Too many people are afraid of their credit scores.
Many don’t know what their credit score is, many don’t know how to have a good credit score, and many just have an overall negative attitude about them.
This doesn’t have to be true for you, though.
I believe a credit score can be used to a person’s advantage. A good credit score can help you earn great rewards through credit cards, it can help you get certain jobs, it can help you buy your dream home, and more.
Related article: How Your Credit Score Affects Your Life + Credit Sesame Review
Plus, the great thing is that it doesn’t have to be hard to increase your credit score.
However, it can sometimes be easy to ruin your credit score if you’re not careful.
Below are four ways you may be preventing yourself from having a good credit score.
1. You spend too much on your credit cards.
If you have a credit card, you have a credit limit. However, just because you are given this limit doesn’t mean you should try to reach it.
In fact, you should always try to be below 30% of your credit limit if you want to have a good credit score. So, if your credit limit is $1,000, you do not want to spend more than $300 as this can impact your credit score.
It’s also important to note that even if you are paying your balance in full each month that going over 30% of your credit limit can still negatively impact you. This is because your balance is reported on a monthly basis to the credit bureaus. In this case, it is best to pay off your balance or at least some of it before your next credit card statement goes live so that your utilization rate stays low.
2. You cancel old credit cards.
According to FICO, 15% of your credit score is from the length of your credit history. The longer your credit history then the higher your score may be.
If you have old credit cards that carry no annual fee, you may want to think twice before you cancel them. Yes, it can be great to simplify your life, but that old credit card may be lengthening your credit history and, therefore, improving your credit score.
I have one credit card that I signed up for the day I turned 18. The credit card stinks and pretty much offers no benefits. However, it’s the card I’ve had the longest. To keep it active, I just buy one thing a year (such as gum)!
Side note: There are many reasons for why you may want to cancel your credit cards, though. If you are horrible with credit cards and can’t seem to have them without having credit card debt, then it may be your best idea to cancel them.
3. You pay your bills late.
According to FICO, 35% of your credit score is from your payment history. One or two late payments most likely won’t prevent you from having a good credit score, however, continually missing payments most likely will.
No matter what the bill is that you are paying, you should always pay it on time. Paying a bill late may lead to interest charges, late fees, and a drop in your credit score.
Yes, companies can report late payments to credit agencies. If you do happen to accidentally pay a bill late, do not panic, though. If you are quick enough you may be able to ask for some leniency from the company and ask them not to report it.
I once underpaid my monthly mortgage payment by $10. I must have clicked the wrong number because I’m still not even sure how that happened. Luckily I caught it quickly enough and my mortgage company realized that it must have been a mistake. They waived any late fees and also did not report it to anyone.
Related article: How To Live On One Income
4. You never check your credit report.
When was the last time you checked your credit report?
Sadly, many don’t ever check theirs!
You want to check your credit report at least once a year because there may be errors on it and this may be preventing you from having a good credit score. Errors can then lead to your score dropping and that’s a big reason to check!
You can receive your credit report for free each year so there is no reason for why you shouldn’t do this. You can get one free credit report from each of the credit bureaus once each year, so you may even want to time that out so that you can receive one every four months and stay as up-to-date on your credit report as you can.
How have you damaged your credit score in the past? Do you have a good credit score? Why or why not?
If you’re the type who prefers mountains and meadow trails to hot sandy beaches, lakes over oceans, and natural serenity instead of noisy crowds, you’ll love these five log cabins we’ve found for you.
Located away from the hustle and bustle, they’re a refreshing alternative for a warm-weather getaway. Plus, these timber structures are located all over the country, not just along the pricey coastlines.
In our batch of affordable log cabins, the most expensive is $439,000, with the least expensive clocking in at just $294,900. These prices mean you can tap into your inner Lincoln without logging a huge debt.
We’re sure you’ll find yourself daydreaming of cozy cabin life after gazing at these residences surrounded by remarkably green mountains and hills. You’ll be able to smell the pines and the fresh country air just by browsing.
Price: $439,000 Northwoods wonder: This charming, chalet-style cabin has it all: balconies galore, two stone chimneys, vaulted ceilings, exposed beams, and large windows with picturesque views.
The four-bedroom, 2,685-square-foot home sits on 10 acres in the Northwoods in the Badger State’s far north—an area with 3,200 lakes, streams, and rivers. One of these steams runs right through the property, as do numerous hiking trails.
The property is also adjacent to public park service land, so opportunities for exploration are endless. While the location might seem remote, it’s only 10 minutes from the town of Hayward, where you’ll find the Freshwater Fishing Hall of Fame, plenty of recreational activities, as well as stores and cafes.
Price: $425,000 More than a getaway: With three bedrooms plus close proximity to schools, this 2,296-square-foot cabin can serve as a comfortable year-round residence for the whole family.
Custom-built in 1981, the residence features a spacious great room with a black lava fireplace, ideal for gathering around on a cold winter night. In warmer weather, residents can enjoy the fresh air and views from numerous decks and balconies overlooking the 2-acre lot.
And a new owner won’t have to rough it—there are walk-in closets in the bedrooms upstairs. There’s also a spacious loft, which can be used for a variety of purposes. Few cabins are complete without vaulted ceilings, which this place has plenty of.
Price: $425,000 Elegant rustic residence: This is more country estate than a log cabin. It begins with a three-bedroom, 3,067-square-foot main house. There’s also a three-car detached garage plus a sweet little greenhouse/shed.
The landscaped, 1.5-acre lot features lush green lawns with plenty of trees for shade. Touch football, badminton, or a slip-n-slide? There are endless opportunities for recreation on your own home turf.
Inside you’ll find a kitchen with stone countertops and hardwood cabinets, plus a great room with two impressive stone fireplaces. The primary bedroom is on the main floor and features a large walk-in closet, a bath with double vanities, and a jetted tub.
Price: $294,900 Small price, big value: Although it’s the lowest-priced cabin on our list, it boasts one of the largest lots, at 6.6 acres.
Bonus: You could live off the land. You can feed yourself fish caught in the property’s private pond, as well as the fruit from the numerous pecan trees and blueberry bushes.
You can also keep animals in the large barn, which last housed goats and chickens. They won’t wander off, because an underground electric fence circles the property.
Inside the 2,000-square-foot cabin, you’ll find three bedrooms and an extremely well-appointed and stylish kitchen. A vaulted ceiling below a green metal roof covers it all, and large windows allow you to overlook your domain.
Price: $345,000 Small but mighty: This quaint, 900-square-foot cabin was built in 1972, but it possesses all the character of a century-old cabin. Even so, it’s loaded with conveniences like a surprisingly spacious kitchen, a lovely stone fireplace, and two bedrooms with vaulted ceilings.
While the main house might be petite, there’s also a large barn/garage on the 1.89-acre property. You could store your vehicles there, but the previous owners used it as a horse stable. Outdoors, you’ll also enjoy the lily pond and fire pit.
In addition, the property offers easy access to the Toe River, hiking trails, and the adorable unincorporated town of Green River, which has restaurants, recreational facilities, and shops—just about everything to meet your needs in this picturesque mountain community.
Watch: On the Menu: Indiana Lake House Comes With a 1950s-Style Diner for $1.8M
Just over two years ago, JetBlue began flying its much-anticipated new Mint business-class Studios and Suites.
These direct-aisle-access pods brought big improvements relative to the legacy product, including additional privacy thanks to sliding doors, upgraded entertainment systems and enhanced connectivity options. The business-class-plus product, Mint Studio, offers even more space and storage.
These new products debuted domestically June 1, 2021, aboard the airline’s new Airbus A321neo, or new engine option, of which the airline currently has two with the new Mint configuration.
Want more airline-specific news? Sign up for TPG’s free biweekly Aviation newsletter.
The airline also brought the new product to its transatlantic routes to London. In addition, it’ll fly its new Mint-equipped Airbus A321LR, or long-range, on the upcoming inaugurals to Paris and Amsterdam. (JetBlue has seven A321LRs in its fleet.)
The new products are still a massive improvement relative to the nearly 9-year-old pods that are still flying on the 35 legacy Airbus A321s. However, I’m not so sure that the rollout is going exactly as JetBlue had hoped.
Just last week, I flew a round-trip Mint flight from New York to Los Angeles. Both flights were operated by the A321neo registered N2105J, the exact same plane I flew on the Mint inaugural nearly two years ago.
While the seats were certainly comfy, I was surprised by all the wear and tear around the seat. Here’s what was wrong.
An inoperable buddy seat
On the outbound flight to Los Angeles, I paid $149 to upgrade my Mint ticket to the Mint Studio.
Sign up for our daily newsletter
I remember really enjoying my flight in this extra-spacious first-row seat two years ago, and I figured that the $149 buy-up would be worth it for all the extra room and space.
Well, one of the key selling points of the Mint Studio is that the suite is so big that it can fit two people. I had a friend traveling on the flight, so I would’ve loved to dine with them.
Unfortunately, however, I found that the buddy seat in the Mint Studio was inoperable. It was fixed into a partially reclined position, and it’s been that way for months, according to recent flyers who reached out to me on Instagram.
In fact, on my last Mint Studio flight in April 2022, I had the exact same issue — but the buddy seat had the words “inoperable” taped around it.
It isn’t clear exactly what the issue is, but I was certainly disappointed to see this new product continue to suffer from such a notable issue.
