lounges, Escape Lounges — The Centurion Studio Partner, Airspace lounges, Plaza Premium lounges, Lufthansa lounges and other Global Lounge Collection partner lounges (search for locations here). Enrollment is required in advance for some benefits.

ZACH GRIFF/THE POINTS GUY

To move quickly through security checkpoints, you can receive reimbursement from your Amex Platinum Card when paying for your membership fees to Global Entry, TSA PreCheck and Clear. These programs provide dedicated security lanes, which often mean shorter waiting times. Enrollment is required in advance for these benefits.

You also can make your flights more comfortable thanks to up to $200 in statement credits per year for airline incidentals. You must select a preferred airline in advance, and then you can be reimbursed for expenses like checked bags, preferred seats or even inflight Wi-Fi purchases. Enrollment is required.

Related: How to use the Amex Platinum $200 airline fee credit

Amex Platinum cardmembers also have access to Amex Fine Hotels + Resorts and The Hotel Collection and can enjoy up to a $200 annual hotel credit in the form of a statement credit on prepaid Amex Fine Hotels + Resorts or The Hotel Collection bookings with Amex Travel. Note that there is a two-night minimum stay for The Hotel Collection bookings. These programs provide access to high-quality hotels and benefits like room upgrades, free breakfast or late checkout.

CHRIS DONG/THE POINTS GUY

Other hotel benefits come in the form of room upgrades and earning points at higher rates, thanks to elite status with Marriott Bonvoy and Hilton Honors. Amex Platinum cardmembers can enroll for complimentary Gold status in both programs.

To elevate your rental car experience, enroll for elite status in rental car programs, including Hertz Gold Plus Rewards, Avis Preferred and National Car Rental Emerald Club Executive. This will provide benefits like car upgrades, a free second driver and the ability to skip the line when picking up your car — meaning you can head straight to your car and get on the road.

Related: Is the Amex Platinum worth the annual fee?

Plus, if you need a ride to an airport or hotel during your trip, you can take advantage of up to $200 in Uber Cash per year. You can use this for rides or Uber Eats orders in the U.S. by adding your Amex Platinum card as a payment method in your Uber account. Enrollment is required.

The Amex Platinum Card’s benefits come with an annual fee of $695 (see rates and fees).

Official application link: The Platinum Card® from American Express

The American Express® Green Card

The American Express Green Card offers 3 points per dollar on broader travel, restaurants and transit, as well as annual statement credits for Clear (up to$189) and LoungeBuddy ($100) that more than cover its $150 annual fee (see rates and fees), making it a compelling offer for any occasional traveler.

The card also offers extended warranty protection, purchase protection and return protection when you purchase eligible items with your card, as well as baggage insurance and secondary car rental loss and damage insurance, with the option to upgrade to primary coverage through Amex’s Premium Car Rental Protection.

Right now, Amex is offering new cardmembers 60,000 Membership Rewards points after they spend $3,000 on purchases in their first six months of card membership. Based on TPG’s valuation of Membership Rewards points at 2 cents each, the welcome offer points are worth at least $1,200.

You’ll also get 20% back on eligible travel and transit purchases in your first six months to earn up to $200 back, making the total welcome offer worth up to $1,400.

In all, the card’s a great option for the modern traveler.

Official application link: The American Express® Green Card

Chase Sapphire Reserve

The Chase Sapphire Reserve has a slightly lower annual fee ($550) than the Amex Platinum and also comes with numerous perks to make your next trip more comfortable.

Like Platinum cardmembers, Sapphire Reserve cardholders also have access to over 1,300 Priority Pass lounges worldwide. They also have access to Chase Sapphire Lounges, coming to nine airports. These will include popular airports like New York-LaGuardia, San Diego, Phoenix, Las Vegas and Washington-Dulles. The first lounges are already open in Boston and Hong Kong.

The Sapphire Reserve card also reimburses your application fee for Global Entry, TSA PreCheck or quicker access between the U.S. and Canada through Nexus.

ASPECTS AND ANGLES/SHUTTERSTOCK.COM

If you need help securing difficult reservations or booking activities during your trip, Sapphire Reserve cardholders have access to a concierge service to assist.

And those looking for boutique hotel experiences can access the Luxury Hotel & Resort Collection. These bookings provide benefits like daily breakfast for two people, a $100 on-property credit and room upgrades (when available).

Related: Chase Sapphire Reserve credit card review

While the Sapphire Reserve card doesn’t provide credits strictly allocated to airline incidental credits, ride-hailing apps or even elite status, it does have something that can offset these expenses. Cardholders have up to $300 in annual travel credits that apply automatically to the first $300 they spend in broad travel categories each year — such as rides to the airport, airport parking, seat upgrades or even the beachside cabana that requires a paid reservation at a resort.

When renting a car, you’ll enjoy complimentary National Emerald Club Executive membership plus benefits with Avis and Silvercar.

Official application link: Chase Sapphire Reserve

Capital One Venture X Rewards Credit Card

With an annual fee of just $395, the Venture X card may seem like a bargain compared to the Amex Platinum Card and Chase Sapphire Reserve. However, it still comes packed with benefits to make your next trip more comfortable.

Along with access to Priority Pass lounges, cardholders also have unlimited visits to Capital One lounges and Plaza Premium lounges. Lounge benefits also extend to your authorized users, who can also bring two guests of their own — meaning your whole family could access a lounge for free during your next trip.

Related: Big family? No problem! Get unlimited lounge guests with this credit card

SUMMER HULL/THE POINTS GUY

Venture X cardholders can also enjoy reimbursement for their Global Entry or TSA PreCheck application fee to help move through security quickly.

For rental cars, Venture X cardholders (and Venture X authorized users) enjoy top-tier Hertz President’s Circle status.* After registering for this benefit, you can enjoy skip-the-line privileges, guaranteed upgrades, the widest range of selection and a free additional driver. Moreover, once you have rental car status with one company, you can use this to match your status to other rental car programs.

*Upon enrollment, accessible through the Capital One website or mobile app, eligible cardholders will remain at upgraded status level through December 31, 2024. Please note, enrolling through the normal Hertz Gold Plus Rewards enrollment process (e.g. at Hertz.com) will not automatically detect a cardholder as being eligible for the program, and cardholders will not be automatically upgraded to the applicable status tier. Additional terms apply.

