Whether you’re drawn to the historic architecture of downtown Worcester or the scenic beauty of its surrounding nature, this city has something for everyone.
Welcome to the vibrant city of Worcester, MA, where history meets modernity and a diverse community thrives. From its rich cultural heritage to its bustling arts scene, Worcester offers a unique blend of urban excitement and small-town charm. With its renowned colleges and universities, the city attracts a dynamic mix of residents, creating a lively and inclusive atmosphere. So whether you’re searching for the perfect apartment in the heart of Worcester or eyeing a cozy home in its peaceful suburbs, you’ve come to the right place.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Worcester. Let’s get started and see what awaits in this dynamic and welcoming city.
Pro: Rich cultural heritage
Worcester is steeped in history and boasts a rich cultural heritage. The city is home to numerous museums, including the Worcester Art Museum and the EcoTarium, offering residents and visitors a chance to explore art, science, and history. Additionally, the Hanover Theatre for the Performing Arts hosts a variety of shows, from Broadway productions to concerts, providing ample opportunities for cultural enrichment.
Con: Limited public transportation options
While Worcester does have public transportation services, some residents may find the options to be limited compared to larger cities. Depending on individual needs and preferences, access to convenient public transit routes and schedules may vary, requiring careful consideration for daily commuting and travel.
Pro: Thriving food scene
Worcester’s diverse culinary landscape offers a wide array of dining options, from trendy eateries to family-owned restaurants. The city’s food scene includes a mix of international cuisines, farm-to-table establishments, and innovative food trucks, catering to all palates. Residents can savor everything from traditional New England seafood to global flavors, making Worcester a paradise for food enthusiasts.
Con: Seasonal allergies
Worcester’s natural surroundings and green spaces can contribute to seasonal allergies for some residents. Pollen and allergens from trees, grasses, and plants may affect individuals with allergies, requiring proactive measures to manage symptoms and maintain overall well-being.
Pro: Affordable cost of living
Compared to other major cities in Massachusetts, Worcester offers a more affordable cost of living. Housing prices are relatively lower, and everyday expenses, such as groceries and utilities, are more budget-friendly. As of spring 2024, the average rent for a 2 bedroom apartment is roughly $2,000/mo. This makes Worcester an attractive option for individuals and families looking to enjoy the amenities of a city without breaking the bank.
Con: Urban sprawl
As Worcester continues to grow, urban sprawl and development may impact the city’s natural landscapes and open spaces. Balancing urban expansion with environmental preservation is an ongoing concern for residents and city planners, as the city strives to maintain its unique character and green spaces.
Pro: Higher education hub
Worcester is home to several prestigious colleges and universities, including Worcester Polytechnic Institute and Clark University. This creates a vibrant academic environment and contributes to the city’s cultural diversity. Students and academics benefit from the intellectual stimulation and resources available in the city, enhancing the overall quality of life for residents.
Con: Traffic congestion
Like many urban areas, Worcester experiences traffic congestion during peak hours, which can lead to longer commute times and frustration for residents. Navigating the city’s roadways and highways may require strategic planning to avoid delays and congestion, especially during rush hours.
Pro: Diverse neighborhoods
Worcester’s neighborhoods offer a diverse range of living experiences, from historic districts with charming architecture to modern developments with urban amenities. Each neighborhood has its own unique character and community spirit, providing residents with options to find the perfect fit for their lifestyle and preferences.
Con: Harsh winters
Worcester experiences harsh winters with heavy snowfall and cold temperatures, which can be challenging for residents. Snow removal and winter maintenance are essential considerations for those living in the city, as the weather conditions can impact daily routines and transportation.
Pro: Convenient transportation options
Worcester’s public transportation system, including buses and commuter rail services, provides convenient options for getting around the city and accessing neighboring areas. Additionally, the city’s central location in Massachusetts allows for easy travel to other major cities in the region, making it a strategic hub for commuters and travelers.
Con: Limited job opportunities
While Worcester offers a range of amenities, the job market may be more limited compared to larger metropolitan areas. Finding employment opportunities in specific industries or career fields may require residents to explore options in neighboring cities or consider remote work arrangements.
Pro: Access to nature
Despite being an urban center, Worcester provides easy access to nature and outdoor activities. Residents can explore the scenic trails at Green Hill Park, enjoy picnics at Elm Park, or take a leisurely stroll along the shores of Lake Quinsigamond. The city’s proximity to natural landscapes allows for a balanced lifestyle, with opportunities for relaxation and recreation.
Con: Noise pollution
As a bustling city, Worcester experiences noise pollution from various sources, including traffic, construction, and urban activities. Residents living in densely populated areas or near commercial districts may encounter higher levels of noise, impacting their daily living environment and overall peace of mind.
With its rich cultural heritage, diverse neighborhoods, and a bustling arts scene, Hartford, CT offers a unique blend of old-world charm and contemporary living. Residents here enjoy easy access to top-notch museums, beautiful parks, and a wide array of dining and entertainment options. Whether you’re drawn to the bustling downtown area or the peaceful suburbs, Hartford has something for everyone.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Hartford. Let’s get started and see what awaits in this historic and vibrant city.
Pro: Affordable cost of living
Compared to other major cities in the Northeast, Hartford offers a relatively affordable cost of living. Housing costs, in particular, are more reasonable, allowing residents to enjoy the benefits of city living without breaking the bank. As of spring 2024, the average rent for a 2 bedroom apartment is roughly $1,600/mo. This makes Hartford an attractive option for those seeking an urban lifestyle without the exorbitant expenses.
Con: Limited public transportation options
While Hartford does have public transportation, the options are relatively limited compared to larger cities. CT Transit provides bus service through the city but it is not extensive. This can pose challenges for residents who rely on public transit for their daily commutes or prefer not to drive, leading to potential transportation issues and longer commute times.
Pro: Rich cultural heritage
Hartford is steeped in rich cultural heritage, offering residents a deep sense of history and tradition. The city is home to renowned museums such as the Wadsworth Atheneum Museum of Art, the Mark Twain House & Museum, and the Connecticut Science Center, providing ample opportunities for cultural enrichment and exploration. Additionally, the city’s diverse population contributes to a vibrant tapestry of art, music, and culinary experiences, making Hartford a melting pot of cultural diversity.