Damaged suite door
JetBlue’s new Mint is perhaps the most stylish cabin flying around the U.S.
From the embossed seat panels to the green accents throughout the cabin, JetBlue clearly paid attention to the details.
Though the cabin might look good in marketing pictures, what I experienced last week was quite different. It started with the damaged Mint Studio privacy door in the pod across from me. It was taped up around the sides and couldn’t be used as designed by my aisle mate.
Fortunately, my door worked as promised, but I’d be pretty disappointed if I changed my plans to fly the new Mint only to have a broken suite door.
Damaged seat placards
Throughout the cabin, JetBlue installed backlit numbers at the entrance to each pod.
These green- and blue-backlit signs give the cabin a nice pop of color, but looking more closely at them revealed a larger issue — they were all damaged.
I’m not sure if something was wrong with the material that JetBlue chose, or if the airline just has more clumsy passengers than its competitors, but this seems like something that the airline should fix sooner rather than later.
It certainly doesn’t give off a luxurious vibe, and it’s definitely not the way I’d want to be greeted when paying $1,000 or more for a one-way business-class ticket.
Peeling wireless charging pads
One of the big improvements in the new Mint cabin is the introduction of enhanced connectivity options. This includes two universal power outlets with USB-C charging ports, along with Qi wireless charging pads.
I travel with lots of tech gear, so I almost always put all the different power options to use.
On both of my Mint flights, however, I was disappointed to see that the protective plastic covering was peeling off both wireless charging pads.
I tried using them to power up my AirPods Pro, but unfortunately, I couldn’t get the wireless chargers to work. I’m not sure if that’s because of the peeling plastic or something else (my devices charged just fine once I got home), but it’s not a great look for such a new product.
Worn-out footwells
Earlier this year, I visited one of the biggest aircraft seat factories in the entire world. During my visit, the factory’s managing director stressed the importance of making sure that the materials used on planes are built to withstand heavy use from hundreds of thousands of passengers.
Though JetBlue may not necessarily be to blame, the wear and tear on the seat footwell in the Mint Studio didn’t leave a positive impression.
The footwell covering was already peeling, and the gray-colored lining seemed to have already been stained. I’m not sure if this is a manufacturing defect with the materials or whether JetBlue just chose the wrong color (or a mix of the two), but I would’ve hoped that the product would look better after just two years of use.
JetBlue’s response
Before writing this story, I detailed my experience to JetBlue’s communications team, and carrier spokesperson Emily Martin shared the following statement to explain that much of this wear and tear is to be expected with a new product.
After disrupting the airline industry with a premium travel experience for a fraction of the cost in 2014, Mint received a complete refresh in 2020, setting a new standard for premium flying. The Mint refresh features all-private suites with a sliding door for every Mint customer, a custom-designed seat cushion, and countless other innovative and thoughtful design touches for our customers.
Wear and tear is common on any aircraft interior, and because Mint’s bespoke design brought all-new innovations to the market, we expect that the first few years will help us learn how different elements of the product perform over time. This is the case with launch customers for almost any product. As we gain operational experience with the new Mint configuration, we have a team focused on the product’s performance standards and are working closely with the equipment manufacturers to find solutions where we have seen performance issues.
Customers are giving our refreshed Mint very high satisfaction scores and our low-fares, high-quality experience is making a positive impact both in transcon and trans-Atlantic markets. We’re focused on ensuring Mint continues to be a disruptive competitive force in the industry, just as it always has been, and it’s a high priority that we keep the product performing to customers’ satisfaction.
Bottom line
Above all else, I had two great flights in JetBlue’s new Mint product. I appreciated the delicious food and beverage options, enjoyed personalized service from multiple friendly flight attendants and even loved getting the opportunity to try the new seats once again.
That said, throughout my journey, I couldn’t help but notice some issues with the new cabin. From the inoperable buddy seat to the damaged suite numbers, the product already feels like it needs some TLC — which is somewhat surprising given that it was just introduced two years ago.
After the flight, I posted about my experience on my Instagram. Many followers reached out to share similar issues on recent Mint flights. Before reaching out to the airline’s communications team, I called JetBlue’s customer care department to explain what I saw.
The airline marked up all the issues and proactively sent me a $150 goodwill credit. Though I didn’t complain specifically to receive a credit, I am now looking forward to putting it to use on a future Mint flight, so I can hopefully see all the fixes and improvements that the airline makes to its new business-class cabin.
The OG payment app has been around since 1998 and still manages to offer an excellent jack-of-all-trades experience. You can send money to friends, handle payments as a business, and even earn 5% back on PayPal purchases through certain rewards cards.
But 24 years is a long time to let competitors catch up. And while none have managed to topple the titan, contenders like Venmo, Wise, Payoneer, Zelle, and Cash App have gained serious ground by offering a better experience for certain users. Some let freelancers get paid with fewer fees. Others let you pay your friends overseas in their currency of choice. And one is perfect for sending payments to people who don’t have any payment apps installed (e.g., your parents or grandparents).
So which payment app is best for what? And most importantly, which is best for you?
Let’s investigate the 10 best alternatives to PayPal.
What’s Ahead:
PayPal alternatives overview
Venmo: Best for paying friends
Wise: Best for international transfers and currency conversions
Google Pay: Best for sending money through Gmail
Payoneer: Best for receiving online payments as a freelancer
Square: Best for receiving in-person payments as a freelancer/small business owner
Stripe: Best for receiving online payments as a small business owner
ProPay: Best for receiving offline payments as a freelancer/small business owner
Zelle: Best for sending money to people who don’t use payment apps
Cash App: Best for converting received payments into hard cash
Apple Pay: Best for sending, receiving, and paying at the register for iPhones and Apple Watches
Venmo
Fees for personal use: 3% credit card processing fee
Fees for business use: 9% merchant fee plus 10 cents per transaction; Venmo tax applies to all transactions marked “goods and services”
Venmo is so widespread these days that “Do you have Venmo?” has become the new “Cash is king.”
Even though Venmo is technically a subsidiary of PayPal, the numbers show that the former is now nearly as popular as its big brother. PayPal handled a total of $330 billion in transactions in 2021, while Venmo handled $230 billion — up a staggering 44% from the previous year.
And there’s a reason why so many people use Venmo as their go-to payment app: it’s simple, safe, and reliable. Transfers are free, payments to friends and family are free, and the app even has a built-in “newsfeed” showing who among your friends is paying whom for what. There was even a time when Venmo showed you the precise amounts they were paying for rent, food, and more, but naturally that TMI feature was retired.
While popular, Venmo isn’t perfect. It takes between one and three days to withdraw your Venmo funds to your bank account, or you can pay a 1% instant transfer fee. Plus, if you use it to invoice clients, there’s no “tip” option on their end — they have to manually initiate a separate payment.
There are also a few default settings I’d strongly recommend you change if you download Venmo.
Settings > PIN code and biometric lock. Set a 4-digit PIN so that if someone borrows or steals your phone, they can’t Venmo themselves the maximum $3,000 (happens more often than you’d think).
Settings > Privacy > Private. Unless you really want your entire friends list to see who you’re paying and for what, I see no reason to broadcast this sensitive data. Turn it off.
Pros and cons aside, Venmo is so popular that someone’s bound to ask you to use it. Luckily, once you succumb to peer pressure, you have a rock-solid PayPal alternative waiting for you.
Get Venmo for iOS or Android.
Wise
Fees for personal use: Sending rates from 0.41%; conversion rates from 0.41%
Fees for business use: Same as personal, plus a $31 account setup fee
There are plenty of apps to help you split the cost of a pizza with your buddies, but what about your international friends? Wise, formerly TransferWise, helps with that. You can send money to consumers in 51 countries, with new currencies added on an ongoing basis.
Wise is custom-built for any international payment or money transfer you want to make. I just have to enter how much I want to send in USD, then choose the currency of the receiving party. Right there, it shows how much I’ll pay for a monthly fee. There are bank fees and Wise fees, but they are minimal.
To send $100 USD to Europe using Wise’s personal account, I’d pay $0.16 in bank/debit card fees, plus a $0.96 Wise fee. Compare that to $5 per transaction fee for a personal international bank transfer with PayPal payments. That alone makes this perhaps the best PayPal alternative around.
Wise business members pay a fixed fee of $1.40 to send money. PayPal, in contrast, charges a 1.50% international business payments fee in addition to the standard fee (2.89% and up).
I’ve only been a Wise payment recipient, so I had to check out how paying someone works. It’s pretty simple – well, as simple as paying internationally ever is. You’ll need the email address, full legal name, and mailing address of the person. You’ll also need the International Bank Account Number (IBAN) of the recipient, as well as the type of account it is and the name and address of that bank.
The business side of Wise has some advanced features, including invoicing and compatibility with Stripe. You’ll also pay a one-time $31 fee to set up your account for international banking.
Get Wise for iOS or Android.
Google Pay
Fees for personal use: 9% credit card processing fee
Fees for business use: 9% merchant fee plus $0.30 per transaction for transactions under $3,000. Rate drops to 2.5% for transactions above $3,000; 2.2% for $10,000+; and 1.9% for $100,000+.
Google Pay allows you to send money from your bank account or GoogleWallet through Gmail for free. Just look for the $ symbol when you’re composing an email and input the amount of money you want to send. If you’re like me, you already do most of your communication through Gmail, so this may boost Google Pay to the top of your list.