Related: Is the Capital One Venture X worth the $395 annual fee?

For other comforts during your trip, you can take advantage of 10,000 bonus miles on every account anniversary and up to $300 in annual statement credits for travel booked through the Capital One Travel portal. Great uses of these credits would be booking a boutique hotel or even stacking benefits with your Hertz car rentals.

Official application link: Capital One Venture X Rewards Credit Card

Airline cards that make your flight more comfortable

Breezing through security without the need to take off your shoes or wait in a long line is great. So is waiting comfortably in an airport lounge. However, your trip doesn’t end there.

Here’s how cobranded airline credit cards can make your next flight more comfortable:

WUNDERVISUALS/GETTY IMAGES

A free checked bag is a key feature of nearly every airline credit card. This can save you money and improve your airport experience since you won’t carry as many things through security or onto the plane.

You can enjoy a free first checked bag on your flight across various credit cards and annual fees. This includes the United Explorer Card ($0 introductory annual fee, then $95), the Alaska Airlines Visa® credit card ($95 annual fee), Citi® / AAdvantage® Executive World Elite Mastercard® ($450 annual fee) and Delta SkyMiles® Reserve American Express Card ($550 annual fee; see rates and fees).

Many credit cards also extend the checked bag benefits to other people on your same reservation. However, the number of people this perk covers depends on the card and can vary widely. And while this benefit generally extends to any trip associated with your frequent flyer account number, United Airlines and Alaska Airlines credit cards are an exception. To get free checked bags, you must pay for the ticket with your United Airlines or Alaska Airlines credit card, respectively.

For more details, see the following:

Beyond offering free checked bags, you can enjoy other comfort-adding perks from airline credit cards. Examples include priority boarding and access to preferred seats or seat upgrades.

BRENDAN DORSEY/THE POINTS GUY

However, those holding credit cards with Alaska Airlines, American Airlines, Delta Air Lines or United Airlines will enjoy some level of preferred boarding when flying on those airlines. Generally, this means boarding before economy passengers but after business- and first-class passengers. By boarding early, you can access overhead storage bins before they’re full.

Airline credit cards can also offer the chance to upgrade to better seats. Aside from using airline or travel credits on the premium credit cards discussed above, United and Delta flyers can access preferred seats in other ways.

Those who hold the Delta SkyMiles Reserve Amex can request complimentary upgrades before their flight, potentially moving up to Comfort+ seats. These cardholders receive upgrades ahead of those with the same status and seating cabin who don’t hold the Reserve card. Those with the Delta SkyMiles® Platinum American Express Card can also receive upgrade priority after meeting the Medallion Qualification Dollars (MQD) waiver requirement of spending $25,000 on the card in a calendar year.

With United Airlines, those with elite status normally don’t receive upgrades on award flights — just on paid flights. However, those who hold a United Airlines credit card with an annual fee can receive complimentary upgrades according to their elite status level even when flying on award tickets. Thus, you could get a roomier seat if you have status with United Airlines — and you can even get that roomier seat on an award flight if you also hold a card like the United Quest Card.

Related: 4 reasons someone in your family needs a United credit card

Hotel cards that improve your stay

When you think about adding comfort to your hotel stays, your first thought probably includes upgraded rooms. However, free (or faster) Wi-Fi, breakfast and parking, and expedited check-in lines can also elevate your stay.

Having the right credit card in your wallet could offer you automatic entry-level status, netting you a few extra points and a free bottle of water. But it also might offer top-tier elite status that qualifies you for upgrades to suites and luxury treatment during your stay.

Studio one-king bedroom at the Conrad Los Angeles. MELANIE LIEBERMAN/THE POINTS GUY

Hilton Honors credit cards

If you want top-tier Diamond status with Hilton — which includes perks like suite upgrades based on availability at check-in, lounge access at hotels that have these, bonus points, free breakfast and more — you can get this without the effort of counting your hotel nights every year.

Simply holding the Hilton Honors American Express Aspire Card confers Diamond status automatically for as long as your account is open. The card’s annual fee is $450 (see rates and fees), but this may be less than what you would spend on the necessary hotel stays to qualify for Diamond status annually.

The information for the Hilton Aspire card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Another option for Hilton status is carrying the Hilton Honors American Express Surpass® Card, which confers automatic Hilton Gold (mid-tier) status. There’s an annual fee of $95 (see rates and fees). For this fee, your Gold status will confer benefits like bonus points on paid stays, room upgrades (but not suites) based on availability at check-in and either food and beverage credits or free breakfast, depending on the hotel.

Related: How to choose the best Hilton credit card for you

IHG One Rewards credit cards

If you’re looking for elite status with IHG One Rewards, you can receive complimentary Platinum Elite status (the third-highest of the four tiers) pretty easily. Cardholders of the IHG® Rewards Premier Credit Card receive Platinum Elite status automatically; the card has a $99 annual fee. Platinum Elite status offers benefits like bonus points on paid stays, upgraded rooms (including suites at some properties), welcome gifts of points or snacks and discounts on reward nights.

Related: IHG Rewards Premier Credit Card review

IHG’s Atwell Suites Miami Brickell. KATIE GENTER/THE POINTS GUY

Marriott Bonvoy credit cards

For those aiming for elite status with Marriott Bonvoy, you can unlock Platinum Elite status simply by having the Marriott Bonvoy Brilliant® American Express® Card. This status offers benefits like bonus points on paid stays, welcome gifts (which can range from points to a complimentary breakfast), lounge access at hotels that have these and upgrades to suites, based on availability at check-in. These benefits come with an annual fee of $650 (see rates and fees) on this card.

The next status tier below Platinum is Marriott Bonvoy’s Gold Elite status. You can get this status automatically with the Marriott Bonvoy Bevy™ American Express® Card and the Marriott Bonvoy Bountiful credit card. Both cards carry an annual fee of $250 (see rates and fees of the Bonvoy Bevy card). Gold status provides benefits like enhanced internet speeds in your hotel room, upgrades to preferred rooms when available at check-in, late checkout and a welcome gift of bonus points.

The information for the Marriott Bonvoy Bountiful card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Related: Which Marriott credit card is right for you?