Con: Harsh winters
Hartford experiences harsh winters, with cold temperatures and significant snowfall. The winter weather can be challenging for residents, leading to difficulties in commuting, outdoor activities, and overall comfort during the colder months. Those considering a move to Hartford should ensure they have the appropriate gear for their person and vehicle during the winter months.
Pro: Proximity to nature
Despite being a city, Hartford offers easy access to nature, with beautiful parks and outdoor recreational areas such as Bushnell Park, Elizabeth Park Conservancy, and the Farmington River. Residents can enjoy outdoor activities like hiking, biking, and picnicking, providing a welcome escape from the urban hustle and bustle.
Con: Traffic congestion
Hartford experiences traffic congestion, especially during peak commuting hours. The city’s roadways can become congested, leading to longer commute times and potential frustration for residents navigating the urban landscape.
Pro: Thriving arts and music scene
Hartford has a thriving arts and music scene, with numerous galleries, theaters, and music venues scattered throughout the city. From the Hartford Stage and TheaterWorks to the Infinity Music Hall and the Charter Oak Cultural Center, residents can immerse themselves in a diverse array of artistic and musical performances, contributing to a culturally rich and vibrant community.
Con: Limited nightlife options
While Hartford has a thriving arts and music scene, the city’s nightlife options may be more limited compared to larger metropolitan areas. Residents seeking a bustling nightlife with a wide array of entertainment venues may find the options in Hartford to be relatively more subdued.
Pro: Access to higher education
Hartford boasts a strong presence of prestigious higher education institutions, including Trinity College, the University of Hartford, and Capital Community College. This provides residents with access to top-notch educational opportunities, cultural events, and intellectual stimulation. The presence of these institutions also contributes to a dynamic and intellectually stimulating atmosphere within the city.
Con: High property taxes
Hartford has relatively high property taxes compared to other cities in Connecticut. This can be a financial burden for homeowners and impact the overall affordability of living in the city.
Pro: Diverse culinary experiences
Hartford’s culinary scene is a melting pot of flavors, with a wide range of restaurants offering diverse cuisines from around the world. From authentic Italian eateries in Little Italy to vibrant Latin American flavors in Parkville, residents can embark on a culinary journey without leaving the city limits, satisfying a variety of palates and preferences.
As the U.S. reaches its peak homebuying season, mortgage rates continue to ease week over week.
HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conforming loans at 7.45% on Tuesday, below the rate of 7.51% one week ago. At the same time one year ago, the average rate was 6.54%.The 15-year conforming fixed rate averaged 6.75% on Tuesday, down from 6.77% one week earlier.
“Bond yield keeps heading lower and mortgage spreads are getting better,” HousingWire lead analyst Logan Mohtashami said. “Since the softer labor reports happened, mortgage pricing has improved. Despite today’s hotter Producer Price Index (PPI) inflation print, yields fell again after traders digested the reports.”
The release of the Consumer Price Index (CPI) on Wednesday will allow experts to determine whether or not this trend continues, Mohtashami said.
As of May 10, there were 568,000 unsold single-family homes on the market, up 1.5% compared to the week prior.
“It’s not a massive gain, but inventory is growing and will continue to grow over the next few months,” Mike Simonsen, founder and president of Altos Research, wrote on Monday.
Compared to a year ago, there are 35% more homes on the market, a gap that continues to expand. Simonsen expects there to be 700,000 unsold homes on the market by the end of September.
During the week ending May 10, 89,000 new listings hit the market, according to Altos Research, which was 3% less than the week prior.
“There is still a sense of optimism that more sellers will help this market grow,” Simonsen said. “Ideally, the combined number of new listings should be above 100,000 each week, so it’s a bit disappointing to see only 89,000 today.”
Fannie Mae says home prices could drop as inventory builds and if borrowing rates stay higher for longer. (iStock)
There’s no relief in sight for high borrowing costs as interest rate cuts are pushed further into the distance. Still, a surge in housing inventory could give buyers more options, Fannie Mae said in a report.
Mortgage rates have ticked above 7% in recent weeks and that, combined with high home prices, has rendered housing unaffordable for many. Fannie Mae is still forecasting for mortgage rates to decrease later this year to 6.6%, but borrowing costs will only drop meaningfully once the Fed dials back interest rates. That won’t come until the central bank is confident that inflation will reach a 2% target rate.
The inflation data registered this year has been higher than the Fed expected. The latest reading of the personal consumption expenditures (PCE) price index, excluding food and energy prices—a key metric the Federal Reserve tracks to measure inflation—increased by 3.7% after rising to 2% in the fourth quarter, raising concerns that inflation may be headed in the wrong direction. Fannie Mae has readjusted its expectations on inflation and now expects the Consumer Price Index to end 2024 at a 3.1% annual rate, compared to the previously projected 2.5%.
“While we still expect economic growth and inflation to moderate going forward – and, thus, for mortgage rates to drift downward – interest rates existing in a ‘higher for longer’ state seems to be an increasingly real possibility in the eyes of market participants, as well as some homebuyers and sellers,” Fannie Mae Vice President, Economic and Strategic Research Hamilton Fout said. “While we’ve recently seen evidence that some potential home sellers are becoming more acclimated to the higher mortgage rate environment and putting their homes on the market, the recent move upward in rates is yet another headwind to the recovery of home sales, and it intensifies long-standing affordability challenges for consumers.”
The silver lining for the housing market is that supply is expected to build as home sales lag, which “should help gradually thaw housing inventory and contribute to decelerating home price growth,” Fannie Mae said.
Homebuyers can find the best mortgage rate by shopping around and comparing your options. You can visit an online marketplace like Credible to compare rates, choose your loan term and get preapproved with multiple lenders at once.
SOCIAL SECURITY: COLA INCREASING BUT MEDICARE COSTS RISING TOO IN 2024
Home prices forecasted to keep rising
Fannie Mae has readjusted its home price projection and forecasts upwards, but there are signs that gains are slowing. Home prices are forecasted to increase 4.8% annually in 2024 and 1.5% in 2025.