Signing up for Google Pay is easy if you use your Google account for most of your business interactions. You just have to download the app and add your phone number. Google automatically pulls in all your frequent contacts.
The interface with Google Pay is not all too different from Venmo’s. You just choose a name from your contacts and input the amount you want to pay. You can also add a note.
One feature I like with Google Pay is that you can easily split payments with friends. Just tap on “Split with Friends” from the Pay screen and choose the friends from your contacts. There’s also a Scan QR Code feature that will make it easy to pay a business that accepts Google Pay.
Speaking of business use, Google Pay has the same weakness Venmo does when it comes to paying vendors. You’ll have to figure out the tip and add it to what you’re paying. But these apps are designed to keep things as simple as possible, so that’s one unfortunate by-product.
Get Google Pay for iOS or Android.
Payoneer
Fees for personal use: N/A
Fees for business use: $0 for payments from other Payoneer customers; 3% credit card processing fee; 1% ACH debit fee; marketplace fees (Network, Fiverr, et al) vary by marketplace; 0% to 1% receiving account fee
Payoneer is an online payment system and peer-to-peer payment solution that allows you to transfer money to anyone anywhere in the world, in addition to making purchases. It provides you with a pre-paid Mastercard that you can use anywhere Mastercard is accepted.
As a freelancer, I’m familiar with Payoneer through sites like Upwork. The service is useful, but if you’re not a freelancer, there are better options. Professionally, what I like about it is that you can send payment requests to clients and they can pay you directly through the app.
Payoneer is another great option for freelancers who are crossing international borders with their work. You’ll pay no fees on the money your clients send to you, and if you send money, there are no fees as long as the recipient is a Payoneer member. Otherwise, you’ll pay 3% for a credit card payment and 1% on ACH transfers.
But, chances are, if you’re using Payoneer, you’ve encountered it on one of the many platforms that use it. Upwork is where I’ve seen it, but it’s also a payment option on Fiverr, Wish, and Airbnb, among many others. If you pay for products and services on sites like that, a Payoneer account for personal use could come in handy, but otherwise, it’s mostly for freelancers and small business owners.
Get Payoneer for iOS or Android.
Square
Fees for personal use: N/A
Fees for business use: First card reader is free; 2.6% credit card processing fee plus $0.10 per transaction; 3.5% plus $0.15 fee for payments that are manually keyed in
Not every in-person business operates in a storefront with a cash register. Square helps with that, equipping small business owners and freelancers with a way to easily swipe a card. The reader attaches to a phone or tablet, allowing you to accept payments anywhere.
I made the mistake of not using Square when I had an in-person event where I needed to accept cards a few years ago. I used the PayPal reader because I figured I already had an account so it would be easier. The swiper didn’t work, so I had to manually enter every single credit card. It was a pain.
For the next event, I ordered a Square reader and never looked back. It works every time, which comes in handy when you have a line of customers holding credit cards. Fees vary from 2.6% + $0.10 for swiped cards to 3.5% + $0.15 for manually keyed transactions, so while it might come in handy to be able to swipe your buddy’s credit card to pay you back for dinner, one of the apps built for personal payments will likely be better for that.
But Square isn’t just for taking in-person payments on the go. You can use it as a one-stop shop for all your business’s sales. You can send invoices directly from the dashboard, set up gift cards that you sell directly through their site, and even take sales on your website using their platform.
What I like about Square, though, is that you can see, at a glance, your total daily sales. If you’re regularly collecting money from customers — in person or online — having this easy access to your progress comes in handy.
Is it for personal use? Not really. You could swipe your friends’ cards using the reader, but the fees will cut into whatever you’re taking.
Get Square for iOS or Android.
Stripe
Fees for personal use: N/A
Fees for business use: First card reader is $59; 2.9% credit card processing fee plus $0.30 per transaction; 3.4% plus $0.30 fee for payments that are manually keyed in; 0.8% fee for ACH transfers
Another option geared toward the needs of small businesses is Stripe. The payment platform can be integrated with your online store or used separately by directing customers to pay you there.
Stripe is for business. You could use it to send money to friends, but the fees make it cost-prohibitive. Fees start at 2.9% + $0.30 for each successful card charge. You can also accept international transactions, with an additional 1% fee added to each transaction.
Compared to its direct competitor Square, Stripe has higher fees but better tools for online integration. If you’re swiping customer credit cards in-person, use Square. If you accept most payments online and want to offer options like recurring billing and subscriptions, use Stripe.
I’ve used Stripe to accept payments from clients, and I loved the easy sign-up process. They do require identity verification, but all I had to do was snap a photo of my driver’s license and set up two-factor authentication to start accepting payments.
What I like most about Stripe is the dashboard. When you log in, you can see, at a glance, how much you’ve made today, as well as your financial activity over the past seven days. You can also see any disputes customers have filed on previous charges.
Yes, you can send invoices using Stripe, and that’s how I get paid for what I do. But where Stripe really shines is in its API. You can easily add Stripe to your website to start taking payments, and, in fact, if you use one of the top web hosting services, you probably see Stripe as an option when you’re setting up your e-commerce store.
Stripe also has terminals and mobile payment options. You don’t need a card reader to accept in-person payments — simply hold the card in front of your phone and the camera will capture the information you need. If you regularly take payments on the go, it’s worth considering.
Get Stripe for iOS or Android.
ProPay
Fees for personal use: N/A
Fees for business use: $39.95 signup fee; $39.95 annual renewal fee; 2.60% credit card processing fee; 3.55% fee for payments that are manually keyed in; $0.35 bank transfer fee
ProPay offers payment processing tools for businesses of all kinds. Whether your business is small, on the road, or global, they can work with you.
ProPay is for the business that’s serious about accepting payments on the go. You can swipe cards using the ProPay JAK™ card reader. If you aren’t near your card reader, you can manually input the information. You can also opt to securely save a customer’s payment information to make things go more quickly the next time they buy from you.
One thing I love about ProPay is that it works even if you are offline. I’ve sold items at libraries, book fairs, craft fairs, and even in the parking lot after an event. You aren’t guaranteed to have Wi-Fi or even cellular connectivity at all times, and this app comes in handy for that. The transaction is logged the next time you go online.
For personal payments, this is another app that won’t really help you much. But if you’re a freelancer or work in direct marketing, this is a great app for processing payments.
As for fees, they depend on the type of card being used and the account you have. Rates start at 2.40% for swiped transactions. The complete rate chart is posted here.
Get ProPay for iOS or Android.
Zelle
Fees for personal use: None
Fees for business use: None (though there are no business-specific features)
You may already know Zelle as “the payment app my bank wants me to use.”
That’s because while competitors like PayPal and Vemno were marketing themselves to businesses and individuals respectively, Zelle was chatting up the banks. As a result of all that relationship-building, Zelle now interfaces with over 1,000 banks and banking apps worldwide, making it extremely easy to send and receive money directly through your banking dashboard.
The other benefit of using Zelle is it makes it way easier to send money to people who don’t use payment apps at all. For example, let’s say I wanted to send $200 to my grandparents to help them pay for a new fridge. If I said to them, “Do you have Venmo or Cash App?” they’d probably look at me like I was speaking a foreign language.
I don’t want to stress them out with the prospect of downloading an app (or buying a smartphone), so I’ll just send it via Zelle. They’ll receive an email from Zelle that shows them step-by-step instructions on how to enroll and put the money in their account, no apps required.
The other benefit to Zelle is simplicity. You simply send and receive money with no fees ever. That’s it. There are no newsfeeds, social features, nada. And frankly, the only reason I don’t recommend Zelle over Venmo is because the latter is just more recognizable.
Get Zelle for iOS or Android.
Cash App
Fees for personal use: 3% credit card processing fee; 0.5% to 1.75% instant transfer fee ($0.25 minimum); $2 ATM withdrawal fee with Cash Card
Fees for business use: 2.75% transaction fee
Like Venmo, Cash App is another one of those payment apps that everyone’s heard of, and everyone uses. It’s extremely simple, with a no-frills dashboard and no fees for personal use, and for better or worse it lacks the social features of Venmo.
At first glance, Cash App seems to be the Paris Hilton of payment apps: popular just because it’s popular. There’s no option to tip contractors, not much to appeal to business owners, and until you verify your personal information, you’re capped at sending $1,000 every 30 days.
Pretty soon, Cash App’s initial value proposition — barebones simplicity — may start to feel limiting when you see competitors offering compelling features like bank dashboard integration, currency conversions, and free credit card readers.
Thankfully, Cash App starts making way more sense when you learn about the Cash Card. The Cash Card is a debit card linked to your Cash App balance that lets you withdraw your funds from any ATM for a $2 fee.
That’s a big deal for folks who want their cash instantly, since the alternative is to:
Initiate an instant transfer for a fee ranging from 1% to 3%
Find an in-network ATM, or pay out-of-network ATM fees of ~2.5%
Let’s say you receive a $300 payment and want to convert it into cash. With Cash App, the total fee would be $2 or 0.67%. With another app, you could pay up to 5.5% or $18.33 in fees alone, plus having to wait up to 30 minutes for the “instant” transfer to your bank account.
True to its name, Cash App is the best payment app for converting received payments you receive into cold, hard cash.
Get Cash App for iOS or Android.