World of Hyatt credit cards

It’s also possible to gain elite status with World of Hyatt by holding a credit card. However, you’ll only gain Discoverist status by holding the World of Hyatt Credit Card, which has an annual fee of $95. This status offers benefits like space-available upgrades to preferred rooms — such as a preferred location within the hotel or a nicer view — complimentary bottled water each day during your stay, premium internet access and late checkout.

Hyatt elites also can match their status to MGM Rewards and enjoy benefits from Hyatt’s partnership with American Airlines. This will include earning Hyatt points for spending money on AA flights.

Related: ‘One of the most valuable hotel cards’: A review of the World of Hyatt Credit Card

The swimming pool at the Park Hyatt New York. HYATT

Wyndham Rewards credit cards

You can gain automatic status with Wyndham Rewards through credit cards, as well. The Wyndham Rewards Earner® Plus Card offers automatic Platinum status (the third-highest of four tiers), providing benefits like rollover nights, free Wi-Fi, preferred rooms, late checkout, early check-in and a status match to Caesars Rewards. The card has a $75 annual fee.

The no-annual-fee Wyndham Rewards Earner® Card offers automatic Gold status, providing benefits like free Wi-Fi, preferred rooms and rollover nights.

The information for the Wyndham Earner and Wyndham Earner Plus cards has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Related: Which Wyndham Rewards credit card is right for you?

Bottom line

Multiple credit cards can make your next trip more comfortable. From better seats on your flight to better rooms at your hotel and better experiences at airport security, what you hold in your wallet could elevate your next trip and remove stress points.

Premium credit cards can offer a range of perks and help you skip the lines at multiple points in your journey. Airline credit cards can offer perks like free checked bags, better seats and priority boarding. And hotel cards can get you free breakfast, room upgrades and late checkout.

Summer travel is hectic. These cards can remove some hassle from your trip, leaving your travel companions as one of the only potential stressors during your vacation.

For rates and fees of the Amex Platinum Card, click here.

For rates and fees of the Amex Green Card, click here.
For rates and fees of the Amex Delta Reserve card, click here.
For rates and fees of the Amex Hilton Aspire card, click here.
For rates and fees of the Amex Hilton Surpass card, click here.
For rates and fees of the Marriott Bonvoy Brilliant Amex card, click here.
For rates and fees of the Marriott Bonvoy Bevy Amex card, click here.

Additional reporting by Ryan Wilcox, Summer Hull and Stella Shon.

Source: thepointsguy.com

Apache is functioning normally

May 25, 2023 by Brett Tams

The Complete Guide to Teaching Kids About Money – MintLife Blog

$400 emergency, and a third have saved nothing for retirement. Meanwhile, more than 60 percent of young adults under 34 say that thinking about their personal finances makes them anxious.

In many cases, these young adults feel anxious about their finances because they never learned about money growing up. Fewer than 20 states require high school students to take personal finance classes, even as studies show that young Americans want to learn about money and wish they had learned to be more financially savvy in school.

That’s where you come in. Giving your kids real-world lessons at home on how to manage their finances will go a long way toward helping them stockpile plenty of savings, stay out of debt and maintain healthy credit scores.

Read on to learn the critical money lessons you should teach your kids at every age, from their toddler years to their teen years.

Table of Contents

Start With Yourself: Be a Good Example

Smoking. Drugs. Bullying. All of these are topics that parents say they would rather discuss with their kids than the family’s finances.

Maybe you have struggled with using money responsibly in the past. Maybe you don’t want to tell your kids how much you make or reveal that you’re in debt. But it’s important that you become comfortable with talking to your kids about money so that they become comfortable using it.

Brush Up on Basic Financial Concepts

Pop quiz! If you take out a loan for $1,000 with a 20 percent interest rate, how much will you owe per year in interest?

The answer is $200. Did you know that? If not, you’re like almost two-thirds of Americans who have trouble calculating interest rates.

Take some time to brush up on basic financial concepts. Make sure you understand these topics inside and out so that you can answer your kids’ questions and provide the most well-rounded lessons possible.

Get Out of Debt

Every good lesson in using money responsibly starts with reducing or eliminating debt. More than family’s finances and get on the same page. This way, you can better understand your family’s financial goals and communicate them with your kids.

It’s also helpful to write down your family’s financial goals and display them in a prominent place in the home. For example, if your family wants to go on vacation later in the year, you could post that goal on the refrigerator to remind everyone why the family is saving.

Protect Your Kids

Another important component of putting your kids on the best financial track possible is thinking about what would happen if you could no longer take care of them.

Even though most Americans have life insurance, a good chunk do not have enough coverage. About half of Americans have $100,000 or less in coverage. It’s recommended that you have coverage equal to at least 10 times your salary. With kids, that multiplier should typically be even higher.

Also, make sure you have a will to ensure that your assets are properly divided and that your kids are cared for should something happen to you.

Younger Than 3

At this age, your kids likely just learned how to throw a ball overhand or to scribble freely on paper. They have no idea what money is or how it works — but that doesn’t mean you can’t introduce them to some basic money concepts.

Allow them to play with coins. Play store to introduce them to the concept of a marketplace. Even allow them to watch you pay bills. This helps them understand that money has a value and that items vary in cost.

Coin Identification Game

Show your toddlers different types of coins. Allow them to trace the outlines of the coins onto a piece of paper. As you color in the shapes that you traced, help them to match the coins to the drawings and repeat the coins’ names.

Coins are more fun for toddlers to play with than paper money, but you can also draw dollar bills and color those in to include in your toddlers’ homemade “wallets.”

The Play Store

Using the pretend money that you created from the coin identification game, gather a bunch of household items and allow your toddler to exchange the money for the items.

Kids already love playing store for the fun of it, but take this opportunity to show them that different items require different types of pretend money. For a twist on the traditional game, decorate price tags and attach them to the items.

Toy Calculator and Checkbook

Toddlers are always watching you, so why not use that to help them learn about money? When you’re paying bills with your checkbook and calculator, let them know that you’re buying things just like they do when they play store.

For even more fun for your toddlers, give them their own “checkbook” and calculator to play with while they watch you.

Ages 3 to 5

By kindergarten and pre-kindergarten, your kids have already seen you give something green to the pizza delivery driver or put down a piece of plastic on the table at the end of your dinner at a restaurant.

It’s your job to answer their questions and explain to them that they need money to buy things. As they reach school age, you can even allow them to manage a little bit of money on their own by way of allowances.