Home prices are now 6.4% above their level this time last year, up from the 6% increase registered in January, according to the latest S&P CoreLogic Case-Shiller national home price index report. Across the nation, home prices increased 0.6% month-over-month after dipping the previous month. This annual and monthly growth in home prices comes as homebuyers struggle with affordability issues caused by high mortgage rates and a lack of housing supply.
“Home price growth pivoted in February, as the impact of the January 2023 Home Price Index bottom finally faded,” CoreLogic Chief Economist Selma Hepp said in a statement. “As a result, the U.S. should begin to see slowing annual home price gains moving forward.”
If you’re looking to become a homeowner, you could still find the best mortgage rates by shopping around. Visit Credible to compare your options without affecting your credit score.
MILLENNIALS ARE DESPERATE TO BUY A HOME, MOST WILLING TO PAY A MORTGAGE RATE ABOVE 7%: SURVEY
Here’s how much homebuyers need to earn
Homebuyers need to earn more today to afford a home. Based on the current interest rate of 7.22% over a 30-year mortgage, buyers today would need to earn an annual income of roughly $120,000, plus a 10% down payment, to afford a home, according to the Clever Real Estate report. However, the average American household earns about $45,000 less than that, and most first-time buyers can’t afford a 10% down payment.
Based on the median annual salary and a 10% down payment, most first-time buyers can afford a home priced at about $207,529 — 38% less than the current median-priced home. Increasing the down payment to 20% lowers the salary threshold to $98,202, but saving that amount could take years, the Clever report said.
Moreover, higher mortgage rates and home prices mean that 20% of Americans spend roughly 30% of their paychecks on monthly home loan payments, and 10% spend more than half of their pay, according to a recent NewHomesMates.com survey. Homeownership is considered affordable if households spend at most 28% of their monthly income on housing costs. The survey said those ready to take the plunge have had to sink a larger portion of their paychecks into mortgage payments and make significant cuts to everyday spending.
If you’re considering becoming a homeowner, it could help to shop around to find the best mortgage rate. Visit Credible to compare options from different lenders and choose the one with the best rate for you.
THIS IS THE #1 CITY FOR FIRST-TIME HOMEBUYERS, AND OTHER HOT US HOUSING MARKETS
Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.
Welcome to the charming city of Binghamton, NY. With its rich industrial heritage, vibrant arts scene, and stunning natural landscapes, Binghamton offers a unique blend of urban amenities and small-town charm. So whether you’re searching for the perfect apartment in downtown Binghamton or eyeing a cozy farmhouse in the surrounding area, you’ve come to the right place.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Binghamton. Let’s get started and see what awaits in this picturesque city nestled in the heart of upstate New York.
Pro: Affordable cost of living
Binghamton offers a relatively affordable cost of living compared to other cities in New York state. The average rent in spring 2024 is only around $1,000 for an apartment. Housing costs, including home buying prices, are reasonable, allowing residents to enjoy a comfortable lifestyle without breaking the bank. This makes Binghamton an attractive option for anyone looking to stretch their budget while still enjoying the amenities of a city.
Con: Limited public transportation options
Binghamton has limited public transit coverage compared to larger cities. There is bus service within the city but it is not extensive. Busses are also available to travel between Binghamton and other cities in the area such as Albany, Buffalo, and New York City. However, the lack of robust public transport within Binghamton itself can pose challenges for residents who rely on public transportation for their daily commutes.
Pro: Rich cultural heritage
Binghamton boasts a rich cultural heritage, with a strong emphasis on the arts and history. The city is home to several museums, art galleries, and cultural institutions that showcase the region’s diverse heritage. The Bundy Museum, Phelps Mansion and Roberson Museum and Science Center are especially beloved. Residents can immerse themselves in local art, music, and theater, as well as explore the city’s historical landmarks and architecture, providing a deep sense of cultural appreciation and community pride.
Con: Harsh winters
Binghamton experiences harsh winters with heavy snowfall and cold temperatures, which can be challenging for residents who are not accustomed to extreme weather conditions. Snow removal and road maintenance become significant concerns during the winter months, impacting daily routines and travel logistics.
Pro: Outdoor recreational opportunities
Surrounded by natural beauty, Binghamton offers abundant outdoor recreational opportunities. The Ganondagan Hiking Trails are a highlight. They allow hikers to learn about the history of the area on three different themed hiking trails. Residents also enjoy trekking, biking, and picnicking in the nearby state parks and nature reserves. Confluence Park, at the intersection of the Susquehanna and Chanango Rivers, is a well-loved location for a stroll on nice days. The city’s proximity to the Finger Lakes region also provides access to water-based activities such as boating, fishing, and swimming, making it an ideal location for nature enthusiasts and outdoor adventurers.
Con: Healthcare access
Access to specialized healthcare services and medical facilities may be limited in Binghamton, requiring residents to travel to neighboring cities for certain medical treatments and healthcare needs. This can create logistical challenges and impact the overall accessibility of healthcare resources within the local community.
Pro: Diverse dining scene
Binghamton’s diverse dining scene offers a wide range of culinary experiences, from cozy cafes and family-owned eateries to upscale restaurants and international cuisine. Food enthusiasts can savor a variety of flavors and dishes, including farm-to-table fare, ethnic delicacies, and innovative gastronomic creations, making the city a haven for foodies and those who appreciate culinary diversity. Residents love The Grove for casual eats and live music. For special occasions, Remlik’s serves gorgeous meals in a historic home.
Con: Limited job opportunities
While Binghamton offers a lower cost of living, the city also has limited job opportunities compared to larger metropolitan areas. Employment options may be more restricted, especially in certain industries, requiring residents to carefully consider their career prospects and potential for professional growth within the local job market. Major employers in the area include Lockheed Martin and Binghamton University.
Pro: Strong sense of community
Binghamton fosters a strong sense of community, with residents actively engaging in local events, volunteer opportunities, and neighborhood initiatives. The city’s close-knit neighborhoods and friendly atmosphere create a supportive and inclusive environment, where individuals can form meaningful connections and contribute to the overall well-being of the community.
Con: Seasonal fluctuations
Binghamton experiences distinct seasonal fluctuations, with hot and humid summers followed by cold and snowy winters. These weather extremes can pose challenges for residents, impacting outdoor activities, energy costs, and overall comfort levels throughout the year.