Apple Pay
Fees for personal use: 5% instant transfer fee (min. $0.25, max $15)
Fees for business use: No additional fees for merchants (though standard credit card issuer fees may apply)
Apple Pay offers more than just another way to send and receive money from friends. The app will also let you securely store all your credit and debit cards in a neat-looking virtual stack. Then, when you reach the register, you can just pull up the card you want to use, hover your phone near the payment terminal, and wait for payment to clear. No need to fiddle with your wallet or let your card out of your sight!
Apple Pay also works with Apple Watch, so you can simply pull up your card there and hold your wrist over the payment terminal until payment clears, signaled by a gentle tap from your watch.
For online stores and in-app purchases, you’ve probably noticed that Apple Pay isn’t quite as widely accepted as PayPal, but it’s getting there. Apple boasts that as of late 2022, over 85% of U.S.-based retailers accept Apple Pay — even vending machines and taxis.
As you might expect, Apple Pay is a perk reserved for iOS users only. In fact, it’s one of the apps that comes factory-installed on Apple devices. At least Android users like me still get Google Pay.
Get Apple Pay for iOS.
Benefits of online payment apps
First, it can help to take a look at the overall features of online payment apps. Online payment apps make it easy for a business of any size to collect money from customers. Peer-to-peer payment apps make it easy to transfer money to your friends.
Here are some benefits to consider:
Easily pay friends and family members
Transfer funds from your bank account to someone else’s with a few clicks
Set up recurring payments to friends or family members
Avoid carrying cash around with you
Skip the trip to the ATM before you go out with friends
Accept secure payments for products or services on your small business website
Set up a Point Of Sale system in a brick-and-mortar business using a tablet
Accept payments on the go using a card swiper
Provide an alternative to personal checks, which can be risky
Some of these won’t appeal to you, while others will. By looking through all the various features that are available, you can start to narrow down what you’re looking for in a payment app.
Features to look for in a payment app
As you’re researching payment apps, there are some features to consider. You may not even realize you can do some of these things using a payment app until you see one offering it.
Fees. Of course, we’d all love for everything to be fee free, but we know there’s a cost associated with some financial transactions. I look for an app that at least has a “friends” option, letting me send money without fees to people I know personally. Often you’ll have to link up a checking account to do this, though, as credit card-based transfers will typically incur a fee.
Social feeds. This isn’t something I look for, but with peer-to-peer payments, some find social updates valuable. When you pay your buddy for your half of those summer concert tickets, this lets all your other friends know about it.
Security. Yes, the verification process can be a pain with some of these apps, but I like it. It means that the platform takes security very seriously, which boosts my confidence that my financial data is safe with them.
Send to email. Some peer-to-peer payment platforms let you send email to someone else using an email address or information from your contacts list. You can even send money within some email and messenger apps with just a tap on the screen. I found this comes in handy when you’re interacting with someone about upcoming plans. You can submit your share of the funds within the same message string to make sure the other person sees it.
All-in-one functionality. Some apps combine the best of peer-to-peer and online payments, letting you pay using the same app. You’ll need to identify which businesses accept payment that way, but it can be a handy way to manage your budget.
Expand payment options. Businesses face the ongoing issue of keeping things as convenient as possible for customers. The more payment options you can offer, the less likely you’ll lose customers who are limited in how they can pay.
International payments. The internet has opened businesses up to reach out to an international customer base. Being able to accept payments across multiple currencies with minimal fees is a huge bonus if you want to go global.
If your business uses financial software, check for integrations. Being able to import information about your transactions can help you stay on top of things while reducing your own workload.
Summary
The beauty of payment apps is that you don’t have to choose just one. You can have a half dozen installed on your phone, so long as you protect yourself with extra layers of security like PIN codes and biometric logins.
And knowing which payment app to use in which scenarios can save you time, stress, and hundreds on fees.
We’re starting to get a better picture of how COVID-19 affected the housing market, with the National Association of Realtors’ existing-home sales report showing a big drop in May.
It’s based on completed transactions, including both single-family homes and condos/townhomes, meaning these were likely under contract during the full lockdown seen a month or so ago.
Home Sales Hit Hard by COVID-19
Existing home sales fell 9.7% in May from a month earlier per NAR
Off a sizable 26.6% from April 2019 as traditional home buying period disrupted by virus
Housing supply increased but likely only due to artificially slower sales pace
Home prices were down slightly month-to-month but still registered 99th straight YoY increase
As expected, existing home sales were off 9.7% from April, falling to a seasonally-adjusted annual rate of 3.91 million in May.
That’s a whopping 26.6% below the 5.33 million sales pace seen in May 2019, though there are some pretty serious extenuating circumstances at play here.
NAR chief economist Lawrence Yun noted that the sales completed last month “reflect contract signings in March and April.”
The true test on the existing home sale front will be a month or two from now, assuming the country remains open post the worst of COVID-19.
The lack of home sales also seemed to boost unsold inventory, which rose to a 4.8-month supply based on the current sales pace, up from 4.0 months in April and 4.3-months in May 2019.
Again, the caveat here is current sales pace, which was affected by the coronavirus pandemic, so it too needs to be taken with a grain of salt.
If home buyers get out there again, the sales pace could accelerate dramatically and push inventory much lower once again. As it stood, it was already quite low pre-COVID-19.
Despite lower sales volume, properties only remained on the market for 26 days in May, seasonally down from 27 days in April and the same as May 2019.
Additionally, 58% of the homes that sold last month were on the market for less than a month.
In other words, lower volume aside, homes were moving quickly from list to pending to sold, which bodes well for buyer appetite.
With regard to home prices, the median existing-home price was $284,600 in May, down slightly from $286,800 in April, but up 2.3% from May 2019 ($278,200).
That marked the 99th straight month of year-over-year gains, so let’s hope they get to 100 next month. Would be a shame not to…
Pending Home Sales Up 33%, New Listings Rise 36%
Redfin said pending home sales (those currently under contract) rose 33% in May
New for-sale listings up 36% from April to May, but still 20% below February levels
Home sales fell 30.8% in May from a year ago, with dramatic declines in most expensive metro areas
Median home prices relatively flat from a year ago despite a big drop in expensive property sales
It appears we may have hit bottom in terms of COVID-19 impact, at least for now, and it wasn’t so bad, assuming those missed home sales were merely delayed.
We’re already seeing signs that may be the case, with Redfin reporting that pending sales were up a sizable 33% in May after two monthly declines.
Unlike existing home sales, pending sales are a key indicator for home sales that are expected to take place in the near future, namely during June and July.
At the same time, new listings increased 36% from April to May, so assuming those also get scooped up relatively fast, sales should see a pretty quick recovery.
And they probably will, given median days on market barely budged in May despite a global pandemic.
Again, this hinges on the economy and the country staying open, and not closing up again, as has been discussed in some circles given the recent case increases in states like Arizona, Florida, and Texas.
Redfin said home prices increased a mere 0.5% on a year-over-year basis in May to a median $299,400, the smallest annual increase since home prices bottomed in February 2012.
However, they only believe it was much lower than the 4.7% gain in April because fewer homes sold in the most expensive metro areas tracked by the company.
For example, home sales declined between 38% and 58% from a year earlier in the 12 metro areas with median prices above $450,000 (seven of them are in California).
In San Francisco and San Jose, where the median price exceeds $1 million, home sales dropped more than 55%.
This tells us home prices held up pretty well in the face of COVID, another good sign for the housing market that continues to roll on, fueled by record low mortgage rates.
Interestingly, the median off-market Redfin Estimate was up both on a month-to-month basis and annual basis.
The only real worry is home prices might increase too much and become out of reach for first-time home buyers, something Yun lamented about while urging more new construction.
He might be right, given the fact that home purchase applications are also reportedly surging.
Quicken Loans CEO Jay Farner told Fox that the company is experiencing a record number of home purchase applications to go along with their record mortgage refinance applications which might explain their rumored IPO.
He said purchase apps are up significantly over last year’s numbers, so it appears many prospective buyers are getting their ducks in a row so they don’t miss out.
Now we just need to be concerned about that second wave, which could stop the housing market in its tracks if consumers lose confidence and no longer believe the worst is behind us.
If it doesn’t come, surging home prices might usher in another era of unaffordability and creative financing, followed by another housing crisis. But that might still be a few years out.
Then quickly reversed course over the past two days
Now 30-year fixed mortgage rates are pricing closer to 3.5%
Because lenders are too busy to offer lower prices
And just like that, they disappeared…
After hitting all-time lows just over a week ago, mortgage rates bounced markedly higher over the past two days.
This despite the continued stock market rout, the emergency Fed rate cut, and the worsening coronavirus, which was just classified as a pandemic.
If anything, you’d think 30-year fixed mortgage rates, which were hovering around 3% early in the week, would be closer to 2.5% today, given all the continued bad news.
But here’s the problem. When you flood the market with anything, mortgage-backed securities in this case, it gets harder to find a buyer. Or at least a buyer willing to pay a high price.
And the only way you can really entice buyers is to lower the price, and when we’re talking about bonds, that raises the yield.
That higher yield means higher mortgage rates for consumers, which explains the massive increase in interest rates over recent days.
If you consider the fact that the 10-year bond yield was as low as 0.32% on Monday, and has since bounced to 0.87%, it also makes more sense.
Call it an overreaction, followed by a quick counteraction, granted the 10-year yield is still in record low territory.