It’s up to you whether the allowance should be earned or given, but the important thing here is to teach your kids to save and to help them understand that they may need to wait before they can buy something.

Saving, Spending, and Sharing Jars

Gather three clear jars and ask your kids to decorate labels with “saving,” “spending,” and “sharing” for the jars. Piggy banks are great, but you can’t see what you’re putting in them, and you want your kids to be able to see the progress they’re making!

Explain that everything costs money. The money in the “spending” jar can be used today to buy anything your kids want within reason. If they want something that is more expensive, they will have to wait until their “saving” jar has enough money in it.

You can also encourage your children to put a couple of coins or a dollar bill or two in the “sharing” jar, and help them think of charities for the money.

Needs vs. Wants Shopping

Let’s say your kids want a $10 stuffed animal. Help them count out $10 from their jars. Have them take the $10 to the store and hand the coins and bills to the cashier. Allow them to see how much money is left in the jars, and explain to them that if they spend money this time, they’ll have to wait a little bit before they can buy something again.

If they don’t have enough money in the jars, help them understand how much they have and how long it will take to save enough for the stuffed animal given their current savings rate.

Imaginary Restaurant

What kids don’t like to play restaurant? At the end of the game, remind them that they can’t leave the table without “paying” the bill.

This is also a good opportunity to introduce your kids to the relative value of coins and bills. Show them that one-dollar bill equals ten dimes or four quarters.

Ages 6 to 10

While teaching kids about money is critical at every age, this age group is especially important. Researchers believe that kids’ money habits are formed by the time they turn seven.

Give them a firm foundation in protecting their money in savings accounts (and earning interest), shopping around for the best deals and understanding the different ways that money can be spent or shared.

Opening a Savings Account

Take your kids with you to the bank. Explain to them that putting your money in a bank is better than stockpiling money at home because a bank protects your money and pays you interest.

Explain that the bank pays you interest as a reward for keeping your money in that bank, instead of at another bank. Also, explain that interest is a cool concept because it keeps growing the longer you keep your money in the bank.

You can illustrate this concept by asking your kids to set aside $1 from their allowance. Tell them you’ll act like the bank and pay them 10 percent, or a dime, in interest for this $1. They’ll now have $1.10. Explain to your kids that you’ll pay interest on this $1.10 in a month and that they’ll receive 11 cents instead of just a dime. Allow them to see how interest keeps adding up!

Coupons and Comparing Prices

It’s surprising how much your kids can learn about money at the grocery store! If you use coupons, ask your children to help you clip them and identify the corresponding products at the store. Make sure they watch as the cashier scans the coupons and shaves dollars off your bill.

Additionally, look closely at the unit prices of products. Ask your kids to help you determine which products offer a better deal (a lower price per ounce, for example). This is also a good opportunity for your kids to practice their basic math skills.

Career Exploration

It’s important for kids to know that money is not just spent on physical goods, like food and toys. Explain to them that money is also spent on services, like labor. This is a good time for you to tell them what you do to make money and encourage them to start thinking about what they might want to do when they grow up.

Charitable Giving

Since many of your kids’ money habits will be formed during this time, make sure to explain the importance of giving back to their communities and to those in need. You’ll want to tell your kids that they are part of a larger community and that everyone in the community is responsible for those around them. This includes a responsibility to give your time and some of your money to community causes.

Help them connect with a cause they might care about, like a local animal shelter that rescues stray cats or an environmental group that plants trees in the local park and explain that they can give some of their money to help others. Helping them to understand that not everyone has the money they need will help them appreciate their money and grow to be more giving adults.

Ages 11 to 13

Your kids have already opened savings accounts and have seen how money seems to show up out of nowhere. It’s time to explain how compound interest works and explore other places to store your money. They also can begin to learn more about the worth of objects around them.

Exploring Compound Interest

Finally! You get to share the wonders of compound interest with your kids. Play around with a couple of classic examples that show that savings can really add up, but only if you start saving early.

For example, if they save $100 every year starting at 14, they’ll have $23,000 when they’re 65, but only $7,000 if they start saving when they’re 35.

Encourage them to play with an online compound interest calculator that allows them to input the specifics of their bank accounts and play around with different time periods and interest rates.

Investment Games

Show your kids that you can store your money in other ways that could make you more money than a traditional savings account. However, be careful to warn about the risks of losing more as well.

Have your kids pick out a couple stocks that relate to their favorite hobbies. Track how the stocks perform every week for a given amount of time and award a prize (maybe a pizza dinner or a movie night) to the winner.

Yard Sales

Your kids should have a pretty good grasp on how to value different objects already, but allow them to develop these skills even further with a yard sale (and clean out your basement in the meantime).

Put them in charge of planning the yard sale, finding things to sell, setting the prices, and interacting with customers.

Ages 14 to 18

By this point, you’ve helped your kids learn about money for more than a decade. Now it’s time for them to start working and thinking about college before they eventually go off on their own.

Be prepared to answer many questions during this time, as there are many essential financial You’ll need to cover everything from paychecks to checking accounts, credit cards, and social security.

Breaking Down the Paycheck

As your kids earn their first paychecks, they might not like what they see. The total might not match the amount they had banked on earning. Now’s a good time to explain taxes.

Explain the different types of taxes to them and show them where the taxes go, whether it’s to Social Security or Medicare or elsewhere. Also emphasize the importance of saving and encourage them to open an individual retirement account.

Perhaps your daughter or son will want to make some extra cash. Encourage them to be resourceful and help them look for opportunities like babysitting or selling old clothes.

Debit Cards

Before your kids head off to college and eventually open their own checking accounts, they might want some practice at home. Consider opening a joint account with your kids to give them access to a bit of money. You can monitor their spending using online apps and ensure that they’re making healthy financial decisions.

Their names can also be on the checks associated with the account. Take this opportunity to teach them about writing checks and balancing checkbooks.

Credit Cards

Kids can’t enter into legally binding contracts, such as credit card agreements until they are 18. One way around this is to add your kids as authorized cardholders under certain circumstances.

Whether or not you give your kids access to your credit cards at this point, you must teach them to use credit cards responsibly. Explain that they should use a credit card only if they can pay off the monthly payment in full. Talk about the dangers of debt and how missed payments decrease credit scores and make it harder to secure loans.