Pro: Access to higher education
Binghamton provides residents with access to quality higher education institutions. Binghamton University and SUNY Broome Community College are both located in the city. Students and lifelong learners can take advantage of academic and cultural resources, as well as attend lectures, performances, and events that enrich the intellectual and social fabric of the city.
Con: Urban sprawl and traffic congestion
Binghamton experiences urban sprawl and traffic congestion in certain areas, particularly during peak commuting hours. The city’s infrastructure and roadways may become congested, leading to longer travel times and potential frustrations for residents navigating through busy urban corridors.
Pro: Convenient transportation options
Binghamton offers convenient transportation options within the city such as bike lanes, and pedestrian-friendly pathways. The city’s accessibility allows residents to navigate the urban landscape and connect with neighboring communities, enhancing overall mobility and connectivity.
Have you been asking yourself, “Should I move to Chattanooga?” Located along the Tennessee River and surrounded by picturesque mountains, Chattanooga offers a blend of natural beauty, thriving cultural scene, and Southern charm. But is it the right fit for you? Before you start packing boxes, let’s take a closer look. In this article, we’ll dive into the pros and cons of living in this city to help you decide if the Scenic City should be your next home. Let’s jump in.
Chattanooga at a Glance
Walk Score: 29 | Bike Score: 35 | Transit Score: 18
Median Sale Price: $316,000 | Average Rent for 1-Bedroom Apartment: $1,400
Chattanooga neighborhoods | Houses for rent in Chattanooga | Apartments for rent in Chattanooga | Homes for sale in Chattanooga
Pro: Scenic beauty and outdoor activities
Chattanooga is renowned for its breathtaking natural scenery. The city is surrounded by mountains and waterways, offering endless outdoor activities. From hiking on Lookout Mountain to kayaking on the Tennessee River, residents have ample opportunities to enjoy nature. The iconic Walnut Street Bridge, one of the world’s longest pedestrian bridges, provides stunning views and a unique walking experience.
Con: Limited public transportation options
With a Transit Score of 18, the city’s public transportation system is not as developed as in larger metropolitan areas. While there are buses and a free electric shuttle in the downtown area, options are limited, especially outside the city center. This can make it challenging for those without personal vehicles to navigate the city efficiently.
Pro: Affordable cost of living
Chattanooga offers an affordable cost of living that’s 9% lower than the national average. Additionally, housing prices are relatively low with a median sale price about $100,000 less than the national average. This allows many locals to afford a comfortable lifestyle without the financial strain experienced in larger urban centers. This affordability extends to groceries, utilities, and entertainment, making it an attractive place to live for many.
Con: Traffic congestion
Despite its moderate size, Chattanooga faces traffic congestion, especially during rush hours. Although the city’s infrastructure tries to keep up with the growing population, major roads and intersections often see heavy traffic. This is particularly evident on the I-24 corridor, which is notorious for traffic jams.
Pro: Exceptional internet speed
Chattanooga is known as the “Gig City” for its ultra-fast internet. The city was one of the first in the U.S. to offer 1 Gbps internet speeds citywide. This makes it an attractive location for tech companies and remote workers seeking reliable and fast internet connectivity, fostering a growing tech community.
Con: Air quality concerns
In the past, Chattanooga has faced challenges with air quality. Industrial activity and vehicle emissions contributed to pollution, which was exacerbated by the city’s geographical location in a valley. Today, pollution and wildfire smoke can lead to smoggy conditions, particularly in the summer months. This is something to consider for those with respiratory conditions or any one concerned with air quality levels.
Pro: Community spirit and friendliness
Chattanooga is often praised for its strong sense of community and the friendliness of its locals. Neighborhoods host regular events, fostering a sense of belonging and togetherness. One specific example is the annual Riverbend Festival, a multi-day event that brings people from across the city together to enjoy live music, food vendors, and fun activities. This welcoming atmosphere makes it easy for newcomers to integrate and form lasting connections, enhancing the overall quality of life.
Con: Seasonal weather extremes
Chattanooga experiences a wide range of weather conditions, from hot, humid summers to occasionally cold winters. The summer heat can be intense, making outdoor activities uncomfortable during peak daytime hours. Winter brings its own challenges, with sporadic snowfall and ice that the city is often unprepared for.
Pro: Rich history and heritage
The city has a rich historical heritage, from its critical role in the Civil War to the famous Chattanooga Choo Choo. There are plenty of museums, historical sites, and monuments scattered throughout the city offering residents and visitors the opportunity to take a deep dive into the past. This historical richness adds a unique layer to the city’s cultural fabric.
Con: Limited nightlife options
For those seeking a bustling nightlife, Chattanooga might fall short. While there are bars, live music venues, and restaurants, the options are more limited compared to larger cities. The nightlife scene tends to be quieter and more subdued, which might not meet the expectations of all residents.
Pro: Thriving arts scene
The city boasts a vibrant arts scene that caters to a variety of tastes. The Hunter Museum of American Art displays a remarkable collection, while the Chattanooga Symphony and Opera provide high-quality musical performances. The Bluff View Art District offers galleries, shops, and cafes in a picturesque setting, making art accessible to everyone.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
TheUniversity of Michigan’s Index of Consumer Sentiment registered at 77.2 in April, down from 79.4 in March. The university’s index of Current Economic Conditions also fell in April, to 79.0, from 82.5 in March.
The Conference Board’s Consumer Confidence Index fell for the third consecutive month in April, hitting 97.0 after reaching 103.1 in March.
What is consumer sentiment?
Consumer sentiment, also known as consumer confidence, is an index of how U.S. consumers are feeling about the current and future state of the economy, and all that folds in to the economy: the job market, wages, business conditions and their personal finances. It’s a valuable tool for economists, as consumer sentiment can be used as an early predictor of economic changes.
How people feel about the economy can directly impact the economy, because consumers’ attitudes often affect how much they spend on things like food, transportation, household goods, entertainment and more. In 2023, consumers’ personal spending made up 67.9% of the U.S. GDP, or gross domestic product, according to the Federal Reserve Bank of St. Louis. That’s a significant majority of the nation’s GDP, so keeping a close eye on consumer sentiment is key in foreseeing potential economic slumps or rallies.