Extreme Ups and Downs Are the New Normal
All financial markets are experiencing big swings at the moment
The stock market has plummeted 20% in the past month
And the 10-year bond yield has fallen to an all-time record low
Mortgage rates fell quickly and have since recovered, but it might be short-lived
Just like the stock market, which plummeted the most on record, only to rise the most on record the next day, only to fall again massively, mortgage rates are exhibiting some crazy movement.
As Matthew Graham over at MND aptly pointed out, mortgage rates rose at their “fastest pace in years.”
He noted that it was the quickest jump “since the 2 days following the 2016 presidential election,” and one of the few two-day periods in which long-term fixed mortgage rates moved more than three-eighths (0.375%) of a point.
In short, many lenders were offering an interest rate of 3% flat on the 30-year fixed for top loan scenarios on Monday, and now 3.5% to 3.625% is the norm.
Put another way, we’re back to where we were a month ago. At that time, mortgage rates were hovering around all-time lows, but weren’t quite there yet.
Whether things will be even worse tomorrow remains to be seen, but given the sharp increase, we could see a slight improvement tomorrow, or perhaps just flat rates while the market rebalances itself.
Will the Record Low Mortgage Rates Come Back?
Mortgage lenders raised rates because they got too busy
They have little incentive to lower rates or even advertise at the moment
This will rebalance the market and eliminate many borderline refinance applications
The good news is it will also lead to lower rates once the dust settles and business slows down
Now the next logical question – will mortgage rates return to record lows, given all the uncertainty in the world, and the fact that the 10-year yield is still under 1%?
While nobody can say for sure, if I had to guess, I’d say it’s more probable that rates will head back toward 3% (and below) versus the holding where they are or moving higher.
Similar to the stock market, which was nearing 30,000 a month ago before plummeting 20% to around 23,500 today, we are in a downward cycle when it comes to interest rates.
Sure, the Dow has mustered some big one-day gains as it has marched lower, but the trend has been pretty darn clear – LOWER.
The same should go for mortgage rates too, but if mortgage advertising is any indication lately, it’s going to take some time for lenders to budge.
You can also kiss the idea of a 0% mortgage rate goodbye while you’re at it.
There’s just so little incentive for them to lower mortgage rates at the moment – they’re already slammed and probably understaffed, so why lower the price?
Remember, it’s better to apply for a mortgage when things are slow.
The good news is lenders are already solving the oversupply problem by raising the price of mortgages.
So all those homeowners who were on the cusp of a mortgage refinance making sense, rule of thumb or not, may have withdrawn their applications, assuming they didn’t lock in their rate.
Even a swing of an eight to a quarter point is enough to eliminate the incentive of refinancing, so a move from 3% to 3.625% will surely rule out millions of homeowners.
This might be enough to right the supply/demand imbalance and eventually allow mortgage lenders to lower rates again.
Whether that takes a week, two weeks, or two months is another question. But for me, the trend is clearly lower.
And if you use the 10-year bond yield as a guide, that puts the 30-year fixed firmly below 3%.
Read more: Quicken Loans CEO Doesn’t See the 30-Year Fixed Falling Below 3%
Opening a bank account for your teen is a great way to begin teaching financial responsibility and money management. If your teen’s account is linked to yours, it’s also a convenient way to pay them an allowance, reward them for good grades, or even transfer money for pizza when your teen is out with friends.
It’s no wonder a recent Fidelity study reported that 49% of teens in the U.S. have opened bank accounts. But which checking account is best? And what should you look for in checking accounts for teens?
10 Best Teen Checking Accounts
While there are many options available for teen checking accounts, parents frequently choose to establish accounts for their teens at their own primary banking institutions. This list includes many top national banks.
Their inclusion isn’t necessarily due to their teen checking accounts offering the highest interest rates or the most features. Instead, their comprehensive services for adults and strong reputations make them a viable consideration.
1. Copper Card
Copper Bank, Member FDIC, is a federally insured online bank dedicated to helping kids and teens learn how to manage money. Copper Bank has invested more than $1 million in high school financial literacy and the app helps teach kids the basics of investing.
Copper accounts are available to kids ages 6 and up, as long as they have their own mobile phone number separate from the adult account holder. Children and teens receive a Copper Spending Account debit card that is compatible with Google Pay and Apple Pay. Users can also use the debit card for fee-free transactions at 55,000+ ATMs nationwide.
Copper offers a ton of enticing features parents and teens will love. First, there are no overdraft fees, no minimum balance, or maintenance fees. Parents will pay a small fee of 2.5% + 30 cents of the total transaction for an “instant transfer” from a linked debit card. Otherwise, it can take 3 to 5 business days for funds to arrive in the Copper account.
Copper makes banking convenient for parents and rewarding for kids. Parents can set up automatic transfers for allowance, or can even transfer money automatically when the Copper account drops below a specific number.
Copper lets kids round-up their debit card transactions to be automatically transferred into their linked savings account. Users can set specific savings goals and earn interest with up to 5% annual percentage yield. This can motivate kids to save as they watch their money grow.
Copper also allows kids and teens to invest, starting with as little as $1. Investing is automated based on your child’s risk profile, and Copper even reinvests dividends and uses dollar-cost averaging to set your child up for investment success and good habits for life.
2. USAA Youth Spending Account
USAA offers a joint account that a parent or legal guardian can open with a child of any age. The USAA Youth Spending Account includes a debit card that allows the adult account holder to increase or decrease daily spending limits. Children can use their card at point-of-sale transactions and without fees at any of 100,000 preferred ATMs in the USAA network.
Once the child turns 13, you can use the mobile app to give them the ability to transfer money, make remote deposits, and more.
When your child turns 18, the USAA Youth Spending Account will be converted automatically to a USAA Classic Checking account. You can choose to stay on as a joint account holder to help your teen manage their money while they are away at college or in the military.
The USAA Classic Checking account has no monthly fee for college students or members of the military.
There are a few things to be aware of before you open the banking account:
USAA is available only to veterans, active duty military, national guard, reservists, military spouses and others who meet a few criteria related to the U.S. Armed Forces
The USAA Youth Spending Account requires a $25 minimum opening deposit
Your child will earn .01% annual percentage yield if they maintain a daily balance of $1,000 or more
3. PNC Bank Student Banking
PNC Bank offers a VirtualWallet student account for teens and young adults ages 16 and up. Teens under 18 will need to open a joint account with a parent or legal guardian. College students may have to show proof of enrollment. After six years, the student account becomes a regular PNC Bank Virtual Wallet account, with all the same features and benefits.
The Virtual Wallet account includes a “Spend” primary checking account, a “Reserve” savings for short-term savings and a “Growth” account for long-term savings for big ticket items or to build up emergency cash reserves.
The Virtual Wallet has no monthly service fees for students and includes fee-free ATM withdrawals at PNC Bank ATMs. Teens and adults, alike, receive ATM rebates for the first two non-PNC bank ATM withdrawals and up to $5 in ATM fee reimbursements per statement period for ATM surcharges collected by other financial institutions.
Unlike some student bank accounts, which decline transactions that would put your account in the negative, the PNC Bank Virtual Wallet offers one automatic courtesy refund of Overdraft item fees per month. However, the Virtual Wallet’s Low Cash Mode makes it easy to avoid overdrafts with alerts that tell you when your spending balance drops below a certain point.
You can also use Payment Control to choose to pay or return certain ACH transactions if your account balance is negative.
4. Wells Fargo Clear Access
Wells Fargo Clear Access is designed for teens ages 13 and up, as well as previously underbanked or unbanked customers. It’s considered a “second chance” bank account, but the lack of overdraft charges and no monthly fees also makes it great for teens just learning financial responsibility.
Be aware that children under 18 cannot open an account online. They must open the bank account at one of the 4,800 Wells Fargo branch locations nationwide.
Clear Access has no monthly fee for account holders ages 13 to 24. Teens 16 and under will need a joint account holder who is over the age of 18.
Wells Fargo Clear Access was certified by the Bank on National Account Standards as meeting the requirements for safe and affordable bank accounts with no overdraft fees. A straightforward account with few bells and whistles, the account includes access to the user-friendly Wells Fargo mobile banking app and mobile check deposits. You also get Zelle person-to-person payments and a debit card compatible with digital wallets like Google Pay.
There are no overdraft fees with Clear Access, but transactions that would bring your account into the negative are likely to be declined. There is no minimum balance requirement, but you’ll need a $25 minimum opening deposit.
5. Chase First Banking Account
The Chase First Checking Account is available to kids ages 6 to 17 and has no monthly fees. To open an account for your teen or tween, you must have a qualifying Chase checking account, such as Chase Total Checking.
It’s easy to open an account online and make transfers from your account to the Chase First Banking account in the mobile app. You can set up automatic recurring transfers for allowance or approve requests from your child for money.
Set a spending limit for general spending or for specific purposes. You can even create a list of approved stores where your child can shop with their debit card. For existing Chase customers, Chase First is one of the smartest choices for a teen checking account due to the convenience and easy parental controls.
6. Capital One MONEY Teen Checking Account
The Capital One MONEY Teen checking account is one of the most popular checking accounts for kids. You don’t need a Capital One account to open a MONEY account with your kids, as the account can accept external transfers.