Finally, stress the importance of exercising caution and avoiding suspicious websites when entering your credit card number online.

Social Security Numbers

It’s likely your kids will be asked repeatedly for the last four digits of their social security numbers. Make sure they memorize all of the digits before they go off to college so that they’re not caught off guard.

Every parent wants their kids to be financially healthy — to have plenty of savings, know how to budget, and avoid the troubles that come with bad credit. But your kids won’t know how to be savvy with money on their own. Take the time to teach them good tips at every age and set them up for success.

Additional Resources

Find games, activities, and information about money for kids at MyMoney.gov.
Follow the FDIC’s Money Smart for Young People lesson plans.
Explore the U.S. Securities and Exchange Commission’s Compound Interest Calculator.
Learn how to explain taxes to kids at USA.gov.
Investigate different types of coins and learn more about the U.S. Mint.

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May 25, 2023 by Brett Tams

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The savings offers that appear on this site are from companies from which MoneyCrashers.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MoneyCrashers.com does not include all savings companies or all savings offers available in the marketplace.

Years ago, finding a bank meant heading downtown and choosing from whichever options were available there. The Internet dramatically lessened the importance of physical branches and made it possible to bank from anywhere at any time.

Virtually all banks with physical locations have online portals, but a growing number now do the bulk of their business online. Some have ties to community banks and may have physical branches in select regions. Others exist only in the digital realm and have no physical branches.

What follows is a list of the best online banks on the market today.

Best Online Banks of May 2023

These are the best online banks on the market right now.

Each does at least one thing really well, whether it’s offering a potent lineup of budgeting and money management tools or delivering savings and CD rates well above the national average. Our top pick offers the most value for the greatest number of potential customers, in our opinion.

Unless otherwise noted, all the accounts on this list come with FDIC insurance up to $250,000 per account.

Best Overall: American Express® National Bank, Member FDIC

The American Express® High Yield Savings Account has a solid yield on all balances with $0 maintenance fees, a $0 minimum opening deposit, and a $0 minimum balance. The current savings yield is 3.90% Annual percentage Yield (APY) as of May 16, 2023.

Want to tie up your money for a while at a higher interest rate? Choose from seven CD options ranging from six months to five years.

CD yields are very good across the board: 3.00% Annual Percentage Yield (APY) on the longest-term product (60 months or 5 years) and 4.25% on the 12-month CD. Early withdrawal penalties are:

90 days’ interest for terms under 12 months
270 days’ interest for terms between 12 and 48 months (four years)
365 days’ interest for terms between 48 and 60 months (five years)
540 days’ interest for terms of 60 months or longer

Additional features:

Extensive lineup of personal credit products, including premium credit cards like The Platinum Card® from American Express
Move money between up to three external bank accounts in short order
24/7 customer service

Apply Now

Best Credit Union: Alliant Credit Union

When is an online bank not an online bank? When it’s an online credit union.

There’s no better branchless option than Alliant Credit Union. As a credit union, Alliant exists for its members rather than stockholders so they will always put you first.

Alliant has a comprehensive lineup of checking and savings accounts, like:

High-Rate Savings, a high yield savings account for goal-oriented savers (currently 3.10% APY¹)
High-Rate Checking, a checking account with competitive interest rates
Certificates of Deposit, which help you earn more with set interest rates for a fixed period of time (currently yielding 5.00% APY)
Kids Savings, a custodial account that helps you teach sound money management concepts to kids 12 and younger
Teen Checking, a joint account for kids aged 13 to 17 — there when you’re ready to loosen the reins

Additional features:

Get access to over 80,000 in-network ATMs with Alliant
No monthly service fee with eStatements
Low minimum deposit and balance requirements
Bank anywhere, anytime with the Alliant mobile app

Insured by NCUA

(¹For important additional disclosures, please refer to the corresponding footnote at the Sign Up link directly above.)

Best for High Yields: CIT Bank

CIT Bank offers several different accounts with category-leading yields:

Savings Connect has one of the best yields of any bank account, online or off: 4.50% APY.
Platinum Savings has an outstanding yield when you maintain a balance of $5,000 or more (4.75% APY) and a so-so yield when you don’t (0.25% APY).
Savings Builder yields up to 1.00% APY for accountholders who can meet minimum balance or deposit requirements.
The CIT Bank Money Market account has a very good yield on all balances (currently 1.55% APY) with no monthly maintenance or service fees.
Multiple CIT Bank CDs offer above-average yields, led by the 11-month CIT No Penalty CD at 4.80%

Additional features:

No monthly service fee
No early withdrawal penalty for No Penalty CDs
No ATM fees in-network
CIT may reimburse up to $30 in outside ATM fees
Earn interest on eligible eChecking funds

Best for Investors: Wealthfront

Wealthfront is a next-generation banking service that’s ideal for day-to-day money management. Its Cash Account features high-interest checking, no account fees, and a host of value-added features — and you can open an account with just $1.

But Wealthfront made its name in the investment business, and there’s where it continues to shine. Key features include:

Build semi-customized, automatically rebalanced, globally diversified portfolios of low-cost index funds optimized with daily tax-loss harvesting
Just $500 minimum to invest
Pay an annualized management fee of 0.25% assets under management (AUM) on all balances
Choose from individual and joint taxable accounts, IRAs, and 529 college savings plan accounts
Portfolio line of credit that lets you tap up to 30% of your account value once you have $25,000 or more under management
Consolidated view of all your accounts through Wealthfront’s free DIY financial planning tool

Additional features of the Wealthfront Cash Account include:

4.55% APY (variable) on all balances
$1 minimum opening deposit
No account fees
No overdraft fees
FDIC insurance on balances up to $5 million
Get paid up to two days early with direct deposit
Put your money to work in the market within minutes when you use your Cash Account to invest in a Wealthfront Investment Account
Mobile check deposit
Free bill pay and peer-to-peer (P2P) transfers
Complimentary debit card and free in-network ATM access
For a limited time, get $30 bonus cash when you open a Wealthfront Cash Account and fund your new account with at least $500 in new money. Terms apply.

Money Crashers, LLC receives cash compensation from Wealthfront Advisers LLC (“Wealthfront Advisers”) for each new client that applies for a Wealthfront Automated Investing Account through our links. This creates an incentive that results in a material conflict of interest. Money Crashers, LLC is not a Wealthfront Advisers client, and this is a paid endorsement. More information is available via our links to Wealthfront Advisers.