When the economy is in a recession, consumer sentiment falls. On the flip side, when the economy is expanding, consumer sentiment rises. The index does typically peak before a recession, though. Unlike other indexes, such as the Consumer Price Index (CPI), consumer sentiment isn’t calculated using spending data or hard figures. Instead, economists rely on two major surveys of consumer confidence: The University of Michigan’s Surveys of Consumers and the Conference Board’s Consumer Confidence Survey. Each survey collects the general attitudes and opinions of hundreds of U.S. consumers. Then, those opinions are assigned numeric values and aggregated into one number, or index.
The University of Michigan’s Index of Consumer Sentiment
The Index of Consumer Sentiment is one of three indexes derived from the University of Michigan’s Surveys of Consumers, which started in 1946. Originally conducted annually, the surveys switched to a monthly cadence in 1978. The surveys have a sample size of roughly 600 people selected randomly from the 48 adjoining U.S. states and the District of Columbia.
The surveys include roughly 50 questions covering personal finances, business conditions and buying conditions. From those surveyed, three indexes are produced: the Index of Consumer Sentiment, the Index of Consumer Expectations and the Index of Current Economic Conditions.
The Index of Consumer Sentiment is the most commonly cited index of the bunch. It’s derived from these five questions:
“We are interested in how people are getting along financially these days. Would you say that you (and your family living there) are better off or worse off financially than you were a year ago?”
“Now, looking ahead: Do you think that a year from now you (and your family living there) will be better off financially, or worse off, or just about the same as now?”
“Now, turning to business conditions in the country as a whole. Do you think that during the next twelve months we’ll have good times financially, or bad times, or what?”
“Looking ahead, which would you say is more likely: that in the country as a whole we’ll have continuous good times during the next five years or so, or that we will have periods of widespread unemployment or depression, or what?”
“About the big things people buy for their homes, such as furniture, a refrigerator, stove, television, and things like that. Generally speaking, do you think now is a good or bad time for people to buy major household items?”
Historically, the surveys have been conducted by phone. Starting in July 2024, they’ll be conducted online, with researchers aiming for 900 to 1,000 respondents.
The Conference Board’s Consumer Confidence Index
Meanwhile, the Conference Board’s Consumer Confidence Survey was launched in 1967 as a mail survey conducted every other month. Today, the survey is conducted online, on a monthly basis, with a sample size of roughly 3,000 respondents.
The Conference Board issues a five-question survey to calculate three distinct indexes: the Consumer Confidence Index, the Present Situation Index and the Expectations Index. Once the surveys have been completed, each question is given a relative value. Then, those values are compared against their relative values from 1985 — the survey’s benchmark year, with an index set at 100.
The Consumer Confidence Index is the average index for all five questions. The Present Situation Index is calculated using the average indexes for the first two questions, and the remaining three questions determine the Expectations Index.
Present Situation Index
Respondents’ appraisal of current business conditions.
Respondents’ appraisal of current employment conditions.
Expectations Index
Respondents’ expectations regarding business conditions six months hence.
Respondents’ expectations regarding employment conditions six months hence.
Respondents’ expectations regarding their total family income six months hence.
Consumer Confidence Index
This is the average index for all five questions above.
What is consumer sentiment like right now?
The University of Michigan’s Index of Consumer Sentiment, released on April 5, dipped only slightly from its March reading, making for the third month in a row of relatively stable results. It registered at 77.2, which is a 2.8% decrease from the previous month.
The index measuring Current Economic Conditions was at 79.0 in April, compared to 82.5 in March. And the Index of Consumer Expectations was at 76.0 — a 1.8% decrease from March, when it was at 77.4.
Meanwhile, the Conference Board’s Consumer Confidence Index declined for the third month in a row. The index fell to 97.0 in April, compared to 103.1 in March. Its Present Situation Index fell to 142.9 in April, compared to 146.8 in March. And the Expectations Index registered at 66.4, compared to 74.0 in the previous month.
When does the next report come out?
The University of Michigan’s next Surveys of Consumers will be released on Friday, May 10. The Conference Board will release its next Consumer Confidence Survey on Tuesday, May 28.
Do you want to learn how to get free PayPal money? Yes, there are actually many ways to get cash straight in your own PayPal account. Receiving PayPal cash for the extra income you make is great because PayPal cash can be used for almost all online shopping. If you want to increase your budget…
Do you want to learn how to get free PayPal money?
Yes, there are actually many ways to get cash straight in your own PayPal account.
Receiving PayPal cash for the extra income you make is great because PayPal cash can be used for almost all online shopping.
If you want to increase your budget without working extra hours, earning free PayPal money could be the solution. Many legitimate platforms offer tasks like surveys, watching videos, or trying new apps in exchange for cash directly deposited into your PayPal account.
I have personally used many of the apps below on a regular basis and have earned a lot of free PayPal money over the years.
Recommended reading: How To Get $20 PayPal Now
How To Get Free PayPal Money
Here are some places where you can start earning free PayPal money:
Below is more detailed information about each method for getting free PayPal cash in your PayPal account.
1. Swagbucks
Swagbucks is a well-known rewards website that gives you PayPal cash as a reward. It has been downloaded over 5 million times and has paid out over $500 million in rewards.
On Swagbucks, you can earn points called “SB” by answering surveys, getting cash back when you shop through their platform, and watching short videos.
With the points you earn on Swagbucks, you can put money directly into your PayPal account. You can redeem your points starting at $5 (this is 500 points) all the way up to $250 (25,000 points).
I began using Swagbucks about 10 years ago, and since then, I’ve earned over 110 free gift cards for myself, including a lot of PayPal cash. I don’t spend a lot of time on it – just every now and then.
Sign up for Swagbucks here and get up to a free $10 bonus.
2. User Interviews
User Interviews is a company that pays for online studies. These are more in depth than paid online surveys, and you can earn around $50 to $100 per hour or more for sharing your opinions and feedback.
They launch over 2,000 studies monthly, and they have paid over 85,000 people in the last year.
These are typically completed over the phone or in a video call where an interviewer is asking you questions.
The average study pays over $60. When you participate in User Interviews, you can receive payments in various forms such as cash, a check, PayPal, Amazon gift cards, Visa gift cards, and more.
You can click here to sign up for User Interviews.