The account is available for kids ages 8 and up. Once the teen turns 18, they can convert it to a Capital One 360 Checking Account of their own with no monthly fee.
Unlike Chase, Capital One MONEY Teen pays interest on checking account balances. It’s only 0.10% annual percentage yield, but it is enough to begin teaching kids the value of compounding interest. Capital One’s teen product has no monthly service fee, no minimum balance requirement, and no minimum opening deposit.
Through the mobile app, kids and teens can set savings goals, designate funds in “savings buckets” or for spending with their Capital One Mastercard debit card, and make withdrawals at any Capital One or AllPoint ATMs with no fees.
Parents can make automatic transfers for allowance, set up one-time transfers, and even pay kids rewards if they meet specific savings goals. You can track spending and view transactions in the mobile app or set up text alerts.
7. Bank of America Advantage SafeBalance
Unlike the other three largest national banks in the U.S., Bank of America does not have a dedicated teen checking account. However, Bank of America customers can open a joint account with their child who is age 13 or older and give them access to their own debit card.
Bank of America recommends the Advantage SafeBalance bank account for teens and college students under 25. There is no monthly fee on the account if one of the account holders is under 18, or under the age of 25 and a student, or if any of the account holders are members of Bank of America Preferred Rewards.
A straightforward, checkless account, BofA calls SafeBalance “a smart start for students.” Kids ages 16 and up can be sole owners of the account, but you might choose to be a joint account holder for convenience.
The SafeBalance account doesn’t have a lot of bells and whistles, but it is a great way to get your child set for the future with an account at a nationwide, reputable bank with 4,000 branch locations nationwide.
8. Axos Bank First Checking
Axos Bank First Checking offers a checking account where you can earn interest. It pays a 0.10% annual percentage yield on all balances. It is available for teens ages 13 to 17, with an adult account holder.
Axos First Checking boasts no monthly maintenance fee, no overdraft fee, and reimburses up to $12 per month in out-of-network ATM surcharges.
Be aware that your child can only make $500 in debit card purchases per day and can only withdraw up to $100 per day at ATMs.
Axos Bank is consistently rated one of the best for online banking by top personal finance websites. The First Checking account is a straightforward way to teach teens financial independence and the ease of online banking.
9. Connexus Credit Union Teen Checking Account
Connexus is a top-rated credit union that’s easy to join with a one-time donation to become a member of the Connexus Association. The Connexus Credit Union Teen Checking account offers up to 2.0% annual percentage yield with zero monthly service fees, free ATM transactions within the Co-Op or MoneyPass networks, and overdraft protection with linked accounts.
Kids ages 10 to 17 can open a teen checking account to earn a high APY. When they turn 18, the credit union will transition their teen account into a Connexus Innovative Checking account with no monthly fees.
Young adults can choose to convert the account into an Xtraordinary checking account through the credit union to earn interest. The Xtraordinary account offers up to 1.75% APY when you make 15 debit card purchases or spend $400 with your debit card.
10. Alliant Credit Union Teen Checking
Alliant Credit Union has won awards from top personal finance sites as one of the best credit unions in the country. With no monthly service fees and no overdraft fee, it’s a straightforward account that will introduce teens to the personalized service of credit unions.
Teens can earn interest with a rate of 0.25% APY on their checking account balance. Keep in mind, to earn that high yield, they will need to opt in to receive eStatements and make at least one electronic deposit per month.
As with a regular Alliant credit union account, your teen will receive up to $20 in ATM fee reimbursements per month, and pay no fees at 80,000+ ATMs nationwide.
Alliant Credit Union Teen Checking is one of the few teen checking accounts that provides overdraft protection. If you sign up with a linked savings account, Alliant Credit Union Teen checking will automatically transfer funds from savings to cover debit card purchases.
You will need a $25 minimum deposit to open an account with your teen, ages 13 to 17.
Prepaid Debit Cards for Kids
If you feel your child or teen isn’t ready for a checking account, you might consider a prepaid debit card for kids, instead. Products like Greenlight, Cash App, Revolut<18 are not your typical banking account, but are prepaid debit cards that provide kids with easy access to money.
1. Greenlight
Greenlight is one of the original names in pre-paid debit cards for kids and teens. Greenlight offers three different plans with the following monthly service fees.
Greenlight Core: $4.99/month
Greenlight Max: $9.98/month
Greenlight Infinity/$14.98/month
Each plan includes debit cards for up to five children or teens, access to the app, and parental controls. After that, these plans vary somewhat in their offerings.
The Core plan pays 1% interest. Greenlight Max pays 1% cash back on your child’s debit card purchases, deposited automatically into their savings account to earn 2% interest.
Greenlight Infinity also pays 1% cash back on purchases. It pays 5% APY on savings. But Greenlight Infinity is much more than just a debit card or money account. It’s also a family safety and protection app that provides the ability to send and receive SOS alerts, crash detection that automatically alerts 911 in the event of a car crash, and family location sharing.
Greenlight has vast capabilities for money management, including the ability to set limits on spending, reward kids with deposits for chores or accomplishments such as high grades, and pay a monthly allowance.
Kids can create a customized card, as well, which often appeals to teens.
2. Cash Card
Cash App is the popular person to person payment app that comes with a debit card you can use for online or in-store purchases. Now, everyone age 13 and up can gain access to a customized Cash Card of their own.
Cash Card is an easy-to-use card that allows you to send and receive money from external accounts or from friends and family who also use Cash App. You can use Boosts in Cash app to find savings on everyday items from popular stores. Boosts are a great way to teach kids how to save money while shopping.
There is no minimum deposit to open a Cash App account.
3. Revolut
Revolut has no monthly service fee and links to an external account or your Revolut online bank account. You can set spending limits and receive alerts when your child uses their debit card.
You can also assign “tasks” to your kids and set up instant transfers from your account when the task is complete. You can also set up automatically allowance payments, or create a list of chores and put money directly on your teen’s debit card when that chore is done.
Features to Consider for Opening a Teen Checking Account
The features you’ll find in the best free checking accounts for adults should also apply to teen checking accounts. Most of the best teen checking accounts on our list meet the following requirements.
No Monthly Maintenance Fees
You don’t want to pay money so your teen can learn about managing money. Teach your teen early on that some of the best things in life – including their checking account – can be free.
Low Minimum Balance Requirements
Look for an account with no minimum opening deposit and no minimum balance requirements. Fortunately, even banks that have minimum balance requirements to waive fees for other checking accounts typically have no requirements for free checking for teens.
Low or No Fees
Make sure there are no ATM fees, no overdraft fees, and no hidden fees for any reason. Most teen checking accounts will decline a purchase rather than put the account into overdraft, which can help teens build financial responsibility and learn money management.
Linked Savings Accounts
When you’re evaluating a teen checking account, you may also want to look for a linked savings account with savings buckets, so your teen can set goals and plan for future purchases. Compare interest rates on teen accounts, discuss the other features and benefits, and enroll your teen in making the choice with you.
Parental Controls
You should be able to lock and unlock your teen’s checking account within the mobile app, set spending limits, and even designate certain funds to be used only for specific purposes.
Online Banking Through a Desktop Portal or Mobile App
Teens today are tech savvy. Fortunately, most teen bank accounts – even those from brick and mortar banks and credit unions – include an easy to use mobile app with separate logins for teens and their parents.
Direct Deposit
Features like direct deposit may not be as important, unless your teen is working and wants their paychecks deposited into their account. Most of the bank accounts on this list, however, do offer the service. Some even deposit funds up to two days earlier than usual.
It’s a nice bonus when teen checking accounts can be converted into a regular checking account once your child reaches adulthood.
Pros and Cons of Bank Accounts for Teens
As you evaluate the features of these teen checking accounts, you might wonder if it’s even worthwhile to open a checking account for your teen. Opening a bank account for your teen can help them develop good personal finance habits early on.
Let’s consider other benefits and drawbacks of checking accounts for teens.
Pros
Conveniently transfer money from your linked account, wherever you are
Teach children and teens about saving and investing
Teach the basics of using a mobile banking app
Build financial responsibility
Money is protected by the Federal Deposit Insurance Corporation up to $500,000 for joint accounts
Cons
Teens unfamiliar with budgeting may spend more with a debit card handy
Some financial institutions charge fees
Your teen may lose their debit card, creating a security risk
You may need to make a minimum deposit to open the account
When all is said and done, the benefits of teen checking accounts far outweigh any inconveniences. Just make sure to choose a banking account with no minimum deposit requirements or monthly service fee at a bank or credit union that offers responsive customer service.
Also, make sure you can keep tabs on your teen’s spending through alerts or a mobile app.
How to Choose a Teen Checking Account
Now that we’ve explored some of the best checking accounts for teens, you may have already made your choice. If not, here are some aspects to think about when choosing the best checking account or prepaid spending account for your tween, teen, or college student.
Choose the Type of Teen Account You Want (Checking Account vs. Savings Account)
First, think about whether you want a prepaid debit card, a checking account, a savings account, or both. Do you want to choose a money account from a bank or credit union? Would you prefer to open the account at a brick and mortar bank or are you and your teens comfortable banking online only?
The answers to these questions should give you a good place to start.
Consider the fee menu (monthly service fees, recurring transactions, ATM withdrawals, card reload, etc.)
It shouldn’t cost money to teach your teen money management. Consider any fees related to the account. Similarly, you might prefer a bank or credit union with no minimum deposit to open an account.