Best for Customer Support: Albert

Albert is a powerful financial app that makes spending, saving, and investing easy. It’s among the growing crop of financial solutions that offer early payday with eligible direct deposit, and its automated savings and investing features put it well ahead of the pack.

But where Albert really shines is on the customer service front. The platform has a dedicated team of in-house financial experts — called Geniuses — to help you make sense of your money. That puts it heads and shoulders above its crop of fellow digital money management apps.

Additional features:

Albert Cash. This is the place to manage your day-to-day spending money with Albert. Earn up to 20% back on eligible debit card purchases and get paid up to two days early with qualifying direct deposit. Use the Albert Instant cash advance feature to get up to $250 from your next paycheck with no hidden fees.
Albert Savings. Albert’s Smart savings engine sizes up your cash flow and sets aside funds automatically so that you’re always moving toward your financial goals. Set specific goals within the app, such as building an emergency fund or saving for your next vacation. And get cash bonuses on your Albert Savings every year.
Albert Investing. Start investing with as little as $1 using Albert’s guided investment platform. Choose your own stocks or themes, or have Albert do it for you.

Best for Debit Card Rewards: GO2bank

GO2bank is a low-friction online bank with a mobile-friendly bank account (no monthly fee with eligible direct deposit) and impressive yields on savings (4.50% APY²on savings up to $5,000).

Eligible electronic gift card purchases in the app earn up to 7% cash back; Amazon eGift Card purchases in the app earn 3% cash back. Terms and conditions apply.

Additional features:

No minimum opening deposit or ongoing balance requirement
Avoid the $5 monthly fee with an eligible direct deposit
Get paid up to two days early with ASAP Direct Deposit^{TM 3}
Deposit cash at participating retail stores, subject to fees and deposit limits
Enjoy up to $200 in overdraft protection with opt-in and eligible direct deposit.*
Earn 4.50% APY paid quarterly on savings up to $5,000 — over 10 times the national average savings rate²

* $15 fee may apply to each purchase transaction not repaid within 24 hours of authorization of the first transaction that overdrafts your account. Overdrafts paid at GO2bank’s discretion.

¹Active GO2bank account required to receive an eGift Card. eGift Card merchants subject to change.

²GO2bank, Member FDIC. Interest paid quarterly on the average daily balance of savings during the quarter up to a $5,000 balance and if the account is in good standing. 4.50% Annual Percentage Yield (APY) as of April 2023. APY may change before or after you open an account. The average national savings account interest rate of 0.39% is determined by the FDIC as of 4/18/23. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more. Fees on your primary deposit account may reduce earnings on your savings account.

³Direct deposit early availability depends on the timing of the payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your GO2bank account exactly or GO2bank will decline your deposit.

Best for No Account Fees Ever: Rewards Checking via Upgrade

Rewards Checking via Upgrade⁴ has a slew of user benefits, but its defining feature couldn’t be simpler: no account fees, ever.

That’s right. As a user, you pay no account fees — no annual fees, overdraft fees, transfer fees, or ATM fees charged by Rewards Checking by Upgrade¹.

There’s more, of course. Additional features of Rewards Checking via Upgrade include:

2% cash back on purchases at convenience stores, drugstores, restaurants, and bars, and on utility bills and certain monthly subscriptions²
Earn up to $500 cash back per year at the 2% rate
Earn 1% cash back on all other eligible purchases

Get up to five third-party ATM fee rebates each month¹
You may receive discounts on loans and cards through Upgrade³
FDIC Insured up to $250,000 through Cross River Bank, Member FDIC

1 There are no account fees, overdraft fees, annual fees, or transfer fees associated with Rewards Checking accounts. Rewards Checking charges no ATM fees, but third-party institutions may charge you a fee if you use their ATM/network or if you use your Upgrade VISA® Debit Card internationally. Upgrade will rebate any ATM fee charged by another institution for debit card withdrawals in the United States, up to five times per calendar month. To be eligible to receive third-party ATM fee rebates in any calendar month for eligible ATM withdrawals made during that month, customers must have (i) an open Rewards Checking account and (ii) either maintained an average daily balance in their account of at least $2,500 in the prior calendar month or made direct deposits into their account totaling at least $1,000 during the prior calendar month. As a courtesy to new customers, Upgrade will provide third-party ATM fee rebates for up to the first 2 calendar months after account opening regardless of account activity. Some limitations apply and terms and conditions may change. Please refer to the applicable Cross River Bank Deposit Account Agreement and Upgrade VISA® Debit Card Agreement and Disclosures for more information.

2 Rewards Checking customers accrue 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants, and bars – including deliveries – and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card charges. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers accrue 1% cash back on all eligible debit card charges for the remainder of the year. Some limitations apply. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information.

3 The interest rate on a new loan or credit line through Upgrade may be up to 20% lower than would otherwise be applicable without this discount, as long as you have an active Rewards Checking Account. Additional terms may apply. Please refer to the applicable Truth-in-Lending Disclosure and Loan Agreement.

4 Upgrade is a financial technology company, not a bank. Rewards Checking services provided by Cross River Bank, Member FDIC. Upgrade VISA® Debit Cards issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Personal Loans made by Upgrade’s bank partners. Personal Credit Lines are issued by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. The Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.

Best for Automated Budgeting: Douugh

Douugh is a money management app that makes it easy to stay on top of your day-to-day financial obligations while saving for a rainy day — and happier days too.

A single mobile-friendly dashboard makes it all possible.

How? That’s down to Salary Sweeper, an AI-enabled feature that automatically allocates income to two protected “jars”:

Your Bill Jar, complete with a virtual card of its own
Your Savings Jar, which is actually a customizable array of single-purpose savings buckets

The rest is yours to spend as you please using a debit card accepted by millions of merchants worldwide. Best of all, you never have to give manual budgeting a second thought.

Additional features:

Enjoy a free checking account with a Mastercard debit card
Use Apple Pay, PayPal, and other payment apps to make purchases online and IRL
Lock and unlock your card and change your PIN within the app — without calling customer service or visiting a branch.

Best for Debt Refinancing: SoFi Checking and Savings

Need to refinance the student loans you’ve been carrying for years with no end in sight?