Recommended reading: User Interviews Review – Make $50 To $100 An Hour Sharing Your Opinion
3. KashKick
KashKick is a rewards platform where you can get rewards for doing things like answering questions and playing games online. You can then turn these rewards into free PayPal money.
They have games like Monopoly GO, Yahtzee, Bingo Blitz, Scrabble Go, and others where you can earn $100 or more per game.
You need just $10 to cash out.
Sign up for KashKick here.
4. Ibotta
Ibotta is an app that gives you money back when you buy groceries. Just upload your receipts after you shop to earn cash that you can use as free PayPal cash.
Here’s how Ibotta works:
Browse offers – Check the Ibotta app to see what cash back offers are available before you go shopping (like for granola bars or toothpaste).
Shop in store – Go to the store and make your purchases.
Upload your receipt – Take a picture of your grocery receipt using the Ibotta app on your phone to earn cash back.
Some examples of the cash back you might be able to earn include: $0.50 cash back for buying body wash, $3.00 cash back for buying laundry detergent, and $1.00 cash back for buying cereal.
You need $20.00 to cash out to PayPal in the Ibotta app.
You can join Ibotta here.
5. Upside
Upside is an app that gives you cash back when you buy gas at certain gas stations. You can earn about $150 per year in cash back. Not all gas stations nearby are part of the app, but many are, so you’ll likely find some that qualify near you.
When you use the app for the first time, you can get a higher cash back amount to help you get familiar with it. In my first experience with the app, I received $0.74 back per gallon. I bought 12.62 gallons of gas and saved $9.33 just by using the app for the first time. It’s super easy and was a no-brainer to use.
Getting cash back on your gas is nice, especially with how expensive gas is these days!
To complete a PayPal cash-out on Upside, you need just $1.00 in your account.
You can sign up for Upside here.
6. Sell your old phones on Decluttr
Decluttr is a website where you can sell your old phones, CDs, DVDs, books, video game consoles, and more. It’s one of the most popular places to buy and sell electronics and tech items because they pay well and quickly.
Here’s how Decluttr works:
Open the Decluttr app and get a free valuation for the items you want to sell. It takes just a few moments to see what your item is worth.
Tell them the make, model, and condition of what you are selling. If you’re selling DVDs, CDs, or games, then you just enter your barcode or take a picture of the barcode with the Decluttr cell phone app.
If you’re satisfied with the offer for your item from Decluttr, just find a box that will keep it safe during shipping. Pack the item in the box, and Decluttr will provide a free shipping label. Simply print out the label and tape it to your box to send it off.
Finally, once Decluttr receives and checks your item, you’ll get paid the next day through direct deposit to your bank account or PayPal.
You can check out Decluttr here.
7. American Consumer Opinion
American Consumer Opinion is a site where you can take online surveys and earn points.
Their surveys pay around $1 to $5 each and once you earn enough points, you can redeem them for free PayPal money.
You need at least 1,000 points before you can withdraw and get free PayPal cash.
Click here to join American Consumer Opinion.
8. Survey Junkie
Survey Junkie is a paid online survey site where you can earn free PayPal cash for answering paid online surveys.
You can earn around $40 in free PayPal cash each month by completing around three short surveys each day.
You can redeem your points for free PayPal money starting at just $5 or 500 points.
Please click here to sign up for Survey Junkie.
9. Branded Surveys
Branded Surveys rewards you with points for answering survey questions. Surveys typically take 5 to 15 minutes and pay between $0.50 and $5.00 each. You can redeem these points for free PayPal cash.
You might have noticed there are several survey sites listed here. Companies pay you to answer questions because they want to improve their products and advertising. By understanding more about you, they can make better decisions. The best part is that these surveys are simple to answer, and you can join as many survey sites as you like.
You can click here to join Branded Surveys for free.
10. PrizeRebel
PrizeRebel is a website where you earn points by taking surveys, watching videos, and referring new members. You can redeem these points for free PayPal cash.
Just a few days ago I logged in to PrizeRebel, and I realized that I had enough points for around $150 in free PayPal cash. I redeemed them all at once, and now I have some nice extra spending money!
On PrizeRebel, you can get free $5 PayPal cash for 500 points. You can also choose any custom amount to redeem as well in PayPal cash.
Click here to sign up for PrizeRebel.
11. PayPal Honey
PayPal Honey is a free browser extension that automatically finds and applies coupon codes for you when you shop online. By using it, you earn points that you can redeem for extra money.
You can redeem your points for cash, gift cards, or free PayPal shopping credits.
Sign up for PayPal Honey by clicking here.
12. Rakuten
Rakuten lets you earn cash back on your everyday purchases from over 3,500 stores like Target, Walmart, Lululemon, Macy’s, Lowe’s, and Best Buy. When you make a purchase, you get a percentage of your spending back in cash.
When you shop through Rakuten, you get cash back as a percentage of what you spend. For example, if a store offers 5% cash back and you spend $200 there, you’d earn $10.00 in rewards in your Rakuten account.
You can receive your earnings via a check or PayPal once every quarter.
I have received over $1,000 in PayPal cash from Rakuten over the years. It’s a no-brainer if you want to easily save money when shopping online.
You can sign up for a free account on Rakuten here.
13. Find free PayPal money giveaways
If you’re looking to earn free PayPal money, entering sweepstakes and giveaways can be a fun way to try your luck. Companies host giveaways to attract new followers and keep existing followers and customers excited about their brand.
You can find free PayPal money giveaways by searching and/or following related hashtags on social media, such as #freepaypalmoney, #giveaway, #giveawayalert, and #freebie.
You can also follow online sweepstakes websites that list current giveaways.
Entering giveaways doesn’t guarantee free PayPal cash since they’re contests, but it’s quick and easy. I used to spend about an hour a week entering giveaways and have won gift cards and cash prizes.
14. Honeygain
The Honeygain app pays you up to $30 a month to share your internet connection with companies that use it as a tower.
You’re paid based on the amount of traffic that goes through your connection, earning $1 for every 10 GB of traffic.
Please click here to sign up for the Honeygain app.
15. Prime Opinion
If you want to learn how to get free money on PayPal, then Prime Opinion makes that possible with easy minimum threshold payout amounts to reach. You can get free PayPal cash starting at just 500 points, which is $5.