Some of the best teen checking accounts pay interest, which is a great incentive to help your teen start saving money and to put a little extra money in their pocket.
Consider the Age and Responsibility Level of your Teen
Most of the best teen checking accounts feature alerts for parents through text or an app, capabilities to freeze spending or set limits, and turn off the debit card in the app in case it’s lost or stolen. These are good capabilities as your teen learns how to manage money.
Because you can’t spend every minute tracking your teen’s finance, however, you also want an account that will either decline transactions that would put the account into the negative, offer overdraft protection, or waive overdraft fee.
How to Open a Teen Checking Account
When you’re ready to open a checking account for your teen, you’ll want to make sure you have their date-of-birth and Social Security number handy, as well as your own. Make note of any minimum deposit requirements, as well, and have a plan in place to fund the account.
Fund the Teen Checking Account and Activate the Debit Card
Most teen checking accounts will allow you to make a deposit from an external account or make a mobile check deposit in the app. If your teen works, you can have them request a form to have their paycheck deposited automatically via ACH transfer.
If you open a teen account with Chase, Bank of America, or other big banks, you can easily transfer funds from your linked internal account in minutes.
Once your teen receives their debit card, you will want to show them how to activate it by calling the number on the card or setting up their PIN at an ATM within the network. Let them know that their PIN should be easy for them to remember, but hard for anyone else to guess. They shouldn’t use their birthday or the last four digits of their phone number, for instance.
Frequently Asked Questions
Do teen checking accounts have monthly fees?
Most of the best checking accounts on our list do not have maintenance fees, service fees, or ATM fees.
Can a minor have a checking account?
Yes, a minor can open a checking account jointly with a parent or guardian.
What happens to a teen checking account when I turn 18?
Some of the best teen checking accounts automatically convert to regular checking accounts when the child turns 18.
Can I open a teenage bank account online?
You can open many of the checking accounts on this list online. However, to open a Wells Fargo Clear Access account for a person under the age of 18, you’ll need to visit a brick and mortar branch.
What is the minimum age to open a teen checking account?
Some teen checking accounts are available to children as young as six years or eight years old, as long as they are opened jointly with a parent or guardian. Teens 18 and older can open an account on their own. Many student checking accounts designed for young adults ages 18 to 25 have no fees for college students.
How much money should you keep in your teenager’s checking account?
How much money you keep in your teen’s checking account will depend on a variety of factors. How much can you afford to pay in allowance or fees for chores per month? Is your child earning any money of their own they can deposit? Do they typically receive cash gifts for birthdays or holidays?
Keep in mind, funds in teen checking accounts are FDIC insured up to the federal limit of $250,000 per account holder, per account type. In the case of jointly held accounts with a parent and a minor account holder, these accounts are insured for $500,000 in total, or up to $1 million if you have linked checking and savings.
For some, it’s the smell of freshly cut grass and the brush of leaves in the breeze, creating an escape from daily stressors. For others, it’s a competitive arena where precision skills are honed. It’s where business is sealed with a handshake, lifelong friendships are forged, wagers are won—and drinking is not only permitted, but encouraged.
It’s been called “a good walk spoiled” (Mark Twain), “the most fun you can have without taking your clothes off” (Chi Chi Rodriguez), and “an endless series of tragedies obscured by the occasional miracle” (many, many folks).
If the allure of golf has you in its grip, as it does for so many, perhaps you’ve entertained the fantasy of living near a golf course. Affordable real estate with great proximity to a course might sound too good to be true, like hitting a hole-in-one with your first swing of the day (or ever). But we’re here to correct that notion.
The data team at Realtor.com® found the places in the U.S. that have the best balance of great access to golf courses, relatively affordable real estate, and weather best suited for days on the greens. Some of these towns you’ve surely heard of and might assume come with a high price. Others are hidden gems you might not have thought of as great golf markets.
Whether you’re a near pro, a weekend duffer, or someone who just likes the idea of living near a course, you might just find your dream home on the green. Even if you’re not a golfer, these cities offer a lot to appreciate, from excellent weather to a high quality of life.
“In most residential golf communities, it’s only about a quarter of residents who are active golfers,” says Brad Klein, a golf course design consultant and golf journalist. “So what that tells you is that a lot of people are drawn to the golf community, even if they don’t play golf.”
Most golf communities draw a highly diverse group of homebuyers who nonetheless share certain bonds: They’re physically active and crave regular social interaction, says Klein.
“If you have golf, you probably also have pickle ball, swimming, platform tennis, a gym, and a social center at the local clubhouse,” he says. “Even if you don’t play, you have all kinds of options living near this sort of community.”
The cities on our list aren’t just golf havens. Many are also places with a high quality of life, where a cost of living below the national average makes them affordable not just in terms of real estate, but also in terms of everyday expenses.
We found these places by first rounding up all the real estate listings on Realtor.com from the past year within a 10-minute drive (in normal conditions) from one or more of the 6,445 public and private golf courses in the nation that we were able to map out. Then we aggregated home price data for those listings by city.
Then we factored in the number of golf courses clustered in those areas and weighed the climate and weather patterns—favoring places with more warm days to hit the links. Finally, we selected just one place per state, to ensure geographic diversity. (Otherwise, the list would be mostly Florida towns, along with some Mississippi locations and a couple of spots in Arizona.)
Let’s tee off into our top 10 locations for finding affordable homes near a golf course.
Nearby golf courses: 28 Median list price* for homes near golf courses: $299,900
Sun City, known for decades as a golf lover’s dream community, has year-round golf weather, a staggering number of nearby courses, and real estate that’s priced about 9% below the national average, vaulting it to the top of our list.
Now, this does come with a caveat: Generally, residents must be aged 55 and up, because this planned community on the northwest corner of the Phoenix metro area is aimed at retirees. The rules for who can live there are a bit complicated, so be sure to read up on the details.
This desert oasis has been drawing golf-minded retirees since it was established in 1960. Sun City was the first active retirement community in the United States, and it earned its pioneering developer, Del Webb, a place on the cover of Time magazine in 1962.
“What’s most impressive about it is how difficult it was to get golf courses out there with so little water,” says golf expert Klein. “The course superintendents getting grass to grow out there, on decomposing granite in the middle of the desert, is just amazing. People must have thought they were crazy.”
The Sun City South Golf Course is one of the most well known of the 28 golf courses in the area.
This 1,700-square-foot, two-bedroom home that backs up to the course is listed for $325,000.
Nearby golf courses: 12 Median list price for homes near golf courses: $245,000
Situated on the edge of the Atlantic Ocean, a little north of Fort Lauderdale, and just south of Boca Raton, Deerfield Beach has great access to golf courses and the shore. (See our annual affordable beach towns list, in case that also strikes your interest.)
The median home price for Deerfield Beach listings within 10 minutes of a golf course is $245,000, far below the national median of around $430,000. That’s because the vast majority of listings are cheaper condos and townhomes under 1,000 square feet.
The climate in Deerfield Beach is classified as a tropical rainforest, with warm, wet summers and mild, dry winters, making it an ideal location for all kinds of outdoor activities year-round.
“I was just in Deerfield Beach,” says Beth Daly, a real estate agent at Re/Max Experience in Fort Lauderdale. “We had the bluest sky, and the ocean was like a glass of water you could see all the way to the bottom.”
Daly says she frequently hears about the golf culture that buyers—especially out-of-towners—are looking for.
“I just had some golfers from Buffalo Grove, outside of Chicago,” Daly says, “They wanted a full-service club to live near, and they had plenty of options to choose from.”
Nearby golf courses: 11 Median list price for homes near golf courses: $215,000
Biloxi is a city that we see often when we look for affordable housing markets with standout quality-of-life features. Homes here are very inexpensive, at just about half of the national median list price.
And the Gulf coast climate means you golfers can hit the links just about anytime of the year. And when taking a day off from playing golf, residents here can enjoy the Biloxi beaches, with the neighboring Gulfport leading our most affordable beach towns list.
This three-bedroom, 2.5-bathroom house on a third of an acre, for $324,900, is near the Sunkist Country Club’s championship 18-hole course.
Nearby golf courses: 11 Median list price for homes near golf courses: $319,000
One of the most iconic Southern cities takes a top spot on our list, with year-round golf weather, homes priced about 25% below the national median, and plenty of opportunities to hit the fairways. The coastal, Gothic city is also known for its antebellum architecture and arts and culture scene.
The whole southeastern Atlantic seaboard is thick with golf culture and an abundance of world-class courses.
“Savannah, and the areas north into the Charleston area—where we hear it called ‘Lowcountry’ golf—is really popular right now,” says Tom Coyne, a New York Times bestselling golf author. “There’s so much more to this area than just the buddy trip for one or two rounds.”
But it’s not just exclusive or high-priced courses that people should think of in the area.
“There’s a sneaky-good public golf course in Savannah, called Bacon Park, which is just really charming and very affordable, and I believe it was designed by Donald Ross [we checked, and it was], a famous golf course tech,” Coyne says. “To be able to play a Donald Ross course for whatever the greens fee is there, it’s just awesome.”
Home shoppers can find a three-bedroom home about a half-mile from the Bacon Park Golf Course for $328,000.