Open a SoFi Checking and Savings account, then head over to SoFi’s student loan refinancing portal to check out your options. SoFi is a category leader in the education loan refinancing business, with incredibly low rates, flexible terms, and an array of reasonable repayment options.

And since you’re also in the market for a new online bank, you’ll enjoy these great SoFi Checking and Savings perks and features:

No minimum opening deposit or balance requirement
Rate discounts on SoFi loans
Free peer-to-peer (P2P) transfers
Customized financial planning
Member-exclusive offers from SoFi partners
A referral program that pays up to $310 per successful referral
Up to 3.75% APY on eligible balances

Plus, for a limited time, sign up for SoFi Checking and Savings and earn a $250 opening bonus when you set up direct deposit of at least $1,000 into your account

Best for Teens and Young People: Copper Banking

Copper is a banking solution for teens age 13 and older — and their parents too.

It’s built around the Copper Card, a personalized debit card that leverages Apple Pay technology to facilitate seamless online and in-person transactions.

The Copper App allows parents to monitor spending and instantly send money in seconds. For teens, its Automatic Saving feature encourages saving — a lifelong financial habit — by automatically setting aside a portion of each paycheck or inflow.

Additional features:

Copper has a wealth of financial literacy content for parents and kids alike — it’s one of the best financial education tools around
Withdraw cash for free at over 55,000 ATMs
All Copper Accounts are FDIC-insured up to $250,000 through Evolve Bank & Trust

Best for Potential Returns on Savings & Spending: PrizePool

PrizePool is a truly unique financial app — the only FDIC-insured deposit account provider that offers users the chance to earn serious money based on your saving and spending habits.

PrizePool offers two ways to win:

Savings Balances: Get 1 ticket for PrizePool’s prize drawings for every $1 on deposit in your savings account, every day. So if you have $1,000 in your account, you get 1,000 tickets every day.
Debit Card Purchases: Earn 30 tickets for every $1 spent, plus get the chance to have your purchases reimbursed.

PrizePool holds a weekly drawing every Friday. There are almost 6,000 cash prizes every week, including a $10,000 grand prize drawing at least once every six weeks.

Additional features:

Earn 0.30% APY on eligible savings balances
Deposits are FDIC-insured up to $250,000
Refer new users to PrizePool and get 10% of their prize winnings forever

Best for Freelancers and Self-Employed People: Lili

Lili offers a totally free checking solution with a slew of value-added features designed to simplify your financial life.

Its core product is built with freelancers in mind, but it’s appropriate for a range of use cases, from solopreneurs to folks who supplement 9-to-5 income with side hustle revenue.

With powerful, automated tax savings and expense categorization tools, Lili eliminates the need to juggle separate bank accounts for business and personal needs — it’s just one deposit account for your entire financial life.

Additional features:

No minimum opening deposits or ongoing balance requirements and no account fees
Pay virtually anywhere with a Visa debit card that’s accepted worldwide

Lili’s Tax Bucket tool automatically sets aside funds earmarked for income tax payments
Utilize expense management and categorization tools that simplify business budgeting, cash flow management, and year-end accounting
Get real-time alerts for every transaction (and other account activities too)
Make mobile check deposits through the Lili mobile app
Make cash deposits at more than 90,000 retail locations across the U.S., including CVS, Walgreens, and Rite Aid
Get paid up to two days early with early direct deposit
Enjoy fee-free withdrawals at about 38,000 ATMs nationwide

For $9 per month, Lili Pro adds even more valuable features:

A premium Visa Business Debit Card that delivers cash-back rewards
BalanceUp, a fee-free overdraft solution that covers up to $200 in would-be overdrafts
Advanced expense tracking that helps business owners maximize their tax deductions
A savings account that pays interest

Best for Savers: Quontic Bank

Quontic Bank got its start as a New York City community bank that catered to thrifty types.

Today, Quontic’s branch-based banking options represent just a small fraction of its offerings. With a nationwide digital footprint, Quontic delivers category-leading checking and savings yields for consumers and small-business owners from all walks of life — all with no monthly service fees:

Cash Rewards Checking: Earn unlimited 1.5% cash back on qualifying debit card transactions after meeting the $100 minimum opening deposit.
Bitcoin Rewards Checking: Earn 1.5% Bitcoin on qualifying debit card transactions. The minimum opening deposit is $500. This account may not be available in all states.
High Interest Checking: Make 10 or more qualifying debit card point-of-sale transactions of $10 or more per statement cycle to earn interest at competitive rates based on account balance. The minimum opening deposit is $100.
High Yield Savings: Earn interest at category-leading rates (currently 4.25%) after meeting the $100 minimum opening deposit.
Money Market: Earn solid yields (currently 4.75%) after meeting the $100 minimum.
CDs: Quontic CDs have terms ranging from six months to three years and competitive yields that generally increase in proportion to term. The minimum opening deposit is $500. Early withdrawal penalties may apply.

Additional features:

Tap to pay with the Quontic Pay Ring — the first wearable debit card
Choose from an array of home loans, including community development loans that go beyond your traditional credit profile
Take advantage of special loans for foreign nationals and recent immigrants

Best for Borrowers: Discover Bank

Discover Bank is a full-service online bank with a wide range of deposit accounts. It’s a great (almost) one-stop shop for your digital financial needs.

Discover Bank’s real differentiator is its comprehensive lineup of secured and unsecured credit products. That includes unsecured personal loans, which many online banks don’t bother with due to perceived risk.

You’ll find home loans, home equity products, student loans, credit cards, and personal lines of credit here too.

Discover Bank’s deposit account options include:

Cashback Debit: This checking account has no yield, but you can earn 1% cash back on up to $3,000 in qualifying debit card spending each month. There’s no monthly maintenance fee.
Online Savings Account: This account has a very strong yield on all balances — currently 3.90% APY. There’s no maintenance fee or minimum to open.
Money Market Account: With a minimum opening deposit and balance requirement of $2,500, this account has competitive yields on all balances. Its two balance tiers cleave at $100,000, but yields on higher balances barely exceed those on lower balances. Enjoy a free, optional debit card, and no maintenance fee. There’s also no minimum balance fee, despite the minimum balance requirement.
Traditional CDs: CD terms range from three months to 10 years. Yields range widely, peaking on longer-term CDs. You need $2,500 to open any CD.