Prime Opinion is a survey website where you can earn money by sharing your opinions from home. They have lots of surveys available, and when I logged in recently, I had almost 50 surveys that I could take right away.
Please click here to join Prime Opinion and get up to a $5 free bonus.
16. Five Surveys
Five Surveys is a market research company that pays you to complete surveys. You just need to complete five surveys and then you can earn $5.
I signed up for Five Surveys myself to test it out for you. One thing I really like about Five Surveys is the number of available surveys. On the first day, there were 42 surveys I could start with, and more are being added all the time.
To withdraw from your Five Surveys account, just choose your preferred method. Options include PayPal cash, bank transfer, Venmo, and gift cards.
Please click here to sign up for Five Surveys.
17. Dosh
Dosh is a quick and simple app that automatically gives you cash back when you shop at certain stores like Costco, Sam’s Club, AT&T, American Eagle, and over 10,000 other companies.
Just link your debit or credit card (or even your Venmo or bank account) to the app, and everything else is handled for you. When you shop and pay with your linked card, you’ll automatically receive cash back into your Dosh account, which you can then transfer to your bank or PayPal account.
Once you accumulate $15 in your Dosh account (this is the minimum payout threshold), you can transfer it to your bank, PayPal, or Venmo. Alternatively, you can choose to donate your cash back to charity.
Recommended reading: 14 Best Apps To Scan Receipts for Money
Frequently Asked Questions
Below are answers to common questions about how to get free PayPal money.
How do I get money from PayPal for free?
You can earn free money on PayPal by completing online surveys, watching videos, selling your old stuff, and getting cash back when shopping online.
How do gamers receive PayPal funds by playing online games?
Apps like KashKick will pay you in points to play their online games. The points that you earn can then be redeemed for free PayPal funds straight in your personal PayPal account. YouTubers can also get paid to play online games and stream what they are doing.
What methods are available to secure a quick $10 on PayPal?
You can quickly earn $10 on PayPal by completing tasks such as taking surveys, reading emails, or shopping online through websites like Rakuten. These sites allow you to cash out once you reach a minimum amount. You can also become a freelancer on Fiverr and get paid in PayPal cash for hard or simple tasks. This wouldn’t be free money because you would have to work for it, but it is another option.
How do I check my PayPal balance?
To check your PayPal balance, you will have to log in to your PayPal account. Right after you log in, your PayPal balance will be listed for you to easily see.
Can you get PayPal money right away?
Some platforms may pay instant payouts to your PayPal account, while others may have a processing time or a minimum threshold before you can cash out. Always check the payout terms of the website or app you’re using to understand how and when you can access your earnings. Sometimes, it may take a couple of days before it lands in your personal PayPal account.
If you really need money right away, then another option may be to ask someone that you know for help or to ask for donations.
Best Ways To Get Free PayPal Money
I hope you enjoyed this article on how to get free money on PayPal.
Getting free PayPal money is great because it is just like extra cash. You can pay for your online purchases with it at almost all stores, and PayPal also has the PayPal Debit Card (so, this is kind of like getting a free PayPal gift card), so that you can buy things in-store too. Or you can also transfer it to your bank account and withdraw it just like cash.
Now, there are PayPal cash scams out there, so I do recommend that you be careful. If you are ever suspicious, do as much research as you can.
I have personally used many of the sites above and have earned well over $1,000 in free PayPal money over the years for doing things just in my spare time.
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews.
We may get some more clarity on how mortgage rates will trend this year when the Bureau of Labor Statistics releases April’s Consumer Price Index data on Wednesday.
Over the last week, 30-year mortgage rates have hovered in the upper 6% range, according to Zillow data. But if this latest inflation report shows that prices rose faster than expected last month, rates could jump back up above 7%. Rates have been very sensitive to economic data this year, so however the report turns out, be prepared for rates to move up or down.
Most forecasters expect mortgage rates to go down this year, but they’re unlikely to fall until inflation slows further and the Federal Reserve starts lowering the federal funds rate.
According to the Federal Reserve Bank of Cleveland’s inflation nowcast, core CPI may show some signs of slowing in April’s report, which would be good news for mortgage rates.
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Mortgage Calculator
Use our free mortgage calculator to see how today’s mortgage rates will affect your monthly and long-term payments.
Mortgage Calculator
$1,161 Your estimated monthly payment
Total paid$418,177
Principal paid$275,520
Interest paid$42,657
Paying a 25% higher down payment would save you $8,916.08 on interest charges
Lowering the interest rate by 1% would save you $51,562.03
Paying an additional $500 each month would reduce the loan length by 146 months
By plugging in different term lengths and interest rates, you’ll see how your monthly payment could change.
30-Year Fixed Mortgage Rates
The average 30-year fixed mortgage rate was 7.09% last week, according to Freddie Mac. This is 13 basis points lower than it was the week before.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change for the life of the loan.
The lengthy 30-year term allows you to spread out your payments over a long period of time, meaning you can keep your monthly payments lower and more manageable. The trade-off is that you’ll have a higher rate than you would with shorter terms or adjustable rates.
15-Year Fixed Mortgage Rates
Average 15-year mortgage rates were 6.38% last week, according to Freddie Mac data, which is a nine-basis-point decrease from the previous week.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you’ll have a higher monthly payment than you would with a longer term.
Are Mortgage Rates Going Down?
Mortgage rates increased throughout most of 2023. But mortgage rates are expected to trend down in the coming months and years.
In the last 12 months, the Consumer Price Index rose by 3.5%. As inflation comes down and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates should fall further as well.
For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
How Do Fed Rate Hikes Affect Mortgages?
The Fed aggressively raised the federal funds rate in 2022 and 2023 to slow economic growth and get inflation under control. As a result, mortgage rates spiked.
Mortgage rates aren’t directly impacted by changes to the federal funds rate, but they often trend up or down ahead of Fed policy moves. This is because mortgage rates change based on investor demand for mortgage-backed securities, and this demand is often impacted by how investors expect Fed hikes to affect the broader economy.
Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.
Online and mobile banking are now woven into many people’s daily lives. With just a few clicks or taps, you can check your balances, pay bills, and make other financial transactions from virtually anywhere, at any time.