Nearby golf courses: 7 Median list price for homes near golf courses: $194,900
Mobile, located on the Mobile Bay spilling out into the Gulf of Mexico, has the most affordable golf-proximate real estate on our list. Home prices here are less than half the national median of $430,000 in April. And while the home prices aren’t high, the area is rich with golf history.
“Alabama is known for the Robert Trent Jones Golf Trail, where they have a literal trail of courses designed by the great Robert Trent Jones,” Coyne says. The famous golf course architect designed more than 500 courses between the 1930s and the 1990s.
Mobile and the surrounding areas have a subtropical climate, which means lots of rainfall, so it’s no wonder the area has been a center of golf culture since early in the 20th century.
Nearby golf courses: 22 Median list price for homes near golf courses: $290,000
The first thing golf expert Klein asked when he heard about our list: “Do you have Myrtle Beach on the list?”
Myrtle Beach has been referred to as “The Golf Capital of the World” due to the sheer number of courses and the rich golf history in the area. The economy in this oceanfront South Carolina city is driven in large part by the vibrant tourism industry, which is mostly centered on the attraction of the area’s world-class golf courses as well as its amusement parks and famed beach.
Boasting courses from the Pine Lake Country Club to TPC Myrtle Beach, this popular vacation spot is practically synonymous with the sport.
Plus, with home prices per square foot not too far from the national median figure, this golfer’s dream is not just for the well-heeled. And with a population just topping 35,000, Myrtle Beach is the smallest of places on our list, which adds to the homey feel.
For less than $100,000, golfers on a budget can find a two-bedroom condo that’s walking distance from the famous Pine Lakes Country Club.
Nearby golf courses: 13 Median list price for homes near golf courses: $569,900
About an hour east of Los Angeles, in the center of the San Bernardino Valley, you’ll find Riverside. It’s the namesake of Riverside County and the most populous city in what’s called the Inland Empire—a broad swath of Southern California’s noncoastal desert region.
With year-round golfing weather and access to more than a dozen courses within 10 minutes, Riverside has the best combo of prices, nearby golfing, and climate in the Golden State.
To be sure, Riverside is the most expensive place on our list, with homes priced more than 30% above the national average, and even more per square foot. But, in the context of California’s real estate prices, Riverside is cheap. It’s around 20% less expensive than the California average and 40% less expensive than neighboring Los Angeles.
Those looking for a place near downtown Riverside but also close to a golf course might want to look at the Jurupa Hills Country Club, where buyers can find a three-bedroom home near the greens for $455,000.
Nearby golf courses: 35 Median list price for homes near golf courses: $229,000
The last three cities on our list are all in the Midwest, where homes have historically been more affordable than in other parts of the country. In Indianapolis, the capital of Indiana, homes within 10 minutes of a golf course are still 40% less expensive than the national average. And there are a surprising number of golf courses in this region.
Midwestern winters can be brutal, but the average monthly temperature is still above 50 degrees Fahrenheit for more than half of the year. While that might mean residents consider golf more of a seasonal pastime in these final three cities, the prices are less than half of what you would find in a city like Riverside, CA.
One of the most notable Indianapolis courses is built into the site of the Indianapolis 500, mixing golf with another of the town’s iconic draws.
Saddlebrook Golf Club is one of the closest to downtown Indianapolis, and for just shy of $230,000, home shoppers can get a three-bedroom home on a quarter-acre about 1,000 feet from the course.
Nearby golf courses: 26 Median list price for homes near golf courses: $239,900
Cincinnati, located on the Ohio River, boasts low home prices—and low-cost opportunities to play golf on a good public course.
“It’s so much more affordable than golfing in a place like New York or Chicago or L.A.,” says Klein of playing in smaller Midwestern cities.
Moreover, the Rust Belt city has an indelible golf tradition, in part due to the golf royalty from the area.
“In Ohio, you have a great golf history,” says Coyne. “Anyone who’s done anything big in the sport of golf has left a stamp in Ohio. And Jack Nicklaus hails from Columbus, so there’s got to be something good going on in Ohio.”
The Camargo Club, on the northeastern end of the Cincinnati area, has been ranked one of the best in the state. While the homes nearest to the course include custom-built, multimillion-dollar mansions, a three-bedroom home can be found about five minutes away for just under $280,000.
Nearby golf courses: 23 Median list price for homes near golf courses: $249,950
Golf might not be the first thing that comes to mind when you think about Omaha, Nebraska’s largest city located on the Missouri River. The city is home to several Fortune 500 companies, including Warren Buffett’s Berkshire Hathaway. It also boasts one of the best zoos and aquariums in the world.
But there are many options in Omaha for those looking for a home near a golf course, says Chris Bauer, a local Realtor at Berkshire Hathaway HomeServices. He’s found buyers are looking for either a more affordable option, usually near a public golf course, or access to pricier private clubs.
“Those are two different sets of buyers,” he says. “For the avid golfers who would only buy on a private course, you have Shadow Ridge, Deer Creek, Happy Hollow, or the Omaha Country Club.”
And for those looking for somewhere to live near a public course: “Pacific Springs, The Knolls, or Johnny Goodman. Those are all popular. There’s a wide spectrum here,” he says.
Watch: The Best Cities in the U.S. for Home Sellers Right Now
* Median list prices are from the last year on Realtor.com.
Continued Omicron pressure, disaster relief options in select states, and more. Even the relatively steady weeks in our industry are still worth writing about – read on for the latest!
Rates Update
Last week, mortgage rates started low and rose slightly following an announcement from the Fed regarding tapering – the rate at which it reduces its monthly asset purchases. In short, the Fed will be doubling its pace of tapering because of stronger economic activity and higher inflation (which in turn causes higher rates). The resultant rate increase was small as reflected in Freddie Mac’s PMMS and won’t pose much of a threat to the average buyer, so it’s still a good time to lock in a rate. Contact your Total Mortgage loan officer for more info.
One variable that continues to apply downward pressure on mortgage rates is the Omicron variant of COVID-19. We’ve written about this before, but it’s important to reiterate that rate growth correlates with our recovery from the pandemic. If Omicron’s effects are significant enough, we may see a slowdown or even a decrease in mortgage rates as we begin the New Year. But for now, we’ll continue to monitor the situation and keep you updated with the latest rate changes as we see them.
Disaster Relief Options for Tornado Victims
Fannie Mae and Freddie Mac are offering disaster relief services to those affected by the recent tornado in Kentucky, Tennessee, and Illinois. Borrowers within declared disaster areas can take advantage of up to 12 months of forbearance from mortgage payments; and with no late fees or penalties, it’s a great mortgage relief option to aid in the financial aspect of the recovery process.
Our Total Mortgage loan officers are licensed from coast to coast and are ready to help. If you or someone you know was affected by the storm earlier this month, contact us for more information.
Still Important – Loan Limit Increases in 2022
In case you missed it, the Federal Housing Finance Agency (FHFA) and Federal Housing Administration (FHA) made big announcements regarding their borrowing limits for 2022. The result: more bang for your buck to help compete with rising market prices. With loan limit increases for both conventional and FHA options, these upcoming changes will benefit a wide range of borrowers and create more flexibility in the market. The start of the New Year will be a great time to lock in a new rate, so be sure to contact your Total Mortgage loan officer now to get the ball rolling.
For now, review the updated loan limits in detail below.
In Closing
Mortgage rates continue to slowly climb but are fighting Omicron concerns at every turn. And with the holidays just around the corner, the rest of December may see little news from our industry. Still, with rates remaining low and upcoming loan limit increases, now is a great time to consider homeownership. Don’t hesitate to contact us!
As always, we’ll continue to keep you posted – enjoy the rest of your week!
I’m a big proponent of having a show-stopping design feature in every space. It could be a cool accent wall, an amazing light fixture or a killer piece of art. Think of it like a room’s signature, if you will. The thing that everyone will remember once the walk out. Yes, painting our entire media room a rich dark hue will certainly make a statement, but that not actually what I’m considering this room’s showstopper.
Care to venture a guess what is? If I pull back and show you a bit more context about this room do you think you know?
Ok, ok, I won’t hold you in suspense. What you’re looking at is the entrance to our media room. We’ve taken was once a standard doorway you can see the before here and expanded it – dramatically. When you’re fortunate enough to have 12-foot ceilings to play with you have to take advantage of it right??
We went ahead and both broadened and heightened the media room-to-be’s doorway to jumbo-french door proportions because I have this vision in mind…
The media room doorway will feature oversized glass french doors with steel frames! I have always loved the juxtaposition of that dark framing against crisp white walls. Adding that touch of a modern industrial twist in a classic Victorian space just feels so right. And I love the excuse to hang thick velvet curtains in the room to cover the doors when it’s movie night! I’m hoping the final effect is as lovely as it is in my head right now, but I’m feeling pretty good about this decision.
What do you think? Are you on board with my door choice? I’d love to know. And be sure to check everyone else’s Week 4 update. These rooms are coming along swimmingly. It’s so fun to see everyone’s progress! If you’re playing check up, check out Week One, Week Two and Week Three.
Apartment 34 | Arianna Belle | Because It’s Awesome | Coco+Kelley | Design Darling | Design Indulgence |Design Manifest | Christine Dovey | The English Room | Vanessa Francis | Hi Sugarplum | Honey We’re Home | Jojotastic | The Pink Clutch | The Pink Pagoda | Simplified Bee | Style Your Senses | A Thoughtful Place | Kimberly Whitman | The Zhush |