Additional features:

Structure any money market or CD as a traditional, Roth, or SEP IRA
Or roll over your 401(k), 457 deferred compensation plan, annuity, or IRA from another institution
Enjoy a coast-to-coast network of 60,000 fee-free ATMs
Enjoy 24/7 support by phone, live chat, and email
Make mobile check deposits from anywhere
Enjoy free, instant P2P money transfers

Methodology: How We Select the Best Online Banks

We use several key factors to evaluate online banks and surface the very best ones for our readers. Each relates in some way to the overall user experience, and you’ll see many represented in our “Best For” categories above.

Available Account Types

The best online banks offer a range of different deposit account types: free checking, savings, CD, and money market accounts, among many others.

Truly comprehensive online banks go even further, with less-common account offerings like savings IRAs, jumbo CDs, and more. More accounts doesn’t necessarily mean a better banking experience, but it’s helpful if you’re looking for a one-stop financial shop.

Interest Rates

Online banks tend to have higher yields — interest rates paid to the account holder — as well as lower interest rates on certain types of loans, if offered.

You shouldn’t count on that though. It’s important to shop around and choose an online bank that consistently offers significantly better rates. Not all do.

Account Minimums

The best online banks have low or no minimum balances and low or no minimum opening deposit requirements on checking, savings, and money market accounts.

CDs generally do have minimum deposit requirements, even at the best online banks, but there’s lots of variation. Look for deposits at or below the $1,000 mark, if possible.

Monthly Maintenance Fees

Free is always better than not free, right?

Not necessarily. Some of the best online banks around charge modest monthly fees. In exchange, they offer a wealth of value-added features and services that can earn or save you money (and sometimes both at the same time).

That said, we do give preference to banks that don’t charge monthly fees at all. Because everyone could use a break.

Other Account Fees

The trusty monthly maintenance fee is just the most visible bank fee. Others include:

ATM fees (in-network and out-of-network)
Wire transfer fees
Excess transaction fees
Early withdrawal penalties
Minimum balance fees

Traditional banks are notorious for nickel-and-diming their customers. By contrast, most online banks do charge at least some fees, but they’re predictable and clearly disclosed on their websites and applications.

For example, many online bank CDs come with early withdrawal penalties. These can be equivalent to as little as one month’s interest on shorter-term CDs but may range up to 24 months of interest on very long-term CDs.

All else being equal, we prefer online banks that charge few if any fees — and hidden fees are a dealbreaker.

Investment and Tax-Advantaged Options

Many online banks stick to core banking services, like checking and savings. But a growing number of online banks offer a wider array of options for people who’d like to be able to do all their banking in the same place.

We’re particularly fond of online banks that offer tax-advantaged account options, such as savings IRAs and CD IRAs. We also like online banks that have in-house investment platforms — whether they’re self-directed brokerages like Ally Invest or low-cost robo-advisors like Wealthfront.

Credit Options

All online banks have at least one deposit account product. That’s what makes them online banks.

A smaller but growing number make loans or issue lines of credit — including credit cards — as well. Common online bank credit products include:

Mortgage loans, including purchase loans and refinance loans
Home equity products, including home equity loans and lines of credit
Auto loans
Student loans and student loan refinancing products
Personal loans
Credit cards and other types of credit lines

We don’t hold it against online banks that don’t make loans — it’s a big step for many a lean bank. But we do look out for banks that have taken the leap.

Budgeting and Money Management Features

Budgeting is hard to do right. That’s why we’re big fans of online banks with built-in budgeting and money management tools.

The more automated these tools are, the better. In fact, some make our list of the top budgeting apps on the market. Truly “set it and forget it” money management saves the typical consumer hundreds if not thousands of dollars per year.

Online Banking FAQs

Still have questions about online banks and managing money online? We have answers.

How Much Does Online Banking Cost?

Online bank rates, yields, and fees are subject to change at banks’ sole discretion. For up-to-date information about specific accounts and bank policies, check their websites or call customer service.

That said, online banks are generally more affordable than traditional banks. They’re less likely to charge monthly maintenance fees on checking and savings accounts, and many have fewer hidden fees too.

What’s the Interest Rate on an Online Bank Account?

That also depends on the individual bank. But many online accounts feature higher yields relative to those of traditional banks.

That’s because online banks have less overhead than traditional banks. They don’t need to pay to keep big, centrally located branches open or pay people to work at them. Their operations are more efficient, which allows them to pass the savings on to customers via higher rates and lower fees.

How Do You Enroll in Online Banking?

It depends on the bank and how its website or app is structured, but it’s usually straightforward. In fact, with an online-only bank, enrollment is usually automatic. You don’t have to complete a separate application or even click a button to activate your account.

However, you will need to create a unique username and password to get started. You may be asked to do this as part of the initial application process or once your account is approved. You’ll also need to link at least one external funding source to transfer money into your account.

Can You Get a Mortgage From an Online Bank?

Some online banks offer home loans (mortgages) and other credit products. These banks tend to be larger online banks with high name recognition, like Ally Bank and Capital One Bank. Look for a “Mortgages” or “Home Loans” tab on the homepage or in your account dashboard.

Be aware that some online banks outsource mortgage origination to other companies. In other words, if you apply for a mortgage through your bank, your loan officer might actually work for someone else. This isn’t necessarily a bad thing, but it could mean a different level or style of service than you’re used to.

And don’t expect your online bank to offer better mortgage rates than other lenders. The mortgage loan business is highly competitive, and direct lenders with even lower overhead may be able to undercut online banks.

How to Choose the Best Online Bank — Or Several

The institutions on this list offer a great combination of FDIC-insured banking products, solid yields, open access, and helpful customer service.

Before choosing one, take a closer look at the features that set it apart from the competition: rewards checking, flexible withdrawal terms for CDs, particularly high account yields, a socially responsible corporate philosophy, and so on.

And remember that, unlike in the old days, your banking choices aren’t bound by geography or other restrictions. If you can’t settle on a single online bank, why not open accounts at multiple banks and compare your experiences?

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

Source: moneycrashers.com

Deposit or transfer amount	Cash bonus
$5,000+	$50
$10,000+	$100
$25,000+	$300
$100,000+	$700
$500,000+	$1,500
$1,000,000+	$3,000
$1,500,000+	$4,000

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