Banks are not only convenient, they also implement numerous security measures to help safeguard your accounts. With hackers finding increasingly sophisticated ways to try to access your information, however, it’s also important to be aware of steps you can take on your own to keep your financial and personal details out of the hands of cyber thieves and hackers. Here’s what you need to know.
Tips on Securing Your Bank Account from Hackers
These days cyber thieves are getting increasingly savvy, even setting up fake bank websites and banking apps designed to steal your personal information — and, in turn, the contents of your checking or savings account.
There are a few simple things you can do, however, to help secure your accounts. What follows are six easy strategies that can help you stay ahead of scammers and hackers and protect your hard-earned cash. 💡 Quick Tip: Are you paying pointless bank fees? Open a checking account with no account fees and avoid monthly charges (and likely earn a higher rate, too).
Choose Trustworthy Financial Apps
Whether it’s your bank’s mobile app or any other type of financial app (like a budgeting app), be sure to only download verified apps from a trusted platform, like the App Store for iPhone or iOS users or the Google Play Store for Android users. Fraudulent activity can often occur through fake apps or those downloaded from unofficial sources.
Before downloading a third-party money management app, it’s also a good idea to look up online reviews of the providers from reliable sources, research the app’s security policies, and look for any past data breaches.
Recommended: 50/30/20 Budget Rule: What It Is and Tips On Using It
Choose Strong and Unique Passwords
It’s wise to choose a unique password for every bank account, and avoid repeating any ones you use for other online accounts, even non-financial ones. That way, if a fraudster is able to uncover your Facebook password, they won’t be able to access your savings account.
To create a secure password, try to combine uppercase and lowercase letters, numbers, and special characters. You generally want to avoid using easily guessable information such as birthdates, kids’ names, or sequential numbers. To keep the login information for all of your accounts organized, you might want to use a physical or online password manager.
Use Multi-Factor ID
Whenever possible, it’s a good idea to enable two- or multi-factor authentication. This adds another layer of security by requiring one or more forms of verification in addition to a password, such as a pin sent to your mobile device via email or SMS. If hackers are able to access your bank account login credentials, it would be difficult for them to log in without your second verification.
You may also want to take advantage of biometric authentication methods, such as fingerprint or facial recognition, if offered by your bank. Biometrics protect your account by using unique physical characteristics to verify your identity, making it harder for hackers to gain unauthorized access.
Recommended: Avoiding Mobile Deposit Scams, Fakes, and Hacks
Set Up Account Alerts
You can typically set up banking alerts via email, text, or your bank’s app to monitor unusual activity, such as large withdrawals, a profile/password update, new linked external account, or an unusual login attempt. This allows you to identify suspicious activity quickly and report any unusual or unauthorized transactions to your bank right away. You can then work with the bank to swiftly resolve the issue. 💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.
Watch Out for Phishing Attempts
Phishing scams are ever more prevalent and sophisticated. These scams trick you into providing your personal and banking information that can then be used for fraudulent activity.
For example, you could receive an email, supposedly from your bank, saying there’s been a problem with your account and sharing a link where you are asked to login and update your information. The website you are led to could look just like your bank’s website. If you input your details, hackers will have access to your login information. A few ways to avoid online bank scams:
• If you get a communication that says it’s from your bank and asks you to click a link, don’t. Log into your banking website or app, and check messages there to see what’s going on. Or call your bank to ask if the message is legitimate.
• Hover over the email sender’s address. You may be surprised to see the message is coming from a different identity than the one it’s pretending to be. If that’s the case, don’t click on anything; mark the email as spam.
• Never download attachments from unknown sources, as they may contain malware designed to steal your login credentials.
Recommended: Are Online Savings Accounts Safe?
Be Wary When Using Public Wifi
The public wifi at your favorite coffee shop or local library can help you stay connected when you’re out and about, but you can’t count on it to be entirely secure. While it’s generally fine to use public wifi for browsing the web, it’s best to avoid using it for any activities that require login information, such as signing in to your bank account. The open connection could potentially give cyber thieves a chance to grab your username and password as they move between you and your bank’s website.
To make public wifi more secure, consider putting a virtual private network (VPN) app on your device. A VPN encrypts your data as it passes to and from your device and acts as a protective pathway so that your data is not visible as it passes through a network.
Recommended: What Do You Need to Open a Bank Account?
The Takeaway
Online banking is generally safe and convenient, but it’s also important to take precautions to minimize the risk of getting hacked or scammed. Luckily, there are steps you can take to reduce the risk of your bank account being compromised. These include using strong passwords and multi-factor authentication, only downloading apps from reputable platforms, never clicking on links in communications that are (supposedly) from your bank, and never logging into your bank account using public wifi.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.
FAQ
Can hackers steal money from a bank account?
Hackers may be able to steal money from a bank account if they gain access to your account credentials. They might be able to do this by using deceptive emails and websites to trick you into revealing your bank details or exploiting vulnerabilities in a bank’s security systems to access sensitive data.
Fortunately, banks implement numerous security measures to safeguard your accounts. You can also help keep your accounts safe by using strong passwords, enabling multi-factor identification, and being wise to phishing scams.
Who pays if your bank account is hacked?
If your bank account is hacked and unauthorized transactions occur, the bank will likely reimburse the stolen funds, provided you report the incident quickly.
As soon as you see something suspicious, you’ll want to call the number on the back of your bank card and go through the fraud department’s recovery process.
Am I protected if my bank account is hacked?
Yes, you are usually protected if your bank account is hacked, as long as you let the bank know about the fraudulent transaction in a timely manner.
Generally, if you report an unauthorized bank transaction within 48 hours, your liability will be limited to no more than $50. However, if you wait months to report an incident, you might have difficulty recovering any of your lost funds.
Can someone hack your bank account with a routing number and an account number?
Having access to your routing number and account number can potentially lead to some negative outcomes, such as fraudulent payments, the creation of checks for your account, and possibly online shopping with retailers that only require bank account information.
However, a routing number and account number is typically not sufficient on its own for hackers to gain direct access to your bank account. Most banks employ multiple layers of security measures, including authentication protocols and monitoring systems, to prevent unauthorized access to customer accounts.
Photo credit: iStock/insjoy
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Our account fee policy is subject to change at any time. Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.